<SEC-DOCUMENT>0001437749-22-006289.txt : 20220315
<SEC-HEADER>0001437749-22-006289.hdr.sgml : 20220315
<ACCEPTANCE-DATETIME>20220315161319
ACCESSION NUMBER:		0001437749-22-006289
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20220315
DATE AS OF CHANGE:		20220315
EFFECTIVENESS DATE:		20220315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROCKY BRANDS, INC.
		CENTRAL INDEX KEY:			0000895456
		STANDARD INDUSTRIAL CLASSIFICATION:	FOOTWEAR, (NO RUBBER) [3140]
		IRS NUMBER:				311364046
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-263565
		FILM NUMBER:		22741231

	BUSINESS ADDRESS:	
		STREET 1:		39 EAST CANAL STREET
		CITY:			NELSONVILLE
		STATE:			OH
		ZIP:			45764
		BUSINESS PHONE:		6147531951

	MAIL ADDRESS:	
		STREET 1:		39 EAST CANAL STREET
		CITY:			NELSONVILLE
		STATE:			OH
		ZIP:			45764

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROCKY SHOES & BOOTS INC
		DATE OF NAME CHANGE:	19950706
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>rcky20220309_s8.htm
<DESCRIPTION>FORM S-8
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">As filed with the Securities and Exchange Commission on March 15, 2022</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;text-indent:252pt;">Registration No. 333-</p>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>UNITED STATES </b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Washington, D.C. 20549</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:center;margin:0pt;"><b>FORM S-8</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:center;margin:0pt;"><b>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</b></p>

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<p style="font-family:Times New Roman;font-size:18pt;font-variant:normal;text-align:center;margin:0pt;"><b>Rocky Brands, Inc.</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Exact name of registrant as specified in its charter)</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 45%; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><b>Ohio</b></td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><b>31-1364046</b></td>
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		<tr>
			<td style="text-align: center; width: 45%;">(State or other jurisdiction of incorporation or organization)</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="text-align: center; width: 45%;">(I.R.S. Employer Identification No.)</td>
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			<td style="width: 45%;">&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%;">&nbsp;</td>
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		<tr>
			<td style="width: 45%; text-align: center;"><b>39 East Canal Street</b></td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%;">&nbsp;</td>
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			<td style="width: 45%; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><b>Nelsonville, Ohio</b></td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><b>45764</b></td>
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			<td style="width: 45%; text-align: center;">(Address of Principal Executive Offices)</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 45%; text-align: center;">(Zip Code)</td>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:center;margin:0pt;"><b>Rocky Brands, Inc.</b></p>

<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:center;margin:0pt;"><b>2021 Inducement Option Plan</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Full title of the plan)</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Jason Brooks</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Chairman, President and Chief Executive Officer</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Rocky Brands, Inc.</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>39 East Canal Street</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Nelsonville, Ohio 45764</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Name and address of agent for service)</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(740)</b>&nbsp;<b>753-1951</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Telephone number, including area code, of agent for service)</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Copies of Correspondence to:</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Jeremy D. Siegfried, Esq.</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Porter, Wright, Morris &amp; Arthur LLP</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>41 South High Street</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Columbus, Ohio 43215</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 40%;">Large accelerated filer &#9744;</td>
			<td style="width: 20%;">&nbsp;</td>
			<td style="width: 40%;">Accelerated filer &#9745;</td>
		</tr>
		<tr>
			<td style="width: 40%;">Non-accelerated filer &#9744;</td>
			<td style="width: 20%;">&nbsp;</td>
			<td style="width: 40%;">Smaller reporting company &#9744;</td>
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			<td style="width: 40%;">&nbsp;</td>
			<td style="width: 20%;">&nbsp;</td>
			<td style="width: 40%;">Emerging growth company &#9744;</td>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">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 7(a)(2)(B) of the Securities Act. &#9744;</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>Part I</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The document(s) containing the information concerning the Rocky Brands, Inc. 2021 Inducement Option Plan (the &#8220;Plan&#8221;) specified in Part I will be sent or given to Plan participants as specified by Rule 428(b)(1). Such documents are not filed as part of this registration statement in accordance with the Note to Part I of Form S-8.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Part II</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 3.</b>&nbsp;&nbsp;&nbsp;<b>Incorporation of Documents by Reference.</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">The following documents, which have previously been filed by Rocky Brands, Inc. (the &#8220;Company&#8221;) with the Securities and Exchange Commission (the &#8220;Commission&#8221;) pursuant to the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), are incorporated by reference herein and shall be deemed to be a part hereof:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed on March 15, 2022.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The description of our common shares, which is contained in our registration statement on Form 8-A filed with the Commission on December 22, 1992, pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, as updated in any amendment or report filed for the purpose of updating such description.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">All documents filed by the Company pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (other than information furnished pursuant to Item 2.02 or Item 7.01 of any Current Report on Form 8-K, unless expressly stated otherwise therein) after the date of this registration statement and prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be a part hereof from the date of filing of such documents.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">Any statement incorporated by reference herein shall be deemed to be modified or superseded for purposes of this registration statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 4.</b>&nbsp;<b>Description of Securities.</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">Not applicable.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 5.</b>&nbsp;<b>Interests of Named Experts and Counsel.</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">Not applicable.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 6.</b>&nbsp;<b>Indemnification of Directors and Officers.</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">Section 1701.13 of the Ohio General Corporation Law provides that directors and officers of Ohio corporations may, under certain circumstances, be indemnified against expenses (including attorneys&#8217; fees) and other liabilities actually and reasonably incurred by them as a result of any suit brought against them in their capacity as a director or officer, if they acted in good faith and in a manner they reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, if they had no reasonable cause to believe their conduct was unlawful. Section 1701.13 provides that directors and officers may also be indemnified against expenses (including attorneys&#8217; fees) incurred by them in connection with a derivative suit if they acted in good faith and in a manner they reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification may be made without court approval if such person was adjudged liable to the corporation.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">Article Ten of our articles of incorporation permits us to indemnify directors and officers against expenses (including attorneys&#8217; fees) and other liabilities actually and reasonably incurred by them to the full extent and according to the procedures and requirements set forth in the Ohio General Corporation Law, as the same may be in effect from time to time. Pursuant to Article Ten, we also have the right to (i) indemnify employees, agents and others as permitted by Ohio law, (ii) purchase and maintain insurance or provide similar protection on behalf of the directors, officers or such other persons against liabilities asserted against them or expenses incurred by them arising out of their service to us as contemplated by our articles of incorporation, and (iii) enter into agreements with these directors, officers, incorporators, employees, agents or others indemnifying them against any and all liabilities (or lesser indemnification as may be provided in these agreements) asserted against them or incurred by them arising out of their service to our company as contemplated by our articles of incorporation.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">We have also entered into indemnification agreements with each of our directors and executive officers, including the directors who are also our employees, to confirm and expand our obligation to indemnify these persons. These indemnification agreements (i) confirm the indemnity provided to them by our articles of incorporation and give them assurances that this indemnity will continue to be provided despite future changes in our articles of incorporation, and (ii) provide that, in addition, the directors and officers shall be indemnified to the fullest possible extent permitted by law against all expenses (including attorneys&#8217; fees), judgments, fines and settlement amounts, paid or incurred by them in any action or proceeding, including any action by or in the right of our company, on account of their service as a director or officer of our company or as a director or officer of any subsidiary of our company or as a director or officer of any other company or enterprise when they are serving in these capacities at our request.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">No indemnity will be provided under the indemnification contracts to any director or officer on account of conduct that is adjudged to have been undertaken with deliberate intent to cause injury to us or undertaken with reckless disregard for our best interests. In addition, the indemnification contracts provide that no indemnification will be permitted if a final court adjudication shall determine that such indemnification is not lawful, or in respect of any suit in which judgment is rendered against a director or officer for an accounting of profits made from a purchase or sale of our securities in violation of Section 16(b) of the Securities Exchange Act of 1934 or of any similar statutory law, or on account of any remuneration paid to a director or officer that is adjudicated to have been paid in violation of law. Except as so limited, indemnification of directors and officers will be permitted under the indemnification contracts to the fullest extent permitted by law.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 7.</b>&nbsp;&nbsp;<b>Exemption from Registration Claimed.</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">Not Applicable.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 8.</b>&nbsp;&nbsp;<b>Exhibits.</b></p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Number</b></p>
			</td>
			<td style="vertical-align: bottom; width: 2%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 86%; border-bottom: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Exhibit Description</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 86%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 9pt;">4(a)(P)</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 9pt;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 86%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Articles Fourth, Fifth, Sixth, Seventh, Eighth, Eleventh, Twelfth, and Thirteenth of the Company&#8217;s Second Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2006 filed on March 15, 2007).</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 86%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%; padding-left: 9pt;">4(b)(P)</td>
			<td style="vertical-align: top; width: 2%; padding-left: 9pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 86%;">Articles I and II of the Company&#8217;s Amended and Restated Code of Regulations (incorporated by reference to Exhibit 3.2 to the Company&#8217;s Registration Statement on Form S-1 (file number 33-56118)).</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 86%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 9pt;">4(c)*</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 86%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="ex_345468.htm" style="-sec-extract:exhibit;">Rocky Brands, Inc. 2021 Inducement Option Plan</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 86%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 9pt;">5*</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 86%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="ex_345465.htm" style="-sec-extract:exhibit;">Opinion of Porter Wright Morris &amp; Arthur LLP.</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 86%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 9pt;">23(a)*</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 86%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="ex_345465.htm" style="-sec-extract:exhibit;">Consent of Porter Wright Morris &amp; Arthur LLP (included in Exhibit 5).</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 86%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 9pt;">23(b)*</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 86%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="ex_345466.htm" style="-sec-extract:exhibit;">Consent of Schneider Downs &amp; Co, Inc.</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 86%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 9pt;">24*</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 86%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="ex_345467.htm" style="-sec-extract:exhibit;">Power of Attorney.</a></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 86%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 9pt;">107*</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 86%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="ex_345469.htm" style="-sec-extract:exhibit;">Filing Fee Table</a></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<hr style="text-align: left; height: 1px; color: #000000; background-color: #000000; width: 10%; border: none; margin: 3pt auto 3pt 0">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(P) Paper Filing.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">*&nbsp;Filed herewith.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 9.</b>&nbsp;&nbsp;<b>Undertakings.</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 72pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 108pt;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 108pt;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 a prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; and</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 108pt;">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if 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 that are incorporated by reference in the registration statement.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">II-3</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 72pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933, 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 will be deemed to be the initial bona fide offering thereof.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 72pt;">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&#8217;s annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the registration statement will be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time will be deemed to be the initial bona fide offering thereof.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 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 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 Act and will be governed by the final adjudication of such issue.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">II-4</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 72pt;text-indent:-72pt;"><b>SIGNATURES</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;">Pursuant to the requirements of the Securities Act of 1933, 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 Nelsonville, State of Ohio, on March 15, 2022.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="text-indent: 0; width: 100%;font-family: 'Times New Roman', Times, serif; font-size: 10pt">

