<SEC-DOCUMENT>0001079973-19-000627.txt : 20191205
<SEC-HEADER>0001079973-19-000627.hdr.sgml : 20191205
<ACCEPTANCE-DATETIME>20191204183912
ACCESSION NUMBER:		0001079973-19-000627
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20191205
DATE AS OF CHANGE:		20191204
EFFECTIVENESS DATE:		20191205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Riot Blockchain, Inc.
		CENTRAL INDEX KEY:			0001167419
		STANDARD INDUSTRIAL CLASSIFICATION:	IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835]
		IRS NUMBER:				841553387
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-235355
		FILM NUMBER:		191269130

	BUSINESS ADDRESS:	
		STREET 1:		202 6TH STREET, SUITE 401
		CITY:			CASTLE ROCK
		STATE:			CO
		ZIP:			80104
		BUSINESS PHONE:		303-794-2000

	MAIL ADDRESS:	
		STREET 1:		202 6TH STREET, SUITE 401
		CITY:			CASTLE ROCK
		STATE:			CO
		ZIP:			80104

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AspenBio Pharma, Inc.
		DATE OF NAME CHANGE:	20051110
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>riot_s8-120419.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 4in"><FONT STYLE="font-size: 11pt">Registration
No. 333-_______________</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">FORM
S-8</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933</FONT></P>

<P STYLE="font:  10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Riot
Blockchain, Inc.</B><BR>(Exact name of registrant as specified in its charter)</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt"><B>Nevada<BR>
    </B>(State or other jurisdiction <BR>
    of incorporation number)</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt"><B>84-1553387<BR>
    </B>(I.R.S. Employer<BR>
    Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">Riot
Blockchain, Inc.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">202
6<SUP>th</SUP> Street, Suite 401</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">Castle
Rock, CO 80104<BR>
<FONT STYLE="font-weight: normal">(Address of principal executive offices) (Zip Code)</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt"><U>The
Riot Blockchain, Inc. 2019 Equity Incentive Plan</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt; font-weight: normal">(Full
title of the plan)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">Jeffrey
G. McGonegal</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">Chief
Executive Officer</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">202
6<SUP>th</SUP> Street, Suite 401</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">Castle
Rock, CO 80104</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">(Name and address
of agent for service)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt"><U>(303)
794-2000</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">(Telephone number,
including area code, of agent for service)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt"><I>With
copies to: </I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">William
                                         R. Jackman, Esq.</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">Rogers
        Towers, P.A.</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">1500
        Riverplace Blvd., Suite 1500</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">Jacksonville,
        FL 32207</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">(904)
        398-3911</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>Benjamin
                                         W. Kennedy</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>Dickinson
        Wright PLLC</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>100
        W. Liberty St., Suite 940</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>Reno,
        NV 89501</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>(775)
        343-7504</B></FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller
reporting company&rdquo; in Rule 12b-2 of the Exchange Act. (Check one):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt"></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 45%">&nbsp;Large accelerated
filer [_]</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;Accelerated filer [X]</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;Non-accelerated filer [_]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;Smaller reporting company [X]</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;Emerging Growth Company [_]</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(Do not check if a smaller reporting company)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">If an
emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">[_]</FONT></FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">CALCULATION
OF REGISTRATION FEE</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Title of Securities to be Registered</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">Amount to be registered<SUP>(1) (2)</SUP></FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">Proposed maximum offering price per share<SUP>(3)</SUP></FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">Proposed maximum aggregate offering price<SUP>(3)</SUP></FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">Amount of Registration Fee<SUP>(4)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 18%; font-family: Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">Common Stock,</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">no par value</FONT></P></TD><TD STYLE="width: 3%; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 18%; font: 11pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">3,930,603 shares</TD><TD STYLE="width: 3%; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 11pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 16%; font: 11pt Times New Roman, Times, Serif; text-align: right">1.33</TD><TD STYLE="width: 1%; font: 11pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 11pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 15%; font: 11pt Times New Roman, Times, Serif; text-align: right">5,227,701.99</TD><TD STYLE="width: 1%; font: 11pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 11pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 15%; font: 11pt Times New Roman, Times, Serif; text-align: right">678.56</TD><TD STYLE="width: 1%; font: 11pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Pursuant
                                         to Rule 416 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;),
                                         this registration statement also covers an indeterminate amount of interests to be offered
                                         or sold in connection with any stock split, stock dividend or similar transaction, or
                                         anti-dilution or other adjustment pursuant to the employee benefit plan described herein.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Includes
                                         330,603 shares available for issuance under the Registrant&rsquo;s former employee equity
                                         incentive plan, the Bioptix, Inc. 2017 Stock Incentive Plan, which are available for
                                         issuance under the 2019 Plan, of which 120,500 shares are being offered for resale by
                                         the Selling Stockholders listed in Part II, below.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">In
                                         accordance with Rule 457(n) under the Securities Act, the maximum offering price per
                                         share and the proposed maximum aggregate offering price are estimated based on the average
                                         of the $1.36 (high) and $1.30 (low) sale price of the Registrant&rsquo;s Common Stock,
                                         no par value, as reported on the Nasdaq Capital Market on December 2, 2019, which date
                                         is within five business days prior to filing this Registration Statement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Estimated
                                         solely for the purpose of calculating the registration fee in accordance with Rule 457(h)
                                         under the Securities Act based on the average of the high and low trading prices of a
                                         share of common stock of the registrant on the Nasdaq Capital Market on December 2, 2019.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">EXPLANATORY
NOTE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">This
registration statement on Form S-8 (this &ldquo;Registration Statement&rdquo;) registers shares of common stock, no par value,
(the &ldquo;Shares&rdquo;) of Riot Blockchain, Inc. (&ldquo;Riot,&rdquo; the &ldquo;Registrant,&rdquo; the &ldquo;Company,&rdquo;
&ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo;) including:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">3,600,000
                                         Shares that may be granted pursuant to the 2019 Riot Blockchain, Inc. Equity Incentive
                                         Plan (the &ldquo;2019 Plan&rdquo;); and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">330,603
                                         Shares (the &ldquo;Carryover Shares&rdquo;), formerly available for grant pursuant the
                                         Registrant&rsquo;s former employee equity incentive plan, the Bioptix, Inc. 2017 Equity
                                         Incentive Plan (the &ldquo;2017 Plan&rdquo;), which, by the terms of the 2019 Plan, are
                                         available for issuance under the 2019 Plan. These Carryover Shares include: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">120,500
                                         Shares held by &ldquo;affiliates,&rdquo; which are &ldquo;control securities,&rdquo;
                                         issued to the Selling Stockholders listed below pursuant to the 2017 Plan, which are
                                         being registered for resale to the public by the &ldquo;Selling Stockholders&rdquo; listed
                                         herein pursuant to this Registration Statement and the accompanying reoffer prospectus
                                         (discussed below); and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">b.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">210,103
                                         Shares issuable in settlement of outstanding restricted stock units and other convertible
                                         rights granted to employees, officers, and directors of the Registrant pursuant to the
                                         2017 Plan to be offered by the Selling Stockholders listed in the reoffer prospectus
                                         below. Under the 2019 Plan, a total of 3,600,000 Shares have been reserved for issuance
                                         upon the settlement of vested stock awards (which may include awards of restricted stock,
                                         restricted stock units, options, or other securities relating to Shares) made to officers,
                                         directors, employees and consultants of the Company, as well as those Shares formerly
                                         available for issuance pursuant to the 2017 Plan. The 2019 Plan provides that, as of
                                         the date of approval of the 2019 Plan by the Registrant&rsquo;s stockholders, which occurred
                                         on October 23, 2019, no additional grants will be made under the 2017 Plan. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">This
Registration Statement also includes a reoffer prospectus (the &ldquo;Reoffer Prospectus&rdquo;) prepared in accordance with General
Instruction C of Form S-8 and in accordance with the requirements of Part I of Form S-3. The Reoffer Prospectus may be used in
connection with the reoffer and resale of our securities registered hereunder by the Selling Stockholders identified in the Reoffer
Prospectus (the &ldquo;Selling Stockholders&rdquo;), some of whom may be considered &ldquo;affiliates&rdquo; of the Company, as
defined in Rule 405 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). The number of Shares included
in the Reoffer Prospectus represents the total number of Shares held by the Selling Stockholders, as well as the those that may
be acquired by the Selling Stockholders pursuant to restricted stock unit awards made to the Selling Stockholders by the Registrant,
and does not necessarily represent a present intention to sell any or all such Shares by the Selling Stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 11pt; letter-spacing: 0.25pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">PART
I</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">INFORMATION
REQUIRED IN THE SECTION 10(A) PROSPECTUS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">This
Registration Statement relates to two separate prospectuses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Section
10(a) Prospectus</U>: Items 1 and 2, from this page, and the documents incorporated by reference pursuant to Part II, Item 3 of
this prospectus, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal"><U>Reoffer
Prospectus</U>: The material that follows Item 2, beginning on Page 1 through Page 10, up to but not including Part II of this
Registration Statement, beginning on Page II-1, of which the Reoffer Prospectus is a part, constitutes a &ldquo;Reoffer Prospectus,&rdquo;
prepared in accordance with the requirements of Part I of Form S-3 under the Securities Act. Pursuant to General Instruction C
of Form S-8, the Reoffer Prospectus may be used for reoffers or resales of Shares which are deemed to be &ldquo;control securities&rdquo;
or &ldquo;restricted securities&rdquo; under the Securities Act that have been acquired by the Selling Stockholders named in the
Reoffer Prospectus.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 11pt">Item 1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Plan
                                         Information.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">The Company
will provide each recipient (the &ldquo;Recipients&rdquo;) of a grant under the 2019 Plan with documents that contain information
related to the 2019 Plan, and other information including, but not limited to, the disclosure required by Item 1 of Form S-8,
which information is not required to be and is not being filed as a part of this Registration Statement or as prospectuses or
prospectus supplements pursuant to Rule 424 under the Securities Act. The foregoing information and the documents incorporated
by reference in response to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that meets
the requirements of Section 10(a) of the Securities Act. A Section 10(a) prospectus will be given to each Recipient who receives
Shares covered by this Registration Statement, in accordance with Rule 428(b)(1) under the Securities Act.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 11pt">Item 2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Registrant
                                         Information and Employee Plan Annual Information.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">We will
provide to each Recipient a written statement advising of the availability of documents incorporated by reference in Item 3 of
Part II of this Registration Statement (which documents are incorporated by reference in this Section 10(a) prospectus) and of
documents required to be delivered pursuant to Rule 428(b) under the Securities Act without charge and upon written or oral request
by contacting:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 11pt">Jeffrey
G. McGonegal<BR>
Chief Executive Officer<BR>
Riot Blockchain, Inc.<BR>
202 6<SUP>th</SUP> Street, Suite 401<BR>
Castle Rock, CO 80104<BR>
Telephone: (303) 794-2000</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">REOFFER
PROSPECTUS<BR>
<FONT STYLE="font-family: Sans-Serif; color: Red"><B><IMG SRC="logo.jpg" ALT=""></B></FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">RIOT
BLOCKCHAIN, INC.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">202
6<SUP>th</SUP> Street, Suite 401<BR>
Castle Rock, CO 80104<BR>
Telephone: (303) 794-2000<BR>
<BR>
3,930,603 Shares of Common Stock</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">This
Reoffer Prospectus relates to 3,930,603 shares of our common stock, no par value (the &ldquo;Shares&rdquo;), that may be offered
and resold from time to time by the selling stockholders identified in this Reoffer Prospectus (the &ldquo;Selling Stockholders&rdquo;)
for their own account. Some of the Selling Stockholders are &ldquo;affiliates&rdquo; of the Company, as defined by Rule 405 under
the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">The Selling
Stockholders were issued grants of stock, which they hold of their own account, as well as restricted stock, restricted stock
units, options, and other convertible rights (the &ldquo;Stock Rights&rdquo;) which were convertible, upon vesting and settlement
by the Company, into Shares pursuant to the 2017 Plan. The Company will issue Shares of our under the Registration Statement of
which this Reoffer Prospectus forms a part to the Selling Stockholders in settlement of the Stock Rights held by the Selling Stockholders
on a one-for-one basis pursuant to the 2019 Plan and the term of their individual award agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">It is
anticipated that the Selling Stockholders will offer the Shares issued to them for sale at prevailing prices on The NASDAQ Capital
Market on the date of sale; however, the Selling Stockholders may also sell the Shares issues to them in various other types of
transactions, such as, for example, sales in negotiated transactions through underwriters. For a description of the various methods
by which the Selling Stockholders may offer and sell their Shares described in this Reoffer Prospectus, see the section entitled
&ldquo;Plan of Distribution&rdquo; of this Reoffer Prospectus. We will receive no part of the proceeds from sales made under this
Reoffer Prospectus. The Selling Stockholders will bear all sales commissions and similar expenses. Any other expenses incurred
by us in connection with the registration and offering will be borne by us and will not borne by the Selling Stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">Some
of the Shares issued pursuant to the 2019 Plan in settlement of awards granted to the Selling Stockholders will be &ldquo;control
securities&rdquo; under the Securities Act before their sale under this Reoffer Prospectus. This Reoffer Prospectus has been prepared
for the purposes of registering the Shares (including the Shares issuable upon settlement of the Stock Rights) under the Securities
Act to allow for future sales by the Selling Stockholders on a continuous or delayed basis to the public without restriction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">The Selling
Stockholders and any brokers executing selling orders on their behalf may be deemed to be &ldquo;underwriters&rdquo; within the
meaning of the Securities Act, in which event commissions received by such brokers may be deemed to be underwriting commissions
under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">Our common
stock is traded on The NASDAQ Capital Market under the symbol &ldquo;RIOT&rdquo;. On December 3, 2019, the closing price of our
common stock on such market was $1.32 per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Our
business and an investment in our securities involve a high degree of risk. Before making any investment in our securities, you
should read and carefully consider risks described in the &ldquo;Risk Factors&rdquo; section beginning on page 3 of this Reoffer
Prospectus, as well as those disclosed in our most recent annual report on Form 10-K, as amended.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt; text-transform: uppercase"><B>Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
determined if this Reoffer Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 11pt">The date
of this Reoffer Prospectus is December 4, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT>&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">TABLE
OF CONTENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0"><FONT STYLE="font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%">PROSPECTUS SUMMARY</TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: middle">1</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>ABOUT RIOT BLOCKCHAIN&#9;</TD>
    <TD STYLE="text-align: right; vertical-align: middle">1</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
    <TD>THE OFFERING</TD>
    <TD STYLE="text-align: right; vertical-align: middle">3</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>RISK FACTORS</TD>
    <TD STYLE="text-align: right; vertical-align: middle">3</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
    <TD>CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS</TD>
    <TD STYLE="text-align: right; vertical-align: middle">3</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>USE OF PROCEEDS</TD>
    <TD STYLE="text-align: right; vertical-align: middle">5</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
    <TD>DETERMINATION OF OFFERING
PRICE</TD>
    <TD STYLE="text-align: right; vertical-align: middle">5</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>SELLING STOCKHOLDERS</TD>
    <TD STYLE="text-align: right; vertical-align: middle">5</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 11pt">PLAN OF DISTRIBUTION</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: middle">7</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD><FONT STYLE="font-size: 11pt">LEGAL MATTERS</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: middle">9</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
    <TD>EXPERTS</TD>
    <TD STYLE="text-align: right; vertical-align: middle">9</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>INTERESTS OF NAMED EXPERTS
AND COUNSEL</TD>
    <TD STYLE="text-align: right; vertical-align: middle">9</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 11pt">INCORPORATION OF CERTAIN
DOCUMENTS BY REFERENCE</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: middle">9</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD><FONT STYLE="font-size: 11pt">DISCLOSURE OF COMMISSION
POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: middle">10</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 11pt">WHERE YOU CAN FIND MORE
INFORMATION</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: middle">10</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt; text-transform: uppercase"><B>You
should rely only on the information contained in this Reoffer Prospectus. We have not authorized any other person to provide you
with information that is different from that contained in this Reoffer Prospectus. If anyone provides you with different or inconsistent
information, you should not rely on it. We take no responsibility for, and can provide no assurance as to the reliability of,
any other information that others may give you. You should assume that the information contained in this Reoffer Prospectus is
accurate only as of the date of this Reoffer Prospectus, regardless of the time of delivery of this Reoffer Prospectus or of any
sale of our common stock. Our business, financial condition, results of operations and prospects may have changed since that date.
We are not making an offer of any securities PURSUANT TO THIS PROSPECTUS. The Selling Stockholders are offering to sell and seeking
offers to buy these securities only in jurisdictions where offers and sales are permitted.</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 11pt">PROSPECTUS
SUMMARY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">The following
summary highlights selected information contained in this Reoffer Prospectus. This summary does not contain all the information
you should consider before investing in the securities. Before making an investment decision, you should read the entire Reoffer
Prospectus carefully, including the section entitled &ldquo;Risk Factors&rdquo; before deciding to invest in our common stock.
