Document:

Form of Warrant to Purchase Shares of Series A preferred stock

 Exhibit 4.5 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR
PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. 
 WARRANT TO PURCHASE STOCK 
 Corporation: Rubicon Technology, Inc., a Delaware corporation 
 Number of Shares:                      
 Class of Stock: Series A Preferred Stock 
 Initial Exercise Price:
                     
 Issue Date:
                     
 Expiration Date:
                     
 THIS
WARRANT CERTIFIES THAT, for the agreed upon value of                      and for other good and valuable consideration,
                                        
     (“Holder”) is entitled to purchase the number of fully paid and nonassessable shares of Series A Preferred Stock (the “Shares”) of Rubicon Technology, Inc. (the “Company”) at the initial
exercise price per Share of                      (the “Warrant Price”) all as set forth above and as adjusted pursuant to
Article 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant. 
 ARTICLE 1. EXERCISE OF WARRANT,
DURATION AND WARRANT PRICE. 
 1.1 Method of Exercise. Holder may exercise this Warrant by delivering a duly executed Notice of
Exercise in substantially the form attached as Appendix 1 to the principal office of the Company at any time until 5:00 p.m., Chicago time, on
                    , 20    . Unless Holder is exercising the conversion right set forth in Section 1.2,
Holder shall also deliver to the Company a check for the aggregate Warrant Price for the Shares being purchased. 
 1.2 Conversion
Right. In lieu of exercising this Warrant as specified in Section 1.1, Holder may from time to time convert this Warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the
Shares or other securities otherwise issuable upon exercise of this Warrant minus the aggregate Warrant Price of such Shares by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to
Section 1.3. 
 1.3 Fair Market Value, If the Shares are traded in a public market, the fair market value of the Shares shall be
the closing price of the Shares (or the closing price of the 

  

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Company’s stock into which the Shares are convertible) reported for the business day immediately before Holder delivers its Notice of Exercise to the
Company. If the Shares are not traded in a public market, the Board of Directors of the Company shall determine fair market value in its reasonable good faith judgment. The foregoing notwithstanding, if Holder advises the Board of Directors in
writing within three days of Holder having received notice from the Company of the fair market value determination of the Board of Directors that Holder disagrees with such determination, then the Company and Holder shall promptly agree upon a
reputable investment banking firm to undertake such valuation. If the valuation of such investment banking firm is greater than that determined by the Board of Directors, then all fees and expenses of such investment banking firm shall be paid by
the Company. In all other, circumstances, such fees and expenses shall be paid by Holder. 
 1.4 Delivery of Certificate and New
Warrant. Promptly after Holder exercises or converts this Warrant, the Company shall deliver to Holder certificates for the Shares acquired and, if this Warrant has not been fully exercised or converted and has not expired, a new Warrant
representing the Shares not so acquired. 
 1.5 Replacement of Warrants. On receipt of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of mutilation, on surrender
and cancellation of this Warrant, the Company shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor. 
 1.6
Assumption Upon Sale, Merger, or Consolidation of The Company. 
 1.6.1. “Acquisition”. For the purpose of this
Warrant, “Acquisition” means any sale, license, or other disposition of all or substantially all of the assets or stock of the Company, or any reorganization, consolidation, or merger of the Company where the holders of the Company’s
securities before the transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity after the transaction. 
 1.6.2. Assumption of Warrant. Upon the closing of any Acquisition the successor entity shall assume the obligations of this Warrant, and this Warrant shall be exercisable for the same securities, cash, and
property as would be payable for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on the record date for the Acquisition and subsequent closing. The Initial Exercise Price and/or number
of shares shall be adjusted accordingly. 
 ARTICLE 2. ADJUSTMENTS TO THE SHARES. 
 2.1 Stock Dividends, Splits, Etc. In case at any time or from time to time while this Warrant remains outstanding, the Company shall, by
reclassification, by stock split or reverse stock split, by the issuance of a stock dividend on shares for which this Warrant is then exercisable payable in such shares, or other similar means, subdivide or combine the then 

  