		<tr>
			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td colspan="2" valign="top" width="38%">
			<p style="margin-top: 0; margin-bottom: 0;"><b>ROCKY BRANDS, INC.</b></p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td align="left" nowrap="nowrap" valign="bottom" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td align="left" style="text-align: left;" valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td style="text-align: left" valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">By: </font></p>
			</td>
			<td align="left" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="top" width="35%">
			<p style="margin-top: 0px; margin-bottom: 0px; margin-left: 18pt;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">/s/&nbsp;</font>Jason Brooks</p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;">Jason Brooks, Chairman, President and</p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="35%">
			<p style="margin-top: 0px; margin-bottom: 0px; margin-left: 9pt;">Chief Executive Officer</p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 288pt;text-indent:-36pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:38pt;">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

		<tr>
			<td colspan="4" style="width: 32%; text-align: center;"><b><u>Signature</u></b></td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%; text-align: center;"><b><u>Title</u></b></td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%; text-align: center;"><b><u>Date</u></b></td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 9pt;">/s/ Jason Brooks</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">Chairman, Chief Executive</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">March 15, 2022</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">Jason Brooks</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">Officer and President</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%; text-align: center;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">(Principal Executive Officer)</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%; text-align: center;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 9pt;">/s/ Thomas D. Robertson</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">Executive Vice President,&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">March 15, 2022</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">Thomas D. Robertson</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">Chief Financial Officer and Treasurer</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(Principal Financial and Accounting Officer)</p>
			</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 9pt;">* Mike Brooks</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">Director</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">March 15, 2022</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">Mike Brooks</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 9pt;">* Glen E. Corlett</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">Director</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">March 15, 2022</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">Glenn E. Corlett</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 9pt;">* Michael L. Finn</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">Director&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">March 15, 2022</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">Michael L. Finn</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 9pt;">* Robyn R. Hahn</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">Director</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">March 15, 2022</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">Robyn R. Hahn</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 9pt;">* G. Courtney Haning&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">Director</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">March 15, 2022</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">G. Courtney Haning</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
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			<td colspan="4" style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
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			<td colspan="4" style="width: 32%; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 9pt;">* William L. Jordan</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">Director&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">March 15, 2022</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">William L. Jordan</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 9pt;">* Curtis A. Loveland</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">Director</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">March 15, 2022</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">Curtis A. Loveland</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 9pt;">* Robert B. Moore, Jr.</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">Director</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">March 15, 2022</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">Robert B. Moore, Jr.</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 9pt;">* James L. Stewart</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">Director&nbsp;&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">March 15, 2022</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">James L. Stewart</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%; border-bottom: 1px solid rgb(0, 0, 0); padding-left: 9pt;">* Tracie A. Winbigler</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">Director</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">March 15, 2022</td>
		</tr>
		<tr>
			<td colspan="4" style="width: 32%;">Tracie A. Winbigler</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 32%;">&nbsp;</td>
		</tr>

</table>

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			<td style="width: 4%;">*By:</td>
			<td style="width: 30%; border-bottom: 1px solid rgb(0, 0, 0);">/s/ Jason Brooks&nbsp;</td>
			<td style="width: 66%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 4%;">&nbsp;</td>
			<td style="width: 30%;">Jason Brooks, attorney&#8209;in&#8209;fact</td>
			<td style="width: 66%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 4%;">&nbsp;</td>
			<td style="width: 30%;">for each of the persons indicated</td>
			<td style="width: 66%;">&nbsp;</td>
		</tr>

</table>

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<DOCUMENT>
<TYPE>EX-4.C
<SEQUENCE>2
<FILENAME>ex_345468.htm
<DESCRIPTION>EXHIBIT 4.C
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><i><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">Exhibit 4(c)</font></i></p>

