Document:

Exhibit 10.1

 

 

EXECUTIVE
EMPLOYMENT AGREEMENT

This Executive Employment
Agreement (this “Agreement”) is made and entered into, effective as of [•], 20[•] (the “Effective
Date”), by and between [•] (“Employee”), an individual resident of [•], and Riot Blockchain, Inc.,
a Nevada corporation (“Riot” and, together with its consolidated subsidiaries, the “Company”).
Employee and the Company are sometimes referred to herein collectively as the “Parties” and each, individually, as
a “Party” to this Agreement.

WHEREAS, the Company
wishes to employ Employee as its [•], 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:

		1.	Position, Duties and Scope of
                                            Employment.

a.
Position; Job Duties. Employee hereby accepts and agrees to serve full-time as the Company’s [•] 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.

b.
Performance under this Agreement. 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.

c.
Preparation, Ownership, and Storage of Data and Documents. 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.

d.
Fiduciary Duty; Conflict of Interests. 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.

 

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2.
Term of Employment. Employee’s employment under this Agreement shall commence on the Effective Date and continue
for a period of [•] months thereafter, unless such employment is terminated earlier pursuant to Section 6 of this Agreement (the
“Initial Term”). If, upon the expiration of the Initial Term, the Parties wish to continue the employment relationship
created hereby, the Parties may, by mutual written agreement, extend the term of this Agreement for such a period as they may mutually
agree (a “Renewed Term”) or, otherwise, enter into a new employment agreement. The period during which the Employee
is employed by the Company under this Agreement, including the Initial Term and any Renewed Term, is referred to as the “Employment
Term” in this Agreement. 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 teach Party is free to terminate this
Agreement (and the employer-employee relationship that exists between them) at any time, subject and pursuant to Section 6 hereof and
applicable law.

3.
Exclusive Employment; Place of Services. 

a.
Exclusive Employment. 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.

b.
Place of Services. Employee’s services during the Employment Term shall ordinarily be performed remotely in
one or more locations of Employee’s choosing. 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.

4.
Compensation and Benefits.

a.
Base Salary. 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 [•] and 00/100
United States Dollars ($[•]), 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 “Base Salary” in this Agreement. The Company’s Chief Executive Officer
and/or the Compensation and Human Resources Committee of its Board of Directors (the “Compensation Committee”) 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.

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b.
Annual Incentive Bonus. 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 [•] percent ([•]%) of Employee’s
Base Salary, and a minimum target amount of [•] percent ([•]%) of Employee’s Base Salary (the “Incentive Bonus”).
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 (which shall
be no less than [•] percent ([•]%) 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 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 Section 4.c of this Agreement, or as a cash award.
Nothing in this Section 4.b, 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.

c.
Equity Compensation. 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 “Equity Award”), under the Riot Blockchain Inc.
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 “Equity Plan”). All Equity Awards shall be granted subject to the terms and conditions of the Equity Plan
and an equity award agreement (each, an “Award Agreement”) 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 “Service-Based Award”), 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 “Performance-Based Award”). 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.

d.
Benefits. 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, Code Section 401(k) plans, and Medicare/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.

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e.
Paid Time Off. During the Employment Term, Employee shall be eligible to receive paid time off (“PTO”)
up to a maximum amount of [•] ([•]) PTO days per fiscal year to be accrued, carried over, and used subject to and in accordance
with the terms of the Company’s paid-time-off policy in effect from time to time. During the Employment Term, accrued but unused
PTO will carry over from one fiscal year to the next; provided, however, once Employee has reached the maximum number of accrued
days of PTO for a fiscal year, Employee will not be eligible to accrue any additional PTO for that year until Employee’s PTO balance
falls below the maximum accrual amount of [•] ([•]) days per fiscal year.

f.
Expense Reimbursement. During the Employment Term, and subject to Section 7.p 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.

g.
Company Compensation Practices and Regulatory Compliance. Any payment or benefit conferred under this Section 4
or otherwise pursuant to this Agreement shall, subject to all applicable regulatory, tax, and legal requirements described under Section
7.p 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, that certain Confidentiality and Non-Competition Agreement by and between the Company and Employee (the
“CNCA”), 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).

6.
Termination of Employment.

a.
By the Company for Cause. 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 “Cause”):

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;

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;

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

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;

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

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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 under this Agreement for Cause under this Section 6.a. 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 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.

b.
By the Company without Cause. 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 “without Cause” shall mean any termination by the Company that is not (i) a termination for Cause
as described and in accordance with Section 6.a. above, or (ii) a termination because of death or Disability, as described Section 6.e
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 Section 6.b.

c.
By Employee for Good Reason. 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 “Good Reason”):

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;

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

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;

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;

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

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

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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 “Company Notice Period”)
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 Section 6.c, 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.

d.
By Employee without Good Reason. 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 “without Good Reason” shall mean any termination by Employee that is not a termination
due to death or Disability under Section 6.e., below, or for Good Reason as set forth and in accordance with Section 6.c, 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 own choosing.

e.
Termination due to Death or Disability. Employee’s employment with the Company shall terminate immediately
in the event of death or Disability of Employee. The term “Disability” 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.

f.
Change in Control. For purposes of this Agreement, a “Change in Control” shall be deemed to have
occurred if:

i.
an acquisition of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934,
as amended, (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 “Person”)
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 “Outstanding Company Voting Securities”); 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 Section 6.f.i; or

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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 Section 6.f, the “Incumbent Board”
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

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 “Corporate Transaction”); 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 Section 6.f.iii) 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

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 “Code”)
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 “Treasury Regulations”) 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.

