Document:

Exhibit 10.2

Form of

STOCK OPTION AGREEMENT

          STOCK OPTION AGREEMENT (hereinafter called
this “Agreement”) made as of the 22nd day of January, 2010 between
BioCurex, Inc., a Texas corporation (hereinafter called the “Corporation”), and
____________ (hereinafter called the “Optionee”).

          WHEREAS, the Corporation desires, in
connection with his or her services as a director of the Corporation or a
Subsidiary (as defined below), to provide the Optionee with an opportunity to
acquire shares of the Corporation’s Common Stock, par value $0.001 per share
(hereinafter called the “Common Stock”), for the purpose of increasing his or
her proprietary interest in the continued progress and success of the business
of the Corporation;

          NOW, THEREFORE, in consideration of the
premises, the mutual covenants herein set forth and other good and valuable
consideration, the Corporation and the Optionee hereby agree as follows:

          1.
Confirmation of Grant of Option. The Corporation hereby irrevocably
grants to the Optionee as of January 22nd, 2010 (the “Date of
Grant”) the right to purchase (hereinafter called the “Option”) an aggregate of
up to _______ shares of the Common Stock, subject to adjustment as provided in
Section 8 hereof.

          2.
Exercise Price. The Exercise Price of the shares of the Common Stock
covered by the Option will be $0.074 per share (the “Exercise Price”),
being the fair market value of a share of the Common Stock on the Date of Grant,
subject to adjustment as provided in Section 8 hereof.

          3.
Exercise of Option. Subject to earlier termination or cancellation as
provided in this Agreement, the Option may be exercised from time to time, in
whole or in part, on or prior to 

January 22,
2020 (the “Expiration Date”) to purchase not more than the following
number of shares originally subject thereto (after giving effort to any adjustment
pursuant to Section 8 hereof and rounding any fraction to the nearest lower
whole number): (a) [one-third] of
the shares originally subject thereto at any time on or after April 22, 2010;
(b) [one-third] of the shares originally subject
thereto on or after January 22, 2011; and (c) [one-third] of
the shares originally subject thereto on or after January 22, 2012. 

          The
Option may be exercised as provided in this Section 3 by notice and payment to
the Corporation as provided in Sections 7, 10 and 11 hereof.

          4.
Term and Rights as Shareholder. Subject to earlier termination or
cancellation as provided in this Agreement, the Option will be exercisable only
(a) on or prior to the Expiration Date and (b) except as otherwise provided in
Section 6 hereof, if the Optionee shall, at any time of exercise, be an
employee and/or a director of the Corporation or any other corporation in which
the Corporation owns, directly or indirectly, equity interests representing
more than 50% of the voting power in such corporation (each such corporation, a
“Subsidiary”). The holder of the Option will not have any right to dividends or
any other rights of a shareholder with respect to a share of the Common Stock
subject to the Option until such share shall have been issued to him or her
following exercise of the Option. Such issuance shall be evidenced by the
appropriate entry on the books of the duly authorized transfer agent of the
Corporation, provided that the date of issue shall not be earlier than the
Exercise Date (as hereinafter defined in Section 7(b) hereof) with respect to
such share.

          5.
Non-transferability of Option. The Option will not be transferable
otherwise than by will or by the laws of descent and distribution, and the
Option may be exercised during the lifetime of the Optionee only by him or her
or, in the case of the Optionee’s certified incompetency, his or 

2

her duly
authorized legal representative(s). More particularly, but without limiting the
generality of the foregoing, the Option may not be assigned, transferred
(except as provided in the preceding sentence) or otherwise disposed of, or
pledged or hypothecated in any way (whether by operation of law or otherwise),
and shall not be subject to execution, attachment, or other process. Any
assignment, transfer, pledge, hypothecation or other disposition of the Option
attempted contrary to the provisions of this Agreement, or any levy of
execution, attachment or other process attempted upon the Option, will be null
and void and without effect. Any attempt to make any such assignment, transfer,
pledge, hypothecation or other disposition of the Option or any attempt to make
any such levy of execution, attachment or other process will cause the Option
to terminate immediately upon the happening of any such event if the
Corporation should, at any time, in its sole discretion, so elect by written
notice to the Optionee (or to the person then entitled to exercise the Option);
provided, however, that any such termination of the Option under the foregoing
provisions of this Section 5 will not prejudice any rights or remedies which
the Corporation or any Subsidiary may have under this Agreement or otherwise.