In this Reoffer Prospectus, unless otherwise noted, &ldquo;Riot,&rdquo; &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo;
and &ldquo;our&rdquo; refer to Riot Blockchain, Inc.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt; letter-spacing: 0pt">ABOUT
RIOT BLOCKCHAIN</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: left"><FONT STYLE="font-size: 11pt; letter-spacing: 0pt"><I>Company
Background</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal; letter-spacing: 0pt">The
Company was incorporated on July 24, 2000 in the State of Colorado under the name AspenBio, Inc., which was subsequently changed
to AspenBio Pharma, Inc. In December 2012, we changed our name to Venaxis, Inc. and in 2016, in connection with our acquisition
of BiOptix Diagnostics, Inc., we changed our name to Bioptix, Inc. and, as of October 19, 2017, we changed our name to Riot Blockchain,
Inc., to reflect our new focus on our blockchain business. That operational focus and the Company&rsquo;s acquisitions of Kairos
Global Technologies, Inc. (&ldquo;Kairos&rdquo;) and TessPay, Inc., formerly known as 1172767 B.C. Ltd., and its investments in
Coinsquare, Ltd., formerly known as goNumerical Ltd., and Verady, LLC, as well as the Company&rsquo;s new name, reflects a strategic
decision by the Company to operate in the blockchain and digital currency related business sector. As of the date of this filing,
the Company&rsquo;s ownership of TessPay, Inc., has been reduced below 10%. On March 26, 2018, the Company also acquired 92.5%
of Logical Brokerage Corp. (&ldquo;Logical Brokerage&rdquo;). Logical Brokerage is a futures introducing broker headquartered
in Ft. Lauderdale, Florida registered with the Commodity Futures Trading Commission, and a member of the National Futures Association.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal; letter-spacing: 0pt">In
October 2017, we changed our state of incorporation to Nevada from Colorado. Our principal executive offices are located at 202
6th Street, Suite 401, Castle Rock, CO 80104 and our telephone number is (303) 794-2000. Our website address is www.riotblockchain.com.
The information contained on, or accessible through, our website is not part of this Reoffer Prospectus.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 11pt">Digital
Currency Mining Operations</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 11pt"><U>Overview
of Mining Operations</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 11pt">The Company&rsquo;s
mining operations focus primarily on bitcoin mining. Bitcoin mining entails solving complex mathematical problems using custom
designed and programmed application-specific integrated circuit computers (referred to as &ldquo;miners&rdquo;). Bitcoin miners
provide transaction verification services to a given blockchain by solving complex algorithms to encode additional blocks into
the blockchain, which blocks serve as immutable records of transactions once added to the blockchain. When a miner is successful
in adding a block to the blockchain, it is rewarded with a fixed number of bitcoin. Blocks are added to the blockchain on a first-to-finish
basis, meaning that the first miner to solve an algorithm and verify a given transaction is the only miner to receive a bitcoin
reward. This first-to-finish environment has created a computing power arms race whereby miners are encouraged through competition
to allocate ever-increasing computing power (known as &ldquo;hash rate&rdquo;) to solving algorithms. The resulting energy costs
are substantial, and, in light of the recent decline in the market price of bitcoin and other &ldquo;benchmark&rdquo; digital
currencies such as bitcoin cash, litecoin, and ethereum, the profitability of mining operations has been reduced as competition
increases to solve each block.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 11pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 11pt">In response
to these factors, the Company has entered into mining pools, whereby multiple miners allocate their collective computing powers
to solving a given algorithm thereby increasing the collective hash rate devoted to a given algorithm. By pooling their efforts,
miners in a pool are more likely to verify a given transaction and add a block to the Blockchain than miners acting individually.
Pool miners are awarded a fractional reward based on the hash rate each contributed to the pool on a given successful transaction,
regardless of whether the individual miner actually solved the applicable algorithm. Miners are allocated a share of every reward
obtained by the pool operator, and thus the risk of not solving the algorithm first is reduced. The Company participates in pools
on an at-will basis, and is under no obligation to remain in a given pool and may terminate its engagement with a given pool at
any time. Presently, management believes participating in mining pools is the most efficient means of mining digital currencies,
but is under no obligation, nor does it provide any assurance that it will continue to do so in the future.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 11pt"><U>Oklahoma
City Mining Facility</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 11pt">Beginning
in February of 2018, we relocated our mining operations to our Oklahoma City facility, which is leased by our subsidiary, Kairos.
As of the date of this Reoffer Prospectus, our approximate 8,000 digital currency &ldquo;miners,&rdquo; which includes 7,500 model
S9 and 500 model L3+ miners operate in our Oklahoma City facility. These miners have been installed and operational since being
deployed in early 2018. In December of 2019, the Company purchased 3,000 Antminer S17 Pro digital currency miners from Bitmaintech
PTE, LTD. (&ldquo;<B>Bitmain</B>&rdquo;), which offer substantially improved power usage efficiency in the production of bitcoin
over previous models. The Company expects to begin installation of the new Antminer S17 Pro digital currency miners as soon as
they are delivered to the Oklahoma City facility by Bitmain.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 11pt">Development
of a U.S.-based Digital Currency Exchange</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 11pt">The Company
has been investigating and pursuing the regulatory pathway for the launch of a digital currency exchange in the United States
since the beginning of 2018. The Company&rsquo;s planned digital currency exchange under the name &ldquo;RiotX&rdquo; is being
developed by and is contemplated to be operated through the Company&rsquo;s subsidiary, RiotX Holdings, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">THE
OFFERING</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Shares of common stock outstanding prior to this offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">24,802,116</FONT></TD><TD STYLE="text-align: left">(1)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; padding-left: 5.4pt">Shares being offered by the Selling Stockholders</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">120,500</TD><TD STYLE="width: 5%; text-align: left">(2)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Shares of common stock to be outstanding after the offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">24,922,616</FONT></TD><TD STYLE="text-align: left">(1)(2)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December 4, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assumes
the settlement of all restricted stock unit grants and options awarded to the Selling Stockholders in shares of our common stock
on a one for one basis and the subsequent sale by the Selling Stockholders of all of the shares of our common stock issued to
them by the Company and registered for resale to the public under the Registration Statement accompanying this Reoffer Prospectus.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 11pt">Use
    of proceeds</FONT></TD>
    <TD STYLE="width: 74%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">We
    will not receive any proceeds from the sale of the shares of common stock offered in this Reoffer Prospectus.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 11pt">Risk
    Factors</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">The
    purchase of our common stock involves a high degree of risk. You should carefully review and consider &ldquo;Risk Factors&rdquo;
    beginning on page 3 of this Reoffer Prospectus.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 11pt">NASDAQ
    Symbol</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 11pt">RIOT</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 11pt">RISK
FACTORS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">Investing
in our common stock involves a high degree of risk. Before making an investment decision, you should consider carefully the risks,
uncertainties and other factors described under &ldquo;Risk Factors&rdquo; in our most recent Annual Report on Form 10-K for the
year ended December 31, 2018, filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on April 2, 2019, as amended
on Form 10-K/A, filed with the SEC on April 23, 2019, as supplemented and updated by subsequent Quarterly Reports on Form 10-Q,
together with the financial or other information contained or incorporated by reference in such reports, and Current Reports on
Form 8-K that we have filed or will file with the SEC, which are incorporated by reference into this Reoffer Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">Our business,
affairs, prospects, assets, financial condition, results of operations and cash flows could be materially and adversely affected
by these risks. For more information about our SEC filings, please see the section entitled &ldquo;Where You Can Find More Information&rdquo;
on page 10 of this Reoffer Prospectus.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 11pt">CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt; font-weight: normal">Certain
statements in this Reoffer Prospectus may be forward-looking statements within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), and are subject to the safe harbor created thereby. All statements other
than statements of historical fact are statements that could be deemed forward-looking statements. These statements relate to
future events or the Company&rsquo;s future performance and include statements regarding expectations, beliefs, plans, intentions
and strategies of the Company. In some cases, forward-looking statements can be identified by terminology such as &ldquo;may,&rdquo;
&ldquo;will,&rdquo; &ldquo;could,&rdquo; &ldquo;would,&rdquo; &ldquo;should,&rdquo; &ldquo;expect,&rdquo; &ldquo;plan,&rdquo;
&ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;predict,&rdquo; &ldquo;potential&rdquo;
or other comparable terminology. These forward-looking statements are made based on management&rsquo;s expectations and beliefs
concerning future events affecting the Company as of the date of the filing of this Reoffer Prospectus and are subject to uncertainties
and factors relating to operations and the business environment, all of which are difficult to predict and many of which are beyond
management&rsquo;s control. Accordingly, you should not place undue reliance on these forward-looking statements, as actual results,
performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements
due to a variety of risks, uncertainties and other factors, including, but not limited to, the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt; font-weight: normal"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt; font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">our
                                         history of operating losses and our ability to achieve or sustain profitability;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">our
                                         recent shift to an entirely new business and our ability to succeed in this new business;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">intense
                                         competition;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">our
                                         ability to raise additional capital needed to finance our business;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">general
                                         economic conditions in the U.S. and globally;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">our
                                         ability to maintain the value and reputation of our brand;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">our
                                         ability to attract and retain senior management and other qualified personnel;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">cryptocurrency-related
                                         risks, including regulatory changes or actions and uncertainty regarding acceptance and/or
                                         widespread use of virtual currency;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">risks
                                         relating to our virtual currency mining operations, including among others, risks associated
                                         with the need for significant electrical power, cybersecurity risks and risk of increased
                                         world-wide competition for a fixed number of bitcoin reward levels;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">our
                                         dependence in large part upon the value of virtual currencies, especially bitcoin, which
                                         have historically been subject to significant volatility in their market prices;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">risks
                                         relating to our planned establishment of a virtual currency exchange, including, among
                                         others, regulatory requirements and challenges and security threats;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">our
                                         ability to protect our intellectual property rights;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">volatility
                                         in the trading price of our common stock;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">our
                                         ability to maintain the Nasdaq listing of our common stock;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">our
                                         investments in other virtual currency and blockchain focused companies may not be realizable;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">legal
                                         proceedings to which we are subject, or associated with, including actions by private
                                         plaintiffs and the SEC, for which we may face significant potential liability that may
                                         not be adequately covered by insurance or indemnity; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">the
                                         risks and, uncertainties discussed in Part II. Item 1A. &ldquo;Risk Factors&rdquo; included
                                         in this Reoffer Prospectus and Part I, Item 1A. &ldquo;Risk Factors&rdquo; in our Annual
                                         Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on April
                                         2, 2019, as amended on Form 10-K/A, filed with the SEC on April 23, 2019, as supplemented
                                         and updated by subsequent Quarterly Reports on Form 10-Q together with the financial
                                         or other information contained or incorporated by reference in such reports, and Current
                                         Reports on Form 8-K that we have filed or will file with the SEC, which are incorporated
                                         by reference into this Reoffer Prospectus.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt; font-weight: normal">Accordingly,
you should read this Reoffer Prospectus completely and with the understanding that our actual future results may be materially
different from what we expect. Additional risks and uncertainties not known to us or that we currently believe not to be material
may adversely impact our business, financial condition, results of operations and cash flows. Should any risks or uncertainties
develop into actual events, these developments could have a material adverse effect on our business, financial condition, results
of operations and cash flows. The forward-looking statements contained in this Reoffer Prospectus speak only as of the date of
filing of this Reoffer Prospectus and, unless otherwise required by applicable securities laws, the Company disclaims any intention
or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt; font-weight: normal"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 11pt">USE
OF PROCEEDS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">The Shares
offered by the Selling Stockholders pursuant to this Reoffer Prospectus are being registered for the account of the Selling Stockholders
named in this Reoffer Prospectus. As a result, all proceeds from the sales of the Shares will go to the Selling Stockholders and
we will not receive any proceeds from the resale of the Shares by the Selling Stockholders.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 11pt">DETERMINATION
OF OFFERING PRICE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">The Selling
Stockholders may sell their Shares pursuant to this Reoffer Prospectus from time-to-time at prices and at terms according to the
then prevailing market price for shares of our Shares, or in negotiated transactions.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 11pt">SELLING
STOCKHOLDERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">The table
below sets forth, as of December 4, 2019, (i) the number of Shares held of record or beneficially owned by the Selling Stockholders
as of such date (as determined below) and (ii) the number of Shares that may be sold or otherwise disposed of under this Reoffer
Prospectus by each Selling Stockholder (including those Shares which may be issued in settlement of those Stock Rights held by
the Selling Stockholders). Beneficial ownership includes Shares plus any securities held by the holder exercisable for or convertible
into Shares within sixty (60) days after December 4, 2019, in accordance with Rule 13d-3(d)(1) under the Exchange Act. The inclusion
of any Shares in this table does not constitute an admission of beneficial ownership by the Selling Stockholders named below.