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g.
Payment of Accrued Obligations; Continuation of Benefits. 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 “Termination Date”)
which are outstanding as of the Termination Date (collectively, the “Accrued Obligations”): (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 [•] 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 Section 6.h below, Employee shall
be entitled to receive only payment of the Accrued Obligations and continuation of the Company employee benefits set forth in this Section
6.g 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.

h.
Severance. By no later than [•] business 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 “A” hereto (the “Severance Agreement”) 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 Sections 6.h.i through 6.h.v below (the “Severance Payments”) 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 Section 6.d 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 Section 6.h, 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 Section 6.h. shall immediately become due and payable to Employee as of the Termination
Date, without further action by, or agreement of, the Employee. Accordingly, Employee shall be entitled to receive the following Severance
Payments pursuant to the Severance Agreement:

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 Section 6.d. 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.

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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 Section 6.d.
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: (A) the Incentive Bonus to which Employee would have been entitled under Section 4.b. of this Agreement
had Employee remained employed with the Company through the end of the fiscal year in which the Termination Date occurs, calculated based
on the minimum target amount for the applicable fiscal year, prorated through the Termination Date; and (B) [•] ([•]) months
of the Employee’s then-effective Base Salary.

iii.
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 is terminated by the Company without Cause or by the Employee for Good Reason in
accordance with Section 6.c 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: (A) the Incentive Bonus to
which Employee would have been entitled under Section 4.b of this Agreement had Employee remained employed with the Company through the
end of the fiscal year of the Termination Date, calculated based on [•] percent ([•]%) of the target amount for the applicable
fiscal year, prorated through the Termination Date; (B) payment of an amount equal to the greater of: (X) [•] percent ([•]%)
of the sum of Employee’s then-effective Base Salary that would have be 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 (Y) [•] ([•]) months
of the Employee’s then-effective Base Salary; (C) acceleration of the vesting of that portion of all outstanding service-based
Equity Awards granted to Employee under the Equity Plan that would have vested within the [•] ([•]) months following the Termination
Date but for the cessation of Employee’s appointment or 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, at [•] percent ([•]%) of the target award
specified for Employee under the applicable award agreement, of all outstanding performance-based Equity Awards granted to Employee under
the Equity Plan, as if Employee’s appointment or service with the Company had not ceased, until the earlier of: (1) [•] ([•])
months following the Termination Date; (2) the end of the performance period applicable to such Equity Award; or (3) the termination
of the Severance Agreement or the CNCA in connection with Employee’s breach of the terms thereof.

iv.
Termination due to Change in Control. If, within six (6) months of a Change in Control of the Company, Employee’s
employment with the Company is terminated by the Company for any reason other than For Cause as defined in Section 6.a hereof, or if
Employee terminates Employee’s employment with the Company for Good Reason consistent with Section 6.c.vi. of this Agreement, 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: (A) the Incentive Bonus to which Employee would have been entitled under Section 4.b of this Agreement, if any, had
Employee remained employed with the Company through the end of the fiscal year in which the termination of employment occurred; (B) payment
of One Hundred percent (100%) of the Employee’s Base Salary as in effect immediately prior to the Change in Control 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, or Twelve (12) months the Employee’s Base Salary as in effect immediately prior to the Change
in Control, whichever is greater; (C) acceleration of the vesting of all outstanding service-based Equity Awards granted to Employee
under the Equity Plan, such that vesting shall be deemed to have occurred as of immediately prior to the Change in Control; and (D) acceleration
of the vesting of all outstanding performance-based Equity Awards granted to Employee under the Equity Plan, at One Hundred percent (100%)
of Target Award levels, such that vesting shall be deemed to have occurred as of immediately prior to the Change in Control.

    	9  

    	 

    

v.
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: (A) the Incentive Bonus to which Employee would have been entitled under Section 4.b
of this Agreement had Employee remained employed with the Company through the end of the fiscal year of the Termination Date, calculated
based on [•] percent ([•]%) of the target amount for the applicable fiscal year, prorated through the Termination Date; (B)
payment of an amount equal to the greater of: (X) [•] ([•]%) of Employee’s then-effective Base Salary that would have
be 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 (Y) [•] ([•]) months of the Employee’s then-effective Base Salary; (C) acceleration
of the vesting of that portion of all outstanding service-based Equity Awards granted to Employee under the Equity Plan that would have
vested within the [•] ([•]) months following the Termination Date but for the cessation of Employee’s appointment or
service with the Company, such that such Equity Awards shall be deemed vested immediately as of the Termination Date; and (D) acceleration
of the vesting of the outstanding performance-based Equity Awards granted to Employee under the Equity Plan, at [•] percent ([•]%)
of Target Award levels, such that vesting shall be deemed to have occurred as of immediately prior to the Termination Date.

i.
Treatment of Equity. Other than pursuant to the Severance Agreement as set forth in the foregoing Sections 6.h.i.
through 6.h.v., and except with respect to applicable regulatory, tax, and legal requirements described under Section 7.p. 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.

j.
Regulatory Adjustments. 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 Section 7.p. of this Agreement.

k.
Effect of Termination; Resignation and Removal from all Company Positions. 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.

7.
Miscellaneous.

a.
Section Headers; Gender and Number. 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.

b.
Representations by Employee. The Employee represents and warrants to the Company that:

    	10  

    	 

    

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;

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;

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

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 [•].

c.
Cooperation.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.

d.
Entire Agreement; Modification. 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.

e.
Waiver. 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.

f.
Severability. 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.

g.
Assignment. 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.

    	11  

    	 

    

h.
Indemnification of Company. 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.

i.
Indemnification of Employee. 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.

j.
Notices. 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.

k.
Survival. 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 Sections 4.g, 5, 6, and 7 (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.

l.
Governing Law; Jurisdiction and Venue; Attorney’s Fees and Costs. The validity, construction, and performance
of this Agreement (including the CNCA) shall be governed by the laws of the State of Texas 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 Austin in the County
of Travis, Texas, 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.

m.
Pre-Suit Mediation. 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 Section 7.m. For the avoidance
of any doubt, except as provided herein, the mediation requirement of this Section 7.m is a condition precedent to any action, proceeding,
and/or litigation between the Parties.

