# EDGAR Filing Document

**Accession Number:** 0001862068
**File Stem:** 0001829126-23-001603
**Filing Date:** 2023-2
**Character Count:** 75223
**Document Hash:** 14997a006e57f683558a33fac71450f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-23-001603.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001829126-23-001603

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230215

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Rubicon Technologies, Inc.
- **CENTRAL INDEX KEY:** 0001862068
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **IRS NUMBER:** 883703651
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40910
- **FILM NUMBER:** 23645457

**BUSINESS ADDRESS:**
- **STREET 1:** 100 W MAIN STREET, SUITE 610
- **CITY:** LEXINGTON
- **STATE:** KY
- **ZIP:** 40507
- **BUSINESS PHONE:** (844) 479-1507

**MAIL ADDRESS:**
- **STREET 1:** 100 W MAIN STREET, SUITE 610
- **CITY:** LEXINGTON
- **STATE:** KY
- **ZIP:** 40507

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Founder SPAC
- **DATE OF NAME CHANGE:** 20210513

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): February 15, 2023**

**Rubicon Technologies, Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40910** | **88-3703651** |
| **(State or other jurisdiction<br> of incorporation)** | **(Commission<br> File Number)** | **(IRS Employer<br> Identification No.)** |

---

---

| | |
|:---|:---|
| **100 West Main Street Suite #610<br> Lexington, KY** | **40507** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**(844) 479-1507**

**(Registrant's telephone number, including area code)**

**Not Applicable**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Class A common stock, par value $0.0001 per share** | **RBT** | **New York Stock Exchange** |
| **Warrants, each exercisable for one share of Class A common stock at an exercise price of $11.50 per share** | **RBT WS** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

*Departure of Chief Financial Officer*

On February 15, 2023, Jevan Anderson, the Chief Financial Officer of Rubicon Technologies, Inc. (the "Company"), resigned from employment as Chief Financial Officer of the Company. On February 16, 2023, Mr. Anderson entered into a General Release and Separation Agreement with the Company, effective February 16, 2023 (the "Separation Agreement").

The Separation Agreement provides for, among other things: (a) a 2022 annual bonus payment in the amount of $225,000.00; (b) a separation payment in the amount of $450,000.00; (c) payment of 100% of COBRA premium payments for 12 months; (d) a payment in the amount of $7,500 in lieu of outplacement services; (e) a payment in the amount of $25,000 that may be used to pay attorneys' fees incurred in connection with negotiating the Separation Agreement; and (f) 375,000 fully vested Restricted Stock Units.

Pursuant to the Separation Agreement, Mr. Anderson is subject to an ongoing non-disparagement provision. Mr. Anderson is also subject to ongoing confidentiality and intellectual property provisions.

The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

*Appointment of Chief Financial Officer*

On February 21, 2023, the Company announced that Kevin Schubert will be appointed Chief Financial Officer, effective February 17, 2023, succeeding Jevan Anderson. A copy of the Company's press release is attached hereto as Exhibit 99.1.

Mr. Schubert, age 45, has served as our President since November 2022 and previously served as our Chief Development Officer and Head of Investor Relations since August 2022. Prior to joining Rubicon, Mr. Schubert served as an executive/advisor to multiple companies, including as Chief Financial Officer of the Ocean Park Group, an early stage company focused on experiential hospitality, from August 2020 to August 2022, as a Consultant to Founder SPAC, the Company's predecessor, from December 2021 to May 2022 and as Chief Operating Officer of Altitude Acquisition Corp. from December 2020 to August 2022. In addition, Mr. Schubert served as the Senior Vice President of Corporate Development and Strategy at Red Rock Resorts, Inc. from August 2017 to July 2020, where he led key initiatives in mergers and acquisitions, contract negotiation, and strategic planning, and as Vice President of Strategy and Operations and Associate General Counsel at Las Vegas Sands Corp. Mr. Schubert started his career as a consultant at Accenture and was trained as an attorney at Gibson, Dunn & Crutcher LLP, where he was a Corporate Finance Associate. Mr. Schubert received both a J.D. and an M.B.A. from The University of California, Los Angeles and a Bachelor of Science in Management Information Systems from The University of Arizona.

Mr. Schubert is not party to any transactions requiring disclosure under Item 404 of Regulation S-K.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibits No.** | **Description** |
| 10.1 | [General Release and Separation Agreement, dated as of February 16, 2023, by and between Jevan Anderson and Rubicon Technologies, LLC](rubicontech_ex10-1.htm) |
| 99.1 | [Press Release, dated February 21, 2023](rubicontech_ex99-1.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **Rubicon Technologies, Inc.** | **Rubicon Technologies, Inc.** | **Rubicon Technologies, Inc.** |
| By: | /s/ Philip Rodoni | /s/ Philip Rodoni |
|  | Name: | Philip Rodoni |
|  | Title: | Chief Executive Officer |

---

Date: February 21, 2023

## Exhibit 10.1

**Exhibit 10.1**

**General Release and Separation Agreement**

This General Release and Separation Agreement (including all Exhibits attached hereto) (hereinafter the "***Agreement***") is made and entered into by and between Rubicon Technologies, LLC, a Delaware limited liability company (the "***Company***"), and Jevan Anderson ("***Executive***") (each of the Company and Executive a "***Party***" and, together, the "***Parties***").

WITNESSETH:

WHEREAS, Executive's employment with the Company ended as of the Separation Date (as defined below in Paragraph 1);

WHEREAS, the Company issued a written offer letter to Executive dated on or about September 1, 2021 ("***Offer Letter***");

WHEREAS, Executive has asserted that he has Good Reason, as that term is defined in the Offer Letter, to resign his employment;

WHEREAS, Executive and the Company desire to resolve any and all matters arising from Executive's employment and/or separation, including whether or not Executive has Good Reason to resign his employment, on mutually satisfactory terms as set forth herein;

NOW, THEREFORE, in consideration of the terms and mutual promises set forth herein, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Separation Date</u>. Executive and the Company agree that Executive's employment ended on February 15, 2023 (the "***Separation Date***").