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outstanding shares of stock for which this Warrant is then exercisable into a greater or lesser number of such shares, then the number of shares which may be
purchased hereunder shall be increased or decreased proportionately (as determined by the Board of Directors of the Company) effective upon consummation of such reclassification, stock split or reverse stock split or stock dividend. When any
adjustment is required to the number of shares for which this Warrant is exercisable hereunder, the Warrant Price shall be decreased or increased proportionately (as determined by the Board of Directors of the Company) effective upon such
adjustment. 
 2.2 Reclassification, Exchange or Substitution. Upon any reclassification, exchange, substitution, or other event that
results in a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall be entitled to receive, upon exercise or conversion of this Warrant, the number and kind of securities and property
that Holder would have received for the Shares if this Warrant had been exercised immediately before such reclassification, exchange, substitution, or other event. Such an event shall include any mandatory conversion of the outstanding or issuable
securities of the Company of the same class or series as the Shares to common stock pursuant to the terms of the Company’s Certificate of Incorporation in effect from time to time (the “Certificate”). The Company or its successor
shall promptly issue to Holder a new Warrant for such new securities or other property. The new Warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 2
including, without limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications,
exchanges, substitutions, or other events. 
 2.3 Adjustments for Diluting Issuances. In the event of issuance by the Company, after
the date of original issuance of this Warrant, of securities at a price per share less than the Warrant Price, then the number of shares of common stock issuable upon conversion of the Shares shall be subject to adjustment, from time to time in the
manner set forth in the Certificate. The provisions set forth for the Shares in the Certificate relating to the above in effect as of the Issue Date may not be amended, modified or waived, in any manner which adversely affects the Holder in a manner
different than the other holders of Series A Preferred Stock (other than differences resulting solely from the number of shares held) without the prior written consent of Holder. 
 2.4 No Impairment. The Company shall not, by amendment of its Articles of Incorporation or through a reorganization, transfer of assets,
consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this Warrant by the Company, but shall at all
times in good faith assist in carrying out of all the provisions of this Article 2 and in taking all such action as may be necessary or appropriate to protect Holders rights under this Article against impairment. If the Company takes any action
affecting the Shares or its common stock other than as described above that adversely affects Holder’s rights under this Warrant, the Warrant Price shall be adjusted downward and the number of Shares issuable upon exercise of this Warrant shall
be adjusted upward in such a manner that the aggregate Warrant Price of this Warrant is unchanged. 
  

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 2.5 Fractional Shares. No fractional shares shall be issuable upon exercise or conversion of the
Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the Warrant, the Company shall eliminate such fractional share interest by
paying Holder an amount computed by multiplying the fractional interest by the fair market value of a full Share as determined under Section 1.3. 
 2.6 Certificate as to Adjustments. Upon each adjustment of the Warrant Price, the Company at its expense shall promptly compute such adjustment, and furnish Holder with a certificate of its Chief Financial
Officer (or in the absence, its President) setting forth such adjustment and the facts upon which such adjustment is based. The Company shall, upon written request, furnish Holder a certificate setting forth the Warrant price in effect upon the date
thereof and the series of adjustments leading to such Warrant Price. 
 ARTICLE 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 
 3.1 Representations and Warranties. The Company hereby represents and warrants to the Holder as follows: 
 (a) The initial Warrant Price referenced on the first page of this Warrant is not greater than (i) the price per share at which, the Shares were
last issued in an arms-length transaction in which at least $500,000 of the Shares were sold and (ii) the fair market value of the Shares as of the date of this Warrant. 
 (b) All Shares which may be issued upon the exercise of the purchase right represented by this Warrant, and all securities, if any, issuable upon
conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state
securities laws. 
 (c) The Capitalization Table attached hereto is true and correct. 
 3.2 Notice of Certain Events. If the Company proposes at any time (a) to declare any dividend or distribution upon its common stock, whether
in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to offer for subscription pro rata to the holders of any class or series of its stock any additional shares of stock of any class or series or other
rights; (c) to effect any reclassification or recapitalization of common stock; (d) to merge or consolidate with or into any other corporation, or sell, lease, license, or convey all or substantially all of its assets, or to liquidate,
dissolve or wind up; or (e) offer holders of registration rights the opportunity to participate in an underwritten public offering of the Company’s securities for cash then, in connection with each such event, the Company shall give Holder
(1) at least 20 days prior written notice of the date on which a record will be taken for 