<p style="margin-bottom: 0px; text-align: left; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>ROCKY BRANDS, INC.</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2021 Inducement Option Plan</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Adopted January 24, 2021</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Article I</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>Establishment, Purpose, Duration</u></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 1.1</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Establishment of the Plan</u></b><b>.</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocky Brands, Inc. (the &#8220;Company&#8221;) desires to adopt the Rocky Brands, Inc. 2021 Inducement Option Plan.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 1.2</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Purpose</u></b><b>.</b> The Plan is designed to promote the achievement of both short-term and long-term objectives of the Company by (a) providing Awards as an inducement to certain current management employees of US Footwear Holdings LLC, a Delaware limited liability company, which the Company has agreed to purchase under that certain Purchase Agreement dated January 24, 2021, with Honeywell Safety Products USA, Inc. and other parties, (the &#8220;Acquisition&#8221;) to remain employed after the closing of the acquisition, (b) aligning compensation of Participants with the interests of Company&#8217;s shareholders, and (c) enhancing the interest of Participants in the growth and success of the Company.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 1.3</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Effective Date and Duration</u></b><b>.</b> This Plan, if approved by a majority of the members of the Board of Directors of the Company shall become effective at such date. If such Board of Director approval is not obtained, no Awards will be granted under this Plan. If approved, the Plan shall remain in effect, subject to the right of the Board or the Committee to amend and terminate the Plan at any time as provided in this Plan, until all Shares subject to it shall have been purchased or acquired according to the Plan&#8217;s provisions. In no event, however, may an Award be granted under the Plan more than ten years after the date the Plan was approved by the shareholders.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Article II</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>Definitions</u></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;">Whenever used in the Plan, the following terms shall have the meanings set forth below and, when the meaning is intended, the initial letter of the word is capitalized:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 27pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.1&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</b><b><u>1934 Act</u></b><b>.</b> &#8220;1934 Act&#8221; means the Securities Exchange Act of 1934, as amended.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.2</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Affiliate</u></b><b>.</b> &#8220;Affiliate&#8221; means any entity that is a Subsidiary or a parent corporation, as defined in Code Section 424(e), of the Company, or any other entity designated by the Committee as covered by the Plan in which the Company has, directly or indirectly, at least a 20% voting interest.</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.3</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Award</u></b><b>.</b> &#8220;Award&#8221; means any Option granted to a Participant under the Plan.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 27pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.4</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Award Agreement</u></b><b>.</b> &#8220;Award Agreement&#8221; means a written or electronic statement or agreement prepared by the Company that sets forth the terms, conditions and restrictions applicable to Awards granted under the Plan.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.5</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Board or Board of Directors</u></b><b>.</b> &#8220;Board&#8221; or &#8220;Board of Directors&#8221; means the Board of Directors of the Company.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.6</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Cause</u></b><b>.</b> &#8220;Cause,&#8221; unless such term or an equivalent term is otherwise defined with respect to an Award by the Participant&#8217;s Award Agreement, shall be as defined in any employment agreement between the Company and a Participant; provided however, that if there is no such employment agreement, &#8220;Cause&#8221; shall mean any of the following: (a) the Participant&#8217;s conviction of any criminal violation involving dishonesty, fraud or breach of trust; (b) the Participant&#8217;s willful engagement in any misconduct in the performance of his or her duty that materially injures the Company; (c) the Participant&#8217;s performance of any act which would materially and adversely impact the business of the Company; or (d) the Participant&#8217;s willful and substantial nonperformance of assigned duties. Notwithstanding the foregoing, the Committee shall have sole discretion with respect to the application of the provisions of subsections&nbsp;(a)&#8209;(d) above, and such exercise of discretion shall be conclusive and binding upon the Participant and all other persons.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.7</b>&nbsp; &nbsp; &nbsp; &nbsp;&nbsp;<b><u>Change in Control</u></b><b>.</b> A "Change in Control" will be deemed to have occurred if and when (i) a person, partnership, corporation, trust or other entity ("Person") acquires or combines with the Company, or 50 percent or more of its assets or earning power, in one or more transactions, and after such acquisition or combination, less than a majority of the outstanding voting shares of the Person surviving such transaction (or the ultimate parent of the surviving Person) is owned by the owners of the voting shares of the Company outstanding immediately prior to such acquisition or combination, unless the Change in Control transaction or transactions have been approved in advance by Board members representing at least two&#8209;thirds of the Board members<b>; </b>or (ii) during any period of two consecutive years during the term of this Plan, individuals who at the beginning of such period are members of the Board ("Original Board Members") cease for any reason to constitute at least a majority of the Board, unless the election of each Board member who was not an Original Board Member has been approved in advance by Board members representing at least two-thirds of the Board members then in office who were Original Board Members. This definition shall be interpreted in accordance with the guidance under Code Section 409A that describes a change in control, change in effective control, and a change in the ownership of a substantial portion of the assets of a corporation.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.8</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Code</u></b><b>.</b> &#8220;Code&#8221; means the Internal Revenue Code of 1986, as amended from time to time.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 27pt; text-align: justify;"><b>Section 2.9</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Committee</u></b><b>.</b> &#8220;Committee&#8221; means the Compensation Committee of the Board of Directors, or such other committee as the Board shall appoint from time to time, which shall consist of two or more directors all of whom are intended to satisfy the requirements for a &#8220;non-employee director&#8221; within the meaning of Rule&nbsp;16b-3 of the Exchange Act, and an &#8220;independent director&#8221; under the rules of Nasdaq (or any other national securities exchange which is the principal exchange on which the Shares may then be traded); provided, however, that as to any Award intended to be a 162(m) Award, if any member of the Compensation Committee shall not satisfy such &#8220;outside director&#8221; requirements, &#8220;Committee&#8221; means a subcommittee (of two or more persons) of the Compensation Committee consisting of all members thereof who satisfy such &#8220;outside director&#8221; requirement; and further provided that any action taken by the Committee shall be valid and effective whether or not members of the Committee at the time of such action are later determined not to have satisfied the requirements for membership specified above.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.10</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Company</u></b><b>.</b> &#8220;Company&#8221; means Rocky Brands, Inc., an Ohio corporation, and any current or future parent or subsidiary, or any successor thereto.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.11</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Disability or Disabled</u></b><b>.</b> &#8220;Disability&#8221; or &#8220;Disabled&#8221; means a condition that (a)&nbsp;causes the Participant to be unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12&nbsp;months, (b)&nbsp;causes the Participant, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12&nbsp;months, to receive income replacement benefits for a period of not less than three&nbsp;months under an accident and health plan covering employees of the Company or its Affiliates or (c)&nbsp;causes the Participant to be eligible to receive Social Security disability payments. The Committee, in its sole discretion, shall determine the date of any Disability.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.12</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Employee</u></b><b>.</b> &#8220;Employee&#8221; means any person who is an employee of the Company or any Affiliate.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.13</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Fair Market Value</u></b><b>.</b> &#8220;Fair Market Value&#8221; means, on any given date and as may be specified in an Award Agreement, (a) the closing sales price per share (or, if otherwise specified by the Committee, a price that is based on the opening, actual, high, low, or average sales prices per Share) of the Company&#8217;s common stock as reported on Nasdaq or such other established securities market on which the Shares are traded, or, if there were no reported sales of Shares on such date, then, unless otherwise required by the Code, the business day immediately preceding such date; or (b) if (a) does not apply, the price that the Committee in good faith determines through any reasonable valuation method that a Share might change hands between a willing buyer and a willing seller, neither being under compulsion to buy or to sell and both having reasonable knowledge of the relevant facts. Notwithstanding the above, for purposes of broker-facilitated cashless exercises of Awards involving Shares under the Plan, &#8220;Fair Market Value&#8221; shall mean the real-time selling price of such Shares as reported by the broker facilitating such exercises.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.14</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Nonqualified Stock Option or NQSO</u></b><b>.</b> &#8220;Nonqualified Stock Option&#8221; or &#8220;NQSO&#8221; means an option to purchase Shares that does not constitute an Incentive Stock Option under Code Section 422 (or any successor Code Section).</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.15</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Option</u></b><b>.</b> &#8220;Option&#8221; means a right to purchase Shares in accordance with the terms and conditions of the Plan.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.16</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Option Exercise Price</u></b><b>.</b> &#8220;Option Exercise Price&#8221; means the price at which a Share may be purchased by a Participant pursuant to an Option.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 27pt; text-align: justify;"><b>Section 2.17</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Participant</u></b><b>.</b> &#8220;Participant&#8221; means an Employee who is selected to receive an Award or who has outstanding an outstanding Award granted under the Plan.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.18</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Period of Restriction</u></b><b>.</b> &#8220;Period of Restriction&#8221; means the period during which the transfer of Shares underlying an Award is limited in some way, or the Shares are subject to a substantial risk of forfeiture.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.19</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Plan</u></b><b>.</b> &#8220;Plan&#8221; means the Rocky Brands, Inc. 2021 Inducement Option Plan, as may be amended from time to time.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.20</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Retirement</u></b><b>.</b> &#8220;Retirement&#8221; means, with respect to Employees, retirement with the consent of the Company, which shall be determined by the Committee in its sole discretion.