The communications issued by the Company in the first 8-K after Executive's departure concerning Executive's departure will be in substantially the form(s) attached here to as Exhibit B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Final Wages</u>. Executive will be paid all wages earned and accrued as of the Separation Date on the Separation Date. Executive will not accrue any additional fringe benefits subsequent to the Separation Date. Executive acknowledges and agrees that Executive has received payment in full for all of the compensation, wages, benefits and/or payments of any kind otherwise due from the Company, including, but not limited to compensation, bonuses, commissions, lost wages, expense reimbursements, payments to benefit plans, unused accrued vacation leave and personal time, sick pay or any other payment or benefit under a Company plan, program, policy, practice or promise as of the date of Executive's signing of this Agreement and that no other compensation, bonuses, commissions, lost wages, expense reimbursements, payments to benefit plans, unused accrued vacation leave and personal time, sick pay or any other payment or benefit under a Company plan, program, policy, practice or promise are due to him except for the Separation Payments and grant of Restricted Stock Units set forth in Paragraph 3. None of the foregoing payments (except for the Separation Payments and grant of Restricted Stock Units set forth in Paragraph 3) constitute consideration for the releases and covenants set forth herein. The wages referred to in this Paragraph 2 have been or will be paid to Executive regardless of whether Executive signs this Agreement. To the extent that Executive claims any additional wages are due, there is a bona fide dispute as to such claims, and Executive agrees that the valuable consideration that Executive acknowledges and accepts by signing this Agreement compensates for and resolves any and all possible claims and disputes he may have against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Separation Payments and Grant of Restricted Stock Units</u>. In consideration of the covenants and agreements by Executive as described in this Agreement, including, without limitation, the covenants set forth in Paragraphs 7, 8, and 10 and the releases as set forth in Paragraphs 3, 4, and 5, the Company agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Pay
 Executive an annual bonus in a gross amount of Two Hundred Twenty-Five Thousand Dollars and
 Zero Cents ($225,000.00), subject to standard deductions and withholdings, for the 2022 annual
 performance period (the "2022 Annual Bonus") which amount represents 100% of
 Executive's target bonus for 2022. In the absence of this Agreement, Executive would
 only be eligible, at most, for 80% of his target bonus for 2022. Accordingly, while Executive
 is otherwise eligible for a maximum of 80% of his 2022 Annual Bonus, for purposes of this
 Agreement Executive shall be presumed to have achieved his individual goals for the year
 without any performance review being performed and any payouts for this metric shall be at
 100%. The 2022 Annual Bonus amount shall be paid in equal installments pursuant to the Company's
 regular payroll schedule beginning as soon as administratively practicable after the Effective
 Date (as defined in Paragraph 6) but no later than ten (10) business days following the Effective
 Date and concluding twelve (12) months after the first payment is made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Pay
 Executive over a period of twelve (12) months a separation payment of Four Hundred Fifty
 Thousand Dollars and Zero Cents ($450,000.00), subject to standard deductions and withholdings,
 in equal installments pursuant to the Company's regular payroll schedule beginning
 as soon as administratively practicable after the Effective Date but no later than ten (10)
 business days following the Effective Date and concluding twelve (12) months after the first
 payment is made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Pay
 100% of the premium payments associated with Executive's insurance continuation coverage
 under COBRA for Executive and any dependents at the coverage levels in effect for Executive
 and any such dependents immediately prior to the Separation Date ("  ***COBRA Premium Payments*** "), should Executive elect such coverage for the time period from the
 Separation Date until the end of the twelfth (12<sup>th</sup>) month following the Separation
 Date. Executive expressly agrees to notify the CEO of the Company within ten (10) calendar
 days of becoming eligible for equivalent health insurance coverage at any new employer of
 Executive at which point the COBRA Premium Payments shall cease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Pay
 Executive the gross amount of Seven Thousand, Five Hundred Dollars and Zero Cents ($7,500.00),
 subject to standard deductions and withholdings, in lieu of outplacement services. This amount
 shall be paid in a lump sum as soon as administratively practicable after the Effective Date
 but no later than ten (10) business days following the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Pay
 Executive an additional amount of Twenty-Five Thousand Dollars and Zero Cents ($25,000.00),
 subject to standard deductions and withholdings, that Executive may use to pay his attorneys'
 fees incurred in connection with negotiating this Agreement. The amount will be paid in a
 lump sum as soon as administratively practicable after the Effective Date but no later than
 ten (10) business days following the Effective Date; and

Page **2** of **16**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Pursuant
 to a Restricted Stock Unit Award (the "  ***Grant Notice*** ," attached
 as Exhibit A to this Agreement), and subject to the terms and conditions of the Grant Notice,
 which must be executed by Executive in order for this Agreement to be Effective, grant to
 Executive Three Hundred Seventy-Five Thousand (375,000) Restricted Stock Units or
 "  ***RSUs***" as defined in the Rubicon Technologies, Inc. 2022 Equity
 Incentive Plan Grant Notice. This grant of RSUs is subject to the terms and conditions of
 the Grant Notice, which must be executed by Executive in order for this Agreement to be Effective,
 as defined in Paragraph 6.

The Company will accelerate the payments provided for under subsections (i) and (ii) of this Paragraph on the occurrence of, and will pay the remaining, outstanding amounts within thirty (30) calendar days of, any of the following: (a) the Company obtains term loan financing at levels deemed sufficient by the Company in its sole discretion (but in no event in an amount less than $100,000,000.00); (b) the Company raises equity of at least $100,000,000.00 (in the aggregate over any twelve (12) month period); or (c) the Company experiences a "***Change in Control***."<sup>1</sup> Executive acknowledges that all payments to him pursuant to this Agreement shall be subject to all applicable taxes and withholdings and reported on a Form W-2.

<sup>1</sup> "Change in Control," as used in this paragraph, means the occurrence of any of the following: (i) any sale, directly or indirectly, of more than 50% of the equity securities of the Company to any Person or group of Persons acting in concert excluding a sale to any Affiliate of the Company or a change in the ownership of the Company as a result of a private financing of the Company; (ii) any merger or consolidation of the Company with or into any Person where those Persons who, directly or indirectly, own equity securities in the Company immediately prior to the effective date of the merger or consolidation and their Affiliates own, directly or indirectly, less than 50% of the equity securities in the entity surviving the merger or consolidation; or (iii) a sale of all or substantially all of the assets of the Company to any Person, excluding any Affiliate of the Company. "Person(s)," as used in this paragraph, means all individuals, partnerships, corporations, limited liability companies, firms, businesses, and other entities, other than Rubicon Companies. "Affiliate," as used in this paragraph, means any organization, firm, or entity (i) in respect of which Company has or shall have during the Term of this Agreement, an ownership interest of fifty percent (50%) or more; or (ii) which directly or indirectly through one or more intermediates, controls, is controlled by, or is in common control with Company. "Rubicon Companies," as used in this paragraph, means Rubicon Technologies, LLC and its parent(s), subsidiaries, related and affiliated companies and all divisions of them, any other businesses that the foregoing entities may acquire or establish after the execution of this Agreement, and any successors and assigns of the foregoing entities.