We do not know when or in what amounts a Selling Stockholder may sell or otherwise dispose of the Shares covered hereby. The Selling
Stockholders identified below may have sold, transferred or otherwise disposed of some or all of their Shares in transactions
exempt from or not subject to the registration requirements of the Securities Act since the date on which the information in the
following table was provided to us. Information concerning the Selling Stockholders may change from time to time and, we will,
as appropriate, supplement this Reoffer Prospectus in order to reflect grants under the 2019 Plan and/or to update the list of
Selling Stockholders and the number of Shares being offered. The Selling Stockholders may not sell or otherwise dispose of any
or all of the Shares offered pursuant to this Reoffer Prospectus and they may sell or otherwise dispose of shares covered hereby
in transactions exempt from the registration requirements of the Securities Act. Because the Selling Stockholders may sell or
otherwise dispose of some, all or none of the Shares covered hereby, and because there are currently no agreements, arrangements
or understandings with respect to the sale of any of the Shares, we cannot estimate the number of the Shares that will be held
by the Selling Stockholders after completion of the offering contemplated by this Reoffer Prospectus. However, for purposes of
the following table, we have assumed that all of the Shares covered hereby are sold by the Selling Stockholders pursuant to this
Reoffer Prospectus. We will not receive any proceeds from the resale of the Shares by the Selling Stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">All Selling
Stockholders named are current officers or directors of the Company. All of the Selling Stockholders received their Shares being
offered pursuant to this Reoffer Prospectus in return for services rendered to the Company. Unless otherwise indicated below,
to our knowledge, all persons named in the table have sole voting and investment power with respect to their Shares, except to
the extent authority is shared by their spouses under applicable law. Unless otherwise indicated below, to our knowledge, no persons
named in the table are a broker-dealer or affiliate of a broker-dealer. Unless otherwise indicated, each Selling Shareholder&rsquo;s
mailing address is: c/o Riot Blockchain, Inc., 202 6<SUP>th</SUP> Street, Suite 401, Castle Rock, CO 80104.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 23%; padding-left: 0.25pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 0.1pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>Number of Shares <BR>
    Beneficially Owned Prior to Offering</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 0.7pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>Percentage of Common Stock
    Beneficially Owned Before Resale(1)**</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 0.7pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>Shares Offered in this Offering(2)(3)</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.15pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>Number of Shares Beneficially
    Owned After this Offering(1)</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: -2.45pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>Percentage of Shares <BR>
    Beneficially <BR>
    Owned After this Offering**</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-size: 11pt">Remo Mancini</FONT></TD>
    <TD STYLE="padding-right: 10.05pt; text-align: center"><FONT STYLE="font-size: 11pt">76,500</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 6.7pt; text-align: center"><FONT STYLE="font-size: 11pt">*</FONT></TD>
    <TD STYLE="padding-right: 6.7pt; text-align: center"><FONT STYLE="font-size: 11pt">76,500</FONT></TD>
    <TD STYLE="padding-right: 7.9pt; text-align: center"><FONT STYLE="font-size: 11pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.35pt; text-align: center"><FONT STYLE="font-size: 11pt">*</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-size: 11pt">Jason Les</FONT></TD>
    <TD STYLE="padding-right: 10.05pt; text-align: center"><FONT STYLE="font-size: 11pt">42,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 6.7pt; text-align: center"><FONT STYLE="font-size: 11pt">*</FONT></TD>
    <TD STYLE="padding-right: 6.7pt; text-align: center"><FONT STYLE="font-size: 11pt">27,000</FONT></TD>
    <TD STYLE="padding-right: 7.9pt; text-align: center"><FONT STYLE="font-size: 11pt">15,000</FONT></TD>
    <TD STYLE="padding-right: 3.35pt; text-align: center"><FONT STYLE="font-size: 11pt">*</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-size: 11pt">Benjamin Yi</FONT></TD>
    <TD STYLE="padding-right: 10.05pt; text-align: center"><FONT STYLE="font-size: 11pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 6.7pt; text-align: center"><FONT STYLE="font-size: 11pt">*</FONT></TD>
    <TD STYLE="padding-right: 6.7pt; text-align: center"><FONT STYLE="font-size: 11pt">-</FONT></TD>
    <TD STYLE="padding-right: 7.9pt; text-align: center"><FONT STYLE="font-size: 11pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.35pt; text-align: center"><FONT STYLE="font-size: 11pt">*</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-size: 11pt">Jeffrey G. McGonegal</FONT></TD>
    <TD STYLE="padding-right: 10.05pt; text-align: center"><FONT STYLE="font-size: 11pt">38,701</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 6.7pt; text-align: center"><FONT STYLE="font-size: 11pt">*</FONT></TD>
    <TD STYLE="padding-right: 6.7pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">17,000</FONT></TD>
    <TD STYLE="padding-right: 7.9pt; text-align: center"><FONT STYLE="font-size: 11pt">21,701</FONT></TD>
    <TD STYLE="padding-right: 3.35pt; text-align: center"><FONT STYLE="font-size: 11pt">*</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-size: 11pt">Total</FONT></TD>
    <TD STYLE="padding-right: 10.05pt; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 6.7pt; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6.7pt; text-align: justify; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120,500</FONT></TD>
    <TD STYLE="padding-right: 7.9pt; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.35pt; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 20.2pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 20.2pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">*Less
than 1%</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">** Based
upon 24,802,116 shares of Shares issued and outstanding as of December 4, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial
ownership is determined in accordance with the rules of the SEC and generally includes voting or investment power with respect
to securities. Shares of Common Stock underlying options currently exercisable, or exercisable, or restricted stock units that
vest, within 60 days after December 4, 2019, (as used in this section, the &ldquo;Determination Date&rdquo;), are deemed outstanding
for purposes of computing the beneficial ownership of the person holding such options and/or restricted stock units but are not
deemed outstanding for computing the beneficial ownership of any other person. Except where we had knowledge of such ownership,
the number presented in this column may not include shares held in street name or through other entities over which the selling
stockholder has voting and dispositive power.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assumes
the exercise and sale of all Shares issues in the settlement of all Stock Rights held by the Selling Stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes
(i) 108,187 Shares issuable in settlement of 108,187 vested restricted stock units held by the Selling Stockholders, (ii) 12,000
Shares issuable upon the exercise of 12,000 vested stock options, and (iii) 313 Shares issuable in settlement of 313 restricted
stock units which vest within sixty (60) days of the filing of this Reoffer Prospectus, which vest in December 2019.</FONT></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 11pt">PLAN
OF DISTRIBUTION</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt">Timing of Sales</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">The Selling
Stockholders may offer and sell the Shares covered by this Reoffer Prospectus at various times while the Registration Statement
to which this Reoffer Prospectus relates remain effective. The Selling Stockholders will act independently of the Company with
respect to the timing, manner and size of each sale.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt">No Known Agreements to
<FONT STYLE="color: windowtext">Resell</FONT> the Shares</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">To our
knowledge, no Selling Stockholder has any agreement or understanding, directly or indirectly, with any person to resell the Shares
covered by this Reoffer Prospectus.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt">Offering <FONT STYLE="color: windowtext">Price</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">The sales
price offered by the Selling Stockholders to the public may be:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 11pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
market price prevailing at the time of sale;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 11pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
price related to such prevailing market price;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 11pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
price negotiated by such Selling Stockholder in a negotiated sale; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 11pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
other price as the Selling Stockholders determine from time to time.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt">Manner of Sale</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">The Shares
may be sold by whatever permissible means selected by the Selling Stockholders, including by one or more of the following methods:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">a
                                         block trade in which the broker-dealer so engaged will attempt to sell the Shares as
                                         agent, but may position and resell a portion of the block as principal to facilitate
                                         the transaction;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Purchases
                                         by a broker-dealer as principal and resale by that broker-dealer for its account pursuant
                                         to this Reoffer Prospectus;</FONT></TD></TR></TABLE>
					 <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3<FONT STYLE="font-size: 11pt">.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">ordinary
brokerage transactions in which the broker solicits purchasers;</FONT></TD></TR></TABLE><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">directly
to purchasers at prevailing market prices or in negotiated sales;</FONT></TD></TR></TABLE><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">5.</FONT></TD>
    <TD STYLE="text-align: justify">t<FONT STYLE="font-size: 11pt">hrough options, swaps or derivatives;</FONT></TD></TR></TABLE><TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">6.</FONT></TD>
    <TD STYLE="text-align: justify">i<FONT STYLE="font-size: 11pt">n
transactions to cover short sales;</FONT></TD></TR></TABLE><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">7.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">privately negotiated transactions; or</FONT></TD></TR></TABLE><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">8.</FONT></TD>
    <TD STYLE="text-align: justify">o<FONT STYLE="font-size: 11pt">n
a combination of any of the above methods.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">The Selling
Stockholders may sell their Shares directly to purchasers or they may use brokers, dealers, underwriters or agents to sell their
Shares. Brokers or dealers engaged by the Selling Stockholders may arrange for other brokers or dealers to participate in such
sales. Brokers or dealers may receive commissions, discounts or concessions from the Selling Stockholders, or, if any such broker-dealer
acts as agent for the purchaser of the Shares, from the purchaser in amounts to be negotiated immediately prior to the sale. The
compensation received by brokers or dealers may, but is not expected to, exceed that which is customary for the types of transactions
involved. The Company will bear none of the costs associated with such broker-dealer relationships on behalf of the Selling Stockholders,
except with regard to those costs we may incur from time to time to update this Reoffer Prospectus, if required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">Broker-dealers
may agree with a Selling Stockholder to sell a specified number of their Shares at a stipulated price per Share, and, to the extent
the broker-dealer is unable to do so acting as agent for a Selling Stockholder, to purchase as principal any unsold Shares at
the price required to fulfill the broker-dealer commitment to the Selling Stockholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">Broker-dealers
who acquire stock as principal may thereafter resell the Shares they acquire from time to time in transactions, which may involve
block transactions and sales to and through other broker-dealers, including transactions of the nature described above, on The
NASDAQ Capital Market or otherwise at prices and on terms then prevailing at the time of sale, at prices related to the then-current
market price or in negotiated transactions. In connection with resales of the Shares, broker-dealers may pay to or receive from
the purchasers of Shares commissions as described above. If our Selling Stockholders enter into such arrangements with brokers-dealers
as described above, we will file a post-effective amendment to this registration statement disclosing such arrangements, including
the names of any broker-dealers acting as underwriters, and will update this Reoffer Prospectus, as required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">The Selling
Stockholders and any broker-dealers or agents that participate with the Selling Stockholders in the sale of the Shares may be
deemed to be &ldquo;underwriters&rdquo; within the meaning of the Securities Act. In that event, any commissions received by broker-dealers
or agents and any profit on the resale of the Shares purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">We will
make copies of this Reoffer Prospectus available to the Selling Stockholders for the purpose of satisfying the Reoffer Prospectus
delivery requirements of the Securities Act and we have notified the Selling Stockholders of the need to deliver a copy of this
Reoffer Prospectus in connection with any sale of the Shares pursuant to this Registration Statement.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt">Sales Pursuant to Rule
144</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">Any Shares
covered by this Reoffer Prospectus which qualifies for sale pursuant to Rule 144 under the Securities Act may be sold in compliance
with Rule 144 rather than pursuant to this Reoffer Prospectus.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt">Regulation M</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">Each
Selling Stockholder will be subject to the applicable provisions of the Exchange Act and the associated rules and regulations
under the Exchange Act, including Regulation M. The anti-market manipulation rules of Regulation M may limit the timing of purchases
and sales of the Shares by the Selling Stockholders. Regulation M may also restrict the ability of any person engaged in the distribution
of the Shares pursuant to this Reoffer Prospectus to engage in passive market-making activities with respect to such Shares. Passive
market-making involves transactions in which a market maker acts as both the underwriter and as a purchaser of the Shares in the
secondary market. All of the foregoing may limit the marketability of the Shares offered pursuant to this Reoffer Prospectus by
the Selling Stockholders and may also limit the ability of any person to engage in market-making activities with respect to such
Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">Accordingly,
during such times as a Selling Stockholder may be deemed to be engaged in a distribution of the Shares, and therefore be considered
to be an underwriter, the Selling Stockholder must comply with applicable law and, among other things:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-size: 11pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">may
                                         not engage in any stabilization activities in connection with our Securities;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify"><FONT STYLE="font-size: 11pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;may
not cover short sales by purchasing Shares while the distribution is taking place; and</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-size: 11pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><FONT STYLE="font-size: 11pt">may
                                         not bid for or purchase any of our securities or attempt to induce any person to purchase
                                         any of our securities other than as permitted under the Exchange Act.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0.5in; text-align: justify; text-indent: -0.2in"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify"><FONT STYLE="font-size: 11pt">Once
sold under the Registration Statement of which this Reoffer Prospectus forms a part, the Shares will be freely tradable by any
person other than our affiliates (including affiliates of our affiliates).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt">State Securities Laws</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">Under
the securities laws of some states, the Shares may be sold in such states only through registered or licensed brokers or dealers.
In addition, in some states the Shares may not be sold unless the Shares have been registered or qualified for sale in the state
or an exemption from registration or qualification is available and is complied with. If a Selling Stockholder intends to offer
our Shares in such a jurisdiction, the Selling Stockholder must do so in compliance with applicable law.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt">Expenses of Registration</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">We are
bearing all costs relating to the registration of the Shares. These expenses are estimated to be $10,000 including, but not limited
to, legal, accounting, printing and mailing fees. The Selling Stockholders, however, will pay any commissions or other fees payable
to brokers or dealers in connection with any sale of the Shares.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 11pt">LEGAL
MATTERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">The validity
of the issuance of the securities offered hereby has been passed upon for us by Dickinson Wright PLLC of Reno, Nevada as stated
in their opinion, which is incorporated by reference herein. Additional legal matters may be passed upon for us or any underwriters,
dealers or agents, by counsel that we will name in the applicable Reoffer Prospectus supplement.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 11pt">EXPERTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">The audited
financial statements of Riot Blockchain, Inc. and its consolidated subsidiaries, incorporated herein by reference, for the year
ended December 31, 2018, and the related consolidated statements of operations, stockholders&rsquo; equity, and cash flows for
the year then ended, and management&rsquo;s assessment of the effectiveness of internal control over financial reporting as of
December 31, 2018 have been audited by the Company&rsquo;s independent registered public accounting firm, Marcum, LLP, as stated
in their report, which is incorporated herein by reference. Such financial statements have been incorporated herein by reference
in reliance on the report of such firm given upon their authority as experts in accounting and auditing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">The audited
financial statements of Riot Blockchain, Inc. and its consolidated subsidiaries, incorporated herein by reference, for the year
ended December 31, 2017, and the related consolidated statements of operations, stockholders&rsquo; equity, and cash flows for
the year then ended, have been audited by our former independent registered public accounting firm, MNP LLP, for the period and
to the extent set forth in their report. Such financial statements have been so incorporated herein by reference in reliance upon
the report of such firm given upon the firm&rsquo;s authority as an expert in auditing and accounting.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 11pt">INTERESTS
OF EXPERTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">No expert
or counsel named in this Reoffer Prospectus as having prepared or certified any part of this Reoffer Prospectus or having given
an opinion upon the validity of the securities being registered or upon other legal matters in connection with the registration
or offering of the Shares was employed on a contingency basis or had, or is to receive, in connection with the offering, a substantial
interest, directly or indirectly, in the registrant or any of its parents or subsidiaries.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 11pt">MATERIAL
CHANGES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">There
have been no material changes in our affairs since the end of our last fiscal year on December 31, 2018, other than those changes
that have been described in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K filed with the SEC. See the
section below under the heading, &ldquo;Where You Can Find More Information.&rdquo;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 11pt">INCORPORATION
OF CERTAIN DOCUMENTS BY REFERENCE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">The Securities
and Exchange Commission permits us to &ldquo;incorporate by reference&rdquo; the information contained in documents we file with
the Securities and Exchange Commission, which means that we can disclose important information to you by referring you to those
documents rather than by including them in this Reoffer Prospectus. Information that is incorporated by reference herein is considered
to be part of this Reoffer Prospectus and you should read it with the same care that you read this Reoffer Prospectus. Information
that we file later with the Securities and Exchange Commission will automatically update and supersede the information that is
either contained, or incorporated by reference, in this Reoffer Prospectus, and will be considered to be a part of this Reoffer
Prospectus from the date those documents are filed. We have filed with the Securities and Exchange Commission, and incorporate
by reference in this Reoffer Prospectus the following filed with the SEC:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Our
                                         Annual Report on Form 10-K for the year ended December 31, 2018, filed on April 2, 2019,
                                         and the amendment thereto on Form 10-K/A, filed on April 23, 2019;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Our
                                         Quarterly Reports on Form 10-Q for the quarterly periods ended: March 31, 2019, filed
                                         on May 5, 2019; June 30, 2019, filed on August 8, 2019; and September 30, 2019, filed
                                         on November 12, 2019; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Our
                                         Definitive Proxy Statement on Form DEF-14A, filed on September 20, 2019; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Our
                                         Current Reports on Form 8-K (excluding any reports or portions thereof that are deemed
                                         to be furnished and not filed) filed on February 1, 2019; February 11, 2019; February
                                         22, 2019; April 4, 2019; May 3, 2019; May 24, 2019; July 25, 2019; August 15, 2019; September
                                         30, 2019; October 28, 2019; and December 4, 2019, as well as amendments thereto on Form 8-K/A filed on
                                         March 20, 2019 and October 28, 2019; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The
                                         description of our common stock contained in our registration statement on Form 8-A,
                                         filed pursuant to Section 12(b) of the Exchange Act on August 27, 2007, including any
                                         amendment or report filed for the purpose of updating that description.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">We
also incorporate by reference all additional documents that we file with the Securities and Exchange Commission under the terms
of Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act that are made after the date of effectiveness Registration Statement
and after the date of this Reoffer Prospectus but prior to the termination of the offering of the securities covered by this Reoffer
Prospectus. We are not, however, incorporating, in each case, any documents or information that we are deemed to furnish and not
file in accordance with Securities and Exchange Commission rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">You
may request, and we will provide you with, a copy of these filings, at no cost, by calling us at (303) 794-2000 or by writing
to us at the following address: Riot Blockchain, Inc., Attn: Jeffrey G. McGonegal, CEO, 202 6<SUP>th</SUP> Street, Suite 401 Castle
Rock, CO 80104.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 11pt">DISCLOSURE
OF COMMISSION POSITION ON INDEMNIFICATION<BR>
FOR SECURITIES ACT LIABILITIES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">As permitted
by the Nevada Business Company Act, we have adopted provisions in our restated certificate of incorporation and restated by-laws
that limit or eliminate the personal liability of our directors and certain executive officers and employees of the Company. We
also maintain general liability insurance that covers certain liabilities of our directors and officers arising out of claims
based on acts or omissions in their capacities as directors or officers, including liabilities under the Securities Act. These
limitations of liability do not alter director liability under the federal securities laws and do not affect the availability
of equitable remedies such as an injunction or rescission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and Riot controlling
persons pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by us of expenses incurred or paid
by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, we will, unless in the opinion
of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by us is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center; text-indent: 0.25in"><FONT STYLE="font-size: 11pt"><B>WHERE
YOU CAN FIND MORE INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">We
file annual, quarterly and special reports, along with other information with the SEC. Our SEC filings are available to the public
over the Internet at the SEC&rsquo;s website at http://www.sec.gov. You may also read and copy any document we file at the SEC&rsquo;s
Public Reference Room at 100 F Street, NE, Washington, D.C. 20549. You may also obtain this information from the SEC at the address
listed above or from the SEC&rsquo;s internet site, SEC.gov. Please call the SEC at 1-800-SEC-0330 for further information on
the Public Reference Room. Our SEC filings are also available on our website, https://ir.riotblockchain.com/under the heading
&ldquo;Investors.&rdquo; The information on this website is expressly not incorporated by reference into, and does not constitute
a part of, this Reoffer Prospectus.</FONT></P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">REOFFER
PROSPECTUS<BR>
<FONT STYLE="font-family: Sans-Serif; color: Red"><B><IMG SRC="logo.jpg" ALT=""></B></FONT><BR>
RIOT BLOCKCHAIN, INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">202 6<SUP>th
</SUP>Street, Suite 401</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">Castle Rock,
Colorado 80104</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">(303) 794-2000</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">3,930,603 SHARES
OF COMMON STOCK</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">December
4, 2019</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 11pt; letter-spacing: 0.25pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">PART
II</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt">ITEM 3. INCORPORATION
OF DOCUMENTS BY REFERENCE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">The Securities
and Exchange Commission permits us to &ldquo;incorporate by reference&rdquo; the information contained in documents we file with
the Securities and Exchange Commission, which means that we can disclose important information to you by referring you to those
documents rather than by including them in this Registration Statement and the accompanying prospectus. Information that is incorporated
by reference herein is considered to be part of this Registration Statement and you should read it with the same care that you
read this Reoffer Prospectus. Information that we file later with the Securities and Exchange Commission will automatically update
and supersede the information that is either contained, or incorporated by reference, in this Registration Statement, and will
be considered to be a part of this Registration Statement from the date those documents are filed. We have filed with the Securities
and Exchange Commission, and incorporate by reference herein the following documents filed with the SEC:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Our
                                         Annual Report on Form 10-K for the year ended December 31, 2018 filed on April 2, 2019
                                         and the amendment thereto on Form 10-K/A, filed on April 23, 2019;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Our
                                         Quarterly Reports on Form 10-Q for the quarterly periods ended: March 31, 2019, filed
                                         on May 5, 2019; June 30, 2019, filed on August 8, 2019; and September 30, 2019, filed
                                         on November 12, 2019; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Our
                                         Definitive Proxy Statement on Form 14A DEF, filed on September 20, 2019; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Our
                                         Current Reports on Form 8-K (excluding any reports or portions thereof that are deemed
                                         to be furnished and not filed) filed on February 1, 2019; February 11, 2019; February
                                         22, 2019; April 4, 2019; May 3, 2019; May 24, 2019; July 25, 2019; August 15, 2019; September
                                         30, 2019; October 28, 2019; and December 4, 2019, as well as amendments thereto on Form 8-K/A filed on
                                         March 20, 2019 and October 28, 2019, as well as amendments thereto on Form 8-K/A filed on
                                         March 20, 2019 and October 28, 2019; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The
                                         description of our common stock contained in our registration statement on Form 8-A filed
                                         pursuant to Section 12(b) of the Exchange Act on August 27, 2007, including any amendment
                                         or report filed for the purpose of updating that description.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">We
also incorporate by reference all additional documents that we file with the Securities and Exchange Commission under the terms
of Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act that are made after the date of effectiveness of this Registration Statement
and after the date of the prospectus accompanying it but prior to the termination of the offering of the securities covered by
such prospectuses. We are not, however, incorporating, in each case, any documents or information that we are deemed to furnish
and not file in accordance with Securities and Exchange Commission rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">You
may request, and we will provide you with, a copy of these filings, at no cost, by calling us at (303) 794-2000 or by writing
to us at the following address: Riot Blockchain, Inc., Attn: Jeffrey McGonegal, CEO, 202 6<SUP>th</SUP> Street, Suite 401 Castle
Rock, CO 80104.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt">ITEM 4. DESCRIPTION OF
SECURITIES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">Not applicable.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt">ITEM 5. INTERESTS OF
NAMED EXPERTS AND COUNSEL</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">No expert
or counsel named in this Registration Statement as having prepared or certified any part of this Registration Statement or having
given an opinion upon the validity of the securities being registered or upon other legal matters in connection with the registration
or offering of the Shares was employed on a contingency basis or had, or is to receive, in connection with the offering, a substantial
interest, directly or indirectly, in the registrant or any of its parents or subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt">ITEM 6. INDEMNIFICATION
OF DIRECTORS AND OFFICERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">Nevada
Revised Statutes Sections 78.7502 and 78.751 provide us with the power to indemnify any of our directors and officers. The director
or officer must have conducted himself/herself in good faith and reasonably believe that his/her conduct was in, or not opposed
to, our best interests. In a criminal action, the director, officer, employee or agent must not have had reasonable cause to believe
his/her conduct was unlawful.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">Under
Nevada Revised Statutes Section 78.751, advances for expenses may be made by agreement if the director or officer affirms in writing
that he/she believes he/she has met the standards and will personally repay the expenses if it is determined such officer or director
did not meet the standards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">Our
Articles of Incorporation provide that our officers and directors shall be indemnified and held harmless to the fullest extent
legally permissible under the laws of the State of Nevada against all expenses, liability and loss (including attorneys&rsquo;
fees, judgments, fines and amounts paid or to be paid in settlement) reasonably incurred or suffered by them in connection with
any civil, criminal, administrative or investigative action, suit or proceeding related to their service as an officer or director.
