4/A: Riot Platforms CEO Grants Power of Attorney for SEC Filings

Riot Platforms CEO Jason Les filed an amended Form 4 to include a Power of Attorney, authorizing legal counsel to manage his SEC reporting obligations.

Summary

• Jason Les, CEO and Director of Riot Platforms, Inc., filed an amended Form 4 (Form 4/A).
• The sole purpose of this amendment is to add a Limited Power of Attorney, attached as Exhibit 24.
• The Power of Attorney authorizes William R. Jackman, Jamie Amentler, and Tanya McGill to prepare, sign, and submit SEC reports (Form ID, Schedules 13D/G, and Forms 3, 4, or 5) on behalf of Jason Les.
• This delegation covers his beneficial ownership of securities of Riot Platforms, Inc.
• As of the original filing, Jason Les beneficially owned 1,019,911 shares of Common Stock indirectly through The Jason M. Les Trust, dated March 8, 2021.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. This is an administrative filing that reflects good corporate governance by formalizing compliance procedures for a key executive, which is a positive for transparency and efficiency.

Positives

• Streamlines compliance for the CEO by delegating SEC filing responsibilities to qualified legal professionals.
• Enhances the accuracy and timeliness of insider beneficial ownership reporting for Riot Platforms, Inc.

Risks

• Potential for errors or omissions in delegated filings if not properly overseen, though this risk is mitigated by the involvement of professional legal counsel.

Future Outlook

The Power of Attorney will remain in full force and effect until Jason Les is no longer required to file SEC reports concerning his holdings in Riot Platforms, Inc., ensuring ongoing compliance with reporting obligations.

Management Comments

• "I hereby grant unto said attorneys-in-fact and agents, and any such delegees as they may appoint from time to time, each acting singly, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as I might or could do in person."
• "I acknowledge that the foregoing attorneys-in-fact, in serving in such capacity at my request, are not assuming, and the Corporation is not assuming, any of my responsibilities to comply with Section 13(d) and Section 16 of the Exchange Act."

Industry Context

This is a standard administrative filing for corporate insiders, common across all industries, to streamline compliance with SEC reporting requirements for beneficial ownership.

Comparison to Industry Standards

• Delegating SEC filing responsibilities to legal counsel via a Power of Attorney is a common and accepted practice among executives in publicly traded companies, aligning with best practices for corporate governance and compliance across various industries.

Corporate Governance

Stakeholder Impact

• Shareholders: Provides clarity and assurance regarding the company's commitment to transparent and compliant insider reporting.
• Management: Streamlines administrative burden for the CEO, allowing more focus on core business operations.

Next Steps

• The appointed attorneys-in-fact will continue to prepare and file SEC reports (Forms ID, 3, 4, 5, and Schedules 13D/G) on behalf of Jason Les as required by Section 13(d) and Section 16(a) of the Exchange Act.

Key Dates

Keywords

Riot Platforms, RIOT, Jason Les, SEC filing, Form 4/A, Power of Attorney, beneficial ownership, corporate governance, insider reporting, compliance