For the avoidance of doubt, any transfer, directly or indirectly, of equity securities of the Company by gift or bequest shall not constitute a Change of Control. Notwithstanding the foregoing, a transaction shall not be deemed a Change of Control unless the transaction qualifies as a Change of Control event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time.

Page **3** of **16**

Executive acknowledges and agrees that Executive would not receive the forgoing payments and/or benefits under this Paragraph 3 (the "***Separation Payments***") except for Executive's execution of this Agreement and the fulfillment of the promises contained herein and that such payments and/or benefits under this Paragraph 3 are adequate consideration for him entering into this Agreement and his promises herein. The Separation Payments described in this Paragraph 3 are expressly contingent upon the Executive's full compliance with the terms of this Agreement. Should an arbitrator or, if applicable, a court of competent jurisdiction conclude that Executive has failed to comply with one or more material terms of this Agreement, then Executive shall forfeit rights to any of the Separation Payments described in subsections (ii), (iii), (iv), and (v) of this Paragraph (except that Executive shall retain the right to receive a single payment of one hundred dollars and zero cents ($100.00)), and Executive shall immediately return to the Company any payments already made pursuant to subsections (ii), (iv), and (v) of this Paragraph, except that Executive may retain one hundred dollars ($100.00) of all payments already made to him. For the avoidance of doubt, only a breach of this Agreement or the Employment Agreement occurring after the Effective Date will trigger any of the Company's remedies in the prior sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Release of Claims</u>. In consideration of the promises and payments set forth herein, and as a material inducement for the parties to enter into this Agreement, the parties state as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Executive, on behalf of himself and his representatives, heirs, successors, assigns, devisees and executors, hereby unconditionally releases, acquits, and forever discharges the Company, Rubicon Technologies, Inc., Rubicon Technologies Holdings, LLC, Rubicon Technologies International, Inc., Rubicon Global, LLC, Cleanco LLC, Charter Waste Management, Inc., Rubicon Technologies Germany UG, and RiverRoad Waste Solutions, Inc. and each of their current, former, and future parents, subsidiaries, affiliates, estates, divisions, successors, insurers and assigns, attorneys and all of their owners, stockholders, general or limited partners, agents, directors, managers, officers, trustees, employees, representatives, executives, the subrogees of all of the above, and all successors and assigns thereof (collectively, the "***Releasees***"), from any and all claims, charges, complaints, demands, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, entitlements, costs, losses, debts, and expenses (including attorneys' fees and legal expenses) of any nature whatsoever, known or unknown, which Executive now has, had, or may hereafter claim to have had against the Releasees and/or any of them by reason of any matter, act, omission, transaction, occurrence, or event that has occurred or is alleged to have occurred up to and including the Effective Date (as defined in Paragraph 6) of this Agreement; provided, however, that the foregoing Release is not intended to and shall not release (i) any claims Executive may have to indemnification or advancement from the Company as an officer and/or director, whether pursuant to any agreement, or by operation of law, including, without limitation, pursuant to the Offer Letter, Company's Certificate of Formation, Operating Agreement or the Delaware Limited Liability Company Act (including any amendments); (ii) any rights Executive may have pursuant to any policies of insurance maintained by the Company; and (iii) Executive's currently vested ownership of equity in the Company.

Page **4** of **16**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Executive also specifically agrees that the Parties intend the Release to be general and comprehensive in nature and to release all claims and potential claims against the Releasees to the maximum extent permitted by law. The Release includes a knowing and voluntary waiver and release of any and all claims including, but not limited to, claims relating to any Special Bonus (sometimes also referred to as a "Management Rollover Bonus") and claims for nonpayment of wages, overtime or bonuses or any other claims relating to compensation or Executive's employment, breach of contract, fraud, loss of consortium, emotional distress, personal injury, injury to reputation, injury to property, intentional torts, negligence, wrongful termination, constructive discharge, retaliation, discrimination, harassment, non-payment of equity in the Company, and any and all claims for recovery of lost wages or back pay, fringe benefits, pension benefits, liquidated damages, front pay, compensatory and/or punitive damages, attorneys' fees, injunctive or equitable relief, or any other form of relief under any federal, state, or local constitution, statute, law, rule, regulation, judicial doctrine, contract, or common law. Specifically included, without limitation, in this Release is a knowing and voluntary waiver and release of all claims of employment discrimination, including but not limited to disability discrimination, harassment, retaliation or any other claims under: the Americans With Disabilities Act; the Americans With Disabilities Act Amendments Act of 2008; Title VII of the Civil Rights Act of 1964 and the Civil Rights Act of 1991; the National Labor Relations Act; the Family and Medical Leave Act; the Occupational Safety and Health Act; the Executive Retirement Income Security Act of 1974; The Lilly Ledbetter Fair Pay Act of 2009; the California Equal Pay Law; the California Fair Employment and Housing Act; the California Business and Professions Code; the California Family Rights Act; the California Pregnancy Disability Leave Law; the California Government Code; the California Labor Code (including, but not limited to, sections 203, 204, 206, 210, 216, 218, 218.5, 218.6, 225.5, 226, 226.3, 226.7, 246, 246.5, 247, 247.5, 248, 248.1, 510, 512, 558, 1050 *et seq.*, 1102.5 *et seq.*, 1194, 1194.2, 1197, 1197.1, 1198, 1400 *et seq*., and/or 2698 *et seq*.); any California Industrial Welfare Commission Wage Order; the California Military & Veterans Code; the California Civil Code; the Unruh Civil Rights Act; the California Domestic Violence and Sexual Assault Victim Leave Act; the California Worker Adjustment and Retraining Notification Act; the California Whistleblower Law; the California and United States Constitutions, in each case including all amendments to the foregoing; and any and all federal, state, or local constitutions, statutes, laws, rules, ordinances, regulations, judicial doctrines, contracts, and/or common law pertaining to or addressing employment or employment benefits; or any other theory arising out of any matter, act, omission, transaction, occurrence, or event that has occurred or is alleged to have occurred up to and including the date that this Agreement is executed by Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Executive specifically acknowledges that he is aware of and familiar with the provisions of California Civil Code Section 1542, which provides as follows:

"**A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY**."

Executive, being aware of this section, hereby expressly waives and relinquishes all rights and benefits he may have under this section as well as any other statutes or common law principles of a similar effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Executive expressly acknowledges that this Agreement may be pled as a complete defense and may bar any and all claims, known or unknown, against any or all the Releasees based on any matter, act, omission, transaction, occurrence, or event that has occurred or is alleged to have occurred up to and including the Effective Date of this Agreement.