Such right of indemnification shall be a contract right which may be enforced in any manner desired by such person. We must pay
the expenses of officers and directors incurred in defending a civil or criminal action, suit or proceeding as they are incurred
and in advance of the final disposition of the action, suit or proceeding, upon receipt of an undertaking by or on behalf of the
director or officer to repay the amount if it is ultimately determined by a court of competent jurisdiction that he is not entitled
to be indemnified by us. Such right of indemnification shall not be exclusive of any other right which such directors or officers
may have or hereafter acquire.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">Our
Articles of Incorporation provide that we may adopt bylaws to provide at all times the fullest indemnification permitted by the
laws of the State of Nevada, and may purchase and maintain insurance on behalf of any of officers and directors. The indemnification
provided in our Articles of Incorporation shall continue as to a person who has ceased to be a director, officer, employee or
agent, and shall inure to the benefit of the heirs, executors and administrators of such person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">Our
Bylaws provide that a director or officer shall have no personal liability to us or our stockholders for damages for breach of
fiduciary duty as a director or officer, except for damages for breach of fiduciary duty resulting from (a) acts or omissions
which involve intentional misconduct, fraud, or a knowing violation of law, or (b) the payment of dividends in violation of Nevada
Revised Statutes Section 78.300.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt">ITEM 7. EXEMPTION FROM
REGISTRATION CLAIMED</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">Not applicable.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt">ITEM 8. EXHIBITS</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; text-align: left"><FONT STYLE="font-size: 11pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 87%; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: left"><FONT STYLE="font-size: 11pt"><B>Number</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 11pt"><B>Description of Document</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">4.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1167419/000107997317000554/ex3x1.htm" STYLE="-sec-extract: exhibit">Articles of Incorporation
    filed September 20, 2017 (Incorporated by reference from the Registrant&rsquo;s Current Report on Form 8-K, filed September
    25, 2017)</A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">4.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 11pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1167419/000107997317000554/ex3x2.htm" STYLE="-sec-extract: exhibit">Bylaws, effective September
    20, 2017 (Incorporated by reference from the Registrant&rsquo;s Current Report on Form 8-K, filed September 25, 2017)</A></FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">4.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 11pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1167419/000107997318000146/ex3x1.htm" STYLE="-sec-extract: exhibit">Amendment to Bylaws (incorporated
    by reference to 8-K filed March 12, 2018)</A></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">4.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 11pt">Form of Certificate of Designation</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">4.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 11pt"><A HREF="ex4x5.htm">The Riot Blockchain, Inc. 2019 Equity Incentive Plan, as approved by the Registrant&rsquo;s stockholders on October 23, 2019, as reported on the Registrant&rsquo;s current report on Form 8-K filed October 28, 2019, as amended.</A></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">5.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 11pt"><A HREF="ex5x1.htm">Opinion of Dickinson Wright, PLLC</A></FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">23.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 11pt"><A HREF="ex23x1.htm">Consent of Marcum LLP</A></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">23.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 11pt"><A HREF="ex232.htm">Consent of MNP LLP</A></FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">23.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 11pt"><A HREF="ex5x1.htm">Consent of Dickinson Wright, PLLC (contained in Exhibit 5.1)</A></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt">24.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 11pt">Power of Attorney (included on the signature
    page of this registration statement).</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 11pt">ITEM 9. UNDERTAIKNGS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">(a)
The undersigned registrant hereby undertakes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">(i)
To include any prospectus required by section 10(a)(3) of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 11pt; font-weight: normal">(ii)
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering
price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 11pt; font-weight: normal">(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">provided,
however, Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the registration statement is on Form
S-3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed
with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of
1934, as amended (the &ldquo;Exchange Act&rdquo;) that are incorporated by reference in the registration statement, or is contained
in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">(2)
That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">(4)
That, for the purpose of determining liability under the Securities Act to any purchaser:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 11pt; font-weight: normal">(i)
Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as
of the date the filed prospectus was deemed part of and included in the registration statement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 11pt; font-weight: normal">(ii)
Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information
required by section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of
the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of
securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any
person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with
a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date;
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 11pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 11pt; font-weight: normal"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 11pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">(5)
That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant
pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if
the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 11pt; font-weight: normal">(i)
Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant
to Rule 424;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 11pt; font-weight: normal">(ii)
Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred
to by the undersigned registrant;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 11pt; font-weight: normal">(iii)
The portion of any other free writing prospectus relating to the offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the undersigned registrant; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 11pt; font-weight: normal">(iv)
Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">(b)
The registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the
registrant&rsquo;s annual report pursuant to section 13(a) or section 15(d) of the Exchange Act (and, where applicable, each filing
of an employee benefit plan&rsquo;s annual report pursuant to section 15(d) of the Exchange Act) that is incorporated by reference
in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">(c)
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by
the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt; font-weight: normal">(d)
The registrant hereby undertakes that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">(1)
For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed
as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant
pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement
as of the time it was declared effective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 11pt; font-weight: normal">(2)
For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">SIGNATURES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">Pursuant
to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of Castle Rock, and State of Colorado, on the 4th day of December,
2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt"><B>Riot Blockchain, Inc.</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 11pt">By:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%"><FONT STYLE="font-size: 11pt">/s/ Jeffrey G. McGonegal</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid"><FONT STYLE="font-size: 11pt">Jeffrey G. McGonegal<BR>Chief
    Executive Officer and Chief Financial Officer (Principal Executive Officer and Principal Financial and Accounting Officer)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.25pt; text-align: center"><FONT STYLE="font-size: 11pt">POWER
OF ATTORNEY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">KNOW
ALL PERSONS BY THESE PRESENTS, that the registrant and each person whose signature appears below constitutes and appoints Jeffrey
G. McGonegal his, her, or its true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution,
for him, her or it and in his, her or its name, place and stead, in any and all capacities, to sign and file any and all amendments
(including post-effective amendments) to this registration statement on Form S-8, with all exhibits thereto, and other documents
in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each
of them, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about
the premises, as fully to all intents and purposes as he, she, or it might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents or any of them, or their or his substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">Pursuant
to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed below by the following
persons in the capacities and on the date indicated.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 11pt"><U>/s/
    Jeffrey G. McGonegal<BR>
    </U>Jeffrey G. McGonegal</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 11pt">Chief
    Executive Officer, <BR>
    (Principal Executive Officer)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">December
    4, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 11pt"><U>/s/
    Jeffrey G. McGonegal<BR>
    </U>Jeffrey G. McGonegal</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 11pt">Chief
    Financial Officer<BR>
    (Principal Financial and Accounting Officer)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">December
    4, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 11pt"><U>/s/
    Remo Mancini<BR>
    </U>Remo Mancini</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 11pt">Director
    and Chairman</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">December
    4, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 11pt"><U>/
    /s/ Jason Les<BR>
    </U>Jason Les</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 11pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">December
    4, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 11pt"><U>/s/
    Benjamin Yi<BR>
    </U>Benjamin Yi</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 11pt">Director</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">December
    4, 2019</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>


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<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>2
<FILENAME>ex4x5.htm
<DESCRIPTION>EXHIBIT 4.5 - 2019 EQUITY INCENTIVE PLAN
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right">Exhibit 4.5</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>RIOT BLOCKCHAIN,
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>2019 EQUITY INCENTIVE
PLAN</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B>PURPOSE OF PLAN</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>1.1</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purpose of this 2019 Equity Incentive Plan (this &ldquo;<B>Plan</B>&rdquo;) of Riot Blockchain, Inc., a Nevada corporation (the
&ldquo;<B>Corporation</B>&rdquo;), is to promote the success of the Corporation and to increase stockholder value by providing
an additional means through the grant of Awards to attract, motivate, retain and reward selected employees and other eligible persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">As
of the date of approval of the Plan, no additional grants will be made under the Corporation&rsquo;s 2017 Equity Incentive Plan
(the &ldquo;<B>2017 Plan</B>&rdquo;).&nbsp; Any shares of Common Stock not subject to exercised or outstanding grants under the
2017 Plan as of the date of this Plan&nbsp;may be issued under this Plan. Outstanding grants under the 2017 Plan will continue
to be governed by the terms of such grants and the terms of the 2017 Plan under which they were issued.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B>ELIGIBILITY</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Administrator (as such term is defined in Section&nbsp;3.1) may grant Awards under this Plan only to those persons that the Administrator
determines to be Eligible Persons. An &ldquo;<B>Eligible Person</B>&rdquo; is any person who is either: (a)&nbsp;an officer (whether
or not a director) or employee of the Corporation or one of its Subsidiaries; (b)&nbsp;a director of the Corporation or one of
its Subsidiaries; or (c)&nbsp;an individual consultant who renders bona fide services (other than services in connection with the
offering or sale of securities of the Corporation or one of its Subsidiaries in a capital-raising transaction or as a market maker
or promoter of securities of the Corporation or one of its Subsidiaries) to the Corporation or one of its Subsidiaries and who
is selected to participate in this Plan by the Administrator;&nbsp;<I>provided, however,</I>&nbsp;that a person who is otherwise
an Eligible Person under clause&nbsp;(c) above may participate in this Plan only if such participation would not adversely affect
either the Corporation's eligibility to use Form&nbsp;S-8 to register under the Securities Act of 1933, as amended (the &ldquo;<B>Securities
Act</B>&rdquo;), the offering and sale of shares issuable under this Plan by the Corporation, or the Corporation's compliance with
any other applicable laws.&nbsp;&nbsp;An Eligible Person who has been granted an Award (a &ldquo;<B>Participant</B>&rdquo;) may,
if otherwise eligible, be granted additional Awards if the Administrator shall so determine. As used herein, &ldquo;<B>Subsidiary</B>&rdquo;
means any corporation or other entity a majority of whose outstanding voting stock or voting power is beneficially owned directly
or indirectly by the Corporation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B>PLAN ADMINISTRATION</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>3.1</B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Administrator</B></I>.&nbsp;&nbsp;This Plan shall be administered by and all Awards under this Plan shall be authorized by the
Administrator. The &ldquo;<B>Administrator</B>&rdquo; means the Board of Directors of the Corporation (the &ldquo;<B>Board</B>&rdquo;)
or one or more committees appointed by the Board or another committee (within its delegated authority) to administer all or certain
aspects of this Plan. Any such committee shall be comprised solely of one or more directors or such number of directors as may
be required under applicable law. A committee may delegate some or all of its authority to another committee so constituted. The
Board or a committee comprised solely of directors may also delegate, to the extent permitted by Nevada Revised Statutes and any
other applicable law, to one or more officers of the Corporation, its powers under this Plan (a)&nbsp;to determine Eligible Persons
who will receive grants of Awards under this Plan, and (b)&nbsp;to determine the number of shares subject to, and the other terms
and conditions of, such Awards. The Board may delegate different levels of authority to different committees with administrative
and grant authority under this Plan. Unless otherwise provided in the bylaws of the Corporation or the applicable charter of any
Administrator: (a)&nbsp;a majority of the members of the acting Administrator shall constitute a quorum, and (b)&nbsp;the affirmative
vote of a majority of the members present assuming the presence of a quorum or the unanimous written consent of the members of
the Administrator shall constitute due authorization of an action by the acting Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Award
grants, and transactions in or involving Awards, intended to be exempt under Rule&nbsp;16b-3 under the Securities Exchange Act
of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), must be duly and timely authorized by the Board or a committee consisting
solely of two or more non-employee directors (as this requirement is applied under Rule&nbsp;16b-3 promulgated under the Exchange
Act). To the extent required by any applicable stock exchange, this Plan shall be administered by a committee composed entirely
of independent directors (within the meaning of the applicable stock exchange). Awards granted to non-employee directors shall
not be subject to the discretion of any officer or employee of the Corporation and shall be administered exclusively by a committee
consisting solely of independent directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>3.2</B><I>&nbsp;&#9;<B>Powers
of the Administrator</B></I>.&nbsp;&nbsp;Subject to the express provisions of this Plan, the Administrator is authorized and empowered
to do all things necessary or desirable in connection with the authorization of Awards and the administration of this Plan (in
the case of a committee or delegation to one or more officers, within the authority delegated to that committee or person(s)),
including, without limitation, the authority to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">determine eligibility and, from among those persons determined to be eligible, the particular
Eligible Persons who will receive Awards under this Plan;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">grant Awards to Eligible Persons, determine the price at which securities will be offered
or awarded and the number of securities to be offered or awarded to any of such persons, determine the other specific terms and
conditions of such Awards consistent with the express limits of this Plan, establish the installments (if any) in which such Awards
shall become exercisable or shall vest (which may include, without limitation, performance and/or time-based schedules), or determine
that no delayed exercisability or vesting is required, establish any applicable performance targets, and establish the events of
termination or reversion of such Awards;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">approve the forms of Award agreements (which need not be identical either as to type of Award
or among Participants);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">construe and interpret this Plan and any agreements defining the rights and obligations of
the Corporation, its Subsidiaries, and Participants under this Plan, further define the terms used in this Plan, and prescribe,
amend and rescind rules and regulations relating to the administration of this Plan or the Awards granted under this Plan;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">cancel, modify, or waive the Corporation's rights with respect to, or modify, discontinue,
suspend, or terminate any or all outstanding Awards, subject to any required consent under Section&nbsp;8.6.5;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(f)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">accelerate or extend the vesting or exercisability or extend the term of any or all such outstanding
Awards (in the case of options or stock appreciation rights, within the maximum ten-year term of such Awards) in such circumstances
as the Administrator may deem appropriate (including, without limitation, in connection with a termination of employment or services
or other events) subject to any required consent under Section&nbsp;8.6.5;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(g)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">determine the date of grant of an Award, which may be a designated date after but not before
the date of the Administrator's action (unless otherwise designated by the Administrator, the date of grant of an Award shall be
the date upon which the Administrator took the action granting an Award);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(h)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">determine whether, and the extent to which, adjustments are required pursuant to Section&nbsp;7
hereof and authorize the termination, conversion, substitution, acceleration or succession of Awards upon the occurrence of an
event of the type described in Section&nbsp;7;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">acquire or settle (subject to Sections&nbsp;7 and 8.6) rights under Awards in cash, stock
of equivalent value, or other consideration; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(j)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">determine the Fair Market Value (as defined in Section&nbsp;5.6) of the common stock or Awards
under this Plan from time to time and/or the manner in which such value will be determined.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>3.3</B><I>&nbsp;&#9;<B>Binding
Determinations.</B></I>&nbsp;&nbsp;Any action taken by, or inaction of, the Corporation, any Subsidiary, or the Administrator relating
or pursuant to this Plan and within its authority hereunder or under applicable law shall be within the absolute discretion of
