Exhibit
10.3


 


FORM
OF 


REGISTRATION
RIGHTS AGREEMENT


 


THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of December 16, 2022 by and among RUBICON TECHNOLOGIES,
INC., a Delaware corporation (the “Company”), and (the “Investor”).


 


WHEREAS:


 


A.
In connection with the Securities Purchase Agreement by and among the parties hereto of even date herewith (the “Securities
Purchase Agreement”), the Company has agreed, upon the terms and subject to the conditions of the Securities Purchase Agreement,
to issue and sell to the Investor up to $15,000,000 of convertible debentures (the “Convertible Debentures”), which
shall be convertible into shares of the Company’s common stock, par value $0.0001 (the “Common Stock”) (as converted,
the “Conversion Shares”). Capitalized terms not defined herein shall have the meaning ascribed to them in the Securities
Purchase Agreement.


 


B.
To induce the Investors to execute and deliver the Securities Purchase Agreement, the Company has agreed to provide certain registration
rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively,
the “Securities Act”), and applicable state securities laws and other rights as provided for herein.


 


NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Investor(s) hereby agree as follows:


 


1.
DEFINITIONS.


 


As
used in this Agreement, the following terms shall have the following meanings:


 


(a)
“Effectiveness Deadline” means, with respect to a Registration Statement filed hereunder, the 120th calendar day following
the filing date thereof, provided, however, in the event the Company is notified by the U.S. Securities and Exchange Commission (“SEC”)
that one of the Registration Statements, as defined below, will not be reviewed or is no longer subject to further review and comments,
the Effectiveness Deadline as to such Registration Statement shall be the tenth (10) calendar day following the date on which the Company
is so notified if such date precedes the date required above.


 


(b)
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.


 


(c)
“Filing Deadline” means, with respect to a Registration Statement required hereunder, the 45th calendar day following
the date hereof.


 


(d)
“Person” means a corporation, a limited liability company, an association, a partnership, an organization, a business,
an individual, a governmental or political subdivision thereof or a governmental agency.


 


(e)
“Prospectus” means the prospectus included in a Registration Statement (including, without limitation, a prospectus
that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon
Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of
the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements
to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference
in such Prospectus.


 


(f)
“Registrable Securities” means all of (i) the shares of Common Stock issuable upon conversion of the Convertible Debentures,
(ii) the shares of Common Stock issued and held by the Investor from conversions of the Convertible Debentures (iii) the additional shares
issuable in connection with any anti-dilution provisions of the Convertible Debentures (without giving effect to any limitations on exercise
set forth in the Convertible Debentures, as applicable) and (iv) any shares of Common Stock issued or issuable with respect to any shares
described in subsections (i) and (ii) above by way of any stock split, stock dividend or other distribution, recapitalization or similar
event or otherwise (in each case without giving effect to any limitations on exercise set forth in the Convertible Debentures, as applicable).


 






     


     


    

 


(g)
“Registration Statement” means any registration statement of the Company, including the Prospectus, amendments and
supplements to such registration statement or Prospectus, including post-effective amendments, all exhibits thereto, and all material
incorporated by reference or deemed to be incorporated by reference in such registration statement.


 


(h)
“Required Registration Amount” means with respect to the initial Registration Statement at least 100% shares of Common
Stock issued or to be issued upon conversion of the Convertible Debentures.


 


(i)
“Rule 144” means Rule 144 under the Securities Act or any successor rule thereto.


 


(j)
“Rule 415” means Rule 415 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended from
time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such
Rule.


 


(k)
“SEC” means the Securities and Exchange Commission or any other federal agency administering the Securities Act and
the Exchange Act at the time.


 


(l)
“Securities Act” shall have the meaning set forth in the Recitals above.


 


2.
REGISTRATION.


 


(a)
The Company’s registration obligations set forth in this Section 2 including its obligations to file Registration Statements, obtain
effectiveness of Registration Statements, and maintain the continuous effectiveness of Registration Statement that have been declared
effective shall begin on the date hereof and continue until all the Registrable Securities have been sold or may permanently be sold
without any restrictions pursuant to Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter to such
effect, addressed and acceptable to the Company’s transfer agent and the Investor (the “Registration Period”).