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.21</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Service</u></b><b>.</b> &#8220;Service&#8221; means a Participant&#8217;s work for the Company or an Cause as an Employee</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.22</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Shares</u></b><b>.</b> &#8220;Shares&#8221; means the shares of common stock of the Company, no par value per share.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 2.23</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Subsidiary</u></b><b>.</b> &#8220;Subsidiary&#8221; means any corporation, partnership, joint venture, or other entity in which the Company has a majority voting interest.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Article III</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>Administration</u></b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 3.1</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Administration by the Committee</u></b><b>. </b>The Plan shall be administered by the Committee. All questions of interpretation of the Plan, of any Award Agreement or of any other form of agreement or other document employed by the Company in the administration of the Plan or of any Award shall be determined by the Committee, and such determinations shall be final, binding and conclusive upon all persons having an interest in the Plan or such Award, unless fraudulent or made in bad faith. Any and all actions, decisions and determinations taken or made by the Committee in the exercise of its discretion pursuant to the Plan or Award Agreement or other agreement thereunder (other than determining questions of interpretation pursuant to the preceding sentence) shall be final, binding and conclusive upon all persons having an interest therein.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 27pt; text-align: justify;"><b>Section 3.2</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Powers of the Committee</u></b><b>.</b> In addition to any other powers set forth in the Plan and subject to the provisions of the Plan, the Committee shall have the full and final power and authority, in its discretion:</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">to determine the persons to whom, and the time or times at which, Awards shall be granted and the number of Shares to be subject to each Award;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">to determine the terms, conditions and restrictions applicable to each Award (which need not be identical) and any Shares acquired pursuant thereto, including, without limitation, (i) the exercise or purchase price of Shares pursuant to any Award, (ii) the method of payment for Shares purchased pursuant to any Award, (iii) the method for satisfaction of any tax withholding obligation arising in connection with Award, including by the withholding or delivery of Shares, (iv) the timing, terms and conditions of the exercisability or vesting of any Award or any Shares acquired pursuant thereto, (v) the time of the expiration of any Award, (vi) the effect of the Participant&#8217;s termination of Service on any of the foregoing, and (vii) all other terms, conditions and restrictions applicable to any Award or Shares acquired pursuant thereto not inconsistent with the terms of the Plan;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">to amend, modify, extend, cancel or renew any Award or to waive any restrictions or conditions applicable to any Award or any Shares acquired upon the exercise thereof;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">to accelerate, continue, extend or defer the exercisability of any Award or the vesting of any Shares acquired upon the exercise thereof, including with respect to the period following a Participant&#8217;s termination of Service;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">to prescribe, amend or rescind rules, guidelines and policies relating to the Plan, or to adopt sub-plans or supplements to, or alternative versions of, the Plan, including, without limitation, as the Committee deems necessary or desirable to comply with the laws or regulations of or to accommodate the tax policy, accounting principles or custom of, foreign jurisdictions whose citizens may be granted Awards; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">to correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award Agreement and to make all other determinations and take such other actions with respect to the Plan or any Award as the Committee may deem advisable to the extent not inconsistent with the provisions of the Plan or applicable law.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 3.3</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Action by the Committee</u></b><b>.</b> A majority of the members of the Committee shall constitute a quorum for any meeting of the Committee, and the act of a majority of the members present at any meeting at which a quorum is present or the act approved in writing by a majority of all the members of the Committee shall be the act of the Committee. In the performance of their duties under this Plan, the Committee members shall be entitled to rely upon information and advice furnished by the Company&#8217;s officers, employees, accountants or counsel, or any executive compensation consultant or other professional retained by the Company or the Committee to assist in the administration of this Plan.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 3.4</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Indemnification</u></b><b>.</b> The Company will indemnify each member of the Committee against costs, expenses and liabilities (other than amounts paid in settlements to which the Company does not consent, which consent will not be unreasonably withheld) reasonably incurred by such member in connection with any action to which he or she may be a party by reason of service as a member of the Committee, except in relation to matters as to which he or she is adjudged in such action to be personally guilty of negligence or willful misconduct in the performance of his or her duties. The foregoing right to indemnification is in addition to such other rights as the Committee member may enjoy as a matter of law, by reason of insurance coverage of any kind, or otherwise.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Article IV</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>Stock Subject to the Plan</u></b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 4.1</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Aggregate Shares</u></b><b>.</b> Subject to adjustment as provided under the Plan, the total number of Shares that are available for Awards under the Plan shall not exceed in the aggregate 25,000 Shares. Such Shares may be authorized and unissued Shares, treasury Shares, or Shares acquired on the open market.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 4.2</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Individual Award Limitations</u></b><b>.</b> Subject to adjustments as provided in herein, the maximum number of Shares for which Awards may be granted under the Plan during the term of the Plan to any one individual may not exceed 10,000 shares.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 4.3</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Share Counting</u></b><b>.</b> Shares related to Awards that expire, are forfeited, are cancelled, or terminate for any other reason without the delivery of the Shares shall not be eligible for reissuance.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 27pt; text-align: justify;"><b>Section 4.4</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Adjustment to Number of Shares</u></b><b>.</b></p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">Appropriate adjustments in the aggregate number of Shares issuable pursuant to the Plan, the number of Shares subject to each outstanding Award granted under the Plan, and the Option Exercise Price shall be made to give effect to any increase or decrease in the number of issued Shares resulting from a subdivision or consolidation of Shares, whether through recapitalization, stock split, reverse stock split, spin&#8209;off, spin&#8209;out or other distribution of assets to shareholders, stock distributions or combinations of Shares, payment of stock dividends, other increase or decrease in the number of such Shares outstanding effected without receipt of consideration by the Company, or any other occurrence for which the Committee determines an adjustment is appropriate.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">In the event of any merger, consolidation or reorganization of the Company with any other corporation or corporations, or an acquisition by the Company of the stock or assets of any other corporation or corporations, there shall be substituted on an equitable basis, as determined by the Committee in its sole discretion, for each Share then subject to the Plan, and for each Share then subject to an Award granted under the Plan, the number and kind of Shares of stock, other securities, cash or other property to which the holders of Shares of the Company are entitled pursuant to such transaction.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">Without limiting the generality of the foregoing provisions of this paragraph, any such adjustment shall be deemed to have prevented any dilution or enlargement of a Participant&#8217;s rights, if such Participant receives in any such adjustment, rights that are substantially similar (after taking into account the fact that the Participant has not paid the applicable option price) to the rights the Participant would have received had he exercised his outstanding Award and become a shareholder of the Company immediately prior to the event giving rise to such adjustment. Adjustments under this paragraph shall be made by the Committee, whose decision as to the amount and timing of any such adjustment shall be conclusive and binding on all persons.</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Article V</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>Eligibility and Participation</u></b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 5.1</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Eligibility to Receive Awards</u></b><b>.</b> Persons eligible to receive Awards under the Plan are management employees of US Footwear Holdings, LLC, which is of a target company in connection with the Acquisition.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 5.2</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Participation in the Plan</u></b><b>.</b> Subject to the other provisions of this Plan, the Committee has the full discretion to grant Awards to eligible persons described in Section 5.1. Eligibility in accordance with this Section, however, shall not entitle any person to be granted an Award, or, having been granted an Award, to be granted an additional Award.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Article VI</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>Options</u></b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 6.1</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Grant of Options</u></b><b>.</b> Options shall be evidenced by Award Agreements in such form and not inconsistent with the Plan as the Committee shall approve from time to time. Award Agreements shall specify the Option Exercise Price, the duration of the Option, the number of Shares to which the Option pertains, provisions for vesting and exercisability, that the Option is a NQSO, and such other provisions as the Committee shall determine. Award Agreements may incorporate all or any of the terms of the Plan by reference and shall comply with the following terms and conditions. Except in accordance with equitable adjustments as provided in Section 4.4 of this Plan, no Option granted under the Plan shall at any time be repriced or subject to cancellation and replacement without shareholder approval.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 6.2</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Option Exercise Price</u></b><b>.</b> The Option Exercise Price shall not be less than 100% of the Fair Market Value of a Share on the day the Option is granted.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 6.3</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Exercise of Options</u></b><b>.</b> Each Award Agreement shall state the period or periods of time within which the Option may be exercised by the optionee, in whole or in part, which shall be such period or periods of time as may be determined by the Committee, provided that the Option exercise period shall not end later than ten years after the date of the grant of the Option. The Committee shall have the power to permit in its discretion an acceleration of the previously determined exercise terms, within the terms of the Plan, under such circumstances and upon such terms and conditions as it deems appropriate.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 6.4</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Payment of Option Exercise Price</u></b><b>.