that entity or body and shall be conclusive and binding upon all persons. Neither the Board, the Administrator, nor any Board committee,
nor any member thereof or person acting at the direction thereof, shall be liable for any act, omission, interpretation, construction
or determination made in good faith in connection with this Plan (or any Award made under this Plan), and all such persons shall
be entitled to indemnification and reimbursement by the Corporation in respect of any claim, loss, damage or expense (including,
without limitation, legal fees) arising or resulting therefrom to the fullest extent permitted by law and/or under any directors
and officers liability insurance coverage that may be in effect from time to time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>3.4</B><I>&nbsp;&#9;<B>Reliance
on Experts.</B></I>&nbsp;&nbsp;In making any determination or in taking or not taking any action under this Plan, the Administrator
may obtain and may rely upon the advice of experts, including professional advisors to the Corporation. The Administrator shall
not be liable for any such action or determination taken or made or omitted in good faith based upon such advice.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>3.5</B><I>&nbsp;&#9;<B>Delegation
of Non-Discretionary Functions.</B></I>&nbsp;&nbsp;In addition to the ability to delegate certain grant authority to officers of
the Corporation as set forth in Section 3.1, the Administrator may also delegate ministerial, non-discretionary functions to individuals
who are officers or employees of the Corporation or any of its Subsidiaries or to third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>4.</B></TD><TD STYLE="text-align: justify"><B>SHARES OF COMMON STOCK SUBJECT TO THE PLAN; SHARE LIMIT</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Shares
Available.</I></B>&nbsp;&nbsp;Subject to the provisions of Section&nbsp;7.1, the capital stock available for issuance under this
Plan shall be shares of the Corporation's authorized but unissued common stock.&nbsp;&nbsp;For purposes of this Plan, &ldquo;<B>Common
Stock</B>&rdquo; shall mean the common stock of the Corporation and such other securities or property as may become the subject
of Awards under this Plan, or may become subject to such Awards, pursuant to an adjustment made under Section&nbsp;7.1.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Share
Limit.</I></B>&nbsp;&nbsp;The maximum number of shares of Common Stock that may be delivered pursuant to Awards granted to Eligible
Persons under this Plan may not exceed the sum of 3,600,000 shares of Common Stock and the number of shares available for grant
under the 2017 Plan as of the Effective Date (the &ldquo;<B>Share Limit</B>&rdquo;). Such shares of Common Stock may be authorized
and unissued shares or, to the extent permitted by applicable law, issued shares of Common Stock that have been reacquired by the
Corporation. Such shares of Common Stock may be used for any type of Award under the Plan, and any or all of the shares of Common
Stock up to the Share Limit may be allocated to Incentive Stock Options. Solely for the purpose of determining the number of shares
of Common Stock available for Awards under this Section 4.2, the number of shares of Common Stock available for issuance under
the Plan shall be reduced by one (1.00) share of Common Stock for every one (1.00) share of Common Stock granted in respect of
an Award; <I>provided, however,</I> that in the case of an Award that provides for a range of potential payouts of shares of Common
Stock, the number of shares of Common Stock available for issuance under the Plan shall be reduced by the maximum number of shares
of Common Stock that may be paid under such an Award.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The
foregoing Share Limit is subject to adjustment as contemplated by Section&nbsp;4.3, Section&nbsp;7.1, and Section&nbsp;8.10.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>4.3</B><I>&nbsp;&#9;<B>Awards
Settled in Cash, Reissue of Awards and Shares.</B></I>&nbsp;&nbsp;The Administrator may adopt reasonable counting procedures to
ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or substitute Awards) and make adjustments
in accordance with this Section&nbsp;4.3. In determining the number of shares of Common Stock available for grant under the Plan
at any time, the following rules shall apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Any shares of Common Stock subject to an Award granted under the Plan or the 2017 Plan that
on or after the Effective Date terminates by expiration, forfeiture, cancellation or otherwise without the issuance of the shares
(or with the forfeiture of shares in connection with a restricted stock Award), is settled in cash in lieu of shares, or is exchanged
with the Committee&rsquo;s permission, prior to the issuance of shares, for an Award not involving shares shall become available
again for grant under the Plan.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Any shares of Common Stock that, with the Administrator&rsquo;s approval, are withheld by
the Corporation or tendered by a Participant (by either actual delivery or attestation) on or after the Effective Date to (i) pay
the exercise price of an option granted under the Plan or 2017 Plan or (ii) to satisfy tax withholding obligations associated with
an option granted under the Plan or 2017 Plan shall not become available again for grant under the Plan. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Any shares of Common Stock that were purchased by the Corporation on the open market with
the proceeds from the exercise of a stock option granted under the Plan or the 2017 Plan on or after the Effective Date shall not
become available for grant under the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Any shares of Common Stock that were subject to a stock-settled SAR granted under the Plan
or 2017 Plan that were not issued upon the exercise of such SAR on or after the Effective Date shall not become available again
for grant under the Plan. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Any shares of Common Stock that, with the Administrator&rsquo;s approval, are withheld by
the Corporation or tendered by a Participant (by either actual delivery or attestation) on or after the Effective Date to satisfy
tax withholding obligations associated with a SAR granted under the Plan or 2017 Plan shall not become available again for grant
under the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(f)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Any shares of Common Stock that, with the Administrator&rsquo;s approval, are withheld by
the Corporation or tendered by a Participant (by either actual delivery or attestation) on or after the Effective Date to satisfy
tax withholding obligations associated with an Award (other than an option or SAR) granted under the Plan or 2017 Plan, shall become
available again for grant under the Plan.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Reservation
of Shares; No Fractional Shares.</I></B>&nbsp;&nbsp;The Corporation shall at all times reserve a number of shares of Common Stock
sufficient to cover the Corporation's obligations and contingent obligations to deliver shares with respect to Awards then outstanding
under this Plan (exclusive of any dividend equivalent obligations to the extent the Corporation has the right to settle such rights
in cash). No fractional shares shall be delivered under this Plan. The Administrator may pay cash in lieu of any fractional shares
in settlements of Awards under this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>5.</B></TD><TD STYLE="text-align: justify"><B>AWARDS</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Type
and Form of Awards.</I></B>&nbsp;&nbsp;The Administrator shall determine the type or types of &ldquo;<B>Award(s)&rdquo;</B> to
be made to each selected Eligible Person. Awards may be granted singly, in combination or in tandem. Awards also may be made in
combination or in tandem with, in replacement of, as alternatives to, or as the payment form for grants or rights under any other
employee or compensation plan of the Corporation or one of its Subsidiaries. The types of Awards that may be granted under this
Plan are:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>5.1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stock
Options.</I></B>&nbsp;&nbsp;A stock option is the grant of a right to purchase a specified number of shares of Common Stock during
a specified period as determined by the Administrator. An option may be intended as an incentive stock option within the meaning
of Section&nbsp;422 of the Internal Revenue Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;) (an &ldquo;<B>ISO</B>&rdquo;)
or a nonqualified stock option (an option not intended to be an ISO). The Award agreement for an option will indicate if the option
is intended as an ISO; otherwise it will be deemed to be a nonqualified stock option. The maximum term of each option (ISO or nonqualified)
shall be ten (10)&nbsp;years. The per share exercise price for each option shall be not less than 100% of the Fair Market Value
of a share of Common Stock on the date of grant of the option. When an option is exercised, the exercise price for the shares to
be purchased shall be paid in full in cash or such other method permitted by the Administrator consistent with Section&nbsp;5.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>5.1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Additional
Rules Applicable to ISOs.</I></B>&nbsp;&nbsp;To the extent that the aggregate Fair Market Value (determined at the time of grant
of the applicable option) of stock with respect to which ISOs first become exercisable by a Participant in any calendar year exceeds
$100,000, taking into account both Common Stock subject to ISOs under this Plan and stock subject to ISOs under all other plans
of the Corporation or one of its Subsidiaries (or any parent or predecessor corporation to the extent required by and within the
meaning of Section&nbsp;422 of the Code and the regulations promulgated thereunder), such options shall be treated as nonqualified
stock options. In reducing the number of options treated as ISOs to meet the $100,000 limit, the most recently granted options
shall be reduced first. To the extent a reduction of simultaneously granted options is necessary to meet the $100,000 limit, the
Administrator may, in the manner and to the extent permitted by law, designate which shares of Common Stock are to be treated as
shares acquired pursuant to the exercise of an ISO. ISOs may only be granted to employees of the Corporation or one of its Subsidiaries
(for this purpose, the term &ldquo;Subsidiary&rdquo; is used as defined in Section&nbsp;424(f) of the Code, which generally requires
an unbroken chain of ownership of at least 50% of the total combined voting power of all classes of stock of each subsidiary in
the chain beginning with the Corporation and ending with the Subsidiary in question). There shall be imposed in any Award agreement
relating to ISOs such other terms and conditions as from time to time are required in order that the option be an &ldquo;incentive
stock option&rdquo; as that term is defined in Section&nbsp;422 of the Code. No ISO may be granted to any person who, at the time
the option is granted, owns (or is deemed to own under Section&nbsp;424(d) of the Code) shares of outstanding Common Stock possessing
more than 10% of the total combined voting power of all classes of stock of the Corporation, unless the exercise price of such
option on the date such option is granted is at least 110% of the Fair Market Value of a share of Common Stock subject to the option
and such option by its terms is not exercisable after the expiration of five years from the date such option is granted.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>5.1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stock
Appreciation Rights.</I></B>&nbsp;&nbsp;A stock appreciation right or &ldquo;<B>SAR</B>&rdquo; is a right to receive a payment,
in cash and/or Common Stock, equal to the number of shares of Common Stock being exercised multiplied by the excess of (i) the
Fair Market Value of a share of Common Stock on the date the SAR is exercised, over (ii) the Fair Market Value of a share of Common
Stock on the date the SAR was granted as specified in the applicable Award agreement (the &ldquo;<B>Base Price</B>&rdquo;). The
maximum term of a SAR shall be ten (10)&nbsp;years from the date the SAR is granted.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>5.1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restricted
Shares</I></B>.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><I>Restrictions</I>. Restricted shares are shares of Common Stock subject to such restrictions
on transferability, risk of forfeiture and other restrictions, if any, as the Administrator may impose, which restrictions may
lapse separately or in combination at such times, under such circumstances (including based on achievement of performance goals
and/or future service requirements), in such installments or otherwise, as the Administrator may determine at the date of grant
or thereafter.&nbsp;&nbsp;Except to the extent restricted under the terms of this Plan and the applicable Award agreement relating
to the restricted stock, a Participant granted restricted stock shall have all of the rights of a stockholder, including the right
to vote the restricted stock and the right to receive dividends thereon (subject to any mandatory reinvestment or other requirement
imposed by the Administrator).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><I>Certificates for Shares</I>. Restricted shares granted under this Plan may be evidenced
in such manner as the Administrator shall determine. If certificates representing restricted stock are registered in the name of
the Participant, the Administrator may require that such certificates bear an appropriate legend referring to the terms, conditions
and restrictions applicable to such restricted stock, that the Corporation retain physical possession of the certificates, and
that the Participant deliver a stock power to the Corporation, endorsed in blank, relating to the restricted stock.&nbsp;&nbsp;The
Administrator may require that restricted shares are held in escrow until all restrictions lapse</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><I>Dividends</I>. With respect to an Award of restricted shares of Common Stock, the Administrator
may grant or limit the right of a Participant to receive dividends declared on shares of Common Stock that are subject to such
Award to the extent the Award is not yet vested. The terms of any right to dividends shall be as set forth in the applicable Award
agreement, including the time and form of payment and whether such dividends shall be credited with interest or deemed to be reinvested
in additional shares of restricted Common Stock. If the Administrator grants the right to a Participant to receive dividends declared
on shares of Common Stock subject to an unvested Award of restricted Common Stock, then such dividends shall be subject to the
same performance conditions and/or service conditions, as applicable, as the underlying Award.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white"><B>5.1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restricted
Share Units</I>.</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><I>Grant of Restricted Share Units</I>. A restricted share unit, or &ldquo;<B>RSU</B>&rdquo;,
represents the right to receive from the Corporation on the respective scheduled vesting or payment date for such RSU, one share
of Common Stock. An Award of RSUs may be subject to the attainment of specified performance goals or targets, forfeitability provisions
and such other terms and conditions as the Administrator may determine, subject to the provisions of this Plan.&nbsp;&nbsp;At the
time an Award of RSUs is made, the Administrator shall establish a period of time during which the restricted share units shall
vest and the timing for settlement of the RSU.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><I>Dividend Equivalent Accounts</I>. Subject to the terms and conditions of the Plan and the
applicable Award agreement, as well as any procedures established by the Administrator, prior to the expiration of the applicable
vesting period of an RSU, the Administrator may determine to pay dividend equivalent rights with respect to RSUs, in which case,
the Corporation shall establish an account for the Participant and reflect in that account any securities, cash or other property
comprising any dividend or property distribution with respect to the shares of Common Stock underlying each RSU.&nbsp;&nbsp;Each
amount or other property credited to any such account shall be subject to the same vesting conditions as the RSU to which it relates.&nbsp;&nbsp;The
Participant shall have the right to be paid the amounts or other property credited to such account upon vesting of the subject
RSU.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><I>Rights as a Stockholder</I>. Subject to the restrictions imposed under the terms and conditions
of this Plan and the applicable Award agreement, each Participant receiving RSUs shall have no rights as a stockholder with respect
to such RSUs until such time as shares of Common Stock are issued to the Participant.&nbsp;&nbsp;No shares of Common Stock shall
be issued at the time a RSU is granted, and the Company will not be required to set aside a fund for the payment of any such Award.&nbsp;&nbsp;&nbsp;Except
as otherwise provided in the applicable Award agreement, shares of Common Stock issuable under an RSU shall be treated as issued
on the first date that the holder of the RSU is no longer subject to a substantial risk of forfeiture as determined for purposes
of Section 409A of the Code, and the holder shall be the owner of such shares of Common Stock on such date.&nbsp;&nbsp;An Award
agreement may provide that issuance of shares of Common Stock under an RSU may be deferred beyond the first date that the RSU is
no longer subject to a substantial risk of forfeiture, provided that such deferral is structured in a manner that is intended to
comply with the requirements of Section 409A of the Code.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>5.1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cash
Awards</I>.&nbsp;&nbsp;</B>The Administrator may, from time to time, subject to the provisions of the Plan and such other terms
and conditions as it may determine, grant cash bonuses (including without limitation, discretionary Awards, Awards based on objective
or subjective performance criteria, Awards subject to other vesting criteria or Awards granted consistent with Section 5.2 below).&nbsp;&nbsp;Cash
Awards shall be awarded in such amount and at such times during the term of the Plan as the Administrator shall determine.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>5.1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other
Awards.</I></B>&nbsp;&nbsp;The other types of Awards that may be granted under this Plan include: (a)&nbsp;stock bonuses, performance
stock, performance units, dividend equivalents, or similar rights to purchase or acquire shares, whether at a fixed or variable
price or ratio related to the Common Stock (subject to the requirements of Section&nbsp;5.1.1 and in compliance with applicable
laws), upon the passage of time, the occurrence of one or more events, or the satisfaction of performance criteria or other conditions,
or any combination thereof; or (b)&nbsp;any similar securities with a value derived from the value of or related to the Common
Stock and/or returns thereon.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Performance-Based
Awards</I>.</B>&nbsp;&nbsp;Without limiting the generality of the foregoing, any of the types of Awards listed in Sections&nbsp;5.1.1
through 5.1.7 above may be, on such terms as determined by the Administrator in its sole discretion, granted as &ldquo;<B>Performance-Based
Awards</B>,&rdquo; whose grant, vesting, exercisability, or payment depends on the degree of achievement of one or more performance
goals relative to a pre-established targeted level or levels using the Business Criteria provided for below for the Corporation
on a consolidated basis or for one or more of the Corporation's Subsidiaries, segments, divisions or business units, or any combination
of the foregoing. Such criteria may be evaluated on an absolute basis or relative to prior periods, industry peers, or stock market
indices. The specific performance goals for Performance-Based Awards shall be, on an absolute or relative basis, established based
on such business criteria as selected by the Administrator in its sole discretion (&ldquo;<B>Business Criteria</B>&rdquo;), including
the following: (a) earnings per share; (b) cash flow (which means cash and cash equivalents derived from either (i) net cash flow
from operations or (ii) net cash flow from operations, financing and investing activities); (c) total stockholder return; (d) price
per share of Common Stock; (e) gross revenue; (f) revenue growth; (g) operating income (before or after taxes); (h) net earnings
(before or after interest, taxes, depreciation and/or amortization); (i) return on equity; (j) capital employed, or on assets or
on net investment; (k) cost containment or reduction; (l) cash cost per ounce of production; (m) operating margin; (n) debt reduction;
(o) resource amounts; (p) production or production growth; (q) resource replacement or resource growth; (r) successful completion
of financings; or (s) any combination of the foregoing. Performance targets may be adjusted to mitigate the unbudgeted impact of
material, unusual or nonrecurring gains and losses, accounting changes or other extraordinary events not foreseen at the time the
targets were set unless the Administrator provides otherwise at the time of establishing the targets.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Award
Agreements.</I></B>&nbsp;&nbsp;Each Award shall be evidenced by a written or electronic Award agreement in the form approved by
the Administrator and, if required by the Administrator, executed by the recipient of the Award and returned to the Administrator.