 


(b)
Subject to the terms and conditions of this Agreement, the Company shall (i) on or prior to the Filing Deadline, prepare and file with
the SEC an initial Registration Statement on Form S-1 or any successor form thereto covering the resale by the Investor of Registrable
Securities, and (ii) within 30 days of written notice by the Investor, which may be provided anytime, and from time to time, after the
resale of substantially all of the Registrable Securities contained on a prior Registration Statement, or anytime when no effective Registration
Statement is available for the resale of Registrable Securities, prepare and file an additional Registration Statement covering the resale
by the Investor of Registrable Securities. Each Registration Statement prepared pursuant hereto shall register for resale at least the
number of shares of Common Stock equal to the Required Registration Amount as of date the Registration Statement is initially filed with
the SEC. Each Registration Statement shall contain a "Selling Stockholders" and "Plan of Distributions"
section as well as all customary disclosures, terms and conditions typically included in a Registration Statement. The Company shall
use its best efforts to have each Registration Statement declared effective by the SEC as soon as practicable, but in no event later
than the Effectiveness Deadline. By 9:30 am on the tenth (10) business day following the date of effectiveness, the Company shall file
with the SEC in accordance with Rule 424 under the Securities Act the final Prospectus to be used in connection with sales pursuant to
such Registration Statement. Prior to the filing of the Registration Statement with the SEC, the Company shall furnish a draft of the
Registration Statement to the Investor.


 






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(c)
During the Registration Period, the Company shall (i) promptly prepare and file with the SEC such amendments (including post-effective
amendments) and supplements to a Registration Statement and the Prospectus used in connection with a Registration Statement, which Prospectus
is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep such Registration Statement effective
at all times during the Registration Period, (ii) prepare and file with the SEC additional Registration Statements in order to register
for resale under the Securities Act all of the Registrable Securities; (iii) cause the related Prospectus to be amended or supplemented
by any required Prospectus supplement (subject to the terms of this Agreement), and as so supplemented or amended to be filed pursuant
to Rule 424; (iv) respond as promptly as reasonably possible to any comments received from the SEC with respect to a Registration Statement
or any amendment thereto and as promptly as reasonably possible provide the Investors true and complete copies of all correspondence
from and to the SEC relating to a Registration Statement (provided that the Company may excise any information contained therein which
would constitute material non-public information as to any Investor which has not executed a confidentiality agreement with the Company);
and (v) comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities of the Company
covered by such Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance
with the intended methods of disposition by the seller or sellers thereof as set forth in such Registration Statement. In the case of
amendments and supplements to a Registration Statement which are required to be filed pursuant to this Agreement (including pursuant
to this Section 2(c)) by reason of the Company’s filing a report on Form 10-K, Form 10-Q, or Form 8-K or any analogous report under
the Securities Exchange Act, the Company shall incorporate such report by reference into the Registration Statement, if applicable, or
shall file such amendments or supplements with the SEC on the same day on which the Exchange Act report is filed which created the requirement
for the Company to amend or supplement the Registration Statement.


 


(d)
Reduction of Registrable Securities Included in a Registration Statement. Notwithstanding anything contained herein, in the event
that the SEC requires the Company to reduce the number of Registrable Securities to be included in a Registration Statement in order
to allow the Company to rely on Rule 415 with respect to a Registration Statement, then the Company shall be obligated to include in
such Registration Statement (which may be a subsequent Registration Statement if the Company needs to withdraw a Registration Statement
and refile a new Registration Statement in order to rely on Rule 415) only such limited portion of the Registrable Securities as the
SEC shall permit. Any Registrable Securities that are excluded in accordance with the foregoing terms are hereinafter referred to as
“Cut Back Securities.” To the extent Cut Back Securities exist, as soon as may be permitted by the SEC, the Company
shall be required to file a Registration Statement covering the resale of the Cut Back Securities (subject also to the terms of this
Section) and shall use best efforts to cause such Registration Statement to be declared effective as promptly as practicable thereafter.