    	12  

    	 

    

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.

o.
Construction. 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.

p.
Compliance with Applicable Regulatory, Tax, and Legal Requirements. 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:

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.

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, Code Section 409A
and the Treasury Regulations promulgated thereunder (“Section 409A”), 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 “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 Section 7.p, 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 Section 6.g and 6.h of this Agreement shall be treated as a separate payment for
purposes of Section 409A.

    	13  

    	 

    

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 “Section 280G Payment”)
and would, but for this Section 7.o.iii., be subject to the excise tax imposed under Code Section 4999 (the “Golden Parachute
Tax”), 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 Section 7.p.iii. only, “Net Benefit”
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 Section 7.p.iii. 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 Section 7.p.iii. shall be made by an independent accounting firm or independent
tax counsel appointed by the Company (the “Tax Counsel”), 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 Section 7.p.iii., and the Company shall bear all costs incurred
by the Tax Counsel under this Section 7.p.iii.

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.

q.
Full Understanding; Acknowledgment. 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.

r.
Counterparts. 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.

 

    	14  

    	 

    

 

[Signature Page to Riot Blockchain, 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

     

     

     

    __________________________________

    [•]

     

     

     

    Date: [•], 20[•]
	RIOT BLOCKCHAIN, INC.

     

     

     

    By: ______________________________________

    Name: [•]

    Title: [•]

     

     

    Date: [•], 20[•]

     

 

	Attachments/Exhibits:		CNCA
                                            
Form of Severance Agreement 
Equity Plan

 

    	15Exhibit 10.2

 

 

Riot Blockchain,
Inc.

2019 Equity
Incentive Plan

Restricted
Stock Award

Notice
of Grant

This Notice of Grant is to notify you, the
“Participant” identified in the “Summary of Award” below, that, subject and pursuant to the terms
of the attached Restricted Stock Award Agreement (the “Award Agreement”) by and between you and Riot Blockchain, Inc.,
a Nevada corporation, for itself and for its consolidated subsidiaries, (collectively, the “Company”) you have been
granted an unvested award of restricted shares of the common stock, no par value per share, of the Company (the “Shares”)
in the amount and subject to vesting as set forth in the Summary of Award below (the “Award”); provided that
the Award is conditioned on your acknowledgment of receipt and acceptance of the Award Agreement in accordance with Section 9 of the Award
Agreement. The Award is granted to you by the Company under its Riot Blockchain, Inc. 2019 Equity Incentive Plan, as amended, (the “Plan”)
a copy of which is included with this Notice of Grant. Except as otherwise defined herein, capitalized terms used in this Notice of Grant
and the Award Agreement have the meanings set forth in the Plan.

Summary
of Award

Name
of Participant: ________________________________________________________

Grant
Date: _____________________________ (the “Grant Date”)

Target
Award: ___________________________Shares (the “Target Award”)

Grant
Date Share Price:$  _________________

Performance Period:January 1, 2021 – December 31, 2023

Performance Objectives:

The Shares comprising the Target Award are
eligible to vest based on the Company’s achievement during the Performance Period of the Infrastructure Development Target and the
Financial Performance Target, as specified on the following page, (the “Performance Objectives”) subject to the Participant’s
continued employment or service with the Company through the date of vesting.

Restrictions and Vesting:

The Award is granted to you as additional incentive
compensation for your service to the Company, and it is contingent upon your continued service with the Company through the applicable
vesting dates specified in the foregoing vesting conditions. Until the Shares are vested, they are restricted shares of Common Stock subject
to forfeiture and restrictions, as set forth in the Award Agreement and the Plan. Except as set forth in the Award Agreement or as otherwise
agreed by the Company in writing, partial service, even if substantial, during the vesting period will not entitle you to any proportionate
vesting or avoid or mitigate a termination of rights and benefits upon or following your separation from service with the Company.

See the Award Agreement for additional terms
governing the Award, including provisions regarding vesting, forfeiture, and transfer restrictions, among others.

 

    	1  

    	 

    

 

Performance
Objective Achievement Parameters

Infrastructure Development
Target:

_________ Shares
of the Target Award are eligible to vest in connection with the Company’s successful development and monetization of 1,500 megawatts
(MW) of Bitcoin mining infrastructure during the Performance Period (the “Infrastructure Development Target”). The
Infrastructure Development Target is divided into 100 MW project units (each, a “Project Unit”). Each Project Unit
consists of three Project Unit Milestones, (1) Electrification, (2) Installation, and (3) Monetization (each, a “Project Unit
Milestone”), the achievement of which is evaluated quarterly. As of the Grant Date,
there were ___ Project Unit Milestones remaining.

_________ Shares
are eligible to vest based on the achievement of each Project Unit Milestone, which is measured quarterly, based on the following achievement
parameters:

		(1)	Electrification. Electrification of a Project Unit means that the requisite infrastructure is installed
to the extent it is interconnected to grid and capable of delivering power to site. Success can be achieved by either acquiring existing
capacity or building capacity on existing sites. Capacity is defined as high-voltage energy infrastructure, wholly owned by the Company,
interconnected to power grid and ready for medium voltage step-down equipment.

		(2)	Installation. Installation of a Project Unit means that Miner-Ready infrastructure has been installed
at the Project Unit (whether such infrastructure forms part of a ready-built data center acquired by the Company or is constructed by
the Company directly). “Miner-Ready” means a building, racking, and all of the medium voltage, low voltage, and any
other equipment necessary has been installed to be ready for miner plug-in.