In the event an Award recipient fails to execute and return an Award agreement when required by the Administrator, such Award shall
be null and void. The Administrator may authorize any officer of the Corporation (other than the particular Award recipient) to
execute any or all Award agreements on behalf of the Corporation (electronically or otherwise). The Award agreement shall set forth
the material terms and conditions of the Award as established by the Administrator consistent with the express limitations of this
Plan.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Deferrals
and Settlements.</I></B>&nbsp;&nbsp;Payment of Awards may be in the form of cash, Common Stock, other Awards or combinations thereof
as the Administrator shall determine, and with such restrictions as it may impose. The Administrator may also require or permit
Participants to elect to defer the issuance of shares of Common Stock or the settlement of Awards in cash under such rules and
procedures as it may establish under this Plan. The Administrator may also provide that deferred settlements include the payment
or crediting of interest or other earnings on the deferral amounts, or the payment or crediting of dividend equivalents where the
deferred amounts are denominated in shares.&nbsp;&nbsp;All mandatory or elective deferrals of the issuance of shares of Common
Stock or the settlement of cash Awards shall be structured in a manner that is intended to comply with the requirements of Section
409A of the Code.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Consideration
for Common Stock or Awards.</I></B>&nbsp;&nbsp;The purchase price for any Award granted under this Plan or the Common Stock to
be delivered pursuant to an Award, as applicable, may be paid by means of any lawful consideration as determined by the Administrator
and subject to compliance with applicable laws, including, without limitation, one or a combination of the following methods:</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">services rendered by the recipient of such Award;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">cash, check payable to the order of the Corporation, or electronic funds transfer;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">notice and third-party payment in such manner as may be authorized by the Administrator;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the delivery of previously owned shares of Common Stock that are fully vested and unencumbered;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">by a reduction in the number of shares otherwise deliverable pursuant to the Award; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(f)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">subject to such procedures as the Administrator may adopt, pursuant to a &ldquo;cashless exercise&rdquo;
with a third party who provides financing for the purposes of (or who otherwise facilitates) the purchase or exercise of Awards.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">In
the event that the Administrator allows a Participant to exercise an Award by delivering shares of Common Stock previously owned
by such Participant and unless otherwise expressly provided by the Administrator, any shares delivered which were initially acquired
by the Participant from the Corporation (upon exercise of a stock option or otherwise) must have been owned by the Participant
at least six (6) months as of the date of delivery (or such other period as may be required by the Administrator in order to avoid
adverse accounting treatment). Shares of Common Stock used to satisfy the exercise price of an option shall be valued at their
Fair Market Value on the date of exercise. The Corporation will not be obligated to deliver any shares unless and until it receives
full payment of the exercise or purchase price therefor and any related withholding obligations under Section&nbsp;8.5 and any
other conditions to exercise or purchase, as established from time to time by the Administrator, have been satisfied. Unless otherwise
expressly provided in the applicable Award agreement, the Administrator may at any time eliminate or limit a Participant's ability
to pay the purchase or exercise price of any Award by any method other than cash payment to the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Definition
of Fair Market Value.</I></B>&nbsp;&nbsp;For purposes of this Plan &ldquo;<B>Fair Market Value</B>&rdquo; shall mean, unless otherwise
determined or provided by the Administrator in the circumstances, the closing price for a share of Common Stock on the trading
day immediately before the grant date, as furnished by the NASDAQ Stock Market or other principal stock exchange on which the Common
Stock is then listed for the date in question, or if the Common Stock is no longer listed on a principal stock exchange, then by
the Over-the-Counter Bulletin Board or OTC Markets. If the Common Stock is no longer listed on the NASDAQ Capital Market or listed
on a principal stock exchange or is no longer actively traded on the Over-the-Counter Bulletin Board or OTC Markets as of the applicable
date, the Fair Market Value of the Common Stock shall be the value as reasonably determined by the Administrator for purposes of
the Award in the circumstances.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white"><B>5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Transfer
Restrictions.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in; background-color: white"><B>5.7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Limitations
on Exercise and Transfer.</I></B>&nbsp;&nbsp;Unless otherwise expressly provided in (or pursuant to) this Section&nbsp;5.7, by
applicable law and by the Award agreement, as the same may be amended, (a)&nbsp;all Awards are non-transferable and shall not be
subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge; (b)&nbsp;Awards shall
be exercised only by the Participant; and (c)&nbsp;amounts payable or shares issuable pursuant to any Award shall be delivered
only to (or for the account of) the Participant.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in; background-color: white"><B>5.7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exceptions.</I></B>&nbsp;&nbsp;The
Administrator may permit Awards to be exercised by and paid to, or otherwise transferred to, other persons or entities pursuant
to such conditions and procedures, including limitations on subsequent transfers, as the Administrator may, in its sole discretion,
establish in writing (provided that any such transfers of ISOs shall be limited to the extent permitted under the federal tax laws
governing ISOs). Any permitted transfer shall be subject to compliance with applicable federal and state securities laws. In no
event will any Award granted under this Plan be transferred for value or consideration.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in; background-color: white"><B>5.7.3&nbsp;&nbsp;&nbsp;&#9;<I>Further
Exceptions to Limits on Transfer.</I></B>&nbsp;&nbsp;The exercise and transfer restrictions in Section&nbsp;5.7.1 shall not apply
to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">transfers to the Corporation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the designation of a beneficiary to receive benefits in the event of the Participant's death
or, if the Participant has died, transfers to or exercise by the Participant's beneficiary, or, in the absence of a validly designated
beneficiary, transfers by will or the laws of descent and distribution;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">subject to any applicable limitations on ISOs, transfers to a family member (or former family
member) pursuant to a domestic relations order if approved or ratified by the Administrator;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">subject to any applicable limitations on ISOs, if the Participant has suffered a disability,
permitted transfers or exercises on behalf of the Participant by his or her legal representative; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the authorization by the Administrator of &ldquo;cashless exercise&rdquo; procedures with
third parties who provide financing for the purpose of (or who otherwise facilitate) the exercise of Awards consistent with applicable
laws and the express authorization of the Administrator.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>International
Awards.</I></B>&nbsp;&nbsp;Notwithstanding any provision of the Plan to the contrary, to comply with the laws in other countries
in which the Corporation or any subsidiaries operate or have employees or directors, the Administrator, in its sole discretion,
shall have the power and authority to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">determine which subsidiaries shall be covered by the Plan;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">determine which employees or directors who reside outside the United States are eligible to
participate in the Plan;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">modify the terms and conditions of any Award granted to employees or directors who reside
outside the United States to comply with applicable foreign laws;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">establish sub-plans and modify exercise procedures and other terms and procedures, to the
extent such actions may be necessary or advisable. Any sub-plans and modifications to Plan terms and procedures established under
this Section 5.8 by the Administrator shall be attached to the Plan document as appendices; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(f)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">take any action, before or after an Award is made, that it deems advisable to obtain approval
or comply with any necessary local government regulatory exemptions or approvals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Notwithstanding
the above, the Administrator may not take any actions under this Section 5.8 that would violate applicable law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>5.9&nbsp;&nbsp;&nbsp;<I>Vesting</I></B>.&nbsp;&nbsp;Subject
to Section 5.1.2&nbsp;hereof, Awards shall vest at such time or times and subject to such terms and conditions as shall be determined
by the Administrator at the time of grant.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>6.</B></TD><TD STYLE="text-align: justify"><B>EFFECT OF TERMINATION OF SERVICE ON AWARDS</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white"><B>6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination
of Employment.</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in; background-color: white"><B>6.1.1</B>&nbsp;&nbsp;&nbsp;&#9;The
Administrator shall establish the effect of a termination of employment or service on the rights and benefits under each Award
under this Plan and in so doing may make distinctions based upon, <I>inter alia</I>, the cause of termination and type of Award.
If the Participant is not an employee of the Corporation or one of its Subsidiaries and provides other services to the Corporation
or one of its Subsidiaries, the Administrator shall be the sole judge for purposes of this Plan (unless a contract or the Award
agreement otherwise provides) of whether the Participant continues to render services to the Corporation or one of its Subsidiaries
and the date, if any, upon which such services shall be deemed to have terminated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in; background-color: white"><B>6.1.2</B>&nbsp;&nbsp;&nbsp;&#9;For
Awards of stock options or SARs, unless the Award agreement provides otherwise, the exercise period of such options or SARs (to
the extent the Participant was entitled to exercise such options or SARs as of the date of termination) shall expire: (i)&nbsp;three
(3)&nbsp;months after the last day that the Participant is employed by or provides services to the Corporation or a Subsidiary
(provided; however, that in the event of the Participant's death during this period, those persons entitled to exercise the option
or SAR pursuant to the laws of descent and distribution shall have one year following the date of death within which to exercise
such option or SAR); (ii)&nbsp;in the case of a Participant whose termination of employment is due to death or disability (as defined
in the applicable Award agreement), twelve (12)&nbsp;months after the last day that the Participant is employed by or provides
services to the Corporation or a Subsidiary; and (iii)&nbsp;immediately upon a Participant's termination for &ldquo;cause&rdquo;.
The Administrator will, in its absolute discretion, determine the effect of all matters and questions relating to a termination
of employment, including, but not by way of limitation, the question of whether a leave of absence constitutes a termination of
employment and whether a Participant's termination is for &ldquo;Cause.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">If
not defined in the applicable Award agreement, &ldquo;<B>Cause</B>&rdquo; shall mean:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;conviction
of a felony or a crime involving fraud or moral turpitude; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">(ii)&nbsp;&nbsp;&nbsp;&nbsp;theft,
material act of dishonesty or fraud, intentional falsification of any employment or Corporation records, or commission of any criminal
act which impairs Participant's ability to perform appropriate employment duties for the Corporation; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">(iii)&nbsp;&nbsp;&nbsp;intentional
or reckless conduct or gross negligence materially harmful to the Corporation or the successor to the Corporation after a Change
in Control, including violation of a non-competition or confidentiality agreement; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">(iv)&nbsp;&nbsp;&nbsp;willful
failure to follow lawful instructions of the person or body to which Participant reports; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">(v)&nbsp;&nbsp;&nbsp;
gross negligence or willful misconduct in the performance of Participant's assigned duties.&nbsp;&nbsp;Cause shall&nbsp;<U>not</U>&nbsp;include
mere unsatisfactory performance in the achievement of Participant's job objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in; background-color: white"><B>6.1.3</B>&nbsp;&nbsp;&nbsp;&nbsp;&#9;For
Awards of restricted shares, unless the Award agreement provides otherwise, restricted shares that are subject to forfeiture at
the time that a Participant&rsquo;s employment or service is terminated shall be forfeited and reacquired by the Corporation;&nbsp;<I>provided
that,</I>&nbsp;the Administrator may provide, by rule or regulation or in any Award agreement, or may determine in any individual
case, that restrictions or forfeiture conditions relating to restricted shares shall be waived in whole or in part in the event
of terminations resulting from specified causes, and the Administrator may in other cases waive in whole or in part the forfeiture
of restricted shares.&nbsp;&nbsp;Similar rules shall apply in respect of RSUs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Events
Not Deemed Terminations of Service.</I></B>&nbsp;&nbsp;Unless the express policy of the Corporation or one of its Subsidiaries,
or the Administrator, otherwise provides, the employment relationship shall not be considered terminated in the case of (a)&nbsp;sick
leave, (b)&nbsp;military leave, or (c)&nbsp;any other leave of absence authorized by the Corporation or one of its Subsidiaries,
or the Administrator; provided that unless reemployment upon the expiration of such leave is guaranteed by contract or law, such
leave is for a period of not more than three (3)&nbsp;months. In the case of any employee of the Corporation or one of its Subsidiaries
on an approved leave of absence, continued vesting of the Award while on leave from the employ of the Corporation or one of its
Subsidiaries may be suspended until the employee returns to service, unless the Administrator otherwise provides or applicable
law otherwise requires. In no event shall an Award be exercised after the expiration of the term set forth in the Award agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effect
of Change of Subsidiary Status.</I></B>&nbsp;&nbsp;For purposes of this Plan and any Award, if an entity ceases to be a Subsidiary
of the Corporation, a termination of employment or service shall be deemed to have occurred with respect to each Eligible Person
in respect of such Subsidiary who does not continue as an Eligible Person in respect of the Corporation or another Subsidiary that
continues as such after giving effect to the transaction or other event giving rise to the change in status.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADJUSTMENTS;
ACCELERATION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Adjustments</I></B>.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">In the event of any equity restructuring (within the meaning of FASB ASC Topic 718) that causes
the per share value of shares of Common Stock to change, such as a stock dividend, stock split, reverse stock split, split up,
spin-off, rights offering or recapitalization through an extraordinary dividend, the Administrator, in order to prevent dilution
or enlargement of Participants&rsquo; rights under the Plan, shall substitute or adjust, as applicable, (i) the number and kind
of shares of Common Stock or other securities that may be issued under the Plan or under particular forms of Award agreements,
(ii) the number and kind of shares of Common Stock or other securities subject to outstanding Awards, (iii) the exercise price
or Base Price applicable to outstanding Awards, and (iv) other value determinations applicable to outstanding Awards. In the event
of any other change in corporate capitalization (including, but not limited to, a merger, consolidation, any reorganization (whether
or not such reorganization comes within the definition of such term in Section 368 of the Code), or any partial or complete liquidation
of the Company to the extent such events do not constitute equity restructurings or business combinations within the meaning of
FASB ASC Topic 718, such equitable adjustments described in the foregoing sentence may be made as determined to be appropriate
and equitable by the Administrator to prevent dilution or enlargement of rights. Unless otherwise determined by the Administrator,
the number of shares of Common Stock subject to an Award shall always be a whole number.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">In addition to the adjustments permitted under paragraph (a) above, the Administrator, in
its sole discretion, may make such other adjustments or modifications in the terms of any Awards that it deems appropriate to reflect
any of the events described in Section 7.1(a), including, but not limited to, (i) modifications of performance goals and changes
in the length of performance periods, or (ii) the substitution of other property of equivalent value (including, without limitation,
cash, other securities and securities of entities other than the Corporation that agree to such substitution) for the shares of
Common Stock available under the Plan or the shares of Common Stock covered by outstanding Awards, including arranging for the
assumption, or replacement with new awards, of Awards held by Participants and (iii) in connection with any sale of a Subsidiary,
arranging for the assumption, or replacement with new awards, of Awards held by Participants employed by the affected Subsidiary
by the Subsidiary or an entity that controls the Subsidiary following the sale of such Subsidiary.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">In addition to the adjustments permitted under paragraphs (a) and (b) above, the Administrator
may make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring
events affecting the Corporation or the financial statements of the Corporation or of changes in applicable laws, regulations,
or accounting principles, whenever the Administrator determines that such adjustments are appropriate in order to prevent dilution
or enlargement of Participants&rsquo; rights under the Plan. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The determination of the Administrator as to the foregoing adjustments set forth in this Section
7.1, if any, shall be made in accordance with Code Sections 409A or 424, to the extent applicable, and shall be conclusive and
binding on Participants under the Plan.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>7.2</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Change
in Control</I></B>.&nbsp;&nbsp;For purposes of this Plan, &ldquo;<B>Change in Control</B>&rdquo; shall be deemed to have occurred
if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">An acquisition by any individual, entity or group (within the meaning of Section 13(d)(3)
or 14(d)(2) of the Exchange Act) (a &ldquo;<B>Person</B>&rdquo;) of beneficial ownership (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) of 50% or more of the combined voting power of the then outstanding voting securities of the Corporation
entitled to vote generally in the election of directors (the &ldquo;<B>Outstanding Corporation Voting Securities</B>&rdquo;); excluding,
however, the following: (1) any acquisition directly from the Corporation, other than an acquisition by virtue of the exercise
of a conversion privilege unless the security being so converted was itself acquired directly from the Corporation, (2) any acquisition
by the Corporation, (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Corporation
or any entity controlled by the Corporation, or (4) any acquisition pursuant to a transaction which complies with clauses (1),
(2) and (3) of subsection (c) of this Section 7.2; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">A change in the composition of the Board such that the individuals who, as of the Effective