 


(e)
Failure to File or Obtain Effectiveness of the Registration Statement or Remain Current. If: (i) a Registration Statement is not
filed on or prior to its Filing Date, or (ii) a Registration Statement is not declared effective on or prior to Effectiveness Deadline
or the Company fails to file with the SEC a request for acceleration in accordance with Rule 461 promulgated under the Securities Act,
within ten (10) Trading Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the SEC that a
Registration Statement will not be “reviewed,” or not subject to further review, or (iii) after the effectiveness, a Registration
Statement ceases for any reason to remain continuously effective as to all Registrable Securities, except for Cut Back Securities, for
which it is required to be effective, (any such failure or breach being referred to as an “Event”), then in addition
to any other rights the holders of the Convertible Debentures may have hereunder or under applicable law, the Company shall be in breach
of the term and conditions of this Agreement.


 


(f)
Piggy-Back Registrations. If at any time there is not an effective Registration Statement covering all of the Registrable Securities
and the Company proposes to register the offer and sale of any shares of its Common Stock under the Securities Act (other than a registration
(i) pursuant to a Registration Statement on Form S-8 (or other registration solely relating to an offering or sale to employees or directors
of the Company pursuant to any employee stock plan or other employee benefit arrangement), (ii) pursuant to a Registration Statement
on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto),
or (iii) in connection with any dividend or distribution reinvestment or similar plan), whether for its own account or for the account
of one or more stockholders of the Company and the form of Registration Statement to be used may be used for any registration of Registrable
Securities, the Company shall give prompt written notice (in any event no later than five days prior to the filing of such Registration
Statement) to the holders of Registrable Securities of its intention to effect such a registration and, shall include in such registration
all Registrable Securities, other than registration statements in connection with underwritten offerings or initial public offering under
which the underwriter does not allow piggy-back registrations, with respect to which the Company has received written requests for inclusion
from the holders of Registrable Securities; provided, however, that, the Company shall not be required to register any
Registrable Securities pursuant to this Section 10(c) that have been sold or may permanently be sold without any restrictions pursuant
to Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable
to the Company’s transfer agent and the affected Holders.


 






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3.
RELATED OBLIGATIONS.


 


(a)
The Company shall, not less than three (3) Trading Days prior to the filing of each Registration Statement and not less than one (1)
Trading Day prior to the filing of any related amendments and supplements to all Registration Statements (except for annual reports on
Form 10-K), furnish to each Investor copies of all such documents proposed to be filed. The Company shall not file a Registration Statement
or any such Prospectus or any amendments or supplements thereto to which the Investors shall reasonably object in good faith; provided
that, the Company is notified of such objection in writing no later than two (2) Trading Days after the Investors have been so furnished
copies of a Registration Statement.


 


(b)
The Company shall furnish to each Investor whose Registrable Securities are included in any Registration Statement, without charge, (i)
at least one (1) copy of such Registration Statement as declared effective by the SEC and any amendment(s) thereto, including financial
statements and schedules, all documents incorporated therein by reference, all exhibits and each preliminary prospectus, (ii) one (1)
copy of the final prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number
of copies as such Investor may reasonably request) and (iii) such other documents, which are not publicly available through EDGAR, as
such Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned by
such Investor.


 


(c)
The Company shall use its best efforts to (i) register and qualify the Registrable Securities covered by a Registration Statement under
such other securities or “blue sky” laws of such jurisdictions in the United States as any Investor reasonably requests,
(ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations
and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions
as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv)
take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided,
however, that the Company shall not be required in connection therewith or as a condition thereto to (w) make any change to its certificate
of incorporation or by-laws, (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for
this Section 3(c), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process
in any such jurisdiction. The Company shall promptly notify each Investor who holds Registrable Securities of the receipt by the Company
of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale
under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation
or threat of any proceeding for such purpose.


