Exhibit 10.3


 


SHARE TRANSFER
AGREEMENT 


 


This Share Transfer Agreement
(this “Agreement”) is made and entered into as of December 2, 2021 (the “Effective Date”), by and
among Ribbit LEAP Sponsor, Ltd., a Cayman Islands exempted company (“Transferor”), Jeff Bogan (“Transferee”)
and Ribbit LEAP, Ltd., a Cayman Islands exempted company (the “Company”).


 


Whereas,
Transferor currently holds 4,407,222 Class B ordinary shares of a par value of US$0.0001 each of the Company (“Founder Shares”);
and


 


Whereas,
Transferor desires to transfer to Transferee 32,500 Founder Shares (the “Shares”) held by it, for consideration, as
set forth below.


 


Now,
Therefore, in consideration of the mutual promises and covenants set forth herein, the parties hereby agree as follows:


 


1.               TRANSFER
AND ACQUISITION OF SHARES. Transferor hereby transfers to Transferee, and Transferee hereby acquires from Transferor,
the Shares on the Effective Date for an aggregate purchase price of US$47.11 (the “Purchase Price”) subject to the
forfeiture provisions of Section 2 below, on the terms and subject to the conditions set forth in this Agreement.


 


2.               REPRESENTATIONS, WARRANTIES and COVENANTS OF TRANSFEREE. Transferee represents, warrants and Covenants
to Transferor and the Company as follows:


 


2.1              No Conflict;
Enforceability. The execution, delivery and performance of this Agreement and the consummation by the Transferee of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) any agreement, indenture or instrument to which the
Transferee is a party, (ii) any law, statute, rule or regulation to which the Transferee is subject, or (iii) any agreement, order, judgment
or decree to which Transferee is subject. Upon execution and delivery by Transferee, this Agreement will be a legal, valid and binding
agreement of the Transferee, enforceable against the Transferee in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally
and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).


 


2.2              Compliance with Securities Laws. Transferee understands and acknowledges that, in reliance upon the representations
and warranties made by Transferee herein, the Shares are not being registered with the Securities and Exchange Commission (“SEC”)
under the Securities Act of 1933, as amended (the “1933 Act”), but instead are being transferred under an exemption
or exemptions from the registration and qualification requirements of the 1933 Act or other applicable securities laws which impose certain
restrictions on Transferee’s ability to transfer the Shares.


 






     


     


    

 


2.3              Right of Repurchase. If the Transferee ceases to provide services as a director, officer, consultant or advisor to
the Company for any reason prior to the Company’s initial business combination (the “Business Combination”)
the Transferor shall have the right, but not the obligation, to repurchase the Shares (including any portion thereof) from the Transferee
for the lesser of (a) the fair market value of such Shares and (b) the Purchase Price paid for such Shares, it being understood and agreed
that the foregoing right of repurchase shall terminate upon any such Business Combination. Any such repurchase right of Transferor shall
be exercised by Transferor or its assigns by giving the Transferee written notice (“Repurchase Notice”) no later than
one hundred eighty 180 days after the later of (i) the date Transferee ceases to provide services as a director, officer, consultant
or advisor to the Company and (ii) the one hundred eighty first (181st) day following the date of this Agreement. The closing
of the repurchase described herein shall occur as soon as reasonably practicable, and in any event not later than thirty (30) days after
delivery of the applicable Repurchase Notice (provided, that such time shall be extended as necessary to comply with the requirements
of the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended, or other applicable legal requirements), at the principal office
of Transferor, or at such other time and location as the parties to such purchase may mutually determine, subject, however, to Transferee’s
execution of any documentation as may be reasonably requested by Transferor or the Company. Transferor will pay for the Shares by it
first by offsetting amounts outstanding under any bona fide debts, if any, owed by Transferee to Transferor or any of its Subsidiaries,
including the Company, now existing or hereinafter arising, and will pay the remainder of the repurchase price by, at its option, (A)
wire transfer of immediately available funds, (B) delivery of a check payable to the Transferee, (C) a promissory note payable upon consummation
of the Business Combination and bearing interest at the applicable federal rate, or (D) any combination of (A), (B) and (C), in the aggregate
amount of the repurchase price for such Shares. If no election under section 83(b) of the Internal Revenue Code of 1986, as amended,
is made with respect to the Shares purchased hereunder, the Transferee will have ordinary income when the Shares are no longer subject
to repurchase pursuant to this Section 2.3 in an amount equal to the excess of the fair market value of the Shares at that time over
the amount the Transferee paid for the Shares. The Transferee acknowledges that the Shares may be subject to a contractual lock-up or
other restriction on transfer at the time the Shares are no longer subject to repurchase pursuant to this Section 2.3.