Date, constitute the Board (such Board being hereinafter referred to as the &ldquo;<B>Incumbent Board</B>&rdquo;) cease for any
reason to constitute at least a majority of the Board; provided, however, for purposes of this Section 7.2.(b), that any individual
who becomes a member of the Board subsequent to the Effective Date, whose election, or nomination for election by the Corporation&rsquo;s
stockholders, was approved by a vote of at least a majority of those individuals who are members of the Board and who were also
members of the Incumbent Board (or deemed to be such pursuant to this provision) shall be considered as though such individual
were a member of the Incumbent Board; but, provided further, that any such individual whose initial assumption of office occurs
as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated
under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than
the Board shall not be so considered as a member of the Incumbent Board; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Consummation of a reorganization, merger or consolidation of the Corporation, or sale or other
disposition of all or substantially all of the assets of the Corporation (&ldquo;<B>Corporate Transaction</B>&rdquo;); excluding,
however, such a Corporate Transaction pursuant to which (1) all or substantially all of the individuals and entities who are the
beneficial owners, respectively, of the Outstanding Corporation Voting Securities immediately prior to such Corporate Transaction
will beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities
entitled to vote generally in the election of directors of the corporation resulting from such Corporate Transaction (including,
without limitation, a corporation which as a result of such transaction owns the Corporation or all or substantially all of the
Corporation&rsquo;s assets either directly or through one or more Subsidiaries) in substantially the same proportions as their
ownership, immediately prior to such Corporate Transaction, of Outstanding Corporation Voting Securities, (2) no Person (other
than the Corporation, any employee benefit plan (or related trust) of the Corporation or such corporation (described in clause
(1) of this Section 7.2(c)) resulting from such Corporate Transaction) will beneficially own, directly or indirectly, 40% or more
of the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election
of directors except to the extent that such ownership existed prior to the Corporate Transaction, and (3) individuals who were
members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation
resulting from such Corporate Transaction; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">A complete liquidation or dissolution of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Notwithstanding
any of the foregoing, however, in any circumstance or transaction in which compensation resulting from or in respect of an Award
would result in the imposition of an additional tax under Code Section 409A if the foregoing definition of &ldquo;Change in Control&rdquo;
were to apply, but would not result in the imposition of any additional tax if the term &ldquo;Change in Control&rdquo; were defined
herein to mean a &ldquo;change in control event&rdquo; within the meaning of Treasury Regulation Section 1.409A-3(i)(5), then &ldquo;Change
in Control&rdquo; shall mean a &ldquo;change in control event&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effect
of Change in Control</I></B>.&nbsp;&nbsp;Subject to Section 7.1, upon a Change in Control, all then-outstanding Awards shall immediately
vest and be settled in accordance with paragraphs (a) and (b) below, except as may otherwise be provided in a then-effective written
agreement (including an Award agreement) between a Participant and the Corporation. The immediately preceding sentence shall not
apply to the extent that another Award meeting the requirements of Section 7.4 (&ldquo;<B>Replacement Award</B>&rdquo;) is provided
to the Participant pursuant to Section 7.1(b) to replace an Award (&ldquo;<B>Replaced Award</B>&rdquo;)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Outstanding Awards Subject Solely to a Service Condition</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Upon a Change in Control, a Participant&rsquo;s then-outstanding
Awards, other than options and SARs, that are not vested and as to which vesting depends solely on the satisfaction of a service
obligation by the Participant to the Corporation or any Subsidiary shall become fully vested and shall be settled in cash, shares
of Common Stock or a combination thereof, as determined by the Administrator, within thirty (30)&nbsp;days following such Change
in Control (except to the extent that settlement of the Award must be made pursuant to its original schedule to comply with Code
Section&nbsp;409A). </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Upon a Change in Control, a Participant&rsquo;s then-outstanding
options and SARs that are not vested and as to which vesting depends solely on the satisfaction of a service obligation by the
Participant to the Corporation or any Subsidiary shall become fully vested and exercisable over the exercise period set forth in
the applicable Award Agreement. Notwithstanding the immediately preceding the sentence, the Administrator may elect to cancel such
outstanding options or SARs and pay the Participant, within thirty (30) days of the date of the Change in Control, an amount of
cash (less normal withholding taxes) equal to the excess of (i)&nbsp;the value, as determined by the Administrator, of the consideration
(including cash) received by the holder of a share of Common Stock as a result of the Change in Control (or if the Corporation
stockholders do not receive any consideration as a result of the Change in Control, the Fair Market Value of a share of Common
Stock on the day immediately prior to the Change in Control) over (ii)&nbsp;the exercise price of such options or the Base Price
of such SARs, multiplied by the number of shares of Common Stock subject to each such Award in accordance with Code Section&nbsp;409A
to the extent applicable. No payment shall be made to a Participant for any option or SAR if the exercise price or Base Price for
such option or SAR, respectively, exceeds the value, as determined by the Administrator, of the consideration (including cash)
received by the holder of a share of Common Stock as a result of the Change in Control. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 38.25pt">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Outstanding Awards Subject to a Performance Condition</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Upon a Change in Control, a Participant&rsquo;s then-outstanding
Awards, other than options and SARs, that are not vested and as to which vesting depends upon the satisfaction of one or more performance
conditions shall immediately vest and all performance conditions shall be deemed satisfied based on the greater of (1) target performance
and (2) actual performance through the date of the Change in Control (with the Administrator adjusting performance goals to the
extent necessary to reflect any truncated performance period), as certified by the Administrator, composed of such members serving
as of a date immediately prior to the Change in Control, and shall be settled in cash, shares of Common Stock or a combination
thereof, as determined by the Administrator, within thirty (30)&nbsp;days following such Change in Control (except to the extent
that settlement of the Award must be made pursuant to its original schedule to comply with Code Section&nbsp;409A).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 3pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Upon a Change in Control, a Participant&rsquo;s then-outstanding
options and SARs that are not vested and as to which vesting depends upon the satisfaction of one or more performance conditions
shall immediately vest and all performance conditions shall be deemed satisfied based on the greater of (1) target performance
and (2) actual performance through the date of the Change in Control (with the Administrator adjusting performance goals to the
extent necessary to reflect any truncated performance period), as certified by the Administrator, composed of such members serving
as of a date immediately prior to the Change in Control and shall be exercisable over the exercise period set forth in the applicable
Award Agreement. Notwithstanding the immediately preceding sentence, the Administrator may elect to cancel such outstanding options
or SARs and pay the Participant, within thirty (30) days of the date of the Change in Control, an amount of cash (less normal withholding
taxes) equal to the excess of (i)&nbsp;the value, as determined by the Administrator, of the consideration (including cash) received
by the holder of a share of Common Stock as a result of the Change in Control (or if the Corporation stockholders do not receive
any consideration as a result of the Change in Control, the Fair Market Value of a share of Common Stock on the day immediately
prior to the Change in Control) over (ii)&nbsp;the exercise price of such options or the Base Price of such SARs (to the extent
vested pursuant to the immediately preceding sentence), multiplied by the number of shares of Common Stock subject to each such
Award in accordance with Code Section&nbsp;409A to the extent applicable. No payment shall be made to a Participant for any option
or SAR if the exercise price or Base Price for such option or SAR, respectively, exceeds the value, as determined by the Administrator,
of the consideration (including cash) received by the holder of a share of Common Stock as a result of the Change in Control. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Administrator may adopt such valuation methodologies for outstanding Awards as it deems reasonable and, in the case of options,
SARs or similar rights, and without limiting other methodologies, may determine the value of such Awards on date of settlement/exercise
based solely upon (i) the excess, if any, of the Fair Market Value of a share of Common Stock on the date of settlement/exercise
over the exercise price or Base Price of the Award, as applicable, multiplied by (ii) the number of shares of Common Stock subject
to such exercise or settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white"><B>7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Definition
of Replacement Award</I></B>.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">An Award shall meet the conditions of this Section 7.4(a) (and hence qualify as a Replacement
Award) if: (i) it is of the same type as the Replaced Award (or, if it is of a different type as the Replaced Award (such as a
deferred cash equivalent award), the Administrator, as constituted immediately prior to the Change in Control, finds such type
acceptable); (ii) it has a value at least equal to the value of the Replaced Award; (iii) it relates to publicly traded equity
securities listed on a U.S. national securities exchange, except in the case of a Replacement Award granted in the form of a deferred
cash equivalent award; (iv) its terms and conditions comply with Section 7.4(b); and (v) its other terms and conditions are not
less favorable to the holder of the Replacement Award than the terms and conditions of the holder&rsquo;s Replaced Award (including
the provisions that would apply in the event of a subsequent Change in Control). Without limiting the generality of the foregoing,
the Replacement Award may take the form of a continuation of the Replaced Award if the requirements of the preceding sentence are
satisfied. The determination of whether the conditions of this Section 7.4(a) are satisfied shall be made by the Administrator,
as constituted immediately before the Change in Control, in its sole discretion. Without limiting the generality of the foregoing,
the Administrator may determine the value of Awards and Replacement Awards that are options or SARs by using any reasonable methodology,
including but not limited to determining value by reference to intrinsic value or fair value under applicable accounting standards.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Upon an involuntary termination of employment or service of a Participant occurring at any
time following the Change in Control, other than for Cause, (i) a Participant&rsquo;s then-outstanding Replacement Awards (other
than Replacement Awards in the form of an option or SAR) that are not vested and as to which vesting depends solely on the satisfaction
of a service obligation by the Participant to the Corporation or any Subsidiary shall become fully vested and shall be settled
in cash, shares of Common Stock or a combination thereof, in accordance with the applicable Award agreement, within thirty (30)&nbsp;days
following such Change in Control (except to the extent that settlement of the Award must be made pursuant to its original schedule
to comply with Code Section&nbsp;409A), (ii) a Participant&rsquo;s then-outstanding Replacement Awards in the form of an option
or SAR that are not vested and as to which vesting depends solely on the satisfaction of a service obligation by the Participant
to the Corporation or any Subsidiary shall become fully vested and shall be exercisable over the exercise period set forth in the
applicable Award agreement, (iii) a Participant&rsquo;s then outstanding Replacement Awards (other than those in the form of an
option or SAR) that are not vested and as to which vesting depends upon the satisfaction of one or more performance conditions
shall immediately vest and performance conditions shall be deemed satisfied based on target performance and shall be settled in
cash, shares of Common Stock or a combination thereof, as determined by the then Administrator or its equivalent, within thirty
(30)&nbsp;days following such termination of employment or service (except to the extent that settlement of the Award must be made
pursuant to its original schedule to comply with Code Section&nbsp;409A) and (iv) a Participant&rsquo;s then-outstanding Replacement
Awards in the form of options and SARs that are not vested and as to which vesting depends upon the satisfaction of one or more
performance conditions shall immediately vest and all performance conditions shall be deemed satisfied based on target performance
and shall be exercisable over the exercise period set forth in the applicable Award agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>7.5</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Other
Acceleration Rules</I></B>.&nbsp;&nbsp;Any acceleration of Awards pursuant to this Section&nbsp;7 shall comply with applicable
legal and stock exchange requirements and, if necessary to accomplish the purposes of the acceleration or if the circumstances
require, may be deemed by the Administrator to occur a limited period of time not greater than thirty (30) days before the event.
Without limiting the generality of the foregoing, the Administrator may deem an acceleration to occur immediately prior to the
applicable event and/or reinstate the original terms of an Award if an event giving rise to the acceleration does not occur. The
portion of any ISO accelerated pursuant to Section&nbsp;7.3 or any other action permitted hereunder shall remain exercisable as
an ISO only to the extent the applicable $100,000 limitation on ISOs is not exceeded. To the extent exceeded, the accelerated portion
of the option shall be exercisable as a nonqualified stock option under the Code.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Possible
Rescission of Acceleration</I></B>.&nbsp;&nbsp;If the vesting of an Award has been accelerated expressly in anticipation of an
event and the Administrator later determines that the event will not occur, the Administrator may rescind the effect of the acceleration
as to any then outstanding and unexercised or otherwise unvested Awards;&nbsp;<I>provided that</I>, in the case of any compensation
that has been deferred for purposes of Section 409A of the Code,&nbsp;&nbsp;the Administrator determines that such rescission will
not likely result in the imposition of additional tax or interest under Code Section 409A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>8.</B></TD><TD STYLE="text-align: justify"><B>OTHER PROVISIONS</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance
with Laws.</I></B>&nbsp;&nbsp;This Plan, the granting and vesting of Awards under this Plan, the offer, issuance and delivery of
shares of Common Stock, or the payment of money under this Plan or under Awards are subject to compliance with all applicable federal
and state laws, rules and regulations (including but not limited to state and federal securities law, federal margin requirements)
and to such approvals by any applicable stock exchange listing, regulatory or governmental authority as may, in the opinion of
counsel for the Corporation, be necessary or advisable in connection therewith. The person acquiring any securities under this
Plan will, if requested by the Corporation or one of its Subsidiaries, provide such assurances and representations to the Corporation
or one of its Subsidiaries as the Administrator may deem necessary or desirable to assure compliance with all applicable legal
and accounting requirements.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Future
Awards/Other Rights.</I></B>&nbsp;&nbsp;No person shall have any claim or rights to be granted an Award (or additional Awards,
as the case may be) under this Plan, subject to any express contractual rights (set forth in a document other than this Plan) to
the contrary.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No
Employment/Service Contract.</I></B>&nbsp;&nbsp;Nothing contained in this Plan (or in any other documents under this Plan or in
any Award) shall confer upon any Eligible Person or other Participant any right to continue in the employ or other service of the
Corporation or one of its Subsidiaries, constitute any contract or agreement of employment or other service or affect an employee's
status as an employee at will, nor shall interfere in any way with the right of the Corporation or one of its Subsidiaries to change
a person's compensation or other benefits, or to terminate his or her employment or other service, with or without cause.&nbsp;&nbsp;Nothing
in this Section&nbsp;8.3, however, is intended to adversely affect any express independent right of such person under a separate
employment or service contract other than an Award agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Plan
Not Funded.</I></B>&nbsp;&nbsp;Awards payable under this Plan shall be payable in shares or from the general assets of the Corporation,
and no special or separate reserve, fund or deposit shall be made to assure payment of such Awards. No Participant, beneficiary
or other person shall have any right, title or interest in any fund or in any specific asset (including shares of Common Stock,
except as expressly otherwise provided) of the Corporation or one of its Subsidiaries by reason of any Award hereunder. Neither
the provisions of this Plan (or of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant
to the provisions of this Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship between
the Corporation or one of its Subsidiaries and any Participant, beneficiary or other person. To the extent that a Participant,
beneficiary or other person acquires a right to receive payment pursuant to any Award hereunder, such right shall be no greater
than the right of any unsecured general creditor of the Corporation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax
Withholding.</I></B>&nbsp;&nbsp;Upon any exercise, vesting, or payment of any Award, the Corporation or one of its Subsidiaries
shall have the right at its option to:</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">require the Participant (or the Participant's personal representative or beneficiary, as the
case may be) to pay or provide for payment of at least the minimum amount of any taxes which the Corporation or one of its Subsidiaries
may be required to withhold with respect to such Award event or payment; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">deduct from any amount otherwise payable in cash to the Participant (or the Participant's
personal representative or beneficiary, as the case may be) the minimum amount of any taxes which the Corporation or one of its
Subsidiaries may be required to withhold with respect to such cash payment.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">In
any case where a tax is required to be withheld in connection with the delivery of shares of Common Stock under this Plan, the
Administrator may in its sole discretion (subject to Section&nbsp;8.1) grant (either at the time of the Award or thereafter) to
the Participant the right to elect, pursuant to such rules and subject to such conditions as the Administrator may establish, to
have the Corporation reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of shares,
valued in a consistent manner at their Fair Market Value or at the sales price in accordance with authorized procedures for cashless
exercises, necessary to satisfy the minimum (or, to the extent permitted by the Administrator, in its sole discretion, the maximum)
applicable withholding obligation on exercise, vesting or payment.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effective
Date, Termination and Suspension, Amendments.</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in; background-color: white"><B>8.6.1&nbsp;
&#9;<I>Effective Date and Termination.</I></B>&nbsp;&nbsp;This Plan was approved by the Board on July 23, 2019 and shall become
effective upon stockholder approval (the &ldquo;Effective Date&rdquo;) and shall remain in effect as provided in this Section 8.6.1.