 


(d)
As promptly as practicable after becoming aware of such event or development, the Company shall notify each Investor in writing of the
happening of any event as a result of which the Prospectus included in a Registration Statement, as then in effect, includes an untrue
statement of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain any material,
nonpublic information), and promptly prepare a supplement or amendment to such Registration Statement to correct such untrue statement
or omission, and deliver ten (10) copies of such supplement or amendment to each Investor. The Company shall also promptly notify each
Investor in writing (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and when a Registration
Statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to each Investor
by email on the same day of such effectiveness), (ii) of any request by the SEC for amendments or supplements to a Registration Statement
or related prospectus or related information, and (iii) of the Company’s reasonable determination that a post-effective amendment
to a Registration Statement would be appropriate.


 


(e)
The Company shall use its best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration
Statement, or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction within the United
States of America and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest
possible moment and to notify each Investor who holds Registrable Securities being sold of the issuance of such order and the resolution
thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.


 






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(f)
If, after the execution of this Agreement, an Investor believes, after consultation with its legal counsel, that it could reasonably
be deemed to be an underwriter of Registrable Securities, at the request of any Investor, the Company shall furnish to such Investor,
on the date of the effectiveness of the Registration Statement and thereafter from time to time on such dates as an Investor may reasonably
request (i) a letter, dated such date, from the Company’s independent certified public accountants in form and substance as is
customarily given by independent certified public accountants to underwriters in an underwritten public offering, and (ii) an opinion,
dated as of such date, of counsel representing the Company for purposes of such Registration Statement, in form, scope and substance
as is customarily given in an underwritten public offering, addressed to the Investors. Upon the request of the documents discussed above
pursuant to this Section 3(f), the Investor shall provide documents to the Company typically provided by an underwriter of its securities
in form, scope and substance as is customarily given in an underwritten public offering, including an opinion of counsel representing
the Investor for purposes of such Registration Statement, addressed to the Company.


 


(g)
If, after the execution of this Agreement, an Investor believes, after consultation with its legal counsel, that it could reasonably
be deemed to be an underwriter of Registrable Securities, at the request of any Investor, the Company shall make available for inspection
by (i) any Investor and (ii) one (1) firm of accountants or other agents retained by the Investors (collectively, the “Inspectors”)
all pertinent financial and other records, and pertinent corporate documents and properties of the Company (collectively, the “Records”),
as shall be reasonably deemed necessary by each Inspector, and cause the Company’s officers, directors and employees to supply
all information which any Inspector may reasonably request; provided, however, that each Inspector shall agree, and each Investor hereby
agrees, to hold in strict confidence and shall not make any disclosure (except to an Investor) or use any Record or other information
which the Company determines in good faith to be confidential, and of which determination the Inspectors are so notified, unless (a)
the disclosure of such Records is necessary to avoid or correct a misstatement or omission in any Registration Statement or is otherwise
required under the Securities Act, (b) the release of such Records is ordered pursuant to a final, non-appealable subpoena or order from
a court or government body of competent jurisdiction, or (c) the information in such Records has been made generally available to the
public other than by disclosure in violation of this or any other agreement of which the Inspector and the Investor has knowledge. Each
Investor agrees that it shall, upon learning that disclosure of such Records is sought in or by a court or governmental body of competent
jurisdiction or through other means, give prompt notice to the Company and allow the Company, at its expense, to undertake appropriate
action to prevent disclosure of, or to obtain a protective order for, the Records deemed confidential.


 


(h)
The Company shall hold in confidence and not make any disclosure of information concerning the Investor provided to the Company unless
(i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information
is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered
pursuant to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such
information has been made generally available to the public other than by disclosure in violation of this Agreement or any other agreement.
The Company agrees that it shall, upon learning that disclosure of such information concerning an Investor is sought in or by a court
or governmental body of competent jurisdiction or through other means, give prompt written notice to such Investor and allow such Investor,
at the Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such
information.


 


(i)
The Company shall use its best efforts to cause all the Registrable Securities to be listed on each securities exchange on which the
Common Stock is then listed. The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section
3(i).


 


(j)
The Company shall cooperate with the holders of the Registrable Securities to facilitate the timely preparation and delivery of certificates
representing the Registrable Securities to be sold pursuant to such Registration Statement or Rule 144 free of any restrictive legends
and representing such number of shares of Common Stock and registered in such names as the holders of the Registrable Securities may
reasonably request a reasonable period of time prior to sales of Registrable Securities pursuant to such Registration Statement or Rule;
provided, that the Company may satisfy its obligations hereunder without issuing physical stock certificates through the use of
The Depository Trust Company's Direct Registration System.