          6.
Exercise Upon Termination of Relationship.

                    (a)
If the Optionee’s relationship with the Corporation ceases such that he
or she is neither an employee, or a director of the Corporation or any Subsidiary
(the
“Termination”) for Cause (as hereinafter defined in subsection (f)
of this Section 6) the Option may, subject to the provisions of Sections 4 and
10 hereof, be exercised, to the extent the Optionee would have been entitled
under Section 3 hereof to exercise the Option on the date of the Termination
at any time within 30 days after Termination, at the end of which period the
Option will terminate unless terminated sooner as a result of the Expiration
Date occurring prior thereto.

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                    (b)
If the reason for Termination is for any other reason (other than Cause, death,
disability (as hereinafter defined in subsection (c) of this Section 6), normal
retirement, or as part of a severance package), the Option may, subject to the
provisions of Sections 4 and 10 hereof, be exercised, to the extent the
Optionee would have been entitled under Section 3 hereof to exercise the Option
on the date of the Termination at any time within 30 days or with an additional
approval from the Corporation within 12 months after Termination, at the end of
which period the Option will terminate unless terminated sooner as a result of
the Expiration Date occurring prior thereto.

                    (c)
If the reason for the Termination is disability (within the meaning of Section
22(e)(3) of the Internal Revenue Code of 1986, as amended), normal retirement, or as part of a severance package the
Option may, subject to the provisions of Sections 4 and 10 hereof, be exercised
to purchase all the shares of Common Stock granted to the Optionee under this
Agreement at any time within 12 months or with an additional approval from the
Corporation within 24 months after the Termination, at the end of which period
the Option will terminate unless terminated sooner as a result of the
Expiration Date occurring prior thereto.

                    (d)
If the reason for the Termination is due to the death of the Optionee, or if
the Optionee dies prior to the termination of the Option under the provisions
of subsections (a) and (b) of this Section 6, the Option may, subject to the provisions
of Sections 4 and 10 hereof, be exercised to purchase all the shares of Common
Stock granted to the Optionee under this Agreement, by the estate of the
Optionee, or the duly appointed representative, or beneficiary who acquires the
Option by will or by the laws of descent and distribution, at any time within
12 months or with an additional approval of the Corporation within 24 months
after the date of death, at the end of which 

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period the
Option will terminate unless terminated sooner as a result of the Expiration
Date occurring prior thereto.

                    (e)
In no event set forth in this Section 6 may the Option be exercised after the
Expiration Date.

                    (f)
The term “Cause” shall have the meaning set forth in any employment agreement between the Optionee and the Company on the
effective date of Termination or, if the Optionee is not then an employee of the Company or if he or she is an employee and has no employment
agreement with the Company or has an employment agreement but it does not provide for a definition of
“Cause” then “Cause” shall mean a conviction of a felony or for dishonesty, theft, disclosing
trade secrets of the Corporation or any Subsidiary, entering into competition, directly or indirectly, with the Corporation or
any Subsidiary while a director, or using the Corporation's or any Subsidiary's facilities or premises for the conduct of illegal
or unlawful activities, transactions or business.

                    (g)
If the Corporation enters into an agreement providing for the sale of all, or
substantially all, of the assets of the Corporation, or a merger, consolidation
or reorganization in which the Corporation is not the surviving corporation, or
the transfer of shares of the Corporation representing more than 50% of the
total combined voting power of all shares in one or more transactions to a
person or persons acting as a group for voting purposes, the Optionee shall
have the right to exercise the Option in whole or in part as to such number of
additional shares then subject to the Option and not then exercisable as the
Corporation may, in its sole discretion, permit on the effective date of such
sale, merger, consolidation or reorganization or transfer.

          7.
Method of Exercise of Option.

                    (a)
Subject to the terms and conditions of this Agreement, the Option will be
exercisable by notice and payment to the Corporation in accordance with the
procedure prescribed herein. Each such notice, which may be in the form of
Exhibit A hereto, shall:

	
  

 	
  

 
	
  

 	
           (i)
 state the election to exercise the Option and the number of shares of the
 Common Stock in respect of which it is being exercised;

 

5

	
  

 	
  

 
	
  

 	
           (ii)
 be signed by the person or persons entitled to exercise the Option, including
 the address to which share certificates are to be delivered, and, if the
 Option is being exercised by any person or persons other than the Optionee,
 be accompanied by proof, satisfactory to counsel for the Corporation, of the
 right of such person or persons to exercise the Option;

 
	
  

 	
  

 
	
  

 	
           (iii)
 be accompanied by payment in full of the purchase price for the shares of the
 Common Stock covered by the notice in the form of a check, bank draft or
 money order payable to the Corporation, or payment shall be made in any other
 manner approved by the Corporation; and

 
	
  

 	
  

 
	
  

 	
           (iv)
 make such arrangements, if requested by the Corporation and in form and
 substance satisfactory to counsel to the Corporation, with respect to any
 applicable withholding tax requirements.