</b> Except as otherwise provided in the Plan, or in any Award Agreement, the optionee shall pay the Option Exercise Price upon the exercise of any Option (i)&nbsp;in cash, or, in the sole discretion of the Committee, (ii)&nbsp;by authorizing a third party with which the optionee has a brokerage or similar account to sell the Shares (or a sufficient portion of such Shares) acquired upon the exercise of the Option and remit to the Company a portion of the sale proceeds sufficient to pay the entire Option Exercise Price to the Company, (iii) by delivering Shares that have an aggregate Fair Market Value on the date of exercise equal to the Option Exercise Price; (iv) by authorizing the Company to withhold from the total number of Shares as to which the Option is being exercised the number of Shares having a Fair Market Value on the date of exercise equal to the aggregate Option Exercise Price for the total number of Shares as to which the Option is being exercised, (v)&nbsp;by such other means by which the Committee determines to be consistent with the purpose of the Plan and applicable law, or (vi)&nbsp;by any combination of (i), (ii), (iii),&nbsp;(iv), and (v). In the case of an election pursuant to&nbsp;(i) above, cash shall mean cash or check issued by a federally insured bank or savings and loan association and made payable to Rocky Brands, Inc. or bank wire transfer. In the case of payment pursuant to&nbsp;(ii) or (iii) above, the optionee&#8217;s authorization must be made on or prior to the date of exercise and shall be irrevocable. In lieu of a separate election governing each exercise of an Option, an optionee may file a blanket election with the Committee, which shall govern all future exercises of Options until revoked by the optionee.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 6.5</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Transfer of Shares</u></b><b>.</b> The Committee may impose such restrictions on any Shares acquired pursuant to the exercise of an Option as it may deem advisable, including, without limitation, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such Shares are then listed and/or traded, and under any blue sky or state securities laws applicable to such Shares.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 6.6</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Rights Upon Termination of Service</u></b><b>.</b> Unless otherwise provided by the Committee in an Option Agreement, in the event that an optionee terminates Service for any reason other than death, Disability or Retirement, the optionee shall have the right to exercise the Option during its term within a period of ninety (90) days after such termination to the extent that the Option was exercisable at the date of such termination of Service. In the event that an optionee dies, Retires, or becomes Disabled prior to termination of his option without having fully exercised the option, the optionee or the optionee&#8217;s successor shall have the right to exercise the option during its term within a period of one (1) year after the date of such termination due to death, Disability or Retirement, to the extent that the option was exercisable at the date of termination due to death, Disability or retirement, or during such other period and subject to such terms, including accelerated vesting, as may be determined by the Committee.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Article VII</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>Dividends and Dividend Equivalents</u></b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">No dividends or dividend equivalents may be awarded with respect to any Options.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Article VIII</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>Change in Control</u></b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 8.1</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Effect of Change in Control</u></b><b>.</b> Except as otherwise provided in the Plan or any Award Agreement granted hereunder, upon a Change in Control, all outstanding Awards shall become fully exercisable and all restrictions thereon shall terminate. Further, the Committee, as constituted before such Change in Control, is authorized, and has sole discretion, as to any Award, either at the time such Award is granted hereunder or any time thereafter, to take any one or more of the following actions: (i)&nbsp;provide for the cancellation of any such Award for an amount of cash equal to the difference between the exercise price and the then Fair Market Value of the Shares covered thereby had such Award been currently exercisable; (ii)&nbsp;make such adjustment to any such Award then outstanding as the Committee deems appropriate to reflect such Change in Control; or (iii)&nbsp;cause any such Award then outstanding to be assumed, by the acquiring or surviving corporation, after such Change in Control.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 27pt; text-align: justify;"><b>Section 8.2</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Participant Elections to Minimize Code Section 4999 Excise Tax</u></b><b>.</b></p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><u>Excess Parachute Payment</u>. In the event that any acceleration of vesting pursuant to an Award and any other payment or benefit received or to be received by a Participant would subject the Participant to any excise tax pursuant to Code Section 4999 due to the characterization of such acceleration of vesting, payment or benefit as an excess parachute payment under Code Section 280G, the Participant may elect, in his or her sole discretion, to reduce the amount of any acceleration of vesting called for under the Award in order to avoid such characterization. Such an election, however, may not change the time and form of any payment in a manner that would cause the Participant to incur additional taxes or penalties under Code Section 409A.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><u>Determination by Independent Accountants</u>. To aid the Participant in making any election called for under part (a) above, no later than the date of the occurrence of any event that might reasonably be anticipated to result in an excess parachute payment to the Participant as described in part (a) above, the Company shall request a determination in writing by independent public accountants selected by the Company (the &#8220;Accountants&#8221;). As soon as practicable thereafter, the Accountants shall determine and report to the Company and the Participant the amount of such acceleration of vesting, payments and benefits which would produce the greatest after-tax benefit to the Participant. For the purposes of such determination, the Accountants may rely on reasonable, good faith interpretations concerning the application of Code Sections 280G and 4999. The Company and the Participant shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make their required determination. The Company shall bear all fees and expenses the Accountants may reasonably charge in connection with their services contemplated by this subpart (b).</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Article IX</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>Withholding</u></b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 9.1</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Tax Withholding</u></b><b>.</b> The Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy Federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Plan.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 9.2</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Share Withholding</u></b><b>.</b> With respect to withholding required upon the exercise of Options or upon any other taxable event arising as a result of Awards granted hereunder, Participants may elect, subject to the approval of the Committee, to satisfy the withholding requirement, in whole or in part, by having the Company withhold Shares having a Fair Market Value on the date the tax is to be determined equal to the minimum statutory total tax which could be imposed on the transaction. All such elections shall be irrevocable, made in writing before the date in which income is realized by the recipient in connection with the particular transaction, signed by the Participant, and shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate. The amount of required withholding shall be a specified rate not less than the statutory minimum federal, state and local (if any) withholding rate, and not greater than the maximum federal, state and local (if any) marginal tax rate applicable to the Participant and to the particular transaction.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Article X</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>Compliance with Code Section 409A</u></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 10.1</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Awards Subject to Code Section 409A</u></b><b>.</b> The provisions of this Section&nbsp;19.1 shall apply to any Award or portion thereof that is or becomes subject to Code Section&nbsp;409A, notwithstanding any provision to the contrary contained in the Plan or the Award Agreement applicable to such Award. Awards subject to Code Section&nbsp;409A include, without limitation:</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">Any Nonqualified Stock Option having an exercise price per share less than the Fair Market Value determined as of the date of grant of such Option or that permits the deferral of compensation other than the deferral of recognition of income until the exercise or transfer of the Option or the time the shares acquired pursuant to the exercise of the option first become substantially vested.</p>
			</td>
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<div class="hf-cell PGNUM" data-number="10" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">10</div>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">Any Award that either provides by its terms, or under which the Participant makes an election, for settlement of all or any portion of the Award either (i) on one or more dates following the end of the Short-Term Deferral Period (as defined below) or (ii) upon or after the occurrence of any event that will or may occur later than the end of the Short-Term Deferral Period.</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Subject to U.S. Treasury Regulations promulgated pursuant to Code Section&nbsp;409A (&#8220;Section&nbsp;409A Regulations&#8221;) or other applicable guidance, the term &#8220;Short-Term Deferral Period&#8221; means the period ending on the later of (i)&nbsp;the 15th day of the third month following the end of the Company&#8217;s fiscal year in which the applicable portion of the Award is no longer subject to a substantial risk of forfeiture or (ii)&nbsp;the 15th day of the third month following the end of the Participant&#8217;s taxable year in which the applicable portion of the Award is no longer subject to a substantial risk of forfeiture. For this purpose, the term &#8220;substantial risk of forfeiture&#8221; shall have the meaning set forth in Section&nbsp;409A Regulations or other applicable guidance.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 10.2</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>No Acceleration of Distributions</u></b><b>.</b> Notwithstanding anything to the contrary herein, this Plan does not permit the acceleration of the time or schedule of any distribution under this Plan pursuant to any Award subject to Code Section&nbsp;409A, except as provided by Code Section&nbsp;409A and Section&nbsp;409A Regulations.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 10.3</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Separation from Service</u></b><b>.</b> If any amount shall be payable with respect to any Award hereunder as a result of a Participant&#8217;s termination of employment or other Service and such amount is subject to the provisions of Code Section&nbsp;409A, then notwithstanding any other provision of this Plan, a termination of employment or other Service will be deemed to have occurred only at such time as the Participant has experienced a &#8220;separation from service&#8221; as such term is defined for purposes of Code Section&nbsp;409A.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 10.4</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Timing of Payment to a Specified Employee</u></b><b>.</b> If any amount shall be payable with respect to any Award hereunder as a result of a Participant&#8217;s separation from Service at such time as the Participant is a &#8220;specified employee&#8221; and such amount is subject to the provisions of Code Section&nbsp;409A, then notwithstanding any other provision of this Plan, no payment shall be made, except as permitted under Code Section&nbsp;409A, prior to the first day of the seventh (7th) calendar month beginning after the Participant&#8217;s separation from Service (or the date of his or her earlier death). The Company may adopt a specified employee policy that will apply to identify the specified employees for all deferred compensation plans subject to Code Section&nbsp;409A; otherwise, specified employees will be identified using the default standards contained in the regulations under Code Section&nbsp;409A.</p>