Page **5** of **16**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Executive acknowledges that this general release extends also to claims that Executive does not know or suspect to exist in Executive's favor at the time of executing this Agreement which, if known by Executive, might have materially affected Executive's decision to execute this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Executive hereby knowingly and voluntarily waives and relinquishes all rights and benefits which Executive may have under applicable law with respect to such general release provisions. However, the release in this Paragraph 4: (i) does not apply to any claims which cannot be waived as a matter of law or which arise after the date of Executive's execution of this Agreement; and (ii) does not apply to prevent either Party from instituting an arbitration to enforce the terms of this Agreement or for breach of this Agreement. Additionally, any vested rights that Executive may have under the Rubicon Global Holdings, LLC 401(k) Plan will continue to be governed by the terms of such plan. Executive represents and warrants that he has not suffered any on-the-job injury for which Executive has not already filed a claim as of the date he executes this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Release of Claims under the Age Discrimination in Employment Act ("ADEA") and Older Workers Benefit Protection Act ("OWBPA")</u>. Executive understands and acknowledges that before signing this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) He has read and been given ample opportunity to study this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) He has been and hereby is advised in writing to consult with an attorney before signing this Agreement, he has in fact consulted with an attorney prior to signing this Agreement or has voluntarily chosen to forgo advice of counsel in connection with signing this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) He is waiving any rights he may have under the ADEA and OWBPA, 29 U.S.C. § 621 *et. seq.*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) He is receiving consideration for this waiver beyond that to which he is otherwise entitled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) He is signing this Agreement voluntarily with full knowledge that it is intended, to the maximum extent permitted by law, as a complete and final release and waiver of any and all claims, including, but not limited to, age discrimination claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) He has been provided the opportunity to consider this Agreement for twenty-one (21) days before signing it and, in the event that he decides to execute this Agreement in fewer than twenty-one (21) days, he does so with the express understanding that he was given and declined the opportunity to consider this Agreement for twenty-one (21) days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) He may revoke this Agreement at any time during the seven (7) days following the date he signs this Agreement, and the Agreement shall not become effective or enforceable until the revocation period has expired without the revocation of Executive's agreement. Any revocation must be in writing and delivered by electronic mail to Rubicon, attention Chief Executive Officer Phil Rodoni, <u>phil.rodoni@rubicon.com</u>. Failure to revoke within seven (7) days will result in the release of his claims being permanent. If Executive revokes within 7 days, the entire Agreement is void and Executive will have no entitlement to the payments and/or benefits described in Paragraph 3, or any other amount or benefit, from Rubicon.