 


2.4              Waiver
of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement, the Transferee
hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from the trust account
which will be established for the benefit of the Company’s public shareholders and into which substantially all of the proceeds
of the Company’s initial public offering will be deposited (the “Trust Account”), in the event of a liquidation
of the Company upon the Company’s failure to timely complete a Business Combination. For purposes of clarity, in the event the
Transferee subscribes for and purchases securities in the Company’s initial public offering or securities of the Company issued
in the Company’s initial public offering in the aftermarket, any additional ordinary shares of the Company so subscribed for and
purchased shall be eligible to receive any liquidating distributions from the Trust Account by the Company. However, in no event will
the Transferee have the right to redeem any ordinary shares of the Company into funds held in the Trust Account upon the successful completion
of a Business Combination.


 






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2.5              Lock-Up.
Transferee acknowledges that the Shares will be subject to lock-up provisions (the “Lock-up”) contained in
an agreement between the Company and Transferee, pursuant to which Transferee will agree (subject to certain customary exceptions) not
to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares until the earlier to occur of: (A) one year
after the completion of the Business Combination or (B) the date on which the Company completes a liquidation, merger, share exchange,
reorganization or other similar transaction that results in all of the Company’s public shareholders having the right to exchange
their ordinary shares for cash, securities or other property.



 


2.6              Additional
Shares or Substituted Securities. In the event of the declaration of a share capitalization, the declaration of a special dividend
payable in a form other than ordinary shares of the Company, a spin-off, a share sub-division, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s issued and outstanding ordinary shares without receipt of consideration, any new,
substituted or additional securities or other property which are by reason of such transaction distributed with respect to any Shares
subject to this Agreement or into which such Shares thereby become convertible shall immediately be subject to this Agreement. Appropriate
adjustments to reflect the distribution of such securities or property shall be made to the number or class of Shares subject to this
Agreement.


 


2.7              Experience,
Financial Capability and Suitability. Transferee is: (i) sophisticated in financial matters and is able to evaluate the risks
and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares for an indefinite
period of time because the Shares have not been registered under the Securities Act (as defined below) and therefore cannot be resold
unless such transaction is registered under the Securities Act or an exemption from such registration is available. Transferee is capable
of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests. Transferee must
bear the economic risk of this investment until the Shares are sold pursuant to: (x) an effective registration statement under the Securities
Act or (y) an exemption from registration available with respect to such sale. Transferee is able to bear the economic risks of an investment
in the Shares and to afford a complete loss of the Transferee’s investment in the Shares.


 


2.8              Access
to Information; Independent Investigation. Prior to the execution of this Agreement, Transferee has had the opportunity to ask
questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances,
operations, business and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy of all
information so obtained. In determining whether to make this investment, Transferee has relied solely on the Transferee’s own knowledge
and understanding of the Company and its business based upon Transferee’s own due diligence investigation and the information furnished
pursuant to this paragraph. Transferee understands that no person has been authorized to give any information or to make any representations
which were not furnished pursuant to this Agreement and Transferee has not relied on any other representations or information in making
its investment decision, whether written or oral, relating to the Company, its operations or its prospects.


 






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2.9              Regulation D Offering. Transferee represents that it is an “accredited investor” as such term is defined
in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges
the sale contemplated hereby is being made in reliance on a private placement exemption applicable to “accredited investors”
within the meaning of Section 501(a) of Regulation D under the Securities Act or similar exemptions under federal and state law.


 


2.10            Investment
Purposes. Transferee is purchasing the Shares solely for investment purposes, for Transferee’s own account and not for
the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. Transferee did not
enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502 of Regulation
D under the Securities Act.


 


2.11            Voting
and Redemption of Shares. Transferee agrees to vote the Shares in favor of any Business Combination that the Company negotiates
and submits for approval to the Company’s shareholders.


