Document:

Exhibit
      10.8

     

    INVESTORS’
      RIGHTS AGREEMENT

    STANDSTILL
      AND EXTENSION AGREEMENT

     

    This
      Investors’ Rights Agreement Standstill and Extension Agreement (“Agreement”) is
      made as of May
      7,
      2007 (the “Effective Date”), by and between Rubio’s Restaurants, Inc., a
      Delaware corporation, (“Rubio’s” or the “Company”), and Rosewood Capital L.P., a
      Delaware limited partnership (the “Investor”).

     

    RECITALS
      

     

    A. Rubio’s
      and the Investor are parties to that certain Amended and Restated Investors’
Rights Agreement, dated as of November 19, 1997, as amended on December 31,
      1997
      and in May 1998 (the “Rights Agreement”), wherein Rubio’s granted to the
      Investor certain registration rights.

     

    B. On
      July
      28, 2005, the parties hereto entered into an Investors’ Rights Agreement
      Standstill and Extension Agreement (the “2005 Extension Agreement”) which
      provided, among other things, for an extension of the expiration date applicable
      to the Investor’s registration rights and superseded an Investors’ Rights
      Agreement Standstill and Extension Agreement dated March 12, 2004 (collectively,
      with the 2005 Extension Agreement the “Original Extension
      Agreements”).

     

    C. Given
      the
      current state of market conditions, the trading range of Rubio’s common stock
      and the current operating performance of the Company, the Investor desires
      to
      obtain a further extension of, and modification of its registration
      rights.

     

    D. The
      Company is willing to grant to Investor a further extension of its registration
      rights through June 30, 2009 and a modification of such registration rights
      in
      exchange for the Investor agreeing not to exercise any demand registration
      rights on or before June 30, 2007.

     

    AGREEMENT

     

    NOW,
      THEREFORE, the parties hereto agree as follows:

     

    1. Amendments
      to Rights Agreement.

     

    (a) Section
      1.4(a) of the Rights Agreement be deleted and replaced with the
      following:

     

    “(a) Prepare
      and file with the SEC a registration statement with respect to such Registrable
      Securities and use its best efforts to cause such registration statement to
      become effective, and upon the request of the Holders of a majority of the
      Registrable Securities registered thereunder, keep such registration statement
      effective for up to one hundred eighty (180) days.”

     

    (b) Clauses
      (4), (5) and (6) of Section 1.12 (b) of the Rights Agreement be deleted and
      replaced with the following:

     

    “(4)
      if
      the Company has already effected four (4) registrations on Form S-3 pursuant
      to
      this Section 1.12 and the Holder is eligible to resale its Registrable
      Securities pursuant to Rule 144(k) of the Act.; or (5) in any particular
      jurisdiction in which the Company would be required to qualify to do
      business.”

     

    (c) The
      following shall be added to Section 1.12 as new Section 1.12(d):

     

    “(d) If
      the
      Company’s Board of Directors determines that it would be detrimental to the
      Company and its stockholders for resales of Registrable Securities to be made
      pursuant to an effective Form S-3 registration statement due to the existence
      of
      a material event or development or potential material event or development
      involving the Company which the Company would be obligated to disclose in the
      registration statement (or in filings or documents incorporated by reference
      in
      such registration statement), which disclosure would be premature or otherwise
      inadvisable at such time or which the Board of Directors believes would have
      a
      material adverse effect on the Company and its stockholders or would make the
      successful consummation by the Company of a material transaction significantly
      less likely, the Company will have the right to suspend the use of the
      registration statement for a period of not more than ninety (90) days, provided,
      however, that the Company may not exercise its right to suspend a registration
      statement under this Section 1.12(d) more than twice in any twelve (12)-month
      period. The Company will promptly notify the Holders of any decision by its
      Board of Directors to suspend a registration statement pursuant to this Section
      1.12(d).”

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (d) Section
      1.16(a) of the Rights Agreement be deleted and replaced with the
      following:

     

    “(a) The
      right
      of any Holder to request registration or inclusion in registration pursuant
      to
      Section 1.2, 1.3 or 1.12 shall terminate on the first such date after this
      Amendment as (i) all shares of Registrable Securities held or entitled to be
      held upon conversion by such Holder may be sold under Rule 144 during any ninety
      (90)-day period and (ii) the Holder thereof holds less than one percent (1%)
      of
      the Company’s outstanding Common Stock.”

