Exhibit 10.2


 


NEITHER
THIS DEBENTURE NOR THE SECURITIES INTO WHICH THIS DEBENTURE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE. THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.


 


Principal
Amount: $


Interest
Rate: 6.0%


Debenture
Issuance Date: 


 


FOR
VALUE RECEIVED, RUBICON TECHNOLOGIES, INC., a Delaware corporation (the “Company”), hereby promises to pay to
the order of                          ,
or its registered assigns (the “Holder”) the principal sum of $            
(as reduced pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the “Principal”) when
due, whether upon the Maturity Date (as defined below), acceleration, redemption or otherwise (in each case in accordance with the terms
hereof) and to pay interest (“Interest”) on any outstanding Principal at the applicable Interest Rate from the date
set out above as the Debenture Issuance Date (the “Issuance Date”) until the same becomes due and payable, whether
upon the Maturity Date or acceleration, conversion, redemption or otherwise (in each case in accordance with the terms hereof). This
Convertible Debenture (including all debentures issued in exchange, transfer or replacement hereof, this “Convertible Debenture”
or “Debenture”) was originally issued pursuant to the Securities Purchase Agreement dated December 16, 2022, as amended
(the “Securities Purchase Agreement”) between the Company and the Buyer listed on the Schedule of Buyers attached
thereto. Capitalized terms used herein but not defined are defined in the Securities Purchase Agreement. In exchange for delivery of
this Debenture on the Debenture Issuance Date referred to above, the Holder shall loan the Company $                     
in United States dollars net of an original issuance discount of $                    .


 


(1)
GENERAL TERMS


 


(a)
Maturity Date. On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding Principal,
accrued and unpaid Interest, and any other amounts outstanding pursuant to the terms of this Debenture. The “Maturity Date”
shall be June 16, 2024, as may be extended at the option of the Holder. Other than as specifically permitted by this Debenture in (1)(c),
the Company may not prepay or redeem any portion of the outstanding Principal and accrued and unpaid Interest.


 


(b)
Interest Rate and Payment of Interest. Interest shall accrue on the outstanding Principal balance hereof at an annual rate equal
to 6.0% (“Interest Rate”), which Interest Rate shall increase to an annual rate of 12.0% for so long as any Event
of Default remains uncured. Accrued and unpaid Interest shall be due and payable in arrears on the last Business Day of each calendar
quarter. Interest shall be calculated on the basis of a 365-day year and the actual number of days elapsed, to the extent permitted by
applicable law. Notwithstanding the foregoing or anything contained in this Debenture to the contrary, any portion of the aggregate Interest
accrued in respect of the Principal may, at the option of the Company, which option shall be elected in a written notice to the Holder
no later than 5 days before the last Business Day of each calendar quarter, be paid in kind by capitalizing the amount of such Interest
accrued, and adding such accrued amounts to the Principal on each such applicable interest payment date (the aggregate amount of the
Principal arising as a result of the capitalization of Interest pursuant to this Section 1(b), if any, being referred to herein as “PIK
Principal”). Any reference in this Debenture to the Principal or the outstanding balance of the Principal, shall include all
PIK Principal. For the avoidance of doubt, PIK Principal shall be pari passu with and shall constitute a portion of the Principal
for all purposes hereunder, and the outstanding principal balance of the PIK Principal (if any) shall be due and payable on the Maturity
Date.


 






     


     


    

 


(c)
Early Redemption. The Company shall have the right, but not the obligation, to redeem, in cash, (“Optional Redemption”)
early a portion or all amounts outstanding under this Debenture as described in this Section; provided that the Company provides
the Holder with at least 10 Business Days’ prior written notice (each, a “Redemption Notice”) of its desire
to exercise an Optional Redemption. Each Redemption Notice shall be irrevocable and shall specify the outstanding balance of the Convertible
Debentures to be redeemed and the applicable Redemption Premium. The “Redemption Amount” shall be equal to the outstanding
Principal balance being redeemed by the Company, plus the applicable Redemption Premium, plus all accrued and unpaid interest. After
receipt of the Redemption Notice, the Holder shall have 10 Business Days to elect to convert all or any portion of Convertible Debentures.
On the 11th Business Day after the Redemption Notice, the Company shall deliver to the Holder the Redemption Amount with respect
to the Principal amount redeemed after giving effect to conversions effected during the 10 Business Day period.