 

                    (b)
Upon receipt of a notice in accordance with subsection (a) of this Section 7
(such date and time of receipt being herein called the “Exercise Date”), the
Option will be deemed to have been exercised with respect to such particular
shares of the Common Stock if, and only if, the provisions of subsection (a) of
this Section 7 and the provisions of Section 11 hereof shall have been complied
with. Notwithstanding anything in this Agreement to the contrary, any notice of
exercise given pursuant to the provisions of this Section 7 will be void and of
no effect if all the provisions of subsection ( a) of this Section 7 and the
provisions of Section 11 shall not have been complied with. The certificate or
certificates representing the shares of the Common Stock as to which the Option
shall be exercised will be registered in the name of the person or persons
exercising the Option and will be delivered, as soon as practicable after the
Exercise Date, to the 

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person or
persons exercising the Option at the place specified in the notice of exercise
of the Option, but only upon compliance with all of the provisions of this
Agreement.

                    (c)
In the event that the Optionee shall exercise the Option for less than the
total number of shares of the Common Stock subject to the Option, this
Agreement shall be deemed automatically amended to reflect the reduced number
of shares post-exercise, without the necessity of the Optionee surrendering
this Agreement for issuance of a new agreement reflecting the reduced number of
shares then still subject to the Option. To evidence such amendment, the Corporation
shall deliver to the Optionee (or such other permissible person executing the
Option) a notice in the form of Exhibit B hereto.

          8.
Stock Dividend and Capital Changes.

                    (a)
In the event that the Corporation shall pay a stock dividend with respect to
the Common Stock, the number of shares of the Common Stock subject to this
Option shall be increased by the number of shares which would have been
issuable to the holder if such holder had exercised the Option immediately prior
to the record date related to the declaration and payment of such share
dividend. The Exercise Price of the shares subject to the Option shall be
appropriately adjusted as provided in subsection (d) of this Section 8.

                    (b)
If the Corporation shall at any time subdivide its outstanding Common Stock by
recapitalization, reclassification or split-up thereof, the number of shares of
the Common Stock subject to this Option immediately prior to such subdivision
shall be proportionately increased and, if the Corporation shall at any time
combine the outstanding Common Stock by recapitalization, reclassification of
combination thereof, the number of shares of the Common Stock subject to this
Option immediately prior to such combination shall be proportionately
decreased. The adjustment to the Exercise Price pursuant to subsection (d) of
this Section 8 and the adjustment to the number

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of shares
shall become effective at the close of business on the record date for such
subdivision or combination.

                    (c)
In case of any reclassification or
capital reorganization of the outstanding shares of the Common Stock (other
than a change covered by subsection (b) of this Section 8 which solely affects
the par value of such shares of the Common Stock) or in the case of any merger
or consolidation of the Corporation with or into another corporation (other
than a merger or consolidation in which the Corporation is the continuing
corporation) or in the case of any sale or conveyance to another corporation of
the property of the Corporation as an entirety or substantially as an entirety
in connection with which the Corporation is dissolved, the holder of this
Option shall have the right thereafter (until the expiration of the right of
exercise of the Option) to receive upon the exercise hereof, for the same
aggregate Exercise Price payable hereunder immediately prior to such event, the
kind and amount of shares of stock or other securities or property receivable
upon such reclassification, capital reorganization, merger or consolidation, or
upon the dissolution following any sale or other transfer, by a holder of the
number of shares of the Common Stock obtainable upon the exercise of this
Option immediately prior to such event. The provisions of this subsection (c)
of this Section 8 shall similarly apply to successive reclassifications,
capital reorganizations, mergers or consolidations, sales or other transfers.

                    Anything
in the preceding paragraph to the contrary notwithstanding, if the other
corporation does not agree to assume the Option or to substitute an equivalent
option in the case of a merger or consolidation or a sale of assets, then the
Option shall terminate upon the consummation of the merger, consolidation or
sale of assets.