  

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such dividend, distribution, or subscription rights (and specifying the date on which the holders of common stock will be entitled thereto) or for,
determining rights to vote, if any, in respect of the matters referred to in (c) and (d) above; (2) in the case of the matters referred to in (c) and (d) above at least 20 days prior written notice of the date when the same
will take place (and specifying the date on which the holders of common stock will be entitled to exchange their common stock for securities or other property deliverable upon the occurrence of such event); and (3) in the case of the matter
referred to in (e) above, the same notice as is given to the holders of such registration rights. The Holder is not entitled to vote and is not entitled to any rights as a shareholder of the Company until this Warrant is exercised. 

3.3 Information Rights. So long as the Holder holds this Warrant and/or any of the Shares, the Company shall deliver to the Holder
(a) promptly after mailing, copies of all notices or other written communications to all of any class or series of any class of the stockholders of the Company, (b) within 150 days after the end of each fiscal year of the Company, the
annual audited financial statements of the Company certified by independent public accountants of recognized standing and (c) such other financial statements required under and in accordance with any loan documents between Holder and the
Company (or if there are no such requirements or if the subject loan(s) no longer are outstanding), then within 30 days after the end of each of the first three quarters of each fiscal year, the Company’s quarterly, unaudited financial
statements. 
 3.4 Registration Under Securities Act of 1933, as amended. The Company agrees that the Shares or, if the Shares are
convertible into common stock of the Company, such common stock, shall be subject to the registration rights set forth on Exhibit “A” attached hereto. 
 ARTICLE 4. REPRESENTATIONS, WARRANTIES OF THE HOLDER. The Holder represents and warrants to the Company as follows: 
 4.1
Purchase for Own Account. Except for transfers to Holder’s affiliates, this Warrant and the securities to be acquired upon exercise of this Warrant by the Holder will be acquired for investment for the Holder’s account, not as a
nominee or agent, and not with a view to the public resale or distribution within the meaning of the 1933 Act, and the Holder has no present intention of selling, granting any participation in, or otherwise distributing the same. If not an
individual, the Holder also represents that the Holder has not been formed for the specific purpose of acquiring this Warrant or the Shares. 
 4.2 Disclosure of Information. The Holder has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and
its underlying securities. The Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional
information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to the Holder or to which the Holder has access. 
  

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 4.3 Investment Experience. The Holder understands that the purchase of this Warrant and its
underlying securities involves substantial risk. The Holder: (i) has experience as an investor in securities of companies in the development stage and acknowledges that the Holder is able to fend for itself, can bear the economic risk of such
Holder’s investment in this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that the Holder is capable of evaluating the merits and risks of its investment in this Warrant and its
underlying securities and/or (ii) has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables the Holder to be aware of the character,
business acumen and financial circumstances of such persons. 
 4.4 Accredited Investor Status. The Holder is an “accredited
investor” within the meaning of Regulation D promulgated under the 1933 Act. 
 4.5 Stockholders’ Agreement. In connection
with any exercise of this Warrant, the Company may require Holder to enter into and become bound by that certain Stockholders’ Agreement dated as of February 16, 2001 among the Company and its stockholders, as the same may be amended from
time to time or superceded by any other agreement among the Company and all of its stockholders. 
 ARTICLE 5. MISCELLANEOUS. 
 5.1 Term. This Warrant is exercisable, in whole or in part, at any time and from time to time on or before the Expiration Date set forth above,

 5.2 Legends. This Warrant and the Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if
any) shall be imprinted with a legend in substantially the following form: 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL THAT SUCH
REGISTRATION IS NOT REQUIRED. 
 5.3 Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise
of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance with applicable federal and state securities laws by the
transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder
to provide an opinion of counsel if the transfer is to an affiliate of Holder or if there is no material question as to the availability of 

  