 


2.12            Restrictions on Transfer; Shell Company. Transferee understands the Shares are being offered in a transaction not involving
a public offering within the meaning of the Securities Act. Transferee understands the Shares will be “restricted securities”
as defined in Rule 144(a)(3) under the Securities Act and Transferee understands that any certificate or book entries representing the
Shares will contain a legend in respect of such restrictions. If in the future Transferee decides to offer, resell, pledge or otherwise
transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only in accordance with the provisions of Section
2 hereof. Transferee agrees that if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent
to any such transfer, Transferee may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration
under the Securities Act or an exemption therefrom, Transferee agrees not to resell the Shares. Transferee further acknowledges that because
the Company is a shell company, Rule 144 may not be available to Transferee for the resale of the Shares until at least one year following
consummation of the Business Combination, despite technical compliance with the certain requirements of Rule 144 and the release or waiver
of any contractual transfer restrictions.


 


2.13            Compliance
with Securities Laws. The Transferee acknowledges that the Shares are being purchased pursuant to an exemption from the registration
requirements of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant
to a registration rights agreement to be entered into with the Company.


 


2.14            Legends.
All certificates representing the Shares shall have endorsed thereon legends substantially as follows:


 


“THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER
THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION
OF COUNSEL (IF THE COMPANY SO REQUESTS), IS AVAILABLE.”


 






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“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PROVISIONS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED DURING THE TERM OF THE LOCKUP PERIOD.”


 


3.              REPRESENTATIONS
AND WARRANTIES OF TRANSFEROR AND THE COMPANY. Transferor and the Company each represents and warrants to Transferee as follows:


 


3.1            
Authority. Each of Transferor and the Company has full legal right, power and authority to enter into and perform its
obligations under this Agreement. The execution, delivery and performance of this Agreement and the consummation by the Transferor and
the Company of the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the constitutional
documents of Transferor or the Company, (ii) any agreement, indenture or instrument to which Transferor or the Company is a party, (iii)
any law, statute, rule or regulation to which Transferor or the Company is subject, or (iv) any agreement, order, judgment or decree to
which Transferor or the Company is subject. Upon execution and delivery by Transferor and the Company, this Agreement will be a legal,
valid and binding agreement of the Transferor and the Company, as applicable, enforceable against the Transferor and the Company, as applicable,
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance
or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).


 


3.2             
Title to Shares. Transferor has valid marketable title to the Shares to be transferred under this Agreement, free and
clear of any pledge, lien, security interest, encumbrance, claim or equitable interest (collectively, “Encumbrances”).
Transferor delivers to Transferee good title to the Shares purchased by such Transferee pursuant to the terms hereof free and clear of
any Encumbrances.


 


4.              GENERAL
PROVISIONS.


 


4.1             
Successors and Assigns. This Agreement, and the rights and obligations of the parties hereunder, will be binding upon
and inure to the benefit of their respective successors, assigns, heirs, executors, administrators and legal representatives.


 


4.2            
Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of New York,
without giving effect to that body of laws pertaining to conflict of laws.


 


4.3            
Further Assurances. The parties agree to execute such further documents and instruments and to take such further actions
as may be reasonably necessary to carry out the purposes and intent of this Agreement.


 






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4.4             Severability.
If any provision of this Agreement is determined by any court or arbitrator of competent jurisdiction to be invalid, illegal or
unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto.
If such clause or provision cannot be so enforced, such provision shall be stricken from this Agreement and the remainder of this
Agreement shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable)
never been contained in this Agreement.


 


4.5             
Counterparts; Facsimile Signatures. This Agreement may be executed in any number of counterparts, including by facsimile
or electronic transmission, each of which when so executed and delivered will be deemed an original, and all of which together shall constitute
one and the same agreement.


  


[SIGNATURE
PAGE FOLLOWS]


 






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IN WITNESS WHEREOF,
Company, Transferor and Transferee have each executed this Agreement as of the Effective Date.


 


	 	TRANSFEROR:
	 	 
	 	Ribbit LEAP Sponsor, Ltd.
	 	 
	 	By:	/s/ Cynthia McAdam
	 	Name:	Cynthia McAdam
	 	Title:	 Authorized Person
	 	  
	 	COMPANY:
	 	 
	 	Ribbit LEAP, Ltd.
	 	
	 	By:	/s/ Cynthia McAdam
	 	Name:	Cynthia McAdam
	 	Title:	Chief Operating Officer




 


[Signature Page to Share Transfer
Agreement]


 






     


     


    

 


IN WITNESS WHEREOF,
Company, Transferor and Transferee have each executed this Agreement as of the Effective Date.


  


	 	TRANSFEREE
	 	
	 	By:	/s/ Jeff Bogan
	 	 	Jeff Bogan




 


[Signature
Page to Share Transfer Agreement]