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<div class="PGNUM" data-number="11" data-prefix="" data-suffix="" style="text-align: center; width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">11</div>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Article XI</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>Amendment and Termination</u></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 11.1</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Amendment, Modification, and Termination of the Plan</u></b><b>.</b> The Board or the Committee may at any time terminate, suspend or amend the Plan without the authorization of shareholders to the extent allowed by law, including without limitation any rules issued by the Securities and Exchange Commission under Section&nbsp;16 of the 1934 Act, insofar as shareholder approval thereof is required in order for the Plan to continue to satisfy the requirements of Rule&nbsp;16b&#8209;3 under the 1934 Act, or the rules of any applicable stock exchange. No termination, suspension or amendment of the Plan shall adversely affect any right acquired by any Participant under an Award granted before the date of such termination, suspension or amendment, unless such Participant shall consent; but it shall be conclusively presumed that any adjustment for changes in capitalization as provided for herein does not adversely affect any such right.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 11.2</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Amendment of Awards</u></b><b>.</b> The Committee may unilaterally amend the terms of any Award Agreement previously granted, except that (i)&nbsp;no such amendment may materially impair the rights of any Participant under the applicable Award without the Participant&#8217;s consent, unless such amendment is necessary to comply with applicable law, stock exchange rules or accounting rules; and (ii)&nbsp;in no event may an Option be amended or modified, other than as provided in Section&nbsp;4.4, to decrease the Option exercise or base price thereof, or be cancelled in exchange for cash, a new Option with a lower exercise price or base price, or other Awards, or otherwise be subject to any action that would be treated for accounting purposes as a &#8220;repricing&#8221; of such Option, unless such action is approved by the Company&#8217;s shareholders.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Article XXI</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>Miscellaneous</u></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 12.1</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Approval Restrictions</u></b><b>.</b> Each Award under the Plan shall be subject to the requirement that, if at any time the Committee shall determine that (i)&nbsp;the listing, registration or qualification of the Shares subject or related thereto upon any securities exchange or under any state or federal law, or (ii)&nbsp;the consent or approval of any government regulatory body, or (iii)&nbsp;an agreement by the recipient of an Award with respect to the disposition of Shares is necessary or desirable as a condition of, or in connection with, the granting of such award or the issue or purchase of Shares thereunder, such Award may not be consummated in whole or in part unless such listing, registration, qualification, consent, approval or agreement shall have been effected or obtained, free of any conditions not acceptable to the Committee.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 12.2</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Securities Law Compliance</u></b><b>.</b> With respect to Participants subject to Section&nbsp;16 of the 1934 Act, transactions under this Plan are intended to comply with all applicable conditions of Rule&nbsp;16b-3 or its successors under the 1934 Act. If any provision of this Plan or of any Award Agreement would otherwise frustrate or conflict with the intent expressed in the preceding sentence, that provision to the extent possible shall be interpreted and deemed amended in the manner determined by the Committee so as to avoid the conflict. To the extent of any remaining irreconcilable conflict with this intent, the provision shall be deemed void as applicable to Participants who are then subject to Section&nbsp;16 of the 1934 Act. In addition, no Shares will be issued or transferred pursuant to an Award unless and until all then applicable requirements imposed by federal and state securities and other laws, rules and regulations and by any regulatory agencies having jurisdiction, and by any stock exchanges upon which the Shares may be listed, have been fully met. As a condition precedent to the issuance of Shares pursuant to the grant, exercise, vesting or settlement of an Award, the Company may require the Participant to take any reasonable action to meet such requirements. The Committee may impose such conditions on any Shares issuable under the Plan as it may deem advisable, including, without limitation, restrictions under the Securities Act of 1933, as amended, under the requirements of any stock exchange upon which such Shares of the same class are then listed, and under any blue sky or other securities laws applicable to such Shares.</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="12" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">12</div>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 12.3</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Gender and Number</u></b><b>.</b> Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine, the plural shall include the singular and the singular shall include the plural.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 27pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 12.4</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Rights as a Shareholder</u></b><b>.</b> The recipient of any Award under the Plan, unless otherwise provided by the Plan, shall have no rights as a shareholder with respect thereto unless and until certificates for Shares are issued to the recipient.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 12.5</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Forfeiture</u></b><b>.</b> The Committee may specify in an Award Agreement that the Participant&#8217;s rights, payments, and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include, but shall not be limited to, termination of Service for Cause or any act by a Participant, whether before or after termination of Service, that would constitute Cause for termination of Service.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 12.6</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Rights as Employee</u></b><b>.</b> No person, even though eligible pursuant to Article V, shall have a right to be selected as a Participant, or, having been so selected, to be selected again as a Participant. Nothing in the Plan or any Award granted under the Plan shall confer on any Participant a right to remain an Employee or interfere with or limit in any way any right of the Company or Affiliate to terminate the Participant&#8217;s Service at any time.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 27pt; text-align: justify;"><b>Section 12.7</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Fractional Shares</u></b><b>.</b> The Company shall not be required to issue fractional shares upon the exercise or settlement of any Award.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 12.8</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Effect on Other Plans</u></b><b>.</b> Unless otherwise specifically provided, participation in the Plan shall not preclude a Participant&#8217;s eligibility to participate in any other benefit or incentive plan. Any Awards made pursuant to the Plan shall not be considered as compensation in determining the benefits provided under any other plan.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 12.9</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>No Constraint on Corporate Action</u></b><b>.</b> Nothing in this Plan shall be construed to: (a)&nbsp;limit, impair, or otherwise affect the Company&#8217;s or an Affiliate&#8217;s right or power to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part of its business or assets; or (b)&nbsp;limit the right or power of the Company or an Affiliate to take any action which such entity deems to be necessary or appropriate.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" data-number="13" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">13</div>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b><u>Section 12.10</u></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Unfunded Obligation</u></b><b>.</b> Participants shall have the status of general unsecured creditors of the Company. Any amounts payable to Participants pursuant to the Plan shall be unfunded and unsecured obligations for all purposes, including, without limitation, Title&nbsp;I of the Employee Retirement Income Security Act of 1974. No Affiliate shall be required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company shall retain at all times beneficial ownership of any investments, including trust investments, which the Company may make to fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any trust or any Participant account shall not create or constitute a trust or fiduciary relationship between the Committee or any Affiliate and a Participant, or otherwise create any vested or beneficial interest in any Participant or the Participant&#8217;s creditors in any assets of any Affiliate. The Participants shall have no claim against any Affiliate for any changes in the value of any assets which may be invested or reinvested by the Company with respect to the Plan.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 12.11</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>No Liability With Respect to Adverse Tax Treatment</u></b><b>.</b> Notwithstanding any provision of this Plan to the contrary, in no event shall the Company or any Affiliate be liable to a Participant on account of an Award&#8217;s failure to (i)&nbsp;qualify for favorable U.S., foreign, state, local, or other tax treatment or (ii)&nbsp;avoid adverse tax treatment under U.S., foreign, state, local, or other law, including, without limitation, Code Section&nbsp;409A.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 12.12</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Severability</u></b><b>.</b> In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 12.12</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Requirements of Law</u></b><b>.</b> The granting of Awards and the issuance of Shares under the Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 27pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 12.14</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Governing Law</u></b><b>.</b> To the extent not preempted by federal law, the Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the state of Ohio.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 12.15</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Successors</u></b><b>.</b> All obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding on any successor to the Company.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="14" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">14</div>
</div>
</div>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;"><b>Section 12.16</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Provisions Regarding Transferability of Awards</u></b><b>.</b> No NQSO granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or the laws of descent and distribution or pursuant to a qualified domestic relations order as defined in the Code or Title 1 of the Employee Retirement Income Security Act or the rules thereunder. Notwithstanding the foregoing or anything in part (a) above, a Participant, at any time prior to his death, may assign all or any portion of the NQSO to (i)&nbsp;his spouse or lineal descendant, (ii)&nbsp;the trustee of a trust for the primary benefit of his spouse or lineal descendant, or (iii)&nbsp;a tax&#8209;exempt organization as described in Code Section&nbsp;501(c)(3). In such event the spouse, lineal descendant, trustee or tax&#8209;exempt organization shall be entitled to all of the rights of the Participant with respect to the assigned portion of such NQSO, and such portion of the shall continue to be subject to all of the terms, conditions and restrictions applicable to the NQSO as set forth herein, and in the related Award Agreement, immediately prior to the effective date of the assignment. Any such assignment shall be permitted only if (i)&nbsp;the Participant does not receive any consideration therefore, and (ii)&nbsp;the assignment is expressly approved by the Committee or its delegate. Any such assignment shall be evidenced by an appropriate written document executed by the Participant, and a copy thereof shall be delivered to the Committee or its delegate on or prior to the effective date of the assignment.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td colspan="2" valign="top" width="38%">
			<p style="margin-top: 0px; margin-bottom: 0px; text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font><b>Adopted by the Board of Directors at a meeting</b></p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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		</tr>
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			<td valign="top" width="50%">&nbsp;</td>
			<td colspan="2" style="text-align: center;" valign="top" width="38%"><b>held on January 24, 2021</b></td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td align="left" nowrap="nowrap" valign="bottom" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td align="left" style="text-align: left;" valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td style="text-align: left; border-bottom: 1px solid rgb(0, 0, 0);" valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p>
			</td>
			<td align="left" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="top" width="35%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;/s/ Curtis A. Loveland</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td colspan="2" rowspan="1" style="text-align: center;" valign="top" width="3%">Curtis A. Loveland, Secretary</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 216pt;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="LAST-PAGE-BREAK">
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<div class="hf-cell PGNUM" data-number="15" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">15</div>
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<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>3
<FILENAME>ex_345465.htm
<DESCRIPTION>EXHIBIT 5
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><i><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 5</b></font></i></p>