Page **6** of **16**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Effective Date of Agreement and Opportunity to Review</u>. Neither this Agreement nor the Grant Notice (as defined in Paragraph 3) shall become effective or enforceable until all of the following have occurred: (i) Executive executes and does not revoke this Agreement pursuant to Paragraph 5(g) *<u>and</u>* (ii) receipt by the Company, through its designated counsel, of both (x) a scanned copy of this Agreement executed by Executive containing Executive's ink signature and (y) a scanned copy of the Grant Notice executed by Executive containing Executive's ink signature (the "***Effective Date***"). For the avoidance of doubt, any deadlines and obligations set forth herein that are triggered by Executive's execution of this Agreement shall be triggered by the date Executive returns to the Company executed copies of this Agreement and the Grant Notice containing Executive's electronic DocuSign signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Non-Disparagement; Non-Interference; Return of Property</u>. In consideration of the payment, promises, and other consideration described in this Agreement, and as a significant material inducement for the Company to enter into this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Non-Disparagement and Non-Interference</u>. For and in consideration of the payments, promises, and other consideration described in this Agreement, and as a significant material inducement for the Company and Executive to enter into this Agreement, Executive covenants and agrees that, except as inconsistent with the law or Paragraph 9, Executive will not make any negative statements (whether in writing, verbally, or any other form) or take any action which disparages or criticizes the Company, including its officers, directors, management, executives, employees, suppliers, products and services. For and in consideration of the promises made by Executive in this Agreement, and as a significant material inducement for the Company and Executive to enter into this Agreement, the Company covenants and agrees to instruct its Executive Leadership Team and Board of Directors in place as of the Effective Date not to make any negative statements (whether in writing, verbally, or any other form) or take any action with disparages or criticizes Executive. Additionally, provided Executive directs all reference and employment verification requests only to the Company's Vice President of Human Resources, the Company shall provide only Executive's name, title, and dates of employment. Executive agrees that the Company shall have no obligation, contractual or otherwise, concerning employment verification requests directed to anyone else at the Company other than the Company's Vice President of Human Resources. The Parties understand and agree that (a) these restrictions do not prohibit either Party from making statements required or protected by law or necessary to comply with any statutory, regulatory, or other legal obligations; and (b) nothing in this Paragraph or elsewhere in this Agreement prohibits either Party from truthfully participating in or cooperating with any federal, state, or local government agency proceeding or investigation or any other legal action. The Parties further understand and agree that these restrictions prohibit Executive from making disparaging or defamatory remarks toward or complaints about the Company, its officers, board, board of advisors, management, executives, employees, suppliers, or products in their capacities as such (1) to any member of the general public, including, but not limited to, any customer or vendor of the Company; or (2) to any current or former officer, manager, executive, or employee of the Company; or (3) to any member of the press or other media. If Executive receives a subpoena or other legal document concerning Executive's employment with the Company, then, to the extent permitted by law and provided it is consistent with Paragraph 9 of this Agreement, Executive agrees to notify the Chief Executive Officer within ten (10) business days of receipt of the legal document requiring Executive to provide this information and to make reasonable efforts to produce documents subject to confidentiality and/or protective order(s). Notwithstanding the foregoing, nothing in this Agreement prevents Executive from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that Executive has reason to believe is unlawful.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Return to Company</u>. Executive warrants, represents, covenants, and agrees that as of the Effective Date, to his knowledge, Executive has returned to the Company all "Company Property," defined as documents, records, property, and information, in any form, including, but not limited to, Company files, electronic messages, notes, drawings, records, business plans and forecasts, financial information, specifications, business planning or strategy information, information about the Company's executives, customer identity information, tangible property including, but not limited to, computers, intellectual property, credit cards, key fobs, mobile telephones, entry cards, identification badges and keys; and any materials of any kind which contain or embody trade secrets or other confidential information of the Company (and all embodiments, copies, or extracts thereof), which Executive has acquired or possessed during Executive's employment. Executive also warrants, represents, covenants, and agrees that, to his knowledge, Executive has not made or retained and shall not make or retain any embodiment, copy, or extract thereof. Executive may retain his Rubicon computer and phone, but will submit his Rubicon computer and phone to the Company which will then take steps to preserve and subsequently delete all Company information contained on those devices. Without limiting the foregoing, Executive agrees to provide Rubicon with access to any of Executive's personal electronic devices, including computers and computer equipment, mobile devices, external storage devices, smart phones, tablets, and USB devices, that contain any Rubicon property to remove said property and it is the Executive's express obligation to provide Rubicon access to such personal electronic devices at the Executive's exit interview or before the Executive's last date of employment to accomplish the same. The obligations in this Paragraph 7(d) are continuing in nature, and should Executive discover Company Property in his possession in the future, he agrees to comply with this Paragraph 7(d) by immediately returning it to the Company and then permanently removing such Company property from his possession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Cooperation</u>. During the 12-month period following the Effective Date, Executive agrees to be reasonably available to the Company to respond to reasonable requests by the Company for information pertaining to or relating to the Company and/or any of the Releasees or any of their agents, officers, directors, managers, executives, or employees which may be within the knowledge of Executive. The Parties agree that Executive shall not be required to spend more than 2.5 hours per week cooperating pursuant to this Paragraph unless under subpoena or other legal process. Executive will reasonably cooperate with the Company in connection with any and all existing or future depositions, litigations and/or investigations (including internal investigations) brought by or against the Company or any of the Releasees or any of their agents, officers, directors, managers, executives or employees, whether administrative, civil or criminal in nature, in which and to the extent the Company deems Executive's cooperation necessary. This cooperation may include without limitation making himself reasonably available, upon reasonable notice and subject to his schedule and pre-existing obligations, to participate in any proceeding, inquiry, and/or investigation involving any of the Releasees, allowing himself to be interviewed by representatives of the Releasees, participating as requested in interviews and/or preparation by any of the Releasees of other witnesses, appearing for depositions and testimony without requiring a subpoena, and producing and/or providing any documents and/or information. The term "cooperation" does not mean that Executive must provide information that is favorable to the Company; it means only that Executive will provide truthful information within his knowledge and possession upon request of the Company. Executive also understands and agrees to provide only honest, accurate, and complete information in connection with any and all existing or future depositions, litigations and/or investigations (including internal investigations) brought by or against the Company or any of the Releasees in which and to the extent the Company deems Executive's cooperation necessary. Executive also represents and agrees that he has not and will not withhold, tamper with or fail to communicate relevant information and will provide and maintain all relevant information as directed by the Releasees. Nothing in this Paragraph 8 alters or waives Executive's rights to indemnification or advancement, as elsewhere described herein. The Company will reimburse Executive for reasonable out-of-pocket expenses incurred by Executive as a result of or in connection with such cooperation (this does not include an hourly fee), provided that Executive comply with all Company policies and/or directions for submission of expense reimbursement requests. The prior sentence is not intended to affect the substance of any testimony or cooperation that Executive provides.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Cooperation with Government Agencies and Regulatory Organizations</u>. Nothing in this Agreement (or any other policy, plan, or program of the Company) is intended to, or shall be deemed to, prohibit or restrict either Party in any way from communicating directly with, reporting to, cooperating with, responding to any inquiry from, or providing testimony before, the Securities and Exchange Commission, FINRA, or any other self-regulatory organization, or any other federal or state regulatory authority, or governmental agency or entity, regarding any possible securities violation or other possible violation of law or this Agreement or its underlying facts and circumstances. In addition, nothing in this Agreement is intended, or shall be deemed, to interfere with Executive's ability to file a charge or complaint with the Equal Employment Opportunity Commission ("EEOC") or any other federal, state, or local government agency or commission, including those agencies responsible for enforcing equal employment opportunity laws or limit either Party's ability to participate in any investigation or proceeding conducted by any such agency or commission. Moreover, neither Party is required to provide advance notice to, or have prior authorization from, the other Party in order to engage in any of the foregoing activity referenced in this Paragraph. Without prior authorization of the Chief Executive Officer of the Company, however, the Company does not authorize Executive to disclose to any third party (including any government official or any attorney Executive may retain) any communication that is covered by the Company's attorney-client or other privilege. Executive further acknowledges and agrees that the consideration paid to him under this Agreement represents full and complete satisfaction of any monetary recovery against any of the Releasees that could be sought by or awarded to him in any judicial, administrative, or arbitral proceeding with respect to any claim released under this Agreement and that he will not be able to obtain any monetary relief or any other remedy, including costs or attorneys' fees, in connection with any proceeding initiated or maintained by the EEOC or any other federal, state, or local government agency or commission responsible for enforcing equal employment opportunity laws. For the avoidance of doubt, this Agreement does not limit Executive's eligibility to receive an award out of monetary sanctions collected by any government agency as provided by applicable whistle-blower programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Mandatory Binding Arbitration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Mandatory Arbitration of All Disputes</u>. This Paragraph 10 shall be governed by and interpreted in accordance with the Federal Arbitration Act (the "***FAA***") and, to the extent, if any, that the FAA is held not to apply, by the laws of the State of California without regard to its conflict of laws provision. Executive and the Company agree that any controversy, claim, or dispute between or among them that cannot be resolved shall be adjudicated exclusively by final and binding individual arbitration in San Francisco, California or another agreed-upon location. The parties agree that the American Arbitration Association (the "***AAA***") shall be the exclusive provider for all arbitrations, and Executive and the Company agree not to file, institute, or maintain any arbitration other than with the AAA. The arbitration will be governed by the AAA Employment Arbitration Rules and Mediation Procedures (available at <u>www.adr.org/employment</u>) and subject to the AAA Employment Due Process Protocol, if applicable, except as they are modified by the parties. Unless otherwise agreed by the parties, the arbitration will be submitted to a single arbitrator selected in accordance with AAA rules. The arbitrator must follow applicable law and may award only those remedies (including, without limitation, attorney's fees and costs) that would have been available had the claim(s) been heard in court. In addition, the arbitrator is required to issue a written arbitration award setting forth the essential findings and conclusions on which any award is based. The Company will pay all arbitration administrative fees (including filing fees), the arbitrator's fees and costs, and any other fees or costs unique to arbitration. The Company will pay the arbitration administrative fees, the arbitrator's fees and costs, and any other fees or costs unique to arbitration within one hundred twenty (120) days of receipt of an invoice from the AAA for such fees and costs due. Each party shall be responsible for paying her/its own litigation costs for the arbitration, including, but not limited to, attorneys' fees, witness fees, transcript fees, or other litigation expenses that each party would otherwise be required to bear in a court action, subject to any relief awarded by the arbitrator in accordance with applicable law.