 


(d)
Original Issue Discount. The Company acknowledges that upon issuance of this Debenture, the amount of this Debenture was funded
with a non-refundable discount of $               
(“Original Issue Discount”). The Original Issue Discount is a payment for the use or forbearance of money loaned pursuant
to this Debenture, and not a payment for services, and shall be taken into account as required by the original issue discount rules of
the Internal Revenue Code of 1986, as amended (the “Code”). In exchange for the delivery of the Debenture referred
to herein, the Holder will lend the Company $                          
in United States dollars net of an Original Issue Discount of $                          .


 


(2)
EVENTS OF DEFAULT; REMEDIES.


 


(a)
An “Event of Default”, wherever used herein, means any one of the following events (whatever the reason and whether
it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any
order, rule or regulation of any administrative or governmental body):


 


(i)
the Company’s failure to pay to the Holder any amount of Principal, Interest, or other amounts when and as due under this Debenture
or any other Transaction Document within five (5) days after such payment is due;


 


(ii)
(A)The Company or any subsidiary of the Company shall commence, a voluntary proceeding under any applicable bankruptcy or insolvency
laws as now or hereafter in effect or any successor thereto, or the Company or any subsidiary of the Company commences any other proceeding
under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of
any jurisdiction whether now or hereafter in effect relating to the Company or any subsidiary of the Company; or (B) the Company or any
subsidiary of the Company is adjudicated insolvent or bankrupt; or (C) any order of relief or other order approving any such case or
proceeding is entered; or (D) the Company or any subsidiary of the Company suffers any appointment of any custodian, private or court
appointed receiver or the like for it or any substantial part of its property which continues undischarged or unstayed for a period of
sixty one (61) days; or (E) the Company or any subsidiary of the Company makes a general assignment for the benefit of creditors; or
(F) the Company or any subsidiary of the Company shall by any act or failure to act expressly indicate its consent to, approval of or
acquiescence in any of the foregoing; or any corporate or other action is taken by the Company or any subsidiary of the Company for the
purpose of effecting any of the foregoing; or (G) there shall be commenced against the Company or any subsidiary of the Company an involuntary
proceeding under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor or any other proceeding
under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of
any jurisdiction whether now or hereafter in effect relating to the Company or any subsidiary of the Company which remains undismissed
for a period of 61 days;


 


(iii)
The Common Stock shall cease to be quoted or listed for trading, as applicable, on any Primary Market for a period of 20 consecutive
Trading Days;


 


(iv)
The Company or any subsidiary of the Company shall be a party to any Change of Control Transaction (as defined in the Securities Purchase
Agreement)) unless in connection with such Change of Control Transaction this Debenture is retired.


 






    2


     


    

 


(b)
During the time that any portion of this Debenture is outstanding, if any Event of Default, that has not been remedied or waived within
five (5) Trading Days, has occurred and is continuing, the full unpaid Principal amount of this Debenture, together with Interest and
other amounts owing in respect thereof, to the date of acceleration shall become at the Holder’s election, immediately due and
payable in cash. Furthermore, in addition to any other remedies, the Holder shall have the right (but not the obligation) to convert
this Debenture (subject to the beneficial ownership limitations set out in Section (3)(c)) at any time after (x) an Event of Default
(provided that such Event of Default is continuing) or (y) the Maturity Date at the Conversion Price. The Holder need not provide and
the Company hereby waives any presentment, demand, protest or other notice of any kind (other than required notice of conversion) and
the Holder may immediately enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable
law. Such declaration may be rescinded and annulled by Holder at any time prior to payment hereunder. No such rescission or annulment
shall affect any subsequent Event of Default or impair any right consequent thereon.


 


(3)
CONVERSION OF DEBENTURE. This Debenture shall be convertible into shares of the Company’s Common Stock, on the terms and
conditions set forth in this Section (3).