                    (d)
Whenever the number of shares of the Common Stock purchasable upon the exercise
of the Option is adjusted, as provided in this Section 8, the Exercise Price
shall be adjusted 

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(to the
nearest one tenth of a cent) by multiplying such Exercise Price immediately
prior to such adjustment by a fraction, the numerator of which shall be the
number of shares of the Common Stock purchasable upon the exercise of the
Option immediately prior to such adjustment and the denominator of which shall
be the number of shares of the Common Stock so purchasable immediately
thereafter.

                    (e)
Upon the occurrence of each event requiring an adjustment of the Exercise Price
and the number of shares of the Common Stock obtainable upon exercise of the
Option in accordance with, and as required by, the terms of this Section 8, the
Corporation may employ a firm of certified public accountants (which may be the
regular accountants for the Corporation) which shall compute the adjusted
Exercise Price and the adjusted number of shares of the Common Stock
purchasable at such adjusted Exercise Price by reason of such event in accordance
with the provisions of this Section 8. The Corporation shall mail forthwith to
the Optionee a copy of the certification containing such computation which
shall be conclusive and shall be binding upon the Optionee and the Corporation.

          9.
Registration.

                    (a)
The Optionee understands that, as of the date hereof, the shares of the Common
Stock subject to the Option and issuable upon the exercise thereof (the
“Underlying Shares”) have not been registered under the Securities Act of 1933,
as amended (the “Securities Act”). The Corporation shall have the right to
place upon the face of any stock certificate or certificates evidencing the
Underlying Shares such legend as the Board may prescribe to prevent violation
of the Securities Act. Accordingly, the Optionee represents that the Option is
being acquired by him or her for investment for his or her account and not with
a view to, or in connection with, the sale or other distribution thereof.

9

                    (b)
In the event that, at the Exercise Date, the Optionee is required by the
Securities Act, if he or she desires to sell the Underlying Shares, to deliver
a reoffer prospectus complying with Section 10(a) of the Securities Act, the
certificate or certificates for the Underlying Shares shall bear the following
legend:

“The shares
evidenced by this certificate have been registered on Form S-8 under the
Securities Act of 1933, as amended (the “Securities Act”); however, the holder
is required under the Securities Act to use a reoffer prospectus to resell the
shares. Accordingly, the shares may not be sold or transferred unless there is
delivered an opinion of counsel to the Company that either (1) there is in
effect a current prospectus meeting the requirements of Section 10(a) of the
Securities Act which is being or will be delivered to the purchaser or
transferee at or prior to the time of delivery of such shares for sale or
transfer, or (2) such shares may be sold without violating Section 5 of the
Securities Act.”

          10.
Notices. Each notice relating to this Agreement will be in writing and
delivered in person or by registered or certified mail or by express courier
service to the proper address. All notices to the Corporation shall be
addressed to it at its principal office, now at 7080 River Road, Suite 215,
Richmond, British Columbia V6X 1X5, attention of the Chief Executive Officer.
All notices to the Optionee or other person or persons then entitled to
exercise the Option shall be addressed to the Optionee or such other person or
persons at the address set forth below the Optionee’s name following the
Corporation’s signature. Anyone to whom a notice may be given under this
Agreement may designate a new address by notice to that effect given in
accordance with this Section 10.

          11.
Approval of Counsel. The exercise of the Option and the issuance and
delivery of the Underlying Shares pursuant thereto shall be subject to approval
by the Corporation’s counsel of all legal matters in connection therewith,
including compliance with the requirements of the Securities Act, or
corresponding provision of future law, and the Securities Exchange Act of 1934,
as amended, or corresponding provision of future law, and the rules and
regulations thereunder, and 

10

the requirements
of any stock exchange upon which the Common Stock may then be listed. In
furtherance thereof, such counsel may request that the Optionee or other
permissible person exercising the Option deliver such investment representation
or other documents as such counsel deems necessary or appropriate.

          12.
Reservation of Shares. The Corporation shall at all times during the
term of the Option reserve and keep available such number of shares of the
class of stock then subject to the Option as will be sufficient to satisfy the
requirements of this Agreement.

          13.
Disputes. Any dispute or disagreement which arises under, or as a result
of, or in any way relates to, the interpretation, construction or application
of this Agreement will be resolved by the Corporation. Any such resolution made
hereunder shall be final, binding and conclusive for all purposes upon all
persons.

          14.
Limitation of Action. The Optionee agrees that every right of action
accruing to him or her and arising out of, or in connection with, this
Agreement against the Corporation will, irrespective of the place where an
action may be brought, cease and be barred by the expiration of three years
from the date of the act or omission in respect of which such right of action
arises.