		(3)	Monetization. Monetization of a Project Unit means that the mining capacity available from the
Electrification and Installation of the Project Unit is Filled. “Filled” means that, to the extent the infrastructure
can safely be utilized, it is put to productive use for the benefit of the Company, either through operation of miners owned by the Company
or through operation of third-party hosted miners pursuant to a hosting/colocation agreement with a third party. For Monetization to be
achieved, the Bitcoin mining hardware must be powered on and mining to the benefit of the Corporation (either directly or through a hosted/colocation
agreement).

Financial Performance Target:

_________ Shares
of the Target Award are eligible to vest in connection with the Company’s successful achievement of $500,000,000 in Adjusted EBITDA
(as defined below) (the “Financial Performance Target”). The Financial Performance Target is divided into $50,000,000
Adjusted EBITDA milestones (each, an “Adjusted EBITDA Milestone”). As of the Grant Date, there were ___ Adjusted
EBITDA Milestones remaining.

_________ Shares are eligible
to vest based on the achievement of each additional Adjusted EBITDA Milestone, which is evaluated annually based on the Company’s
annual audited financial statements.

    	2  

    	 

    

“Adjusted EBITDA”
is a non-GAAP financial measure defined as the Company’s earnings before interest, taxes, depreciation and amortization (“EBITDA”),
adjusted to eliminate the effects of certain non-cash and/or non-recurring items, that do not reflect our ongoing strategic business operations.
EBITDA is computed as net income before interest, taxes, depreciation, and amortization. Adjusted EBITDA is EBITDA, as further adjusted
for certain income and expenses, which the Company’s management believes results in a performance measurement that represents a
key indicator of the Company’s core business operations of Bitcoin mining. The adjustments include fair value adjustments such as
derivative power contract adjustments, equity securities value changes, and non-cash stock-based compensation expense, in addition to
financing and legacy business income and expense items; however, the Company’s calculation of Adjusted EBITDA excludes impairments
and gains or losses on sales or exchanges of cryptocurrencies (i.e., such amounts are unchanged between Adjusted EBITDA and the
net income presented in the Company’s annual financial statements).

 

 

    	3  

    	 

    

Riot Blockchain,
Inc.

2019
Equity Incentive Plan

RESTRICTED
STOCK AWARD AGREEMENT

This Restricted Stock Award
Agreement (this “Award Agreement”) is entered into, effective as of the “Grant Date” specified in
the accompanying Notice of Grant attached hereto as Appendix A, which forms a part of, and is incorporated by reference into, this Award
Agreement (the “Notice of Grant”), by and between Riot Blockchain, Inc. a Nevada corporation, and its consolidated
subsidiaries (collectively, the “Company”), and the individual award recipient identified in accompanying Notice of
Grant (the “Participant”), regarding the terms and conditions of the equity incentive Award granted by the Company
to the Participant under the Riot Blockchain, Inc. 2019 Equity Incentive Plan, as amended, (the “Plan”) as compensation
for services by the Participant to the Company (the “Award”). Unless otherwise defined in this Award Agreement, capitalized
terms used herein have the meanings defined in the Plan, the terms of which are incorporated by reference herein.

Now, therefore, in consideration
of the premises hereof and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
Company and the Participant, intending to be bound, hereby agree as follows:

1.
Grant of Restricted Stock. Subject and pursuant to this Award Agreement and the Plan, including but not limited to the
restrictions set forth under Section 4 hereof and the satisfaction of any tax obligation due with respect to any Section 83(b) Election
made by the Participant with respect to the Shares (as described in Section 6.c hereof), the Company hereby grants to the Participant,
as additional incentive compensation contingent on Participant’s continued service with the Company through the applicable vesting
date, the Target Award specified in the Notice of Grant of performance-based restricted shares (the “Shares”) of the
Company’s common stock, no par value per share, (“Common Stock”) which are eligible to vest based on the Company’s
achievement of the Performance Objectives set forth in the Notice of Grant.

2.
Vesting; Achievement of Performance Objectives. Except as otherwise provided in this Award Agreement, the Plan, or other
written agreement between the Company and the Participant, the terms of which expressly supersede the provisions of this Award Agreement
and/or the Plan, the Shares are restricted and subject to forfeiture until vested.

a.
Vesting. The Award and the Shares shall vest and become non-forfeitable as of the date the Committee certifies, in accordance
with Section 2.b below, that the Performance Objectives corresponding to the number of Shares specified in the Notice of Grant have been
achieved (the “Determination Date”), subject to Participant’s continuing appointment or service with the Corporation
from the Grant Date through the Determination Date, as well as any compensation claw-back rules under applicable law and/or Company policy.
For the avoidance of doubt, the Participant’s continued appointment or service with the Company through the applicable Determination
Date is a condition precedent to the vesting of the rights and benefits under this Award Agreement. Partial service, even if substantial,
during the vesting period will not entitle the Participant to any proportionate vesting or avoid or mitigate a termination of rights and
benefits upon or following a termination of service as provided in the Award Agreement or under the Plan, except as otherwise expressly
agreed by the Company in writing. Vested Shares will be issued to the Participant in accordance with the Participant’s issuance
instructions, subject to the Participant’s satisfaction of the applicable tax withholding obligations due on the issuance of such
vested Shares.

 

    	4  

    	 

    

b.
Achievement of Performance Objectives. The Target Award is based upon the achievement of One Hundred Percent (100%) of the
Performance Objectives within the Performance Period, each as set forth in the Notice of Grant. Accordingly, subject to the terms and
conditions of this Award Agreement and the Plan, the Shares comprising the Target Award may be earned by the Participant upon the Committee’s
certification that the Performance Objectives have been achieved. Achievement of Performance Objectives shall be determined by the Committee
(or the executive officers of the Corporation, as delegated by the Committee, in the Committee’s sole discretion) periodically,
as follows:

(i)
Infrastructure Development Target. The Company’s achievement of Project Units towards the Infrastructure Development
Target shall be evaluated, according to the achievement parameters set forth in the Notice of Grant, on a quarterly basis in connection
with the final preparation of the Company’s quarterly report on Form 10-Q for the applicable fiscal quarter,.