     

    (e) The
      following shall be added to Section 1.2 as new Section 1.2(e):

     

    “(e) If
      the
      Company’s Board of Directors determines that it would be detrimental to the
      Company and its stockholders for resales of Registrable Securities to be made
      pursuant to a registration statement requested pursuant to this Section 1.2
      due
      to the existence of a material event or development or potential material event
      or development involving the Company which the Company would be obligated to
      disclose in the registration statement (or in filings or documents incorporated
      by reference in such registration statement), which disclosure would be
      premature or otherwise inadvisable at such time or which the Board of Directors
      believes would have a material adverse effect on the Company and its
      stockholders or would make the successful consummation by the Company of a
      material transaction significantly less likely, the Company will have the right
      to suspend the use of the registration statement for a period of not more than
      ninety (90) days, provided, however, that the Company may not exercise its
      right
      to suspend a registration statement under this Section 1.2(e) more than twice
      in
      any twelve (12)-month period. The Company will promptly notify the Holders
      of
      any decision by its Board of Directors to suspend a registration statement
      pursuant to this Section 1.2(e).” 

     

    2. Extension
      of Registration Rights.
      Beginning on the Effective Date and extending through June 30, 2009, Rubio’s
      hereby grants to the Investor the same rights, if any, held by the Investor
      as
      of the Effective Date under Section 1.2, 1.3, 1.4, 1.6, 1.7, 1.8, 1.9, 1.10,
      1.11, 1.12 and 1.14 of the Rights Agreement, as amended by the Original
      Extension Agreements and by this Agreement; provided, that in the event that
      the
      Company exercises its right to defer the filing of a Form S-3 registration
      statement pursuant to Section 1.12(b)(3) or to suspend the use of a Form S-3
      registration statement pursuant to Section 1.12(d), the Investor’s rights shall
      be extended from June 30, 2009 by the number of days of any deferral and any
      suspension. Such rights shall be governed by the relevant terms and conditions
      as set forth in the Rights Agreement, which terms are hereby incorporated by
      reference, provided that the Investor shall be considered the “Holder” as that
      term is used in the Rights Agreement.

     

    3. Standstill.
      Beginning on the Effective Date and extending through June 30, 2007, the
      Investor will not exercise any demand registration rights, as described in
      Sections 1.2 or 1.12 of the Rights Agreement or set forth in Section 2 hereof,
      that it is entitled to, whether pursuant to this Agreement or pursuant to the
      Rights Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4. Miscellaneous.

     

    (a) Waivers
      and Amendments.
      Neither
      this Agreement nor any provision hereof may be changed, waived, discharged,
      terminated, modified or amended except upon the written consent of the
      Company and the Investor.

     

    (b) Headings.
      The
      headings of the various sections of this Agreement have been inserted for
      convenience of reference only and shall not be deemed to be part of this
      Agreement.

     

    (c) Severability.
      In case
      any provision contained in this Agreement should be invalid, illegal or
      unenforceable in any respect, the validity, legality and enforceability of
      the
      remaining provisions contained herein shall not in any way be affected or
      impaired thereby.

     

    (d) Notices.
      All
      notices, requests, consents and other communications hereunder shall be in
      writing, shall be sent by confirmed facsimile or mailed by first-class
      registered or certified airmail, or nationally recognized overnight express
      courier, postage prepaid, and shall be deemed given when so sent in the case
      of
      facsimile transmission, or when so received in the case of mail or courier,
      and
      addressed as set forth on the signature page of this Agreement.

     

    (e) Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of California as applied to contracts entered into and performed entirely
      in California by California residents, without regard to conflicts of law
      principles.

     

    (f) Counterparts.
      This
      Agreement may be executed in two or more counterparts, each of which shall
      constitute an original, but all of which, when taken together, shall constitute
      but one instrument, and shall become effective when one or more counterparts
      have been signed by each party hereto and delivered to the other
      parties.