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The parties shall be entitled to conduct adequate and reasonable discovery in accordance with the AAA Rules and the applicable provisions of the California Code of Civil Procedure. The arbitrator has the authority to resolve all discovery disputes and limit the form and amount of discovery to that reasonably necessary to arbitrate the dispute or claim presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Covered Disputes</u>. Except as expressly set forth below, the foregoing shall apply to the following "***Covered Disputes***": (i) the Release and all other disputes and claims of any nature that Executive may have against the Releasees, including any and all statutory, contractual, and common law claims unless prohibited by applicable law; (ii) all disputes and claims of any nature that the Releasees may have against Executive; (iii) all disputes and claims related to any breach of this Agreement, (iv) all disputes and claims concerning the validity and/or enforceability of the Agreement, and (v) all disputes concerning the validity, enforceability, or the applicability of this Paragraph 10 to any dispute or claim. The term "Covered Disputes" does not include, and this Paragraph 10 does not apply to: (a) claims seeking unemployment insurance benefits, state disability insurance benefits, or workers' compensation benefits, except that claims for retaliation pursuant to these laws shall be subject to arbitration under this Paragraph 10; (b) claims for benefits under ERISA, which must be resolved in accordance with the terms and procedures set forth in the applicable plan documents; (c) Sarbanes-Oxley Act, Consumer Financial Protection Bureau, and Commodity Futures Trading Commission whistleblower claims; or (d) any other claims that are not permitted to be subject to a pre-dispute arbitration agreement under applicable federal law and/or federal regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Delegation</u>. The arbitrator shall have the power to rule on his or her own jurisdiction, including any objections with respect to the existence, scope, or validity of this Paragraph 10 and/or to the arbitrability of any claim or counterclaim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Charges/Complaints with Government Agencies</u>. Nothing in this Paragraph 10 affects Executive's right to file a charge with, make a complaint to, or participate in an investigation or other proceeding of the EEOC (or any similar state or local bodies responsible for enforcement of equal employment opportunity laws), the National Labor Relations Board, or any other administrative, law enforcement, or regulatory body. Notwithstanding the foregoing, Executive may seek monetary relief with respect to a dispute or claim covered by this Paragraph 10 only through an arbitration conducted pursuant to this Paragraph 10. For the avoidance of doubt, this Paragraph 10 does not limit Executive's rights as set forth in Paragraph 9 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Enforcement of Arbitration Award</u>. Either party may bring an action in any court of competent jurisdiction to compel arbitration under this Paragraph 10 and to enforce an arbitration award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>Waiver of Class, Collective, and Representative Actions</u>. To the extent permitted by law, Executive and the Releasees waive any right or authority to have any Covered Disputes heard as a class, collective, or representative action. Executive and the Releasees must bring any Covered Dispute in an individual capacity, and not as a plaintiff, "opt-in", or class member in any purported class, collective, or representative proceeding. The arbitrator may not join or adjudicate the claims or interests of any other person or employee in the arbitration proceeding, nor may the arbitrator otherwise order any consolidation of actions or arbitrations or any class, collective, or representative arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 <u>Confidentiality of Proceedings</u>. Executive and the Company agree that the resolution of Covered Disputes likely would involve information that each considers to be sensitive, personal, confidential, and/or proprietary and that Executive and the Releasees intend to resolve the Covered Disputes in a non-public forum. Accordingly, except as provided by Paragraph 9, Executive and the Company agree that all information regarding the Covered Dispute or arbitration proceedings, including the arbitration award, will not be disclosed by Executive, the Company, any arbitrator, or the AAA to any third party without the written consent of both Executive and the Company, except as necessary to comply with a subpoena, court order or other legal requirement, to prosecute or to defend a claim, to enforce an arbitration award, or to meet a reasonable business need of the Company. To the extent that either party files any suit, complaint, or proceeding with any court or other public forum with respect to a Covered Dispute (including, but not limited to, proceedings to challenge the arbitrability of a matter, to compel arbitration or to enforce an arbitration award or for injunctive relief pending arbitration), such party shall take all measures and use best efforts to file such complaint or proceeding under seal or in other manner designed to protect the confidentiality of the Covered Dispute to the maximum extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 <u>Injunctive Relief Pending Arbitration</u>. Notwithstanding the foregoing, Executive and/or the Company may seek any injunctive relief (including without limitation temporary and preliminary injunctive relief) necessary in order to maintain (or restore) the status quo and/or to prevent the possibility of irreversible or irreparable harm during the pendency of any arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 <u>Governing Terms</u>. In the event there is any conflict between this Paragraph 10 and any other arbitration provision applicable to Executive, the provisions of this Paragraph shall supersede and govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Code Section 409A</u>. Certain compensation and benefits payable under this Agreement are intended to be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and regulations and other official guidance thereunder ("Code Section 409A" including without limitation applicable exclusions first for short-term deferrals and then for separation pay arrangements), and any other compensation and payments are intended to comply with Code Section 409A. The provisions of this Agreement shall be construed and interpreted in a manner that compensation and benefits are either exempt from or compliant with the application of Code Section 409A, and which does not result in additional tax or interest to Executive under Code Section 409A; provided, however, the Company shall not have any liability to reimburse Executive for any liabilities under Code Section 409A.

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Notwithstanding any other provision of this Agreement to the contrary, if upon Executive's termination of employment Executive is a specified employee, as defined in Code Section 409A(a)(2)(B), and if any portion of the payments or benefits to be received by Executive upon separation from service would be considered deferred compensation under Code Section 409A, then such payments shall be delayed until the earliest of (a) the date that is at least six months after Executive terminates employment for reasons other than Executive's death, (b) the date of Executive's death, or (c) any earlier specified date that does not result in additional tax or interest to Executive under Code Section 409A. As soon as practicable after the expiration of such period, the entire amount of the delayed payments shall be paid to Executive in a single lump sum.