(ii)
Financial Performance Target. The Company’s achievement of Adjusted EBITDA Milestones towards the Financial Performance
Target shall be evaluated, according to the achievement parameters set forth in the Notice of Grant, on an annual basis in connection
with the finalization of the Company’s audited annual financial statements to be included in the Company’s annual report on
Form 10-K for the applicable fiscal year.

The Committee shall review
and certify in writing whether, and to what extent, the Performance Objectives have been achieved, including the number of Project Units
and/or Adjusted EBITDA Milestones that have been achieved, and, based on such certification, the Participant shall earn, if any, the number
of Shares corresponding to the achievement of such Performance Objectives, as set forth in the Notice of Grant, subject to the satisfaction
of the Withholding Tax obligations due on the issuance of such Shares. For the avoidance of doubt, the satisfaction of such Withholding
Tax obligations is, and shall be, a condition precedent to the vesting of the Shares and, therefore, no Shares shall be earned by the
Participant and no longer subject to forfeiture until such Withholding Tax obligations have been satisfied in full. All determinations
of whether Performance Goals have been achieved, the number of Shares earned by the Participant, and all other matters related to this
Section 2.b shall be made by the Committee in its sole discretion and shall be final, conclusive and binding on the Participant, and on
all other persons, to the maximum extent permitted by law.

3.
Forfeiture; Acceleration of Vesting.

a.
Forfeiture of Unvested Shares. Except as otherwise agreed by the Company in writing, the Shares granted hereby are subject
to forfeiture as set forth in this Section 3 until vesting. Accordingly, all Shares granted hereunder which have not vested shall be automatically
forfeited and returned to the Company without payment or consideration therefor, and Participant shall have no further right, title or
interest in or to such forfeited Shares, or any compensation in lieu thereof, as of the earlier of:

(i)
the end of the Performance Period set forth in the Notice of Grant;

(ii)
except as provided in Section 3.b below, the date the Participant’s employment, appointment or service with the Company ceases
for any reason (the “Termination Date”);

(iii)
upon the Participant’s breach, as determined by the Company, of any non-disclosure, non-competition, or non-solicitation
restrictive covenant obligation owed to the Company; or

 

    	5  

    	 

    

(iv)
upon the Plan Administrator’s determination that any conduct of the Participant constitutes grounds for forfeiture under
the Plan.

Upon the occurrence of a
forfeiture event, the Company shall exercise its power under Section 5.c hereof to effect the return of the forfeited Shares to the Company
automatically and without any additional action by the Participant (or the Participant’s beneficiary or personal representative,
as applicable); provided, however, the Participant (or the Participant’s beneficiary or personal representative, as applicable)
shall deliver any additional documents of transfer that the Company may request to confirm the transfer of such unvested, forfeited Shares
and related restricted property to the Company. Further, notwithstanding anything in the Plan or this Award Agreement to the contrary,
the Company will be entitled, to the extent permitted or required by applicable law, Company policy, or the requirements of an exchange
on which the Company’s securities may be listed for trading, in each case, as in effect from time to time, to effectuate a forfeiture
of the Award and/or recoup compensation of whatever kind paid by the Company pursuant to the Award.

b.
Acceleration Events. Notwithstanding the foregoing, upon effectiveness of a separation agreement and general release of
claims, in form reasonably satisfactory to the Company, to be entered into between the Company and the Participant (or Participant’s
beneficiary or personal representative, as applicable) in connection with any qualifying separation from service between the Participant
and the Company (a “Separation Agreement”), the vesting schedule for all unvested Shares subject to this Award Agreement
shall be adjusted as authorized by the Company’s Chief Executive Officer, as set forth in the applicable Separation Agreement. For
the avoidance of doubt, with respect to each of the foregoing acceleration events, the Participant hereby acknowledges and agrees that:
(X) the acceleration is contingent upon the Participant (or the Participant’s beneficiary or personal representative, as applicable)
entering into a separation agreement and release reasonably satisfactory to the Company; (Y) the Participant has no right to receive any
of the Shares without such agreement; and (Z) the Shares accelerated pursuant to such agreement are subject to forfeiture until vested
and, to the extent applicable, the satisfaction of all applicable Withholding Taxes due thereon is a condition precedent to the vesting
of such Shares.

4.
Restrictions. Until vesting, the Shares are subject to the following restrictions:

a.
Restrictions on Transfer; Permitted Transferees. Consistent with Section 5.7 of the Plan, the Award and all unvested Shares
granted hereunder, including any interest therein, amount payable in respect thereof, or property receivable in respect thereof, may not
be sold, pledged, assigned, hypothecated, transferred, gifted or otherwise disposed of, alienated or encumbered, either voluntarily or
involuntarily, in any manner other than by will or by the laws of descent or distribution, with the exception, at the Committee’s
sole and absolute discretion, of transfers (for no consideration) to the following persons: (i) the Participant’s spouse, children,
or grandchildren; (ii) one or more trusts for the benefit of the Participant’s spouse, children, or grandchildren; or (iii) a partnership,
limited liability company, or other passthrough entity of which the Participant and the Participant’s spouse, children, or grandchildren
are the only beneficial owners and controlling persons (collectively, the “Permitted Transferees”). No transfer of
the Shares shall be effective to bind the Company unless approved in writing in advance by the Committee and the Committee shall have
been furnished with (i) written notice thereof along with such evidence as the Committee may deem necessary to establish the validity
of the transfer and (ii) an agreement by the transferee of such transferred Shares to comply with all the terms and conditions of the
Award that are or would have been applicable to the Participant and to be bound by the acknowledgements made by the Participant in connection
with the grant of the Award and Shares.