<p style="margin-bottom: 0px; text-align: left; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

		<tr>
			<td style="width: 15%;">&nbsp;</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 80%;">March 15, 2022</td>
		</tr>
		<tr>
			<td style="width: 15%;">&nbsp;</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 80%;">&nbsp;</td>
		</tr>
		<tr>
			<td nowrap="true" style="width: 15%; padding: 0px; vertical-align: top;">
			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: right;">Porter Wright</p>

			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: right;">Morris &amp; Arthur LLP</p>

			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: right;">41 South High Street</p>

			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: right;">Suites 2800-3200</p>

			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: right;">Columbus, OH 43215</p>

			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: right;">&nbsp;</p>

			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: right;">Fax:&nbsp;&nbsp;614.227.2100</p>

			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: right;">Main:&nbsp; 614.227.2000</p>

			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: right;">&nbsp;</p>

			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: right;">&nbsp;</p>

			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: right;">www.porterwright.com</p>

			<div style="text-align: right;"><img alt="logo.jpg" src="logo.jpg"></div>

			<div style="text-align: right;">&nbsp;</div>

			<div style="text-align: right;">CHICAGO</div>

			<div style="text-align: right;">CINCINNATI<br>
			CLEVELAND<br>
			COLUMBUS<br>
			DAYTONA<br>
			NAPLES<br>
			PITTSBURGH<br>
			WASHINGTON, DC</div>
			</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 80%; vertical-align: top; text-indent: 18pt; padding-left: 0pt;">
			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</p>

			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</p>

			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><br>
			Rocky Brands, Inc.&nbsp;<br>
			39 East Canal Street&nbsp;<br>
			Nelsonville, Ohio&nbsp; 45764&nbsp;<br>
			<br>
			Ladies and Gentlemen:&nbsp;</p>

			<p style="text-indent: 9pt;"><br>
			&nbsp; &nbsp; &nbsp; &nbsp;With respect to the Registration Statement on Form S-8 (the &#8220;Registration Statement&#8221;) being filed with the Securities and Exchange Commission by Rocky Brands, Inc., an Ohio corporation (the &#8220;Company&#8221;), under the Securities Act of 1933, as amended, relating to the registration of 20,000 common shares of the Company, without par value (the &#8220;Shares&#8221;) to be issued pursuant to the Rocky Brands, Inc. 2021 Inducement Option Plan (the &#8220;Plan&#8221;), we advise you as follows:<br>
			<br>
			&nbsp; &nbsp; &nbsp; &nbsp;We are counsel for the Company and have participated in the preparation of the Registration Statement.&nbsp; We have reviewed the Company&#8217;s Second Amended and Restated Articles of Incorporation, as amended, the corporate action taken to date in connection with the Registration Statement and the registration of the Shares, and such other documents and authorities as we deem relevant for the purpose of this opinion.</p>

			<p style="text-indent: 9pt;">&nbsp; &nbsp; Based upon the foregoing and in reliance thereon, we are of the opinion that when the Shares shall have been issued and paid for in accordance with the provisions of the Plan, those Shares will be validly issued, fully paid and nonassessable.&nbsp;</p>

			<p style="text-indent: 9pt;">&nbsp; &nbsp; We are opining herein only as to the effect of the federal laws of the United States, the law of the State of Ohio, including the statutory provisions, all applicable provisions of the Ohio Constitution and reported judicial decisions interpreting those laws, and we express no opinion with respect to the applicability thereto, or the effect thereon, of the laws of any other jurisdiction.&nbsp;</p>

			<p style="text-indent: 9pt;">&nbsp; &nbsp; We consent to the filing of this opinion as an exhibit to the Registration Statement.&nbsp;</p>

			<p style="text-indent: 9pt;">&nbsp; &nbsp; Very truly yours,&nbsp;</p>

			<p style="text-indent: 9pt;">&nbsp; &nbsp; &nbsp;/s/ Porter Wright Morris &amp; Arthur LLP&nbsp;</p>

			<p style="text-indent: 9pt;">&nbsp; &nbsp; &nbsp;PORTER WRIGHT MORRIS &amp; ARTHUR LLP</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.B
<SEQUENCE>4
<FILENAME>ex_345466.htm
<DESCRIPTION>EXHIBIT 23.B
<TEXT>
<html><head>
	<title>ex_345466.htm</title>
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<body style="font-size:10pt;font-family:'Times New Roman';padding:0in .1in;">
<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><i><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 23(b)</b></font></i></p>

<p style="margin-bottom: 0px; text-align: left; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;">We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Rocky Brands, Inc. and Subsidiaries of our reports dated March 15, 2022, relating to the consolidated financial statements and schedule as of December 31, 2021 and 2020, and for the years ended December 31, 2021 and 2020, and the effectiveness of internal control over financial reporting as of December 31, 2021, which appear in the Annual Report on Form 10-K.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">/s/ Schneider Downs &amp; Co., Inc.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Columbus, Ohio</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">March 15, 2022</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>5
<FILENAME>ex_345467.htm
<DESCRIPTION>EXHIBIT 24
<TEXT>
<html><head>
	<title>ex_345467.htm</title>
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<body style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; padding: 0in 0.1in; cursor: auto;">
<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><i><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">Exhibit 24</font></i></p>