 


(a)
Conversion Right. Subject to the limitations of Section 3(c), at any time or times on or after the Issuance Date, the Holder shall
be entitled to convert any portion of the outstanding and unpaid Conversion Amount (as defined below) into fully paid and nonassessable
shares of Common Stock in accordance with Section(3)(b), at the Conversion Rate (as defined below). The number of shares of Common Stock
issuable upon conversion of any Conversion Amount pursuant to this Section (3)(a) shall be determined by dividing (x) such Conversion
Amount by (y) the Conversion Price (the “Conversion Rate”). The Company shall not issue any fraction of a share of
Common Stock upon any conversion. All calculations under this Section (3) shall be rounded to the nearest $0.0001. If the issuance would
result in the issuance of a fraction of a share of Common Stock, the Company shall round up or down to such fraction of a share of Common
Stock up to the nearest whole share. The Company shall pay any and all transfer, stamp and similar taxes that may be payable with respect
to the issuance and delivery of Common Stock upon conversion of any Conversion Amount.


 


(i)
“Conversion Amount” means the portion of the Principal and accrued Interest to be converted, redeemed or otherwise
with respect to which this determination is being made.


 


(ii)
“Conversion Price” means, as of any Conversion Date (as defined below), or other date of determination, the lower
of 110% of (i) the average Official Closing Price for the five (5) Trading Days immediately preceding the execution of the Transaction
Documents or (ii) the Official Closing Price immediately preceding the signing of the Transaction Documents (the “Fixed Conversion
Price”). The Conversion Price shall be adjusted from time to time pursuant to the other terms and conditions of this Debenture.


 


(b)
Mechanics of Conversion.


 


(i)
Optional Conversion. To convert any Conversion Amount into shares of Common Stock on any date (a “Conversion Date”),
the Holder shall (A) transmit by facsimile (or otherwise deliver), for receipt on or prior to 11:59 p.m., New York Time, on such date,
a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the “Conversion Notice”)
to the Company and (B) if required by Section (3)(b)(ii), surrender this Debenture to a nationally recognized overnight delivery service
for delivery to the Company (or an indemnification undertaking reasonably satisfactory to the Company with respect to this Debenture
in the case of its loss, theft or destruction). On or before the fifth (5th) Trading Day following the date of receipt of a Conversion
Notice (the “Share Delivery Date”), the Company shall (X) if legends are not required to be placed on certificates
of Common Stock and provided that the Transfer Agent is participating in the Depository Trust Company’s (“DTC”)
Fast Automated Securities Transfer Program, credit such aggregate number of shares of Common Stock to which the Holder shall be entitled
to the Holder’s or its designee’s balance account with DTC through its Deposit Withdrawal Agent Commission system or (Y)
if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver to the address as
specified in the Conversion Notice, a certificate, registered in the name of the Holder or its designee, for the number of shares of
Common Stock to which the Holder shall be entitled which certificates shall not bear any restrictive legends unless required pursuant
to rules and regulations of the Commission. If this Debenture is physically surrendered for conversion and the outstanding Principal
of this Debenture is greater than the Principal portion of the Conversion Amount being converted, then the Company shall as soon as practicable
and in no event later than five (5) Business Days after receipt of this Debenture and at its own expense, issue and deliver to the holder
a new Debenture representing the outstanding Principal not converted. The Person or Persons entitled to receive the shares of Common
Stock issuable upon a conversion of this Debenture shall be treated for all purposes as the record holder or holders of such shares of
Common Stock upon the transmission of a Conversion Notice.


 






    3


     


    

 


(ii)
Book-Entry. Notwithstanding anything to the contrary set forth herein, upon conversion of any portion of this Debenture in accordance
with the terms hereof, the Holder shall not be required to physically surrender this Debenture to the Company unless (A) the full Conversion
Amount represented by this Debenture is being converted or (B) the Holder has provided the Company with prior written notice (which notice
may be included in a Conversion Notice) requesting reissuance of this Debenture upon physical surrender of this Debenture. The Holder
and the Company shall maintain records showing the Principal and Interest converted and the dates of such conversions or shall use such
other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this Debenture upon conversion.
However, at the time of each such Conversion Notice, Holder shall provide Company with its calculation of the then-outstanding amount
of the Debenture and the amount of the outstanding Debenture after satisfaction of the relevant the then-pending Conversion Notice.


 


(c)
Limitations on Conversions.