For purposes of this Agreement, references to a termination of employment shall be construed consistently with the definition of a "separation from service" under Code Section 409A and each payment under this Agreement shall be treated as a separate payment. With respect to any taxable reimbursements or in-kind benefits provided for under this Agreement or otherwise payable to Executive, the Company (a) shall make all such reimbursements no later than Executive's taxable year following the taxable year in which the expense was incurred, (b) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during any calendar year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, and (c) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for other benefits. Each payment and benefit payable under this Agreement is intended to constitute separate payments for purposes of Section l.409A-2(b)(2) of the Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Code Section 280G</u>. In the event amounts payable hereunder are contingent on a change in control for purposes of Code Section 280G and it is determined by a tax practitioner retained by the Company that any payments made or provided to the Executive in connection with this Agreement or otherwise ("***Total Payments***") would be subject to the excise tax under Code Section 4999 (the "***Parachute Tax***"), such payments otherwise to be paid under this Plan will be payable in full or, if applicable, in such lesser amount which would result in no portion of the Total Payments being subject to the Parachute Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Parachute Tax, results in the receipt by the Executive, on an after-tax basis, of the greatest amount of Total Payments. The reporting and payment of any Parachute Tax will be the responsibility of the Executive and neither the Company nor any other member of Rubicon will provide a gross-up or any other payment to compensate the Executive for the payment of the Parachute Tax. The Company will withhold from such payments any amounts it reasonably determines is required under Code Section 4999(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Tax Consequences</u>. Executive shall be responsible for any tax consequences of any payment, benefit, or reimbursement made or provided pursuant to this Agreement. Executive acknowledges and agrees that the Company is not undertaking to advise Executive with respect to any tax consequences of this Agreement, and that Executive is solely responsible for determining those consequences and satisfying all applicable tax obligations resulting from any payment described herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Non-Admission of Liability or Wrongdoing</u>. The furnishing of the consideration for this Agreement shall not be deemed or construed as an admission of liability, responsibility, or wrongdoing by the Company or Executive for any purpose. The Company expressly denies that it (or any other entity or individual of the Company) ever engaged in any wrongdoing in relation to Executive's employment with the Company or otherwise, and expressly denies liability for any and all claims alleged, or that may be alleged, by Executive. Executive expressly denies that he ever engaged in any wrongdoing in relation to Executive's employment with the Company or otherwise, and expressly denies liability for any and all claims alleged, or that may be alleged, by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>No Assignment</u>. Executive represents and warrants that Executive has not assigned to any other person, and that no other person is entitled to assert on Executive's behalf, any claim against any of the Releasees based on matters released in this Agreement. Executive shall indemnify and hold the Company harmless from and against any liability, costs, or expenses (including any penalties and/or attorneys' fees) incurred in the defense or as a result of any such claims or the breach of the representation and warranty made by Executive in this Paragraph. Without limiting the foregoing, the Company may assign its rights and delegate its duties hereunder in whole or in part and/or to any transferee of all or a portion of the assets or business to which this Agreement relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Waiver of Breach</u>. The failure of the Company at any time to require performance of any provision of this Agreement shall in no way affect its right thereafter to enforce the same, nor shall the waiver by the Company of any breach of any provision of this Agreement be taken or held to be a waiver of any succeeding breach of any provision, or as a waiver of the provision itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Binding Agreement.</u> This Agreement is a contract between Executive and the Company and not merely a recital. Executive acknowledges that any breach by the Company of any contractual, statutory, or other legal obligation shall not excuse or terminate Executive's obligations hereunder or otherwise preclude the Company from seeking relief pursuant to any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Modification.</u> No change or modification to this Agreement shall be valid or binding unless the same is in writing and signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Severability</u>. The terms, conditions, covenants, restrictions, and other provisions contained in this Agreement are separate, severable, and divisible. If any term, provision, covenant, restriction, or condition of this Agreement or part thereof, or the application thereof to any person, place, or circumstance, shall be held to be invalid, unenforceable, or void, the remainder of this Agreement and such term, provision, covenant, or condition shall remain in full force and effect to the greatest extent permissible by law, and any such invalid, unenforceable, or void term, provision, covenant, or condition shall be deemed, without further action on the part of the parties hereto, modified, amended, limited, or deleted to the extent necessary to render the same and the remainder of this Agreement valid, enforceable, and lawful.

Page **13** of **16**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Complete Agreement</u>. Except as provided herein, this Agreement (including all Exhibits attached hereto) supersedes all previous or contemporaneous agreements, whether oral or written, between and among the parties hereto, if any, with respect to the subject matter referred to herein. Executive affirms that the only consideration for executing this Agreement is the payments, promises, and other consideration expressly contained or described herein. Executive further represents and acknowledges that, in executing this Agreement, Executive does not rely and has not relied upon any promise, inducement, representation, or statement by the Company or any of the Releasees or their respective agents, representatives, or attorneys about the subject matter, meaning, or effect of this Agreement that is not stated in this document. For avoidance of doubt, all provisions in that certain Incentive Unit Award Agreement, dated on or about September 13, 2021, between Company and Executive, including all subsequent amendments thereto, ("***Incentive Unit Award***") which by their terms survive the termination of employment shall survive as provided in the Incentive Unit Award (except for Paragraph 8.1 of the Incentive Unit Award) and shall not be extinguished or superseded by this Agreement; provided, however, that the Company acknowledges and agrees that Executive is not bound by any post-employment noncompetition or nonsolicitation obligations (and, if such obligations exist, the Company hereby waives such obligations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Construction</u>. The language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against any of the parties. The paragraph headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Governing Law</u>. This Agreement shall be governed, construed, and interpreted under and in accordance with the laws of the State of California, without regard to any conflict of laws principles that would direct the application of another jurisdiction's laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Acknowledgments</u>. Executive acknowledges and represents that the waiver and release of claims in this Agreement are knowing and voluntary and are given only in exchange for new consideration that is in addition to anything of value to which Executive already is entitled absent this Agreement. Executive acknowledges that the language of this Agreement is understandable to Executive and is understood by Executive, and that Executive has been given a reasonable period within which to consider the Agreement before executing it. Executive further acknowledges that Executive has been and is hereby advised to consult, and has in fact consulted or had a reasonable opportunity to consult, an attorney of Executive's choosing before executing the Agreement, and that Executive has obtained all advice and counsel Executive needs to understand all terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Notices</u>. All notices, requests, demands and other communications required or permitted hereunder shall be in writing and be deemed to have been duly given if delivered or three days after mailing if mailed, first class, certified mail, postage prepaid:

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To the Company:

Rubicon Technologies, LLC

950 East Paces Ferry Road NE<br> Atlanta, Georgia 30326

Attn: Chief Executive Officer<br>With a copy to (which such copy does not constitute notice) to:

Aviva Grumet-Morris

Winston & Strawn LLP<br> 35 W. Wacker Dr.

Chicago, Illinois 60601

To the Executive:

Mr. Jevan Anderson<br> [●]

Any party may change the address to which notices, requests, demands and other communications shall be delivered or mailed by giving notice thereof to the other party in the same manner provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Execution</u>. This Agreement may be executed in one or more counterparts as originals, all of which constitute one original.