          15.
Benefits of Agreement. This Agreement will inure to the benefit of, and
be binding upon, each successor and assign of the Corporation. All obligations
imposed upon the Optionee and all rights granted to the Corporation under this
Agreement will be binding upon the Optionee’s heirs, legal representatives and
successors.

          16.	Construction. In the event of a conflict or inconsistency
between the provisions of this Agreement and the provisions of any employment agreement between the Optionee
and the Company, the provisions of such employment agreement shall control.

          IN WITNESS WHEREOF, the parties hereto have
executed and delivered this Agreement as of the day, month and year first above
written.

11

	
  
 	
  
 	
  
 	
  
 
	 	BIOCUREX, INC.
	 	 
	
  
 	
 By:
 	
  
 
	
  
 	
  
 	
 
 
	
  
 	
  
 	
  
 	
 GLADYS CHAN,
 
	
  
 	
  
 	
  
 	
 Chief
 Financial Officer
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
 OPTIONEE:
 
	
  
 	
  
 
	
  
 	
 
 
	
  
 	
 Name
 (Print):
 
	
  
 	
 Address: 
 	
  
 
	
  
 	
  
 	
 
 
	
  
 
	
  
 	
  
 	
 
 

12

EXHIBIT A

ELECTION TO PURCHASE

To BioCurex,
Inc.:

	
  

 	
  

 	
  

 
	
  

 	
 

 	
  

 
	
  

 
	
  

 	
 

 	
  

 
	
  

 	
 Attention:
 Chief Executive Officer

 

          The
undersigned hereby irrevocable elects to exercise the foregoing Option to
purchase _____ shares of the Common Stock issuable upon the exercise of the
Option and requests that a certificate for such shares shall be issued in the
name of

	
  

 	
  

 	
  

 
	
 

 
	
 (Name)

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 

 
	
 (Address)

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 

 
	
 (Taxpayer Social Security Number)

 
	
  

 	
  

 	
  

 
	
 and be
 delivered to 

 	
  

 
	
  

 	

 
	
 (Name)

 
	
  

 	
  

 	
  

 
	
 at 

 	
  

 
	
  

 	

 
	
 (Address)

 
	
  

 	
  

 	
  

 
	
 Dated:
 ___________, ____

 
	
  

 	
  

 	
  

 
	
 Name of
 holder of Option:

 
	
  

 	
  

 	
  

 
	
 

 
	
 (please print)

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 

 
	
 (Address)

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 

 
	
 (Signature)

 

	
  

 	
  

 
	
 Note:

 	
 The above
 signature must correspond with the name as written upon the face of the
 Option in every particular, without alteration or enlargement or any change
 whatever.

 

13

	
  

 	
  

 	
  

 	
  

 
	
 EXHIBIT B

 
	
  

 
	
 NOTICE AS TO PARTIAL EXERCISE

 
	
 BY

 
	
  

 	
  

 	
  

 	
  

 
	
 

 
	
  

 	
  

 	
  

 	
  

 
	
 To:

 	
  

 	
  

 	
 Date:

 
	
  

 	
 

 	
  

 	
  

 
	
  

 
	
  

 	
 

 	
  

 	
  

 
	
  

 
	
  

 	
 

 	
  

 	
  

 
	
  

 	
 (Address)

 	
  

 	
  

 

          WHEREAS,
you are the named Optionee in a Stock Option Agreement
dated as of ________________ to purchase ________ shares of the Common Stock
and have exercised the Option as to _______ shares;

          PLEASE
TAKE NOTICE that
the Stock Option Agreement is, by its terms, automatically amended so it now
covers only          shares.

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 BioCurex,
 Inc.

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 

 	
  

 
	
  

 	
  

 	
  

 	
 (Title)

 	
  

 

14exv10w5

Exhibit 10.5

CONFIDENTIALITY AGREEMENT — COWEN REPRESENTING SELLER

December 11, 2009

Alex Meruelo

Chairman & Chief Executive Officer

Meruelo Group

9550 Firestone Boulevard — Suite 105

Downey, California 90241-5560

Dear Mr. Meruelo,:

			
	     Re:	 	Confidential Information and Evaluation Material

Cowen and Company, LLC (“Cowen”), is acting on behalf of Rubio’s Restaurants, Inc. (the “Company”)
to explore a possible strategic transaction involving the Company (the “Transaction”). In that
connection, you have requested financial and other information concerning the business and affairs
of the Company. In consideration of furnishing you and your directors, officers, employees,
agents, affiliates, advisors and potential financing sources (including such financing sources’
directors, officers, employees, agents and advisors) (collectively, “Representatives”) such
financial and other information, you agree to treat, and to direct your Representatives to treat,
such information furnished to you by or on behalf of the Company or its Representatives and all
analyses, compilations, studies and other materials containing or reflecting, in whole or in part,
any such information (collectively, “Evaluation Material”), as follows:

	 	1.	 	You recognize and acknowledge the competitive value and confidential nature
of the Evaluation Material and the damage that could result to the Company if any
information contained therein is disclosed to any third party.
	 