 

    	6  

    	 

    

b.
Restrictive Legend. Any certificate evidencing the Participant’s ownership of the Shares shall be issued to the Participant
(or the permitted transferee of the Participant) bearing the following restrictive legend:

THE TRANSFERABILITY
OF THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE RIOT
BLOCKCHAIN, INC. 2019 EQUITY INCENTIVE PLAN, AS AMENDED, AND THE RESTRICTED STOCK AWARD AGREEMENT RELATING TO THE SHARES ENTERED INTO
BETWEEN THE REGISTERED OWNER AND THE ISSUER, RIOT BLOCKCHAIN, INC., COPIES OF WHICH ARE ON FILE IN THE OFFICES OF THE ISSUER.

c.
Issuance and Escrow of Restricted Shares. Restricted Shares shall be issued to the Participant as of the Grant Date and
held in electronic book-entry form with the Company (including with a third-party servicer account organized by the Company for the benefit
of Plan participants) until such time as the Shares are vested and no longer subject to forfeiture and restriction, or until they are
forfeited to the Company in accordance with the terms hereof; provided, however, upon request of the Participant, the Company may,
in its sole discretion, issue to the Participant a certificate representing unvested Shares, which shall bear, in addition to any legend
required by applicable law, a legend substantially in the form set forth in the foregoing Section 4.b. The Participant hereby acknowledges
and agrees that the Company shall hold any certificate issued for such restricted Shares in escrow in its possession until such a time
as all restrictions applicable to the Shares evidenced by such certificate are satisfied in full. If the Shares are issued in certificated
format, the administrative costs and risk of loss of such certificated Shares are the sole responsibility of the Participant.

d.
Delivery of Shares Upon Vesting. Promptly after the vesting and the satisfaction of the Withholding Tax obligations due
in connection with the vesting of the Shares (as described in Section 6.b hereof), the Company shall, as applicable, either: (i) remove
the notations on any Shares issued in book entry form that have vested; or (ii) if a certificate has been issued for the Shares, cause
the restrictive legend to be removed from the certificate covering such vested Shares. The Participant (or the beneficiary or personal
representative of the Participant in the event of the Participant’s death or disability, as the case may be) shall deliver to the
Company any representations or other documents or assurances as the Company may deem necessary or reasonably desirable to ensure compliance
with all applicable legal and regulatory requirements. The Shares so delivered shall no longer be subject to forfeiture or the restrictions
set forth hereunder.

Notwithstanding the foregoing,
the issuance of the Shares and the removal of any restrictions thereon are subject to, and shall be carried out in compliance with, all
applicable laws with respect to such securities, including, without limitation, the registration of the Shares with the SEC. No Shares
may be issued hereunder if the issuance of such Shares would constitute a violation of any applicable securities laws or other law or
regulations or the requirements of any stock exchange or market system upon which the Company’s securities may then be listed. The
inability of the Company to obtain the authority from any regulatory body having jurisdiction, if any, deemed by the Company’s legal
counsel to be necessary to effect the lawful issuance of the Shares shall relieve the Company of any liability in respect of the Shares,
including with respect to the failure to issue such Shares. As a condition to the issuance of the Shares and the removal of any restrictions
thereon, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate to evidence compliance
with any applicable law or regulation, and to make any representation or warranty with respect thereto as may be requested by the Company.

 

    	7  

    	 

    

5.
Shareholder Matters.

a.
Stock Power; Power of Attorney. Concurrent with the execution and delivery of this Award Agreement, the Participant shall
deliver to the Company an executed stock power in the form attached hereto as Appendix C, in blank, with respect to the restricted Shares
covered by the Award. The Participant, by acceptance of the Award, shall be deemed to appoint, and does so appoint by execution of this
Award Agreement, the Company and each of its authorized representatives as the Participant’s attorney(s) in fact to effect any transfer
of unvested forfeited Shares (or Shares otherwise reacquired by the Company hereunder) to the Company as may be required pursuant to the
Plan or this Award Agreement, including the transfer and sale of any Shares sold in connection with any net settlement for taxes permitted
under the Plan, and to execute such documents as the Company or such representatives deem necessary or advisable in connection with any
such transfer.

b.
Rights as a Shareholder. The Shares shall be held in electronic book entry form (including with a third-party servicer account
organized by the Company for the benefit of Plan participants) or issued under a certificate bearing a restrictive legend, as set forth
in Section 1 hereof, and shall be subject to forfeiture and the restrictions set forth herein until they have vested in accordance with
Section 2 above. Subject to the restrictions set forth in Section 4 hereof and the Plan, during the time the Shares are unvested, the
Participant shall have all of the rights of a shareholder with respect to the Shares, including the right to vote the Shares and to receive
dividends paid on the Shares; provided that any additional shares of Common Stock or other securities that the Participant may
become entitled to receive pursuant to a stock dividend, stock split, combination of shares, recapitalization, merger, consolidation,
separation or reorganization or any other change in the capital structure of the Company will be subject to the same restrictions as the
Shares. For the avoidance of doubt, the Shares shall be subject to the restrictions set forth in Section 4 hereof and the Plan until they
become vested, and, notwithstanding the Participant’s rights as a shareholder of the Company during such time as the Shares remain
unvested, the Participant hereby acknowledges and agrees that the Participant may not sell, transfer, assign, gift, encumber or permit
encumbrance upon, or otherwise transact in the Shares until they are vested and issued to the Participant in unrestricted form in accordance
with the terms of this Award Agreement.

c.
Attendance at Meetings; Voting. Until the Shares become vested and all restrictions thereon are removed in accordance with
the terms of this Award Agreement and the Plan, the Participant shall:

(i)
cause all Shares granted to Participant pursuant to this Award Agreement to be present, in person or by proxy, at any meeting of
the Company’s stockholders, so that all such Shares shall be counted for the purpose of determining the presence of a quorum at
such meeting; and

(ii)
vote, or cause to be voted, all such Shares in accordance with the recommendations of the Company with respect to any business
or proposal on which the stockholders of the Company are entitled to vote, whether at a meeting of the Company’s stockholders or
by written instrument thereof. This Section 5.c shall apply to any holder of the Shares to whom the Shares are transfer by or on behalf
of the Participant in the same manner it applies to the Participant.