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current information as referenced in Rule 144(c), Holder represents that it has complied with Rule 144(d) and (e) in reasonable detail, the selling
broker represents that it has complied with Rule 144(d) and the Company is provided with a copy of Holder’s notice of proposed sale. 
 5.4 Transfer Procedure. Subject to the provisions of Section 4.3. Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable, directly or indirectly, upon
conversion of the Shares, if any) at any time to Silicon Valley Bancshares or The Silicon Valley Bank Foundation, or to any affiliate of Holder, or, to any other transferee by giving the Company notice of the portion of the Warrant being transferred
setting forth the name, address and taxpayer identification number of the transferee and surrendering this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable). Unless the Company is filing financial information with
the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, the Company shall have the right to refuse to transfer any portion of this Warrant to any person who directly competes with the Company. 
 5.5 Notices. All notices and other communications from the Company to the Holder, or vice versa, shall be deemed delivered and effective when
given personally or mailed by first-class registered or certified mail, at such address as may have been furnished to the Company or the Holder, as the case may be, in writing by the Company or such holder from time to time. All notices to be
provided under this Warrant shall be sent to the following address: 
                                       
                               
                                       
                               
                                       
                               
                                       
                               
 5.6 Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party
against which enforcement of such change, waiver, discharge or termination is sought. 
 5.7 Attorneys Fees. In the event of any
dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees.

 5.8 Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Illinois, without
giving effect to its principles regarding conflicts of law. 
  

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	RUBICON TECHNOLOGY, INC.
		
	By:	 	  

		
	Name:	 	  

		 	(Print)
		
	Title:	 	Chairman of the Board, President or Vice President
	
	Accepted and agreed to:
	
	[HOLDER]
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  

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 APPENDIX 1 
 NOTICE OF EXERCISE: 
 1. The undersigned hereby elects to purchase
                     shares of the Preferred Series A Stock of Rubicon Technology, Inc. pursuant to the terms of the attached Warrant,
and tenders herewith payment of the purchase price of such shares in full. 
 or 
 l. The undersigned hereby elects to convert the attached Warrant into Shares in the manner specified in the Warrant. This conversion is exercised with
respect to of the Shares covered by the Warrant. 
 2. Please issue a certificate or certificates representing said shares in the name of the
undersigned or in such other name as is specified below: 
  

					
		 	  
	 	
		 	(Name)	 	
			
		 	  
	 	
			
		 	  
	 	
		 	(Address)	 	

 3. The undersigned represents it is acquiring the shares solely for its own account and not as a
nominee for any other party and not with a view toward the resale or distribution thereof except in compliance with applicable securities laws. 
  

	
	  

	(Signature)

                      
     (Date) 

 EXHIBIT A 
 Registration Rights 
 The Shares (if common stock), or the common stock issuable upon conversion of
the Shares, shall be entitled to registration rights in accordance with the terms of the following agreement (the “Agreement’) between the Company and its investor(s): 
  

							
		 	  
	 	
		 	(Identify Agreement by date, title and parties. If no Agreement	 	
		 	exists, indicate by “none”.)	 		 	

 The Company agrees that no amendments will be made to the Agreement which would have an adverse
impact on Holder’s registration rights in a manner different that the other parties to the Agreement without the consent of Holder. By exercise of this Warrant to which this Exhibit A is attached, Holder agrees to be bound by, and shall be
deemed to be a party to, the Agreement.Form of Investor Warrant to Purchase Shares of Series B preferred stock

 Exhibit 4.6 
 THE ISSUANCE OF THE SECURITIES EVIDENCED HEREBY WAS NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY STATE OR OTHER SECURITIES LAWS. NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE
OFFERED, SOLD, TRANSFERRED, ASSIGNED OR OTHERWISE DISPOSED OF EXCEPT (I) PURSUANT TO EFFECTIVE REGISTRATIONS UNDER APPLICABLE SECURITIES LAWS OR (II) UPON DELIVERY TO THE COMPANY OF AN OPINION OF COUNSEL (OR OTHER EVIDENCE SATISFACTORY TO THE
COMPANY) ACCEPTABLE TO THE COMPANY, THAT THE PROPOSED DISPOSITION MAY BE EFFECTED IN COMPLIANCE WITH APPLICABLE SECURITIES LAWS WITHOUT REGISTRATION. ADDITIONAL RESTRICTIONS ON TRANSFER ARE SET FORTH HEREIN. 
  