     

    (g) Successors
      and Assigns.
      Except
      as otherwise expressly provided herein, the provisions hereof shall inure to
      the
      benefit of, and be binding upon, the successors, assigns, heirs, executors and
      administrators of the parties hereto.

     

    (h) Entire
      Agreement.
      This
      Agreement supersedes the Original Extension Agreements, which hereafter shall
      be
      null and void in its entirety, and constitutes the full and entire understanding
      and agreement between the parties with regard to the subject matter
      hereof.

     

    (i) Effect
      of Amendment.
      Except
      as expressly modified by this Amendment, the Rights Agreement shall remain
      unmodified and in full force and effect.

     

    (j) No
      Third Party Beneficiaries.
      This
      Agreement and all conditions and provisions hereof are and are intended to
      be
      for the sole and exclusive benefit of Rubio’s and the Investor and for the
      benefit of no other party to the Rights Agreement (or any successors or
      assigns). 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
      by
      their duly authorized representatives on the day and year first above
      written.

     

    
      	 	 	 
	
              Company:

            	
              RUBIO’S
                RESTAURANTS, INC.

              a
                Delaware corporation

            
	 
 	 
 	 
 
	
            	By:  	/s/
              Daniel E. Pittard
	 	
              

              Daniel
                E. Pittard

              President
                and Chief Executive Officer

            
	 	 
	 	
              Address:
                 

              1902
                Wright Place, Suite 300

              San
                Diego, CA 92008

              Fax
                No.: (760) 602-5113

            

    

     

    
      	 	 	 
	
              
                Investor:

              

            	
              
                ROSEWOOD
                  CAPITAL, L.P.

                By:
                  Rosewood Associates, L.P.

                Its:
                  General
                  Partner

              

            
	 
 	 
 	 
 
	
            	By:  	/s/
              Kyle
              A. Anderson
	 	
              

              Kyle
                A. Anderson, Managing Director

            
	 	 
	 	
              
                Address: 

                One
                  Maritime Plaza

                Suite
                  1401

                San
                  Francisco, CA 94111

                Fax
                  No.: (415) 362-1192Exhibit
      10.9

     

    INVESTORS’
      RIGHTS AGREEMENT

    STANDSTILL
      AND EXTENSION AGREEMENT

     

    This
      Investors’ Rights Agreement Standstill and Extension Agreement (“Agreement”) is
      made as of May 7, 2007 (the “Effective Date”), by and between Rubio’s
      Restaurants, Inc., a Delaware corporation, (“Rubio’s” or the “Company”), and
      Ralph Rubio (the “Investor”).

     

    RECITALS
      

     

    A. Rubio’s
      and the Investor are parties to that certain Amended and Restated Investors’
Rights Agreement, dated as of November 19, 1997, as amended on December 31,
      1997
      and in May 1998 (the “Rights Agreement”), wherein Rubio’s granted to the
      Investor certain registration rights.

     

    B. On
      July
      28, 2005, the parties hereto entered into an Investors’ Rights Agreement
      Standstill and Extension Agreement (the “2005 Extension Agreement”) which
      provided, among other things, for an extension of the expiration date applicable
      to the Investor’s registration rights and superseded an Investors’ Rights
      Agreement Standstill and Extension Agreement dated March 12, 2004 (collectively,
      with the 2005 Extension Agreement the “Original Extension
      Agreements”).

     

    C. Given
      the
      current state of market conditions, the trading range of Rubio’s common stock
      and the current operating performance of the Company, the Investor desires
      to
      obtain a further extension of, and modification of its registration
      rights.

     

    D. The
      Company is willing to grant to Investor a further extension of its registration
      rights through June 30, 2009 and a modification of such registration rights
      in
      exchange for the Investor agreeing not to exercise any demand registration
      rights on or before June 30, 2007.

     

    AGREEMENT

     

    NOW,
      THEREFORE, the parties hereto agree as follows:

     

    1. Amendments
      to Rights Agreement.

     

    (a) Section
      1.4(a) of the Rights Agreement be deleted and replaced with the
      following:

     

    “(a) Prepare
      and file with the SEC a registration statement with respect to such Registrable
      Securities and use its best efforts to cause such registration statement to
      become effective, and upon the request of the Holders of a majority of the
      Registrable Securities registered thereunder, keep such registration statement
      effective for up to one hundred eighty (180) days.”