	 	2.	 	The term “Evaluation Material” does not include any information which (a)
is already lawfully in your possession or known to you, provided that the source of
such information is not known by you to be subject to another confidentiality
agreement or other obligation of confidentiality with the Company or another party
with respect to such information, (b) has been made public other than by acts by you
or your Representatives in violation of this agreement or other obligation of
confidentiality, (c) becomes available to you on a nonconfidential basis from a
source that to your knowledge is entitled to disclose it on a nonconfidential basis,
or (d) is independently developed by you without reference to other Evaluation
Material.
	 
	 	3.	 	You agree that until the third anniversary of the date hereof the
Evaluation Material will be kept confidential and will be used solely for the purpose
of evaluating the Transaction or to pursue any transaction

 

 

Rubio’s Restaurants, Inc.

December 11, 2009

Page 2

	 		 	or course of action permitted by Section 10 below (when permitted to do so under
Section 10). Until the third anniversary of the date hereof, you agree not to
disclose any of the Evaluation Material to any third party, in any manner
whatsoever, in whole or in part, without the prior written consent of the
Company, except that you may disclose the Evaluation Material or portions thereof
to your Representatives who need to know such information (and who agree to use
such information solely) for the purpose of evaluating the Transaction, which
Representatives shall be informed of the confidential nature of the Evaluation
Material and shall agree with you to be bound by the confidentiality provisions
of this agreement and not to disclose any of the Evaluation Material to any other
party. You shall be responsible for any breach of this agreement by any of your
Representatives.
	 
	 	4.	 	Except to the extent required by law, the Company agrees that until the
third anniversary of the date hereof any documents and other information (including
without limitation any investment proposal letters and term sheets) that you provide
to the Company or to any of its Representatives in connection with the Transaction
(the “Transaction Material”) will be kept confidential and will be used solely for
the purpose of evaluating the Transaction. Except to the extent required by law,
until the third anniversary of the date hereof, the Company agrees not to disclose
any of the Transaction Material to any third party, in any manner whatsoever, in
whole or in part, without your prior written consent, except that the Company may
disclose the Transaction Material or portions thereof to its Representatives who need
to know such information (and who agree to use such information solely) for the
purpose of evaluating the Transaction, which Representatives shall be informed of the
confidential nature of the Transaction Material and shall agree with the Company to
be bound by the confidentiality provisions of this agreement and not to disclose any
of the Transaction Material to any other party. The Company shall be responsible for
any breach of this agreement by any of its Representatives.
	 
	 	5.	 	In the event that either party hereto or its Representatives are requested
in any proceeding or pursuant to any law or any rule or regulation of any
governmental agency or authority to disclose any Evaluation Material or Transaction
Material, unless prohibited by applicable law such party will give the other party
hereto prompt notice of such request so that such other party may seek an appropriate
protective order or other appropriate remedy and/or waive compliance with the
provisions of this agreement (and if such other party seeks such an order, the first
party will provide such cooperation as such other party shall reasonably request).
If, in the absence of a protective order, the first party or its Representatives are
nonetheless legally compelled to disclose such Evaluation Material, such first party
or its Representatives, as the case may be, will furnish only that portion of the
Evaluation Material or Transaction Material which it is advised by

 

 

Rubio’s Restaurants, Inc.

December 11, 2009

Page 3

	 	 	 	its counsel is legally required, in which case it will not be subject to
liability hereunder; provided, however, that it gives such other party written
notice of the information to be disclosed as far in advance of its disclosure as
is practicable and uses its commercially reasonable efforts to obtain assurances
that confidential treatment will be accorded to such information.
	 
	 	6.	 	Without the prior written consent of the Company, neither you nor any of
your Representatives will disclose to any person the fact that the Evaluation
Material has been made available to you, that discussions or negotiations are taking
place concerning a Transaction involving the Company or any of the terms, conditions
or other facts with respect to such Transaction, including the status thereof or the
subject matter of this agreement, except that you may make any such disclosure which
your counsel advises you is legally required, provided that you consult with the
Company or its advisors prior to any such required disclosure.
	 