			
	             SHARES	  	$             PER SHARE

 WARRANT NO.          
 (the “Warrant”) 
 to
Series B Preferred Stock, 
 par value $0.001, of 
 RUBICON TECHNOLOGY, INC. 
 Expiring no later than April     , 2008 (the
“Expiration Date”) 
 THIS IS TO CERTIFY THAT, for value received,
                                        
                    , or its registered assigns (the “Holder”), is (subject to the restrictions provided herein) entitled to
purchase from Rubicon Technology, Inc., a Delaware corporation (the “Company”), at any time or from time to time after the date hereof and prior to 5:00 p.m. local time at the location of the Warrant Office (as defined in
Section 2.1) on the Expiration Date, at a purchase price of $             per share (the “Warrant Price”), up to
                     duly authorized, fully paid, validly issued and nonassessable shares of the Company’s Series B Preferred Stock, par
value $0.001 (the “Preferred Stock”) or other securities or property for which this Warrant becomes exercisable as provided herein (collectively, the Preferred Stock and any other such securities and property being the
“Warrant Shares”), subject to adjustment as provided herein, and is also entitled to exercise the other rights, powers and privileges hereinafter set forth. Capitalized terms used in this Warrant but not defined in the context
thereof shall have the meanings specified in Article V. 
 ARTICLE I 
 EXERCISE OF WARRANT 
 1.1 Method of Exercise. To exercise this Warrant in whole
or in part, the Holder shall deliver to the Company at the Warrant Office (i) this Warrant together with the subscription notice attached hereto as Exhibit A (the “Subscription Notice”) filled out and duly executed by
the Holder indicating the Holder’s election to exercise this Warrant and specifying the number of Warrant Shares to be purchased; and (ii) a certified or bank cashier’s check payable to the order of the Company in an amount equal to
the aggregate Warrant Price for the number of Warrant Shares being purchased. Subject to the restrictions provided herein, the Company shall as promptly as practicable, and in any event within 14 days thereafter, execute and deliver or cause to be
executed and delivered, in accordance with the Subscription Notice, a single certificate in the name of the Holder representing the aggregate number of Warrant Shares specified in the Subscription Notice. Such certificate shall be deemed to have
been issued, and the Holder shall be deemed for all purposes to have become a holder of record of such shares, as of the date the Subscription Notice is actually received by the Company with payment as provided above. If this Warrant 
  

					
	RUBICON TECHNOLOGY, INC.	  	-1-	  	WARRANT NO.     

 shall have been exercised only in part, the Company shall, at the time of delivery of such certificate or certificates,
deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the remaining Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant, or at the request of the
Holder, appropriate notation may be made on this Warrant and the same returned to the Holder. The Company shall pay all expenses, taxes and other charges payable in connection with the preparation, issuance and delivery of such stock certificates
and new Warrants. 
 1.2 Right to Convert Warrant into Stock: Net Issuance. 
 (a) Right to Convert. In addition to and without limiting the rights of the Holder under the terms of this Warrant, the Holder shall have the right
to convert this Warrant or any portion hereof into Warrant Shares as provided in this Section 1.2 at any time that this Warrant is otherwise exercisable during the term of this Warrant (the “Conversion Right”). Upon exercise of
the Conversion Right, the Company shall deliver to the Holder (without payment by the Holder of the Warrant Price) that number of fully paid and nonassessable Warrant Shares equal to the quotient of (i) the number of Warrant Shares purchasable
under this Warrant (or the portion thereof being exercised); multiplied by the difference of (A) the Fair Market Value of one (1) Warrant Share; minus (B) the Warrant Price; divided by (ii) the Fair Market Value of one
(1) Warrant Share. 
 (b) Method of Exercise. The Conversion Right may be exercised by the Holder by the surrender of this
Warrant, at the Warrant Office, together with the Subscription Notice specifying that the Holder thereby intends to exercise the Conversion Right and indicating the number of Warrant Shares with respect to which the Holder intends to exercise this
Warrant. The Holder shall also deliver therewith additional consideration, if any, such that the aggregate consideration received by the Company in respect of any Warrant Shares is at least equal to the par value of any Warrant Shares having a par
value, or the stated capital of any Warrant Shares not having a par value. The conversion shall be effective on the date which is the later of (i) receipt by the Company of the items described above; or (ii) a date specified in the
Holder’s notice to the Company. 
 1.3 No Fractional Shares to be Issued. The Company shall not be required upon any exercise or
conversion of this Warrant to issue a certificate representing any fraction of a share, but, in lieu thereof, may pay to the Holder cash in an amount equal to a corresponding fraction (calculated to the nearest 1/100th of a share) of the Fair Market
Value of one Warrant Share as of the date of receipt by the Company of notice of exercise of this Warrant. 
 1.4 Legend on Warrant
Shares. Each certificate for Warrant Shares initially issued upon exercise of this Warrant, unless at the time of exercise such Warrant Shares are registered under the Securities Act of 1933, as amended (the “Act”) and
applicable state securities laws, shall bear a legend in substantially the following form (and any additional legend required by law or by any securities exchange upon which such Warrant Shares may, at the time of such exercise, be listed):