 

    	8  

    	 

    

6.
Tax Matters.

a.
No Tax Advice; No Duty to Minimize Taxes. The Participant is hereby advised to consult with the Participant’s own
personal tax, financial, and/or legal advisors regarding the tax consequences of this Award. The Company has no duty or obligation to
minimize the tax consequences to the Participant of this Award and shall not be liable to the Participant for any adverse tax consequences
to Participant arising in connection with this Award, including with respect to any election pursuant to Section 83(b) of the Code, as
discussed in Section 6.b hereof (the “Section 83(b) Election”). The Participant is hereby advised to consult with the
Participant’s own personal tax, financial and/or legal advisors regarding the tax consequences of this award and by signing this
Award Agreement, the Participant has agreed that he or she has done so or knowingly and voluntarily declined to do so.

b.
Tax Withholding Obligations. As set forth in Section 4.d hereof, the removal of the restrictions on the Shares, or at any
time thereafter as requested by the Company, the Participant shall pay or provide for payment of at least the minimum amount of income
taxes and other withholdings which the Company may be required to withhold with respect to such distribution of shares (the “Withholding
Taxes”). The Administrator may, in its sole discretion, permit the Participant to elect to satisfy the Withholding Taxes by
electing to surrender to the Company for cancellation that number of Shares having a fair market value of no less than the amount of such
Withholding Taxes (measured based on the closing price per share of the Company’s securities as of the applicable vesting date of
the vested Shares, as reported on the stock exchange on which the Company’s securities are then traded), up to a maximum of Fifty
percent (50%) of the fair market value of such vested Shares (“Net Settlement”); provided, however, that Net
Settlement shall not be available to satisfy the Withholding Taxes and other tax obligations due on the issuance of the Shares by operation
of the Participant’s Section 83(b) Election with respect to the Shares (as described in Section 6.c below). Unless the Withholding
Tax obligations of the Company are satisfied, the Company shall have no obligation to deliver to the Participant any Shares. In the event
the Company’s obligation to withhold arises prior to the delivery to the Participant of Shares or it
is determined after the delivery of Shares to the Participant that the amount of the Withholding Taxes was greater than the amount withheld
by the Company, the Participant Agrees to indemnify and hold the Company harmless from any failure by the Company to withhold the proper
amount.

c.
Section 83(b) Election. Subject to the Participant’s satisfaction of any tax withholding obligation due thereon, the
Participant may elect, within Thirty (30) days after the Grant Date, to file the Section 83(b) Election with the Internal Revenue Service
(“IRS”) and the Company to report receipt of the Shares as of the Grant Date and pay the tax due on, regardless of
their vesting status. Instructions on how to file the Section 83(b) Election with respect to the Award and a sample Section 83(b) Election
form is provided as Appendix B hereto. Accordingly, with respect to the Section 83(b) Election, the Participant hereby acknowledges and
agrees that:

(i)
 the Company does not make any recommendation with respect to the decision to make the Section 83(b) Election;

(ii)
it is solely the responsibility of the Participant, and not the Company, to decide whether to make the Section 83(b) Election in
connection with the Award and, if so, to do so in a timely manner;

(iii)
notwithstanding the Section 83(b) Election, the Shares shall remain subject to forfeiture and the restrictions described herein
and in the Plan until they become vested, and, in the event the Shares are forfeited following the Section 83(b) Election, the Company
shall not be liable for any losses or other liability incurred by the Participant in connection with such forfeiture, and the Participant
shall not be entitled to receive any compensation for such forfeited Shares, except as provided herein or required by applicable law;

(iv)
the Participant is liable for, and hereby agrees to timely pay, all applicable tax obligations due in connection with the Section
83(b) Election; and

 

    	9  

    	 

    

(v)
the satisfaction of the Withholding Taxes and any other tax obligations due with respect to the Section 83(b) Election may not
be satisfied by withholding that number of Shares having a fair market value of no less than the amount of the Withholding Taxes and other
tax obligations due, and, for the avoidance of doubt, may only be satisfied by the payment, in cash, of the amount of the Withholding
Tax and other tax obligations due thereon.

d.
Section 409A. It is intended that the Award, the Plan, and this Award Agreement are exempt from Section 409A of the Code
and the interpretive guidance thereunder (“Section 409A”), and this Award Agreement shall be administered accordingly,
and interpreted and construed on a basis consistent with such intent. To the extent that any provision of this Award Agreement would fail
to comply with applicable requirements of Section 409A, the Company may, in its sole and absolute discretion and without requiring the
Participant’s consent, make such modifications to this Award Agreement and/or payments to be made thereunder to the extent it determines
necessary or advisable to comply with the requirements of Section 409A. Nothing in this Award Agreement shall be construed as a guarantee
of any particular tax effect for the Award, and the Company does not guarantee that any compensation or benefits provided under this Award
Agreement will satisfy the provisions of Section 409A.