 


(i)
Beneficial Ownership. Since the Holder will not be obligated to report to the Company the number of shares of Common Stock it
may hold at the time of a conversion hereunder, unless the conversion at issue would result in the issuance of shares of Common Stock
in excess of 4.99% of the then outstanding shares of Common Stock without regard to any other shares which may be beneficially owned
by the Holder or an affiliate thereof, the Holder shall have the authority and obligation to determine whether the restriction contained
in this Section will limit any particular conversion hereunder and to the extent that the Holder determines that the limitation contained
in this Section applies, the determination of which portion of the Principal amount of this Debenture is convertible shall be the responsibility
and obligation of the Holder. If the Holder has delivered a Conversion Notice for a Principal amount of this Debenture that, without
regard to any other shares that the Holder or its affiliates may beneficially own, would result in the issuance in excess of 4.99% of
the then outstanding shares of Common Stock the Company shall notify the Holder of this fact and shall honor the conversion for the maximum
Principal amount permitted to be converted on such Conversion Date in accordance with Section (3)(a) and, any Principal amount tendered
for conversion in excess of the permitted amount hereunder shall remain outstanding under this Debenture and shall not be deemed to be
an Event of Default. The provisions of this Section may be waived by a Holder (but only as to itself and not to any other Holder) upon
not less than 65 days prior notice to the Company. Other Holders shall be unaffected by any such waiver.


 


(ii)
NYSE 20% Limitation. The Holder shall not have the right to convert any portion of this Debenture or receive shares of Common Stock
hereunder to the extent that after giving effect to such conversion or receipt of such shares of Common Stock (a) the shares of Common
Stock have, or will have upon issuance, voting power equal to or in excess of 20% of the voting power outstanding before the issuance
of such shares of Common Stock or of securities convertible into or exercisable for shares of Common Stock, or (b) the number of shares
of Common Stock to be issued have, or will be upon issuance, equal to or in excess of 20% of the number of shares of Common Stock outstanding
before the issuance of the shares of Common Stock or of securities convertible into or exercisable for shares of Common Stock. 


 


(d)
Other Provisions.


 


(i)
The Company shall at all times reserve and keep available out of its authorized Common Stock the full number of shares of Common Stock
issuable upon conversion of all outstanding amounts under this Debenture; and within twenty (20) Business Days following the receipt
by the Company of a Holder’s notice that such minimum number of Underlying Shares is not so reserved, the Company shall promptly
reserve a sufficient number of shares of Common Stock to comply with such requirement.


 


(ii)
All calculations under this Section (3) shall be rounded to the nearest $0.0001 or whole share.


 






    4


     


    

 


(iii)
The Company covenants that it will at all times reserve and keep available out of its authorized and unissued shares of Common Stock
solely for the purpose of issuance upon conversion of this Debenture and payment of Interest on this Debenture, each as herein provided,
free from preemptive rights or any other actual contingent purchase rights of persons other than the Holder, not less than such number
of shares of the Common Stock as shall be issuable (taking into account the adjustments and restrictions set forth herein) upon the conversion
of the outstanding Principal amount of this Debenture and payment of interest hereunder. The Company covenants that all shares of Common
Stock that shall be so issuable shall, upon issue, be duly and validly authorized, issued and fully paid, nonassessable and, if the Underlying
Shares Registration Statement has been declared effective under the Securities Act, registered for public sale in accordance with such
Underlying Shares Registration Statement. The Company represents and warrants that it has full power and authority to authorize the Underlying
Shares of Common Stock that would be issued upon conversion by Holder of all or a portion of the outstanding Principal amount of this
Debenture and payment of interest hereunder.


 


(iv)
Nothing herein shall limit a Holder’s right to declare an Event of Default pursuant to Section (2) herein for the Company’s
failure to deliver certificates representing shares of Common Stock upon conversion within the period specified herein and such Holder
shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance
and/or injunctive relief, in each case without the need to post a bond or provide other security. The exercise of any such rights shall
not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable law.


 


(4)
ADJUSTMENTS TO THE FIXED CONVERSION PRICE.