 THE ISSUANCE OF THE SHARES EVIDENCED HEREBY WAS NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY STATE OR OTHER
SECURITIES LAWS. NEITHER THE SHARES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, ASSIGNED OR OTHERWISE DISPOSED OF EXCEPT (I) PURSUANT TO EFFECTIVE REGISTRATIONS UNDER APPLICABLE SECURITIES LAWS OR (II) UPON DELIVERY TO THE
CORPORATION OF AN OPINION OF COUNSEL (OR OTHER EVIDENCE SATISFACTORY TO THE CORPORATION) ACCEPTABLE TO THE CORPORATION, THAT THE PROPOSED DISPOSITION MAY BE EFFECTED IN COMPLIANCE WITH APPLICABLE SECURITIES LAWS WITHOUT REGISTRATION. 
 THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS, A FULL SUMMARY OR STATEMENT OF ALL OF THE POWERS, DESIGNATIONS,
PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL, OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH POWERS, PREFERENCES AND/OR RIGHTS. ANY SUCH REQUEST SHOULD BE ADDRESSED
TO THE SECRETARY OF THE CORPORATION. 
  

					
	RUBICON TECHNOLOGY, INC.	  	-2-	  	WARRANT NO.     

 Any certificate issued at any time in exchange or substitution for any certificate bearing such legend
(except a new certificate issued upon completion of a public distribution pursuant to a registration statement which has become effective under the Act of the securities represented thereby) shall also bear such legend unless, in the opinion of such
counsel as shall be approved by the Company, the securities represented thereby need no longer be subject to the restrictions contained in Article III. The provisions of Article III shall be binding upon all subsequent holders of this Warrant.