 






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(k)
The Company shall use its best efforts to cause the Registrable Securities to be registered with or approved by such other governmental
agencies or authorities as may be necessary to consummate the disposition of such Registrable Securities.


 


(l)
The Company shall otherwise use its best efforts to comply with all applicable rules and regulations of the SEC in connection with any
registration hereunder.


 


(m)
Within three (3) business days after a Registration Statement which covers Registrable Securities is declared effective by the SEC, the
Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities
(with copies to the Investor whose Registrable Securities are included in such Registration Statement) confirmation that such Registration
Statement has been declared effective by the SEC in the form attached hereto as Exhibit A.


 


(n)
The Company shall take all other reasonable actions necessary to expedite and facilitate disposition by each Investor of Registrable
Securities pursuant to a Registration Statement.


 


4.
OBLIGATIONS OF THE INVESTORS.


 


(a)
The Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section
3(d) such Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement covering
such Registrable Securities until the Investor’s receipt of the copies of the supplemented or amended prospectus contemplated by
Section 3(d) or receipt of notice that no supplement or amendment is required. Notwithstanding anything to the contrary, the Company
shall cause its transfer agent to deliver unlegended certificates for shares of Common Stock to a transferee of an Investor in accordance
with the terms of the Securities Purchase Agreement in connection with any sale of Registrable Securities with respect to which an Investor
has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of any event
of the kind described in Section 3(d) and for which the Investor has not yet settled.


 


(b)
The Investor covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to
it or an exemption therefrom in connection with sales of Registrable Securities pursuant to the Registration Statement.


 


5.
EXPENSES OF REGISTRATION.


 


All
expenses incurred by the Company in complying with its obligations pursuant to this Agreement and in connection with the registration
and disposition of Registrable Securities shall be paid by the Company, including, without limitation, all registration, listing and
qualifications fees, printers, fees and expenses of the Company's counsel and accountants (except legal fees of Investor’s counsel
associated with the review of the Registration Statement).


 


6.
INDEMNIFICATION.


 


With
respect to Registrable Securities which are included in a Registration Statement under this Agreement:


 


(a)
To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, the directors,
officers, partners, employees, agents, representatives of, and each Person, if any, who controls any Investor within the meaning of the
Securities Act or the Exchange Act (each, an “Indemnified Person”), against any losses, claims, damages, liabilities,
judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement or expenses, joint or several
(collectively, “Claims”) incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding,
investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body
or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party thereto (“Indemnified Damages”),
to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect
thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement
or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the securities
or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”),
or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein
not misleading; (ii) any untrue statement or alleged untrue statement of a material fact contained in any final prospectus (as amended
or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to
state therein any material fact necessary to make the statements made therein, in light of the circumstances under which the statements
therein were made, not misleading; or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act,
any other law, including, without limitation, any state securities law, or any rule or regulation there under relating to the offer or
sale of the Registrable Securities pursuant to a Registration Statement (the matters in the foregoing clauses (i) through (iii) being,
collectively, “Violations”). The Company shall reimburse the Investors and each such Indemnified Person promptly as
such expenses are incurred and are due and payable, for any legal fees or disbursements or other reasonable expenses incurred by them
in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification
agreement contained in this Section 6(a): (x) shall not apply to a Claim by an Indemnified Person arising out of or based upon a Violation
which occurs in reliance upon and in conformity with information furnished in writing to the Company by such Indemnified Person expressly
for use in connection with the preparation of the Registration Statement or any such amendment thereof or supplement thereto; and (z)
shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company,
which consent shall not be unreasonably withheld. Such indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of the Indemnified Person.