	 	7.	 	You hereby acknowledge that you are aware, and that you will advise your
Representatives who are informed as to the matters which are the subject of this
letter, (i) that the United States securities laws prohibit any person who has
received from an issuer material, non-public information concerning the matters which
are the subject of this letter from purchasing or selling securities of such issuer
or from communicating such information to any other person under circumstances in
which it is reasonably foreseeable that such person is likely to purchase or sell
securities and (ii) that you are familiar with the Securities and Exchange Act of
1934, as amended (the “Exchange Act”), and the rules and regulations promulgated
thereunder and agree that you will neither use nor cause any party to use, any
Evaluation Material in contravention of the Exchange Act or such rules and
regulations including Rules 10b-5 and 14e-3.
	 
	 	8.	 	You hereby represent that, as of the date hereof, you and your affiliates
and associates (as such terms are defined in Rule 12b-2 under Exchange Act)
beneficially own in the aggregate less than 12% of the outstanding voting securities
of the Company. For the avoidance of doubt, Levine Leichtman Capital Partners, Inc.
and its related entities and affiliates shall not be considered your affiliate,
associate or Representative for any purpose under this agreement.
	 
	 	9.	 	Except as contemplated by the Transaction, unless specifically invited in
writing by the Company, for a period of twelve months from the date hereof, you and
your affiliates, as defined in Rule 12b-2 under the Exchange Act, will not (and you
and they will not assist or encourage others to), directly or indirectly:

	 	(a)	 	acquire or agree, offer, seek or propose to acquire, or
cause to be acquired, ownership (including, but not limited to, beneficial
ownership as defined in Rule 13d-3 under the Exchange Act) of any

 

 

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	 		 	of the Company’s assets or businesses, or any bank debt, claims or other
obligations of the Company, or any securities issued by the Company, or any
rights or options to acquire such ownership (other than those currently
owned) (including from a third party); or
	 
	 	(b)	 	seek or propose to influence or control the management or
policies of the Company or to obtain representation on the Company’s Board
of Directors, or solicit, or participate in the solicitation of, any proxies
or consents with respect to any securities of the Company, or make any
public announcement with respect to any of the foregoing or request
permission to do any of the foregoing; or
	 
	 	(c)	 	enter into any discussions, negotiations, arrangements or
understandings with any third party with respect to any of the foregoing; or
	 
	 	(d)	 	seek or request permission or participate in any effort
to do any of the foregoing or make or seek permission to make any public
announcement with respect to the foregoing.

	 	10.	 	Notwithstanding paragraph 9, you or your affiliates may
make a proposal to the Board of Directors of the Company with respect to any
transaction described in paragraph 9(a) and may take the actions with
respect to such transaction as described in paragraph 9(c), if the
Company shall have entered into a definitive agreement providing for, or, in
the case of clause (ii) below, its Board of Directors shall have recommended
in favor of (i) any direct or indirect acquisition or purchase by any person
or group of a majority of the common stock or assets of the Company, (ii)
any tender offer or exchange offer that if consummated would result in any
person or group acquiring a majority of the common stock of the Company or
(iii) any merger, consolidation, share exchange or other business
combination involving the Company which, if consummated, would result in the
shareholders of the Company immediately prior to the consummation of such
transaction ceasing to own at least a majority of the equity interests in
the surviving entity (or any direct or indirect parent of such surviving
entity).
	 
	 	11.	 	In consideration of your covenants herein, the Company agrees to provide to
you such Evaluation Material as you reasonably request during the four months
following the date of this letter or such longer period as you and the Company
continue discussions regarding a Transaction. You agree that except as and to the
extent provided in a definitive written agreement with you with respect to the
Transaction, neither the Company nor you will be under any legal obligation of any
kind whatsoever with respect to a Transaction by virtue of this or any written or
oral expression with respect to a Transaction by any of the

 

 

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	 	 	 	Company’s or your directors, officers, employees, agents, advisors or other
representatives. All inquiries, requests for information and other
communications with the Company shall be made through Owen Hart or another
designated individual at Cowen.
	 