 1.5 Stockholders’ Agreement. In connection with any exercise of this Warrant, the Company may require that the Holder enter
into and become bound by the terms and conditions of any stockholders’ agreement by and among the Company and the stockholders of the Company. 
 ARTICLE II 
 WARRANT OFFICE; TRANSFER 
 DIVISION OR COMBINATION OF WARRANTS 
 2.1 Warrant Office. The Company shall maintain an office for
certain purposes specified herein (the “Warrant Office”), which office shall initially be the Company’s office at 9931 Franklin Avenue, Franklin Park, Illinois 60131 and may subsequently be such other office of the Company or
of any transfer agent in the continental United States as to which written notice has been given to the Holder. 
 2.2 Warrant
Non-Transferable; Ownership of Warrant. This Warrant and all rights hereunder may not be transferred, sold, hypothecated or assigned, without the prior written consent of the Company which shall be promptly provided on the condition that Holder
has complied with the provisions of Article III hereof. The Company may deem and treat the Person in whose name this Warrant is registered as the holder and owner hereof (notwithstanding any notations of ownership or writing hereon made by anyone
other than the Company) for all purposes and shall not be affected by any notice to the contrary, until presentation of this Warrant for registration of transfer as provided in this Article II. 
 2.3 Warrant Register. Subject to Section 2.2 and Article III hereof, the Company shall maintain at the Warrant Office books for the
registration of warrants and the registration of transfers of warrants. To effect a transfer of this Warrant upon satisfaction of the provisions of Section 2.2 and Article III the Holder shall surrender this Warrant at the Warrant Office,
together with a written assignment of this Warrant duly executed by the Holder or the Holder’s duly authorized agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and
payment the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denominations specified in such instrument of assignment, and this Warrant shall be canceled. 
 2.4 Division or Combination of Warrants. This Warrant may be divided or combined with other warrants exercisable at the same Warrant Price upon
presentation hereof and of any warrant or warrants with which this warrant is to be combined at the Warrant Office, together with a written notice specifying the names and denominations in which new warrants are to be issued, signed by the Holder
and the holders thereof or their respective duly authorized agents or attorneys. Subject to compliance with Sections 2.2 and 2.3 and Article III as to any transfer which may be involved in such division or combination, the Company shall execute
and deliver a new warrant or warrants in exchange for the warrant or warrants to be divided or combined in accordance with such notice. 
 2.5 Expenses of Delivery of Warrants. The Company shall pay all expenses, taxes (other than transfer taxes) and other charges payable in connection with the preparation, issuance and delivery of warrants hereunder. 
 ARTICLE III 
 RESTRICTIONS ON EXERCISE AND
TRANSFER 
 3.1 Restrictions on Exercise and Transfer. Notwithstanding any provisions contained in this Warrant to the contrary, this
Warrant shall not be exercisable or transferable and the related Warrant Shares shall not be transferable except upon the conditions specified in this Article III, which conditions are intended, among other things, to enable compliance with the
provisions of the Act and applicable state securities laws in respect of the exercise or transfer of such Warrant or transfer of such Warrant Shares. The Holder of this Warrant, by acceptance 
  

					
	RUBICON TECHNOLOGY, INC.	  	-3-	  	WARRANT NO.     

 hereof, agrees not to: (i) transfer this Warrant prior to delivery to the Company of an opinion of counsel or other
evidence (as such opinion and such counsel or other evidence are described in Section 3.2); (ii) exercise this Warrant prior to delivery to the Company of an opinion of counsel or other evidence (as such opinion and such counsel or other
evidence are described in Section 3.2) or until registration of the related Warrant Shares under the Act has become effective and compliance with applicable state securities laws have been obtained; or (iii) transfer such Warrant Shares
prior to delivery to the Company of the opinion of counsel or other evidence (as such opinion and such counsel or other evidence are described in Section 3.2) or until registration of such Warrant Shares under the Act has become effective and
compliance with applicable state securities laws has been obtained. 
 3.2 Opinion of Counsel. In connection with any exercise or
transfer of this Warrant or any transfer of the related Warrant Shares, the following provisions shall apply: 
 (a) If in the written opinion
of counsel approved by the Company, the proposed exercise or transfer of this Warrant and/or the proposed transfer of such Warrant Shares may be effected without registration of this Warrant and/or such Warrant Shares under the Act and applicable
state securities laws, the Holder of this Warrant shall be entitled to exercise or transfer this Warrant and/or transfer such Warrant Shares in accordance with the proposed method of disposition. In lieu of such opinion of counsel the Company may,
in its discretion, accept such other evidence of compliance with or exemption from the Act and applicable state securities laws as it deems satisfactory. 
 (b) If the Company does not obtain the opinion or other evidence referred to in Section 3.2(a), the Holder of this Warrant shall not be entitled to exercise or transfer this Warrant and/or transfer such Warrant
Shares. This Warrant shall not be exercisable or transferable and the Warrant Shares shall not be transferable if such exercise or transfer would involve a violation of the Act or any applicable federal or state securities laws. 
 ARTICLE IV 
 ADJUSTMENTS 
 4.1 Conversion of All Preferred Stock. 
 (a) Number of Warrant Shares. In the event that all of the Company’s Preferred Stock is converted into Common Stock pursuant to the Certificate of Incorporation (the “Conversion Event”), then the number of
Warrant Shares available for exercise hereunder shall equal the number of shares of the Company’s Common Stock that would have been received by the Holder had such Holder exercised this Warrant with respect to all Warrant Shares available
hereunder immediately prior to such Conversion Event. 
 (b) Warrant Price. Upon the occurrence of a Conversion Event, then the
Warrant Price shall equal the quotient obtained by dividing: (i) the original Warrant Price; by (ii) the number of shares of the Company’s Common Stock that one (1) Warrant Share, outstanding immediately prior to such Conversion
Event, would have been converted into subsequent to such Conversion Event. 
 4.2 Effect of Stock Splits, Reverse Stock Splits and Stock
Dividends. In case at any time or from time to time while this Warrant remains outstanding the Company shall, by reclassification, by stock split or reverse stock split, by the issuance of a stock dividend on shares for which this Warrant is
then exercisable payable in such shares, or by other similar means, subdivide or combine the shares of stock for which this Warrant is then exercisable into a greater or lesser number of such shares, then the number of shares which may be purchased
hereunder shall be increased or decreased proportionately (as determined by the Board of Directors of the Company) effective upon consummation of such reclassification, stock split or reverse stock split or stock dividend. When any adjustment is
required to the number of shares for which this Warrant is exercisable hereunder, the Warrant Price shall be decreased or increased proportionately (as determined by the Board of Directors of the Company) effective upon such adjustment. 