The Plan and each Award granted hereunder are conditioned on and shall be of no force or effect until the Plan is approved by the
stockholders of the Corporation.&nbsp;&nbsp;Unless earlier terminated by the Board, this Plan shall terminate at the close of business
on October 23, 2029. After the termination of this Plan either upon such stated expiration date or its earlier termination by the
Board, no additional Awards may be granted under this Plan, but previously granted Awards (and the authority of the Administrator
with respect thereto, including the authority to amend such Awards) shall remain outstanding in accordance with their applicable
terms and conditions and the terms and conditions of this Plan.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in; background-color: white"><B>8.6.2&nbsp;&nbsp;&nbsp;&#9;<I>Board
Authorization.</I></B>&nbsp;&nbsp;The Board may, at any time, terminate or, from time to time, amend, modify or suspend this Plan,
in whole or in part. No Awards may be granted during any period that the Board suspends this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in; background-color: white"><B>8.6.3&nbsp;&nbsp;&nbsp;&#9;<I>Stockholder
Approval.</I></B>&nbsp;&nbsp;To the extent then required by applicable law or any applicable stock exchange or required under Sections
422 or 424 of the Code to preserve the intended tax consequences of this Plan, or deemed necessary or advisable by the Board, this
Plan and any amendment to this Plan shall be subject to stockholder approval.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in; background-color: white"><B>8.6.4&nbsp;&nbsp;&nbsp;&#9;<I>Amendments
to Awards.</I></B>&nbsp;&nbsp;Without limiting any other express authority of the Administrator under (but subject to) the express
limits of this Plan, the Administrator by agreement or resolution may waive conditions of or limitations on Awards to Participants
that the Administrator in the prior exercise of its discretion has imposed, without the consent of a Participant, and (subject
to the requirements of Sections&nbsp;3.2 and 8.6.5) may make other changes to the terms and conditions of Awards. Any amendment
or other action that would constitute a repricing of an Award is subject to the limitations set forth in Section&nbsp;8.14.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in; background-color: white"><B>8.6.5&nbsp;&nbsp;&nbsp;&#9;<I>Limitations
on Amendments to Plan and Awards.</I></B>&nbsp;&nbsp;No amendment, suspension or termination of this Plan or change of or affecting
any outstanding Award shall, without the written consent of the Participant, affect in any manner materially adverse to the Participant
any rights or benefits of the Participant or obligations of the Corporation under any Award granted under this Plan prior to the
effective date of such change, except that the Administrator shall retain the discretion to decrease the amount payable pursuant
to a cash award granted pursuant to Section 5.1.6 hereof below the amount that would otherwise be payable upon attainment of the
applicable performance goal(s) over a performance period that does not exceed a term of one (1) year, either on a formula or discretionary
basis or any combination, as the Administrator determines is appropriate. Changes, settlements and other actions contemplated by
Section&nbsp;7 and Section 8.15 shall not be deemed to constitute changes or amendments for purposes of this Section&nbsp;8.6.5.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>8.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Privileges
of Stock Ownership.</I></B>&nbsp;&nbsp;Except as otherwise expressly authorized by the Administrator or this Plan, a Participant
shall not be entitled to any privilege of stock ownership as to any shares of Common Stock not actually delivered to and held of
record by the Participant. No adjustment will be made for dividends or other rights as a stockholder for which a record date is
prior to such date of delivery.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Governing
Law; Construction; Severability.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in; background-color: white"><B>8.8.1&nbsp;&nbsp;&nbsp;&#9;<I>Choice
of Law.</I></B>&nbsp;&nbsp;This Plan, the Awards, all documents evidencing Awards and all other related documents shall be governed
by and construed in accordance with the laws of the State of Nevada.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in; background-color: white"><B>8.8.2&nbsp;&nbsp;&nbsp;&#9;<I>Severability.</I></B>&nbsp;&nbsp;If
a court of competent jurisdiction holds any provision invalid and unenforceable, the remaining provisions of this Plan shall continue
in effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; background-color: white"><B>8.8.3</B><I>&nbsp;&nbsp;&nbsp;<B>Plan
Construction.</B></I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><I>Rule&nbsp;16b-3.</I>&nbsp;&nbsp;It is the intent of the Corporation that the Awards and
transactions permitted by Awards be interpreted in a manner that, in the case of Participants who are or may be subject to Section&nbsp;16
of the Exchange Act, qualify, to the maximum extent compatible with the express terms of the Award, for exemption from matching
liability under Rule&nbsp;16b-3 promulgated under the Exchange Act. Notwithstanding the foregoing, the Corporation shall have no
liability to any Participant for Section&nbsp;16 consequences of Awards or events under Awards if an Award or event does not so
qualify.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><I>Code Section&nbsp;409A Compliance.</I>&nbsp;&nbsp;The Board intends that, except as may
be otherwise determined by the Administrator, any Awards under the Plan are either exempt from or satisfy the requirements of Section&nbsp;409A
of the Code and related regulations and Treasury pronouncements (&ldquo;<B>Section&nbsp;409A</B>&rdquo;) to avoid the imposition
of any taxes, including additional income or penalty taxes, thereunder. If the Administrator determines that an Award, Award agreement,
acceleration, adjustment to the terms of an Award, payment, distribution, deferral election, transaction or any other action or
arrangement contemplated by the provisions of the Plan would, if undertaken, cause a Participant's Award to become subject to the
imposition of any taxes, including additional income or penalty taxes, under Section&nbsp;409A, unless the Administrator expressly
determines otherwise, such Award, Award agreement, payment, acceleration, adjustment, distribution, deferral election, transaction
or other action or arrangement shall not be undertaken and the related provisions of the Plan and/or Award agreement will be deemed
modified or, if necessary, rescinded in order to comply with the requirements of Section&nbsp;409A to the extent determined by
the Administrator without the consent of or notice to the Participant. Notwithstanding the foregoing, neither the Corporation nor
the Administrator shall have any obligation to take any action to prevent the assessment of any excise tax or penalty on any Participant
under Section 409A and neither the Corporation nor the Administrator will have any liability to any Participant for such tax or
penalty.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><I>No Guarantee of Favorable Tax Treatment.</I>&nbsp;&nbsp;Although the Corporation intends
that Awards under the Plan will be exempt from, or will comply with, the requirements of Section&nbsp;409A of the Code, the Corporation
does not warrant that any Award under the Plan will qualify for favorable tax treatment under Section&nbsp;409A of the Code or
any other provision of federal, state, local or foreign law. The Corporation shall not be liable to any Participant for any tax,
interest or penalties the Participant might owe as a result of the grant, holding, vesting, exercise or payment of any Award under
the Plan</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>8.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Captions.</I></B>&nbsp;&nbsp;Captions
and headings are given to the sections and subsections of this Plan solely as a convenience to facilitate reference. Such headings
shall not be deemed in any way material or relevant to the construction or interpretation of this Plan or any provision thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>8.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stock-Based
Awards in Substitution for Stock Options or Awards Granted by Other Corporation.</I></B>&nbsp;&nbsp;Awards may be granted to Eligible
Persons in substitution for or in connection with an assumption of employee stock options, SARs, restricted stock or other stock-based
Awards granted by other entities to persons who are or who will become Eligible Persons in respect of the Corporation or one of
its Subsidiaries, in connection with a distribution, arrangement, business combination, merger or other reorganization by or with
the granting entity or an affiliated entity, or the acquisition by the Corporation or one of its Subsidiaries, directly or indirectly,
of all or a substantial part of the stock or assets of the employing entity. The Awards so granted need not comply with other specific
terms of this Plan, provided the Awards reflect only adjustments giving effect to the assumption or substitution consistent with
the conversion applicable to the Common Stock in the transaction and any change in the issuer of the security. Any shares that
are delivered and any Awards that are granted by, or become obligations of, the Corporation, as a result of the assumption by the
Corporation of, or in substitution for, outstanding Awards previously granted by an acquired company (or previously granted by
a predecessor employer (or direct or indirect parent thereof) in the case of persons that become employed by the Corporation or
one of its Subsidiaries in connection with a business or asset acquisition or similar transaction) shall not be counted against
the Share Limit or other limits on the number of shares available for issuance under this Plan, except as may otherwise be provided
by the Administrator at the time of such assumption or substitution or as may be required to comply with the requirements of any
applicable stock exchange.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>8.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Non-Exclusivity
of Plan.</I></B>&nbsp;&nbsp;Nothing in this Plan shall limit or be deemed to limit the authority of the Board or the Administrator
to grant Awards or authorize any other compensation, with or without reference to the Common Stock, under any other plan or authority.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>8.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No
Corporate Action Restriction.</I></B>&nbsp;&nbsp;The existence of this Plan, the Award agreements and the Awards granted hereunder
shall not limit, affect or restrict in any way the right or power of the Board or the stockholders of the Corporation to make or
authorize: (a)&nbsp;any adjustment, recapitalization, reorganization or other change in the capital structure or business of the
Corporation or any Subsidiary, (b)&nbsp;any merger, arrangement, business combination, amalgamation, consolidation or change in
the ownership of the Corporation or any Subsidiary, (c)&nbsp;any issue of bonds, debentures, capital, preferred or prior preference
stock ahead of or affecting the capital stock (or the rights thereof) of the Corporation or any Subsidiary, (d)&nbsp;any dissolution
or liquidation of the Corporation or any Subsidiary, (e)&nbsp;any sale or transfer of all or any part of the assets or business
of the Corporation or any Subsidiary, or (f)&nbsp;any other corporate act or proceeding by the Corporation or any Subsidiary. No
Participant, beneficiary or any other person shall have any claim under any Award or Award agreement against any member of the
Board or the Administrator, or the Corporation or any employees, officers or agents of the Corporation or any Subsidiary, as a
result of any such action.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>8.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other
Corporation Benefit and Compensation Programs.</I></B>&nbsp;&nbsp;Payments and other benefits received by a Participant under an
Award made pursuant to this Plan shall not be deemed a part of a Participant's compensation for purposes of the determination of
benefits under any other employee welfare or benefit plans or arrangements, if any, provided by the Corporation or any Subsidiary,
except where the Administrator expressly otherwise provides or authorizes in writing or except as otherwise specifically set forth
in the terms and conditions of such other employee welfare or benefit plan or arrangement. Awards under this Plan may be made in
addition to, in combination with, as alternatives to or in payment of grants, Awards or commitments under any other plans or arrangements
of the Corporation or its Subsidiaries.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in"><B>8.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Prohibition
on Repricing</I>.</B>&nbsp;&nbsp;Without the prior approval of the Corporation&rsquo;s shareholders and except as provided for
in Section 4, the Administrator may not (i) amend an option to reduce its exercise price or a SAR to reduce its Base Price; (ii)
cancel an option or SAR in exchange for the grant of any new option or SAR with a lower exercise price or Base Price, as applicable;
(iii) cancel an option or SAR in exchange for cash, other property or the grant of any new Award at a time when the exercise price
of the option or the Base Price of the SAR is greater than the current Fair Market Value of a share of Common Stock or (iv) take
any other action with respect to an option or SAR that is treated as a repricing under generally accepted accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white"><B>8.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Forfeiture
and Recoupment Events</I></B>.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">In addition to the forfeiture events otherwise specified in the Plan, the Administrator may
specify in an Award Agreement that a Participant&rsquo;s rights, payments and benefits with respect to an Award shall be subject
to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise
applicable treatment of an Award.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Awards and any compensation directly attributable to Awards may be made subject to forfeiture,
recovery by the Corporation or other action pursuant to any compensation recovery policy adopted by the Board or the Administrator
at any time, including in response to the requirements of Section 10D of the Exchange Act and any implementing rules and regulations
thereunder, or as otherwise required by law and any Award Agreement may be unilaterally amended by the Administrator to comply
with any such compensation recovery policy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">As adopted by the Board
of Directors of Riot Blockchain, Inc. on July 23, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">As approved by the
Stockholders of Riot Blockchain, Inc. on October 23, 2019.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>ex5x1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 12pt 0; text-align: right"><FONT STYLE="font-size: 11pt"><B>Exhibit
5.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><IMG SRC="dwlogo.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%"><P STYLE="font: small-caps 7pt Times New Roman, Times, Serif; margin: 0 0 1pt 0.25in; letter-spacing: 1pt">100 W. Liberty St.,
Suite 940</P>

<P STYLE="font: small-caps 7pt Times New Roman, Times, Serif; margin: 0 0 1pt 0.25in; letter-spacing: 1pt">Reno, NV 89501</P>

<P STYLE="font: small-caps 7pt Times New Roman, Times, Serif; margin: 0 0 1pt 0.25in; letter-spacing: 1pt">Telephone: (775) 343-7500</P>

<P STYLE="font: small-caps 7pt Times New Roman, Times, Serif; margin: 0 0 1pt 0.25in; letter-spacing: 1pt">Facsimile: (844) 670-6009</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; letter-spacing: 1pt">http://www.dickinsonwright.com</P>


</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">December 4, 2019</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Riot Blockchain, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">202 6th Street, Suite 401</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Castle Rock, CO 80104</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">2019 Riot Blockchain, Inc. Equity Incentive Plan</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Registration Statement on Form S-8</P></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are acting as counsel
for Riot Blockchain, Inc., a Nevada corporation (&quot;<B>Company</B>&quot;), in connection with its registration on a Form S-8
registration statement (the &quot;<B>Registration Statement</B>&quot;) of 3,930,603 shares of its common stock (the &quot;<B>Plan
Shares</B>&quot;) that may be issued under the 2019 Riot Blockchain, Inc. Equity Incentive Plan (the &quot;<B>Plan</B>&quot;).
This opinion is being delivered pursuant to the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act of 1933
(the &quot;<B>Act</B>&quot;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As counsel to Company and
in connection with this opinion, we have examined and relied upon copies, certified or otherwise identified to our satisfaction,
of (i) the Articles of Incorporation of Company, (ii) the Bylaws of Company, (iii) records of actions of the shareholders and Board
of Directors of Company, (iv) resolutions of the Board of Directors of Company relating to the adoption of the Plan, (v) the Registration
Statement, and (vi) such other documents as we have deemed appropriate in connection with this opinion. We assume that the Company
has sufficient unissued and unreserved shares of common stock (or will validly amend the Company&rsquo;s Articles of Incorporation
to authorize a sufficient number of shares of common stock prior to the issuance thereof) available for issuance as provided in
the Registration Statement and any related amendment thereto or prospectus supplement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In our examination, we
have assumed the genuineness of all signatures, the legal capacity of all natural persons signing or delivering an instrument,
the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted
to us as certified, telecopied, facsimile, conformed or photostatic copies, and the absence of any understandings, waivers, or
amendments which would vary the terms of any document which we have reviewed. As to various questions of fact material to this
opinion, we have relied upon oral or written statements and representations of officers or other representatives of Company and
upon certificates or other documents of public officials. We have further assumed that this opinion will be used only in connection
with the offer and sale of Plan Shares while the Registration Statement remains in effect under the Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: center; vertical-align: middle"><P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 10pt">ARIZONA&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CALIFORNIA&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FLORIDA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;KENTUCKY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;MICHIGAN</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 10pt">NEVADA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;OHIO&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TENNESSEE&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
TEXAS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;TORONTO&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WASHINGTON DC</FONT></P>


</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">Riot Blockchain, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">December 4, 2019</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">Page 2</P>



</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-size: 9pt">DICKINSON WRIGHT PLLC</FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Based upon the foregoing,
and subject to the qualifications and limitations stated herein, it is our opinion that the Plan Shares have been duly authorized
and, once the Registration Statement has become effective under the Act, when and to the extent Plan Shares are duly issued, sold,
and paid for in accordance with the terms of the Plan, such Plan Shares will be validly issued, fully paid, and non-assessable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our opinions expressed
herein are subject to bankruptcy, insolvency and other similar laws affecting the rights and remedies of creditors generally and
general principles of equity.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have not reviewed for
purposes of this opinion, and this opinion does not address: any ERISA laws, rules or regulations; any Federal or state securities
or &quot;blue sky&quot; laws, rules or regulations; any Federal or state banking laws, rules or regulations; any laws relating
to fiduciary duties; or any Federal, state or local taxation laws, rules, or regulations.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are licensed to practice
law in the State of Nevada and our opinions set forth herein are expressly limited to the laws of the State of Nevada, including
applicable provisions of Nevada statutes and the Constitution of the State of Nevada and published decisions of Nevada courts interpreting
those provisions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This opinion is limited
to the matters set forth herein and no opinion is intended to be implied or may be inferred beyond those expressly stated herein.
This opinion is predicated solely upon laws and regulations in existence as of the current date, and as they currently apply, and
as to the facts as they currently exist. We assume no obligation to revise or supplement this opinion should such matters change
by legislative action, judicial decision or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We consent to the filing
of this opinion as Exhibit 5.1 to the Registration Statement. We also consent to the reference to this firm under the heading &ldquo;Legal
Matters&rdquo; in the Reoffer Prospectus included in the Registration Statement. In giving such consent, we do not admit that we
are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Securities
and Exchange Commission.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify">/s/ Dickinson Wright PLLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">BWK/MRH/BJW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">RENO 86274-1 53905v2</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>



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<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>ex23x1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 12pt 0; text-align: right"><FONT STYLE="font-size: 11pt">Exhibit
23.1</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt; text-transform: uppercase"><U>Independent
Registered Public Accounting Firm&rsquo;s Consent</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">We consent to the
incorporation by reference in this Registration Statement of Riot Blockchain, Inc. (the &ldquo;Company&rdquo;) on Form S-8 of
our report, which includes an explanatory paragraph as to the Company&rsquo;s ability to continue as a going concern, dated April
2, 2019, with respect to our audit of the consolidated financial statements of Riot Blockchain, Inc. and Subsidiaries as of December
31, 2018 and for the year then ended, and our report dated April 2, 2019 with respect to our audit of the effectiveness of internal
control over financial reporting of Riot Blockchain, Inc. and Subsidiaries as of December 31, 2018 appearing in the Annual Report
on Form 10-K of Riot Blockchain, Inc. for the year ended December 31, 2018. We also consent to the reference to our firm under
the heading &ldquo;Experts&rdquo; in such Prospectus.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">Our report on the
effectiveness of internal control over financial reporting expressed an adverse opinion because of the existence of material weaknesses.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">/s/ Marcum <FONT STYLE="font-variant: small-caps">llp</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">Marcum <FONT STYLE="font-variant: small-caps">llp</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">New York, NY</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">December 4, 2019</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 11pt"><BR STYLE="clear: both"></FONT></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>



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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>5
<FILENAME>ex232.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 12pt 0; text-align: right"><FONT STYLE="font-size: 11pt">Exhibit
23.2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6.65pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">We hereby consent
to the incorporation by reference in the Registration Statement on Form S-8 of Riot Blockchain, Inc. of our report dated&nbsp;April
17, 2018 relating to the consolidated financial statements and financial statement schedules, which appears in Riot Blockchain,
Inc.&rsquo;s Annual Report on&nbsp;Form 10-K for the year ended December 31, 2017. We also consent to the reference to us under
the heading &ldquo;Experts&rdquo; in such Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt"><B>Signed: &nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;/s/ MNP LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt"><B>Chartered Professional
Accountants</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt"><B>Licensed Public
Accountants</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt"><B>Toronto, Ontario</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">December 2, 2019</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>





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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