 






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(b)
In connection with a Registration Statement, the Investor agrees to severally and not jointly indemnify, hold harmless and defend, to
the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers, employees,
representatives, or agents and each Person, if any, who controls the Company within the meaning of the Securities Act or the Exchange
Act (each an “Indemnified Party”), against any Claim or Indemnified Damages to which any of them may become subject,
under the Securities Act, the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or is based upon any
Violation, in each case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written
information furnished to the Company by such Investor expressly for use in connection with such Registration Statement; and, subject
to Section 6(d), such Investor will reimburse any legal or other expenses reasonably incurred by them in connection with investigating
or defending any such Claim; provided, however, that the indemnity agreement contained in this Section 6(b) and the agreement with respect
to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement is effected without
the prior written consent of such Investor, which consent shall not be unreasonably withheld, and provided, further, that in no
event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under this section 6(b) exceed the proceeds
from the offering received by Investor (net of any Selling Expenses paid by such Investor), except in the case of fraud by such Investor.
Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party.
Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(b) with respect
to any prospectus shall not inure to the benefit of any Indemnified Party if the untrue statement or omission of material fact contained
in the prospectus was corrected and such new prospectus was delivered to each Investor prior to such Investor’s use of the prospectus
to which the Claim relates.


 


(c)
Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action
or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall,
if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party a
written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the
indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof
with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be;
provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel with the fees and expenses
of not more than one (1) counsel for such Indemnified Person or Indemnified Party to be paid by the indemnifying party, if, in the reasonable
opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party
and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified
Party and any other party represented by such counsel in such proceeding. The Indemnified Party or Indemnified Person shall cooperate
fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party
and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person which
relates to such action or claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised at all
times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for
any settlement of any action, claim or proceeding effected without its prior written consent; provided, however, that the indemnifying
party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent
of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which
does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person
of a release from all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying
party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms or corporations
relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within
a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified
Person or Indemnified Party under this Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend
such action.


 






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(d)
The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, as and when bills are received or Indemnified Damages are incurred.


 


(e)
The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party or
Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant
to the law.


 


7.
CONTRIBUTION.


 


To
the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum
contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law;
provided, however, that no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent misrepresentation.


 


8.
REPORTS UNDER THE EXCHANGE ACT.


 


With
a view to making available to the Investors the benefits of Rule 144 promulgated under the Securities Act or any similar rule or regulation
of the SEC that may at any time permit the Investors to sell securities of the Company to the public without registration, and as a material
inducement to the Investor’s purchase of the Convertible Debentures, the Company represents, warrants, and covenants to the following:


 


(a)
The Company is subject to the reporting requirements of section 13 or 15(d) of the Exchange Act and has filed all required reports under
section 13 or 15(d) of the Exchange Act during the 12 months prior to the date hereof (or for such shorter period that the issuer was
required to file such reports), other than Form 8-K reports.


 


(b)
During the Registration Period, the Company shall file with the SEC in a timely manner all required reports under section 13 or 15(d)
of the Exchange Act (it being understood that nothing herein shall limit the Company’s obligations under the Securities Purchase
Agreement) and such reports shall conform to the requirement of the Exchange Act and the SEC for filing thereunder.


 


(c)
The Company shall furnish to the Investor so long as such Investor owns Registrable Securities, promptly upon request, (i) a written
statement by the Company that it has complied with the reporting requirements of Rule 144, (ii) a copy of the most recent annual or quarterly
report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably
requested to permit the Investors to sell such securities pursuant to Rule 144 without registration.


 






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9.
AMENDMENT OF REGISTRATION RIGHTS.


 


Provisions
of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively
or prospectively), only with the written consent of the Company and Investors who then hold at least two-thirds (2/3) of the Registrable
Securities. Any amendment or waiver effected in accordance with this Section 9 shall be binding upon each Investor and the Company. No
such amendment shall be effective to the extent that it applies to fewer than all of the holders of the Registrable Securities. No consideration
shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any of this Agreement unless
the same consideration also is offered to all of the parties to this Agreement.


 


10.
MISCELLANEOUS.


 


(a)
A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable
Securities or owns the right to receive the Registrable Securities. If the Company receives conflicting instructions, notices or elections
from two (2) or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice
or election received from the registered owner of such Registrable Securities.