**As provided in Paragraph 6, this Agreement shall not become effective or enforceable until receipt by the Company of both (** **i) a copy of this Agreement executed (AND NOT REVOKED) by Executive containing Executive's INK signature and (ii) a copy of the Grant Notice executed by Executive containing Executive's INK signature.**

**THE UNDERSIGNED HAVE CAREFULLY READ THIS AGREEMENT; THEY KNOW AND UNDERSTAND ITS CONTENTS; THEY FREELY AND VOLUNTARILY AGREE TO ABIDE BY ITS TERMS; AND THEY HAVE NOT BEEN COERCED INTO SIGNING THIS AGREEMENT.**

Page **15** of **16**

---

| | | | |
|:---|:---|:---|:---|
| **JEVAN ANDERSON** | **JEVAN ANDERSON** | **RUBICON TECHNOLOGIES, LLC** | **RUBICON TECHNOLOGIES, LLC** |
| /s/ Jevan Anderson | /s/ Jevan Anderson | By: | /s/ Phil Rodoni |
|  |  |  | Phil Rodoni |
|  |  | Title: | Chief Executive Officer |
| Date: | February 16, 2023 | Date: | February 16, 2023 |

---

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## Exhibit 99.1

**Exhibit 99.1**

**Rubicon Names Kevin Schubert as Chief Financial Officer**

*New York, NY (February 21, 2023)* — <u>Rubicon Technologies, Inc</u>. ("Rubicon" or "the Company") (NYSE: RBT), a leading digital marketplace for waste and recycling and provider of innovative software-based products for businesses and governments worldwide, announced today that the Company's president, Kevin Schubert, has been appointed Chief Financial Officer, effective immediately.

In addition to his current responsibilities as president, Schubert will now oversee Rubicon's end-to-end financial operations and further develop the financial infrastructure, teams, and processes to help the Company meet its strategic goals, including the acceleration of the Company's progress to profitability. Prior to serving as the Company's president, Schubert was Rubicon's Chief Development Officer. He has been instrumental in helping Rubicon secure its recent rounds of funding and in helping to restructure the Company's debt, two key goals as articulated during the third quarter 2022 earnings call.

Before joining Rubicon, Schubert held senior executive and advisory roles with multiple public companies, including Red Rock Resorts Inc., the Las Vegas Sands Corp., and he recently held the role of Chief Financial Officer for Ocean Park Group, an early-stage company focused on experiential hospitality.

Schubert holds a JD and an MBA from The University of California, Los Angeles, and a Bachelor of Science in Management Information Systems from The University of Arizona.

Jevan Anderson will step down from the role of CFO, effective immediately. Anderson joined Rubicon in late 2021 and brought with him a wealth of capital markets and public company experience. Anderson was instrumental in leading Rubicon through the process of going public, and in preparing the necessary financial framework and functions to support it as a publicly traded company. He will now be moving on to other opportunities. Anderson's departure comes at a natural inflection point and the Company is well positioned for the next phase of its life.

"Today we are thrilled to announce Kevin Schubert as our president and Chief Financial Officer. Kevin has already done exceptional work for us in developing our finance operations, helping to formulate our corporate strategy, and driving our focus on profitability as a public company. We wish him every success in this role," said Rubicon Chief Executive Officer, Phil Rodoni. "Jevan was a key addition to our leadership team at Rubicon and we thank him for his many valuable contributions to our company."

**About Rubicon**

Rubicon Technologies, Inc. (NYSE: RBT) is a digital marketplace for waste and recycling, and provider of innovative software-based products for businesses and governments worldwide. Striving to create a new industry standard by using technology to drive environmental innovation, the company helps turn businesses into more sustainable enterprises, and neighborhoods into greener and smarter places to live and work. Rubicon's mission is to end waste. It helps its partners find economic value in their waste streams and confidently execute on their sustainability goals. To learn more, visit <u>rubicon.com</u>.

**Forward-Looking Statements**

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), regarding, among other things, the plans, strategies and prospects, both business and financial, of Rubicon. Although Rubicon believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, Rubicon cannot assure you that it will achieve or realize these plans, intentions or expectations. All statements, other than statements of present or historical fact included in this press release, are forward-looking statements. These statements may be preceded by, followed by or include the words "believes," "estimates," "expects," "projects," "forecasts," "may," "will," "could," "would," "should," "seeks," "plans," "scheduled," "anticipates," "intends," the negative of such terms and similar expressions, although not all forward-looking statements contain such identifying words. Forward-looking statements are inherently subject to risks, uncertainties and assumptions and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statement. These forward-looking statements are based upon current expectations, estimates, projections, and assumptions that, while considered reasonable by Rubicon and its management, are inherently uncertain; factors that may cause actual results to differ materially from current expectations include, but are not limited to: 1) the outcome of any legal proceedings that may be instituted against Rubicon or others following the closing of the business combination; 2) Rubicon's ability to meet the New York Stock Exchange's listing standards following the consummation of the business combination; 3) the risk that the business combination disrupts current plans and operations of Rubicon as a result of consummation of the business combination; 4) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; 5) costs related to the business combination; 6) changes in applicable laws or regulations; 7) the possibility that Rubicon may be adversely affected by other economic, business and/or competitive factors, including the impacts of the COVID-19 pandemic, geopolitical conflicts, such as the conflict between Russia and Ukraine, the effects of inflation and potential recessionary conditions; 8) Rubicon's execution of anticipated operational efficiency initiatives, cost reduction measures and financing arrangements; and 9) other risks and uncertainties. More information regarding the risks and uncertainties and other important factors that could cause actual results to differ materially from those in the forward-looking statements is set forth under the heading "Risk Factors" in Rubicon's Registration Statement on Form S-1, as filed with the SEC on December 14, 2022, and as may be updated in Rubicon's Quarterly Reports on Form 10-Q and Rubicon's other filings with the SEC. There may be additional risks that Rubicon presently does not know of or that Rubicon currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements, many of which are beyond Rubicon's control. Forward-looking statements are not guarantees of future performance and speak only as of the date hereof. Rubicon does not undertake, and expressly disclaims, any obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise, except as required by law.

**<u>Investor Contact:</u>**<br> Sioban Hickie, ICR, Inc.<br> <u>rubiconIR@icrinc.com</u>

**<u>Media Contact:</u>**<br> Dan Sampson<br> Chief Marketing & Corporate Communications Officer<br> <u>dan.sampson@rubicon.com</u><br> <u>RubiconPR@icrinc.com</u>