 


In
the event that the outstanding shares of Common Stock of the Company are increased, decreased, changed into or exchanged for a different
number or kind of Common Stock or securities of the Company as a result of a dividend, unit split, reverse unit split, or other similar
transaction, or if, upon a merger, consolidation, reorganization or split-up, the outstanding shares of Common Stock of the Company shall
be exchanged for other securities of the Company, the board of directors shall make an appropriate adjustment in the number and kind
of Common Stock issuable on conversion of this Debenture and in the Fixed Conversion Price, such that the Holder will be entitled to
receive the kind and number of shares of Common Stock of the Company, at the same price, which the Holder would have been entitled to
receive after the happening of any such event or any record date with respect thereto had the Holder fully converted this Debenture immediately
prior to such event or record date. All such adjustments made by the board of directors shall be conclusive. All adjustments to the Fixed
Conversion Price shall be made to the nearest whole cent.


 


(5)
REISSUANCE OF THIS DEBENTURE.


 


(a)
Transfer. If this Debenture is to be transferred, the Holder shall surrender this Debenture to the Company, whereupon the Company
will forthwith issue and deliver upon the order of the Holder a new Debenture (in accordance with Section (5)(d)), registered in the
name of the registered transferee or assignee, representing the outstanding Principal being transferred by the Holder (along with any
accrued and unpaid interest thereof) and, if less then the entire outstanding Principal is being transferred, a new Debenture (in accordance
with Section (5)(d)) to the Holder representing the outstanding Principal not being transferred. The Holder and any assignee, by acceptance
of this Debenture, acknowledge and agree that, by reason of the provisions of Section (3)(b)(ii) following conversion or redemption of
any portion of this Debenture, the outstanding Principal represented by this Debenture may be less than the Principal stated on the face
of this Debenture.


 


(b)
Lost, Stolen or Mutilated Debenture. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Debenture, and, in the case of loss, theft or destruction, of any indemnification undertaking
by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Debenture, the
Company shall execute and deliver to the Holder a new Debenture (in accordance with Section (5)(d)) representing the outstanding Principal.


 


(c)
Debenture Exchangeable for Different Denominations. This Debenture is exchangeable, upon the surrender hereof by the Holder at
the principal office of the Company, for a new Debenture or Debentures (in accordance with Section(5)(d)) representing in the aggregate
the outstanding Principal of this Debenture, and each such new Debenture will represent such portion of such outstanding Principal as
is designated by the Holder at the time of such surrender.


 






    5


     


    

 


(d)
Issuance of New Debentures. Whenever the Company is required to issue a new Debenture pursuant to the terms of this Debenture,
such new Debenture (i) shall be of like tenor with this Debenture, (ii) shall represent, as indicated on the face of such new Debenture,
the Principal remaining outstanding (or in the case of a new Debenture being issued pursuant to Section (5)(a) or Section (5)(c), the
Principal designated by the Holder which, when added to the Principal represented by the other new Debentures issued in connection with
such issuance, does not exceed the Principal remaining outstanding under this Debenture immediately prior to such issuance of new Debentures),
(iii) shall have an issuance date, as indicated on the face of such new Debenture, which is the same as the Issuance Date of this Debenture,
(iv) shall have the same rights and conditions as this Debenture, and (v) shall represent accrued and unpaid Interest from the Issuance
Date.


 


(6)
NOTICES. Any notices, consents, waivers or other communications required or permitted to be given under the terms hereof must
be in writing by letter or email and will be deemed to have been delivered: upon the later of (A) either (i) receipt, when delivered
personally or (ii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each case,
properly addressed to the party to receive the same and (B) receipt, when sent by electronic mail. The addresses and e-mail addresses
for such communications shall be:


 


	If
    to the Company, to:	Rubicon
    Technologies, Inc.
	 	100
    West Main Street, Suite 610

    Lexington,
    KY 40507

	 	Attn:
    Philip Rodoni
	 	Telephone:
    (844) 479-1507
	 	Email:
    phil.rodoni@rubicon.com
	 	 
	If
    to the Holder:	 

                                                                                          

     



or
at such other address and/or email and/or to the attention of such other person as the recipient party has specified by written notice
given to each other party three (3) Business Days prior to the effectiveness of such change. Written confirmation of receipt (i) given
by the recipient of such notice, consent, waiver or other communication, (ii) electronically generated by the sender’s email service
provider containing the time, date, recipient email address or (iii) provided by a nationally recognized overnight delivery service,
shall be rebuttable evidence of personal service, or receipt from a nationally recognized overnight delivery service in accordance with
clause (i), (ii) or (iii) above, respectively.