     

    (b) Clauses
      (4), (5) and (6) of Section 1.12 (b) of the Rights Agreement be deleted and
      replaced with the following:

     

    “(4)
      if
      the Company has already effected four (4) registrations on Form S-3 pursuant
      to
      this Section 1.12 and the Holder is eligible to resale its Registrable
      Securities pursuant to Rule 144(k) of the Act.; or (5) in any particular
      jurisdiction in which the Company would be required to qualify to do
      business.”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (c) The
      following shall be added to Section 1.12 as new Section 1.12(d):

     

    “(d) If
      the
      Company’s Board of Directors determines that it would be detrimental to the
      Company and its stockholders for resales of Registrable Securities to be made
      pursuant to an effective Form S-3 registration statement due to the existence
      of
      a material event or development or potential material event or development
      involving the Company which the Company would be obligated to disclose in the
      registration statement (or in filings or documents incorporated by reference
      in
      such registration statement), which disclosure would be premature or otherwise
      inadvisable at such time or which the Board of Directors believes would have
      a
      material adverse effect on the Company and its stockholders or would make the
      successful consummation by the Company of a material transaction significantly
      less likely, the Company will have the right to suspend the use of the
      registration statement for a period of not more than ninety (90) days, provided,
      however, that the Company may not exercise its right to suspend a registration
      statement under this Section 1.12(d) more than twice in any twelve (12)-month
      period. The Company will promptly notify the Holders of any decision by its
      Board of Directors to suspend a registration statement pursuant to this Section
      1.12(d).”

     

    (d) Section
      1.16(a) of the Rights Agreement be deleted and replaced with the
      following:

     

    “(a) The
      right
      of any Holder to request registration or inclusion in registration pursuant
      to
      Section 1.2, 1.3 or 1.12 shall terminate on the first such date after this
      Amendment as (i) all shares of Registrable Securities held or entitled to be
      held upon conversion by such Holder may be sold under Rule 144 during any ninety
      (90)-day period and (ii) the Holder thereof holds less than one percent (1%)
      of
      the Company’s outstanding Common Stock.”

     

    (e) The
      following shall be added to Section 1.2 as new Section 1.2(e):

     

    “(e) If
      the
      Company’s Board of Directors determines that it would be detrimental to the
      Company and its stockholders for resales of Registrable Securities to be made
      pursuant to a registration statement requested pursuant to this Section 1.2
      due
      to the existence of a material event or development or potential material event
      or development involving the Company which the Company would be obligated to
      disclose in the registration statement (or in filings or documents incorporated
      by reference in such registration statement), which disclosure would be
      premature or otherwise inadvisable at such time or which the Board of Directors
      believes would have a material adverse effect on the Company and its
      stockholders or would make the successful consummation by the Company of a
      material transaction significantly less likely, the Company will have the right
      to suspend the use of the registration statement for a period of not more than
      ninety (90) days, provided, however, that the Company may not exercise its
      right
      to suspend a registration statement under this Section 1.2(e) more than twice
      in
      any twelve (12)-month period. The Company will promptly notify the Holders
      of
      any decision by its Board of Directors to suspend a registration statement
      pursuant to this Section 1.2(e).” 

     