<p style="margin-bottom: 0px; text-align: left; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>POWER OF ATTORNEY</u></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:38pt;">Each of the undersigned officers and directors of Rocky Brands, Inc., an Ohio corporation (the &#8220;Company&#8221;), hereby appoints as his or her true and lawful attorney-in-fact, Jason Brooks, Thomas D. Robertson and Jeremy D. Siegfried, or any of them individually, in his or her name and on his or her behalf, and in any and all capacities stated below, to sign and to cause to be filed with the Securities and Exchange Commission the Company&#8217;s registration statement on Form S-8 (the &#8220;Registration Statement&#8221;) relating to the registration of up to 25,000 shares of common stock of the Company, without par value, to be issued by the Company pursuant to the Rocky Brands, Inc. 2021 Inducement Option Plan, and any and all amendments, supplements and exhibits thereto, including post-effective amendments or supplements, or any other document with any state securities commission or other regulatory authority with respect to the securities covered by the Registration Statement, hereby granting unto such attorney-in-fact, full power and authority to do and perform in the name and on behalf of the undersigned, in any and all such capacities, every act and thing whatsoever necessary to be done in and about the premises as fully as the undersigned could or might do in person, hereby granting to such attorney-in-fact full power of substitution and revocation, and hereby ratifying all that any such attorney-in-fact or his substitute may do by virtue hereof.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 38pt;">IN WITNESS WHEREOF, we have executed this Power of Attorney, in counterparts if necessary, effective as of March 15, 2022.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt;"><u>Signature</u></td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;"><u>Title</u></td>
		</tr>
		<tr>
			<td style="width: 33%;">&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt; border-bottom: 1px solid rgb(0, 0, 0);">/s/ Jason Brooks</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">Chairman, Chief Executive Officer and President</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt;">Jason Brooks&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">(Principal Executive Officer)</td>
		</tr>
		<tr>
			<td style="width: 33%;">&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt; border-bottom: 1px solid rgb(0, 0, 0);">/s/ Thomas D. Robertson&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">Executive Vice President, Chief Financial Officer and</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt;">Thomas D. Robertson&nbsp;&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">Treasurer (Principal Financial and Accounting Officer)</td>
		</tr>
		<tr>
			<td style="width: 33%;">&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%; border-bottom: 1px solid rgb(0, 0, 0); padding: 0pt; margin: 0pt; text-indent: 38pt;">/s/ Mike Brooks</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">Director</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt;">Mike Brooks</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%;">&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt; border-bottom: 1px solid rgb(0, 0, 0);">/s/ Glenn E. Corlett&nbsp;&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">Director</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt;">Glenn E. Corlett&nbsp;&nbsp;&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%;">&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt; border-bottom: 1px solid rgb(0, 0, 0);">/s/ Michael L. Finn</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">Director</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt;">Michael L. Finn</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%;">&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt; border-bottom: 1px solid rgb(0, 0, 0);">/s/ Robyn R. Hahn</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">Director</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt;">Robyn R. Hahn</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%;">&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt; border-bottom: 1px solid rgb(0, 0, 0);">/s/ G. Courtney Haning</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">Director</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt;">G. Courtney Haning</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%;">&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt; border-bottom: 1px solid rgb(0, 0, 0);">/s/ William L. Jordan</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">Director</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt;">William L. Jordan</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt;">&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt; border-bottom: 1px solid rgb(0, 0, 0);">/s/ Curtis A. Loveland&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">Director</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt;">Curtis A. Loveland</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt;">&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;/s/ Robert B. Moore, Jr.</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">Director</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt;">Robert B. Moore, Jr.</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt;">&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt; border-bottom: 1px solid rgb(0, 0, 0);">/s/ James L. Stewart&nbsp;&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">Director</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt;">James L. Stewart</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt;">&nbsp;</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt; border-bottom: 1px solid rgb(0, 0, 0);">/s/ Tracie A. Winbigler</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">Director</td>
		</tr>
		<tr>
			<td style="width: 33%; padding: 0pt; margin: 0pt; text-indent: 38pt;">Tracie A. Winbigler</td>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 57%;">&nbsp;</td>
		</tr>

</table>

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>6
<FILENAME>ex_345469.htm
<DESCRIPTION>EXHIBIT FILING FEES
<TEXT>
<html><head>
	<title>ex_345469.htm</title>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><i><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">Exhibit 107</font></i></p>

<p style="margin-bottom: 0px; text-align: left; margin-top: 0px">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px;">

		<tr style="vertical-align: bottom;">
			<td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 9.5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Security Type</b></p>
			</td>
			<td style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; width: 20.1%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Security</b><br>
			<b>Class</b><br>
			<b>Title</b></p>
			</td>
			<td style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; width: 10.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Fee</b><br>
			<b>Calculation</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Rule</b></p>
			</td>
			<td id=".lead.D4" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" id=".amt.D4" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><b>Amount</b><br>
			<b>Registered</b><b><sup style="vertical-align:top;line-height:120%;font-size:pt">(1)</sup></b></b></p>
			</td>
			<td id=".trail.D4" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D5" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" id=".amt.D5" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><b>Proposed</b><br>
			<b>Maximum</b><br>
			<b>Offering</b><br>
			<b>Price Per</b><br>
			<b>Unit</b></b></p>
			</td>
			<td id=".trail.D5" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D6" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" id=".amt.D6" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><b>Maximum</b><br>
			<b>Aggregate</b><br>
			<b>Offering</b><br>
			<b>Price</b></b></p>
			</td>
			<td id=".trail.D6" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D7" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" id=".amt.D7" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><b>Fee</b><br>
			<b>Rate</b></b></p>
			</td>
			<td id=".trail.D7" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.D8" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" id=".amt.D8" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><b>Amount of</b><br>
			<b>Registration</b><br>
			<b>Fee</b></b></p>
			</td>
			<td id=".trail.D8" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; vertical-align: top;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Equity</p>
			</td>
			<td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Common Shares, without par<br>
			value, reserved for<br>
			issuance pursuant to the Rocky</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Brands, Inc. 2021 Inducement</p>
			</td>
			<td style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; vertical-align: top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Rule 457(c) and<br>
			Rule 457(h)</p>
			</td>
			<td id=".lead.4" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.4" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.4" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".trail.4" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.5" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.5" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.5" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".trail.5" nowrap="true" style="width: 2%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.6" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.6" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.7" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.7" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.7" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".trail.7" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.8" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.8" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".amt.8" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".trail.8" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">Option Plan</td>
			<td style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">20,000</td>
			<td nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td>
			<td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">45.61</td>
			<td nowrap="true" style="width: 2%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; vertical-align: top;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(2)</sup></td>
			<td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td>
			<td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">912,200</td>
			<td nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">0.0000927</td>
			<td nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td>
			<td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">85</td>
			<td nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td>&nbsp;</td>
			<td>&nbsp;</td>
			<td>&nbsp;</td>
			<td id=".lead.B4">&nbsp;</td>
			<td id=".symb.B4">&nbsp;</td>
			<td id=".amt.B4">&nbsp;</td>
			<td id=".trail.B4">&nbsp;</td>
			<td id=".lead.B5">&nbsp;</td>
			<td id=".symb.B5">&nbsp;</td>
			<td id=".amt.B5">&nbsp;</td>
			<td id=".trail.B5">&nbsp;</td>
			<td id=".lead.B6">&nbsp;</td>
			<td id=".symb.B6">&nbsp;</td>
			<td id=".amt.B6">&nbsp;</td>
			<td id=".trail.B6">&nbsp;</td>
			<td id=".lead.B7">&nbsp;</td>
			<td id=".symb.B7">&nbsp;</td>
			<td id=".amt.B7">&nbsp;</td>
			<td id=".trail.B7">&nbsp;</td>
			<td id=".lead.B8">&nbsp;</td>
			<td id=".symb.B8">&nbsp;</td>
			<td id=".amt.B8">&nbsp;</td>
			<td id=".trail.B8">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td colspan="6" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;">Total Offering Amounts</p>
			</td>
			<td id=".trail.D4" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B5" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B5" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B5" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B5" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.6" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.6" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td>
			<td id=".amt.6" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">893,800</td>
			<td id=".trail.6" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
			<td id=".lead.B7" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B7" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B7" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B7" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.8" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.8" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td>
			<td id=".amt.8" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">85</td>
			<td id=".trail.8" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td colspan="6" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;">&nbsp;</p>
			</td>
			<td id=".trail.D4" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B5" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B5" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B5" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B5" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B6" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B6" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B6" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B6" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B7" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B7" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B7" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B7" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B8" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B8" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B8" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B8" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td colspan="6" rowspan="1" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: center;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Fee Offsets</td>
			<td id=".trail.B4" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B5" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B5" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B5" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B5" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B6" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B6" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B6" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B6" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B7" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B7" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B7" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B7" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.8" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.8" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.8" style="width: 9%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;">&#8212;</td>
			<td id=".trail.8" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td colspan="6" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.D4" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B5" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B5" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B5" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B5" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B6" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B6" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B6" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B6" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B7" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B7" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B7" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B7" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B8" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B8" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B8" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B8" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td colspan="6" rowspan="1" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: center;">&nbsp;Net Fee Due</td>
			<td id=".trail.B4" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B5" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B5" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B5" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B5" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B6" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B6" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B6" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B6" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.B7" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.B7" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.B7" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".trail.B7" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".lead.8" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.8" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td>
			<td id=".amt.8" style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">85</td>
			<td id=".trail.8" nowrap="true" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">(1)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">This registration statement shall be deemed to cover an indeterminate number of additional common shares, without par value, as may be issuable pursuant to future stock dividends, stock splits, or similar transactions, pursuant to Rule 416(a) and (b) of the Securities Act of 1933, as amended.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">(2)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">Estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(c) and (h) of the Securities Act of 1933, as amended. The maximum aggregate offering price is based on a maximum of 20,000 shares registered for issuance under the Rocky Brands, Inc. 2021 Inducement Option Plan, multiplied by $45.61, the average of the high and low prices of the common shares, without par value, of Rocky Brands, Inc. as reported on the Nasdaq Global Select Market on March 8, 2022.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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