 


(7)
Except as expressly provided herein, no provision of this Debenture shall alter or impair the obligations of the Company, which are absolute
and unconditional, to pay the Principal of, interest and other charges (if any) on, this Debenture at the time, place, and rate, and
in the coin or currency, herein prescribed. This Debenture is a direct obligation of the Company.


 


(8)
This Debenture shall not entitle the Holder to any of the rights of a stockholder of the Company, including without limitation, the right
to vote, to receive dividends and other distributions, or to receive any notice of, or to attend, meetings of stockholders or any other
proceedings of the Company, unless and to the extent converted into shares of Common Stock in accordance with the terms hereof.


 


(9)
This Debenture shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to conflicts
of laws thereof. Each of the parties consents to the exclusive jurisdiction of the United States District Court sitting in the Southern
District of New York and the courts of the State of New York located in Manhattan in connection with any dispute arising under this Debenture
and hereby waives, to the maximum extent permitted by law, any objection, including any objection based on forum non conveniens to the
bringing of any such proceeding in such jurisdictions. THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY
OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT
OR ANY TRANSACTION DOCUMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY.
THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES’ ACCEPTANCE OF THIS AGREEMENT.


 






    6


     


    

 


(10)
Any waiver by the Holder of a breach of any provision of this Debenture shall not operate as or be construed to be a waiver of any other
breach of such provision or of any breach of any other provision of this Debenture. The failure of the Holder to insist upon strict adherence
to any term of this Debenture on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter
to insist upon strict adherence to that term or any other term of this Debenture. Any waiver must be in writing.


 


(11)
If any provision of this Debenture is invalid, illegal or unenforceable, the balance of this Debenture shall remain in effect, and if
any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances.
If it shall be found that any interest or other amount deemed interest due hereunder shall violate applicable laws governing usury, the
applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest. The Company
covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company from paying
all or any portion of the Principal of or interest on this Debenture as contemplated herein, wherever enacted, now or at any time hereafter
in force, or which may affect the covenants or the performance of this indenture, and the Company (to the extent it may lawfully do so)
hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort to any such law, hinder,
delay or impeded the execution of any power herein granted to the Holder, but will suffer and permit the execution of every such as though
no such law has been enacted.





 


[Signature
Page Follows]





 






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IN
WITNESS WHEREOF, the Company has caused this Convertible Debenture to be duly executed by a duly authorized officer as of the date
set forth above.


 


	 	COMPANY:	 
	 	RUBICON
    TECHNOLOGIES, INC.	 
	 	 	 	 
	 	By:	     	 
	 	Name:	Philip
Rodoni	 
	 	Title:	Chief
    Executive Officer	 


 









    8


     


    

 


EXHIBIT
I 


 


CONVERSION
NOTICE


 


(To
be executed by the Holder in order to Convert the Debenture)


 


TO:
RUBICON TECHNOLOGIES, INC.


Via
Email: 


 


The
undersigned hereby irrevocably elects to convert a portion of the outstanding and unpaid Conversion Amount of Debenture No. into Shares
of Common Stock of RUBICON TECHNOLOGIES, INC., according to the conditions stated therein, as of the Conversion Date written below.


 


	Conversion
    Date:	 
	Principal
    Amount to be Converted:	 
	Accrued
    Interest to be Converted:	 
	Total
    Conversion Amount to be converted:	 
	Fixed
    Conversion Price: 	 
	 	 
	Applicable
    Conversion Price:	 
	Number
    of shares of Common Stock to be issued:	 


 


	Please
    issue the shares of Common Stock in the following name and deliver them to the following account:	 
	Issue
    to:	 	 
	Broker
    DTC Participant Code:	 	 
	Account
    Number:	 	 
	 	 	 
	Authorized
    Signature:	 	 
	Name:	 	 
	Title:	 	 


 


	 


 






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