    2. Extension
      of Registration Rights.
      Beginning on the Effective Date and extending through June 30, 2009, Rubio’s
      hereby grants to the Investor the same rights, if any, held by the Investor
      as
      of the Effective Date under Section 1.2, 1.3, 1.4, 1.6, 1.7, 1.8, 1.9, 1.10,
      1.11, 1.12 and 1.14 of the Rights Agreement, as amended by the Original
      Extension Agreements and by this Agreement; provided, that in the event that
      the
      Company exercises its right to defer the filing of a Form S-3 registration
      statement pursuant to Section 1.12(b)(3) or to suspend the use of a Form S-3
      registration statement pursuant to Section 1.12(d), the Investor’s rights shall
      be extended from June 30, 2009 by the number of days of any deferral and any
      suspension. Such rights shall be governed by the relevant terms and conditions
      as set forth in the Rights Agreement, which terms are hereby incorporated by
      reference, provided that the Investor shall be considered the “Holder” as that
      term is used in the Rights Agreement.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    3. Standstill.
      Beginning on the Effective Date and extending through June 30, 2007, the
      Investor will not exercise any demand registration rights, as described in
      Sections 1.2 or 1.12 of the Rights Agreement or set forth in Section 2 hereof,
      that it is entitled to, whether pursuant to this Agreement or pursuant to the
      Rights Agreement.

     

    4. Miscellaneous.

     

    (a) Waivers
      and Amendments.
      Neither
      this Agreement nor any provision hereof may be changed, waived, discharged,
      terminated, modified or amended except upon the written consent of the Company
      and the Investor.

     

    (b) Headings.
      The
      headings of the various sections of this Agreement have been inserted for
      convenience of reference only and shall not be deemed to be part of this
      Agreement.

     

    (c) Severability.
      In case
      any provision contained in this Agreement should be invalid, illegal or
      unenforceable in any respect, the validity, legality and enforceability of
      the
      remaining provisions contained herein shall not in any way be affected or
      impaired thereby.

     

    (d) Notices.
      All
      notices, requests, consents and other communications hereunder shall be in
      writing, shall be sent by confirmed facsimile or mailed by first-class
      registered or certified airmail, or nationally recognized overnight express
      courier, postage prepaid, and shall be deemed given when so sent in the case
      of
      facsimile transmission, or when so received in the case of mail or courier,
      and
      addressed as set forth on the signature page of this Agreement.

     

    (e) Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of California as applied to contracts entered into and performed entirely
      in California by California residents, without regard to conflicts of law
      principles.

     

    (f) Counterparts.
      This
      Agreement may be executed in two or more counterparts, each of which shall
      constitute an original, but all of which, when taken together, shall constitute
      but one instrument, and shall become effective when one or more counterparts
      have been signed by each party hereto and delivered to the other
      parties.

     

    (g) Successors
      and Assigns.
      Except
      as otherwise expressly provided herein, the provisions hereof shall inure to
      the
      benefit of, and be binding upon, the successors, assigns, heirs, executors
      and
      administrators of the parties hereto.

     

    (h) Entire
      Agreement.
      This
      Agreement supersedes the Original Extension Agreements, which hereafter shall
      be
      null and void in its entirety, and constitutes the full and entire understanding
      and agreement between the parties with regard to the subject matter
      hereof.

     

    (i) Effect
      of Amendment.
      Except
      as expressly modified by this Amendment, the Rights Agreement shall remain
      unmodified and in full force and effect.

     

    (j) No
      Third Party Beneficiaries.
      This
      Agreement and all conditions and provisions hereof are and are intended to
      be
      for the sole and exclusive benefit of Rubio’s and the Investor and for the
      benefit of no other party to the Rights Agreement (or any successors or
      assigns). 

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
      by
      their duly authorized representatives on the day and year first above
      written.

    
      	 	 	 
	
              Company:

            	
              RUBIO’S
                RESTAURANTS, INC.

              a
                Delaware corporation

            
	 
 	 
 	 
 
	
            	By:  	/s/
              Daniel E. Pittard
	 	
              
Daniel
              E. Pittard
              President
                and Chief Executive Officer

            
	 	 
	 	
              Address:
                 

              1902
                Wright Place, Suite 300

              San
                Diego, CA 92008

              Fax
                No.: (760) 602-5113

            

    

     

    
      	 	 	 
	
              
                Investor:

              

            	
              
                Ralph
                  Rubio

              

            
	 
 	 
 	 
 
	
            	       	
              /s/
                Ralph Rubio

            
	 	
              

              Ralph
                Rubio

            
	 	 
	 	
              
                Address: 

                1115
                  Los Calallitos

                Del
                  Mar, CA 92014

                Fax
                  No.: (760) 602-5113

              

            

    

     

    
      
         

      

      
        4

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