Document:

Exhibit 10.2

 

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

 

Principal
Amount: $

Interest
Rate: 6.0%

Debenture
Issuance Date: 

 

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

 

(1)
GENERAL TERMS

 

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

 

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

 

     

     

    

 

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

 

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

 

(2)
EVENTS OF DEFAULT; REMEDIES.

 

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

 

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

 

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

 

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

 

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

 

    2

     

    

 

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

 

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

 

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

 

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

 

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

 

(b)
Mechanics of Conversion.

 

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

 

    3

     

    

 

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

 

(c)
Limitations on Conversions.

 

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

 

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

 

(d)
Other Provisions.

 

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

 

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

 

    4

     

    

 

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

 

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

 

(4)
ADJUSTMENTS TO THE FIXED CONVERSION PRICE.

 

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

 

(5)
REISSUANCE OF THIS DEBENTURE.

 

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

 

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

 

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

 

    5

     

    

 

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

 

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

 

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

    Lexington,
    KY 40507

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

                                                                                          

     

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

 

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

 

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

 

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

 

    6

     

    

 

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

 

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

 

[Signature
Page Follows]

 

    7

     

    

 

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

 

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

 

    8

     

    

 

EXHIBIT
I 

 

CONVERSION
NOTICE

 

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

 

TO:
RUBICON TECHNOLOGIES, INC.

Via
Email: 

 

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

 

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

 

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

 

	 

 

    9Exhibit
10.3

 

FORM
OF 

REGISTRATION
RIGHTS AGREEMENT

 

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

 

WHEREAS:

 

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

 

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

 

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

 

1.
DEFINITIONS.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

2.
REGISTRATION.

 

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

 

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

 

    2

     

    

 

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

 

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

 

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

 

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

 

    3

     

    

 

3.
RELATED OBLIGATIONS.

 

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

 

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

 

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

 

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

 

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

 

    4

     

    

 

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

 

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

 

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

 

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

 

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

 

    5

     

    

 

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

 

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

 

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

 

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

 

4.
OBLIGATIONS OF THE INVESTORS.

 

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

 

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

 

5.
EXPENSES OF REGISTRATION.

 

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

 

6.
INDEMNIFICATION.

 

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

 

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

 

    6

     

    

 

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

 

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

 

    7

     

    

 

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

 

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

 

7.
CONTRIBUTION.

 

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

 

8.
REPORTS UNDER THE EXCHANGE ACT.

 

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

 

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

 

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

 

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

 

    8

     

    

 

9.
AMENDMENT OF REGISTRATION RIGHTS.

 

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

 

10.
MISCELLANEOUS.

 

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

 

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

 

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

 

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

 

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

 

    9

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    10

     

    

 

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

 

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

 

    11

     

    

 

EXHIBIT
A

FORM
OF NOTICE OF EFFECTIVENESS 

OF
REGISTRATION STATEMENT

 

Attention:

 

	 	Re:	RUBICON
    TECHNOLOGIES, INC.

 

Ladies
and Gentlemen:

 

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

 

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

 

	 	Very
    truly yours,
	 	 	 
	 	[Law
    Firm]
	 	 	 
	 	By:	 

 

cc:
[LIST NAMES OF Investors]

 

    A-1

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