7.
Representations and Warranties. By accepting the Award, the Participant hereby represents, warrants, acknowledges and
agrees as follows:

a.
The Participant has received a copy of the Plan, has reviewed the Plan and this Award Agreement in their entirety, and has had
an opportunity to obtain the advice of independent counsel prior to accepting the Award;

b.
The Participant has had the opportunity to consult with a tax advisor concerning the tax consequences of accepting the Award, and
understands that the Company makes no representation regarding the tax treatment as to any aspect of the Award, including the grant, vesting,
settlement, or conversion of the Award;

c.
The Participant’s participation in the Plan and acceptance of the Award is voluntary and without expectation of employment
or service, or continued employment or service, with the Company, and the Participant understands that neither the grant of this discretionary
Award nor the Participant’s participation in the Plan confers any right to continue in the service of the Company or to receive
any other award or amount of compensation, whether under the Plan or otherwise, and no payment of any award under the Plan will be taken
into account in determining any benefits under any pension, retirement, profit sharing, group insurance, or other benefit plan of the
Company except as otherwise specifically provided in such other plan;

d.
The Participant consents to the collection, use, and transfer, in electronic or other form, of the Participant’s personal
data by the Company, the Committee, and any third party retained to administer the Plan for the exclusive purpose of administering the
Award and Participant’s participation in the Plan; provided, that the Participant agrees to promptly notify the Committee of any
changes in the Participant’s name, address, or contact information during the entire period of Plan participation; and

e.
Notices and other documents related to the Award or the Plan may be delivered by electronic means, and the Participant hereby consents
to receive such documents by electronic delivery and to participate in the Plan through an online or electronic system authorized by the
Committee.

 

    	10  

    	 

    

8.
General Provisions.

a.
Conformity with Plan. This Agreement is intended to conform in all respects with, and is subject to all applicable provisions
of, the Plan; provided, however, inconsistencies between this Award Agreement and the Plan shall be resolved in accordance with
the terms of this Award Agreement in all respects; provided further, with respect to any ambiguities in this Award Agreement or
any matters as to which this Award Agreement is silent, the Plan shall govern.

b.
Governing Law; Disputes. The Plan and this Award Agreement are to be governed, construed, and administered in accordance
with the laws of the State of Nevada, without regard to otherwise governing conflict of laws principles. Any dispute or controversy arising
under, out of, or in connection with this Award Agreement shall be finally determined and settled by binding arbitration in [•],
in accordance with the rules and procedures of the American Arbitration Association, and judgment upon the award may be entered in any
court having jurisdiction thereof. In such arbitration, each party shall bear its own costs and fees, including attorneys’ fees.

c.
Administration; Interpretation. In accordance with the Plan and this Award Agreement, the Committee shall have full discretionary
authority to administer the Award, including discretionary authority to interpret and construe any and all provisions relating to the
Award. Decisions of the Committee shall be final, binding, and conclusive on all parties. In the event of a conflict between this Award
Agreement and the Plan, the terms of the Plan shall prevail.

d.
Entire Agreement. This Agreement, together with the Plan, sets forth the entire agreement and understanding of the parties
relating to the subject matter herein and therein and merges all prior discussions between the parties.

e.
Severability. The provisions of this Award Agreement hereto are severable, and if any one or more provisions are determined
to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

f.
Successors and Assigns. The rights and benefits of this Award Agreement shall inure to the benefit of, and be enforceable
by, the Company’s successors (including any successor by reason of amalgamation of the Company) and
assigns. The rights and obligations of Participant under this Award Agreement may not be assigned, except to Permitted Transferees in
accordance with Section 4.a hereof.

g.
Injunctive Relief. In addition to any other right of the Company to enforce the terms of this Award Agreement, the Participant
hereby consents and agrees that the Company may bring an action or special proceeding in any state or federal court of competent jurisdiction
to seek injunctive or other relief to enforce the Participant’s compliance with any restrictive covenant obligations undertaken
by the Participant in connection with the grant of the Award.

 

    	11  

    	 

    

9.
Acknowledgement of Receipt and Acceptance. By signing below (including via electronic signature, as approved by the
Plan Administrator), the undersigned Participant: (a) acknowledges receipt and acceptance of the Award, subject and pursuant to the terms
and conditions of this Award Agreement and of the Plan, which are incorporated by reference herein; (b) agrees to the representations
made in Section 7 of this Award Agreement above; (c) agrees to be bound by this Award Agreement and the Plan; and (d) acknowledges that
the Award granted by this Award Agreement is subject to forfeiture until vested.

 

 

 

[Remainder of Page Intentionally
Blank - Signature Page Follows]

    	12  

    	 

    

 

IN WITNESS WHEREOF,
the undersigned parties, intending to be bound, have executed this Restricted Stock Award Agreement, as of the Grant Date specified in
the Notice of Grant accompanying this Award Agreement.

THE COMPANY

Riot Blockchain, Inc., a Nevada corporation

 

By: ________________________________

Name: _____________________________

Title: ______________________________ 

THE PARTICIPANT

By my signature below, I,
the undersigned individual, hereby acknowledge and agree that my receipt and understanding of this Award Agreement and the documents incorporated
by reference herein, including, for the avoidance of doubt, the Riot Blockchain, Inc. 2019 Equity Incentive Plan, as amended, and the
documents incorporated by reference therein, and I hereby agree to be bound and abide by the terms and conditions of this Award Agreement.

 

	_______________________

                                                                Date Accepted
	______________________

                                                                
 Participant's Signature

	 	 
	 	_____________________

Participant's Name

(Please Print)

 

Attachments:Appendix A – Notice of
Grant

Appendix B –
Section 83(b) Election Form

Appendix C – Irrevocable
Stock Power 

 

 

[Signature Page to Riot – [_________]
Performance-Based Restricted Stock Award Agreement]

 

 

    	13  

    	 

    

Appendix A

Notice of Grant

 

[ATTACHED]

 

    	  

    	 

    

 

Appendix B

Section 83(b) Election Form Filing
Instructions and Sample Section 83(b) Election Form

 

[ATTACHED]

    	  

    	 

    

 

Appendix C

Irrevocable Stock Power

 

[ATTACHED]

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