	 	12.	 	Upon the Company’s request, you will promptly return to the Company all
copies of all Evaluation Material furnished to you or your Representatives by or on
behalf of the Company and will destroy all analyses, compilations, summaries, studies
and other material prepared by you or your Representatives based in whole or in part
on, or otherwise containing or reflecting any of, the Evaluation Material; provided,
however, that notwithstanding the foregoing, you and your Representatives may each
retain a copy of all Evaluation Material and all such analyses, compilations,
summaries, studies and other material in separate files solely to comply with your
respective document retention policies. You hereby agree to promptly certify in a
letter to the Company that the return required hereunder and such destruction have
been accomplished.
	 
	 	13.	 	You understand that except as and to the extent provided in a definitive
written agreement with you with respect to the Transaction, when, as and if it is
executed and delivered (and subject to the restrictions and conditions specified
therein), neither the Company nor any of its Representatives (including Cowen) makes
any representation or warranty, express or implied, as to the accuracy or
completeness of the Evaluation Material and you agree that neither the Company nor
any of its Representatives shall have any liability to you or any other party
resulting from any use or reliance on the Evaluation Material.
	 
	 	14.	 	You agree that until the earlier of (a) the consummation of a Transaction
between the Company and you or (b) one year from the date hereof, neither you nor any
of your affiliates will, without the prior written consent of the Company, (x)
solicit to employ any person who is at the time an employee of the Company (provided
that a general solicitation made through any publicly distributed media or a general
solicitation conducted through a search firm that is not specifically instructed to
solicit employees of the Company shall not constitute a violation of this Section
14), or (y) initiate or maintain contact (except in the ordinary course of business)
with any officer, director, employee, supplier, distributor, broker or customer of
the Company for the purposes of obtaining information for use in evaluating a
Transaction.
	 
	 	15.	 	The Company acknowledges and agrees that you may be invested in, may invest
in or consider investments in companies that compete either directly or indirectly
with the Company and that the execution of this letter shall in no way be construed
to prohibit or restrict your ability to maintain, make or consider such investments.

 

 

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	 	16.	 	You and the Company each agree that money damages would not be a sufficient
remedy for any breach of this agreement by you or your Representatives or by the
Company or its Representatives, and that, in addition to all other remedies, you and
the Company shall be entitled to specific performance and injunctive or other
equitable relief as a remedy for any such breach, and you and the Company each
further agree to waive, and to use commercially reasonable efforts to cause your
respective Representatives to waive, any requirement for the securing or posting of
any bond in connection with any such remedy.
	 
	 	17.	 	No failure or delay by you, the Company or any of your or its
Representatives in exercising any right, power or privilege under this agreement
shall operate as a waiver thereof nor shall any single or partial exercise thereof
preclude any other or further exercise of any right, power or privilege hereunder.
No provision of this agreement may be waived, amended or modified, in whole or in
part, nor any consent given, except by way of a writing signed by a duly authorized
representative of each of you and the Company, which writing specifically refers to
this agreement and the provision so amended or modified or for which such waiver or
consent is given. In the event that any provision of this agreement shall be deemed
invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions of the agreement shall not in any way be affected or impaired
thereby. This agreement is not intended to be a letter of intent or agreement in
principle, or otherwise commit or bind the Company or you, to negotiate the terms of
the proposed Transaction or to consummate the Transaction contemplated herein.
	 
	 	18.	 	This agreement shall be governed by and construed in accordance with the
laws of the State of California, applicable to contracts made and to be performed
therein, without giving effect to its conflicts of laws, principles or rules. Each
party hereto consents to personal jurisdiction in California and voluntarily submits
to the jurisdiction of the courts of California in any action or proceeding with
respect to this agreement, including the federal district courts located in
California. You agree that you may be served with process at your address set forth
on the first page hereof. The parties waive the right to a trial by jury in any
dispute arising under this agreement.
	 
	 	19.	 	This agreement and all obligations hereunder shall terminate on the third
anniversary of the date hereof (unless earlier terminated pursuant to the terms of
this agreement).

 

 

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Please acknowledge your agreement to the foregoing by countersigning this letter in the place
provided below and returning it to Cowen.

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	Rubio’s Restaurants, Inc.	 	 
	 
	 	 	 	 	 	 
	 	 	By: COWEN AND COMPANY, LLC

       As Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Loren Pannier
 

	 	 
	 	 	Loren Pannier	 	 
	 	 	Chairman of the Special Committee	 	 

Accepted and Agreed to:

Meruelo Group

	 	 	 	 	 
	By:

	 	/s/ Alex Meruelo
 

	 	 
	Alex Meruelo	 	 
	Chairman & Chief Executive Officer

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