 


(b)
No Piggyback on Registrations. The Company shall not file any other registration statements on Form S-3, Form S-1, or otherwise
(with the exception of Registration Statements on Form S-8 in connection with shares issued or deemed to have been issued by the Company
pursuant to an Approved Stock Plan, as defined in the Convertible Debentures) until the initial Registration Statement required hereunder
is declared effective by the SEC, provided that this Section 10(b) shall not prohibit the Company from filing amendments to registration
statements already filed. The Company shall not include any other securities on a Registration Statement unless otherwise agreed by the
Investor.


 


(c)
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in
writing and will be deemed to have been delivered pursuant to the notice provisions of the Securities Purchase Agreement or to such other
address and/or electronic mail address and/or to the attention of such other person as the recipient party has specified by written notice
given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient
of such notice, consent, waiver or other communication, (B) electronically generated by the sender’s email service provider containing
the time, date, and recipient email or (C) provided by a courier or overnight courier service shall be rebuttable evidence of personal
service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with this section.


 


(d)
Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right
or remedy, shall not operate as a waiver thereof.


 


(e)
The laws of the State of New York shall govern all issues concerning the relative rights of the Company and the Investors as its stockholders.
All other questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the
internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the
State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of
New York. Each party hereby irrevocably submits 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, for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to
assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each
party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any
right to serve process in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction,
such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction
or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES
ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH
OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.


 






    9


     


    

 


(f)
This Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns of each of the parties hereto.


 


(g)
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.


 


(h)
This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto as an attachment to
an email of a copy of this Agreement bearing the signature of the party so delivering this Agreement.


 


(i)
Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all
such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.


 


(j)
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules
of strict construction will be applied against any party.


 


(k)
This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for
the benefit of, nor may any provision hereof be enforced by, any other Person.


 


[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]


 




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IN
WITNESS WHEREOF, the Investor and the Company have caused their signature page to this Registration Rights Agreement to be duly executed
as of the date first above written.


 


	 	COMPANY:
	 	RUBICON
    TECHNOLOGIES, INC.
	 	 	 
	 	By:	                    
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	INVESTOR:
	 	 
	 	By:	 
	 	Its:	 


 




    11


     


    

 


EXHIBIT
A


FORM
OF NOTICE OF EFFECTIVENESS 


OF
REGISTRATION STATEMENT


 


Attention:


 


	 	Re:	RUBICON
    TECHNOLOGIES, INC.


 


Ladies
and Gentlemen:


 


We
are counsel to RUBICON TECHNOLOGIES, INC., a Delaware corporation (the “Company”), and have represented the Company
in connection with that certain Securities Purchase Agreement (the “Securities Purchase Agreement”) entered into by
and among the Company and the Investors named therein (collectively, the “Investors”) pursuant to which the Company
issued to the Investors up to $15,000,000 of convertible debentures (the “Convertible Debentures”), which are convertible
into its Common Stock, par value $0.001 per share (the “Common Stock”). Pursuant to the Purchase Agreement, the Company
also has entered into a Registration Rights Agreement with the Investors (the “Registration Rights Agreement”) pursuant
to which the Company agreed, among other things, to register the Registrable Securities (as defined in the Registration Rights Agreement)
under the Securities Act of 1933, as amended (the “Securities Act”). In connection with the Company’s obligations
under the Registration Rights Agreement, on ____________ ____, the Company filed a Registration Statement on Form ________ (File No.
333-_____________) (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”)
relating to the Registrable Securities which names each of the Investors as a selling stockholder there under.


 


In
connection with the foregoing, we advise you that a member of the SEC’s staff has advised us by telephone that the SEC has entered
an order declaring the Registration Statement effective under the Securities Act at [ENTER TIME OF EFFECTIVENESS] on [ENTER
DATE OF EFFECTIVENESS] and we have no knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop order
suspending its effectiveness has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and
the Registrable Securities are available for resale under the Securities Act pursuant to the Registration Statement.


 


	 	Very
    truly yours,
	 	 	 
	 	[Law
    Firm]
	 	 	 
	 	By:	 


 


cc:
[LIST NAMES OF Investors]


 



    A-1