4.3 Effect of Merger or Consolidation. In case the Company shall, while this Warrant remains outstanding, (i) enter into any consolidation
with or merger into any other corporation wherein the Company is not the surviving corporation, or wherein securities of a corporation other than the Company are distributable to holders of the Warrant Shares, or (ii) sell or convey its
property as an entirety or substantially as an entirety, then in connection with such consolidation, merger, sale or conveyance, lawful and adequate provision, as determined by the Board of Directors of the Company (which may determine, in good
faith, that no provision is required), shall be 
  

					
	RUBICON TECHNOLOGY, INC.	  	-4-	  	WARRANT NO.     

 made whereby the Holder shall thereafter be entitled to purchase, pursuant to this Warrant (in lieu of the Warrant Shares
such Holder would have been entitled to purchase immediately prior to such consolidation, merger, sale or conveyance), the shares of stock or other securities or property to which the number of Warrant Shares would have been entitled at the time of
such consolidation, merger, sale or conveyance, at an aggregate Warrant Price equal to that which would have been payable if all Warrant Shares had been purchased by exercise of this Warrant immediately prior thereto. 
 4.4 Reorganization or Reclassification. In case of any capital reorganization or any reclassification of the capital stock of the Company (except
as provided in Section 4.2) while this Warrant remains outstanding, then, as a condition of such capital reorganization or reclassification, lawful and adequate provision, as determined by the Board of Directors of the Company (which may
determine, in good faith, that no provision is required), shall be made whereby the Holder shall thereafter be entitled to purchase, pursuant to this Warrant (in lieu of the Warrant Shares which such Holder would have been entitled to purchase
immediately prior to such reorganization or reclassification), the shares of stock of any class or classes or other securities or property to which the number of Warrant Shares would have been entitled at the time of such reorganization or
reclassification, at an aggregate Warrant Price equal to that which would have been payable if all Warrant Shares had been purchased immediately prior to such reorganization or reclassification. 
 4.5 Statement of Adjustment. Upon each adjustment of the number of Warrant Shares hereunder, and in the event of any change in the rights of the
Holder by reason of other events herein set forth, then, and in each case, the Company will promptly prepare a schedule setting forth the adjusted number of Warrant Shares, or specifying the other shares of stock, securities or assets and the amount
thereof receivable as a result of such change in rights, and setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. The Company will promptly mail a copy of such schedule to the Holder. In
the event of any such adjustment, the Holder shall cooperate with the Company and may be required, as a condition of effectiveness of such adjustment for such Holder, to execute and deliver to the Company such instruments and documents as may be
reasonably requested by the Company to effect such adjustment and by which the Holder would acknowledge such adjustment. 
 4.6
Notifications by the Company. In case at any time the Board of Directors of the Company authorizes any of the following and fixes a record or distribution date therefore: 
 (a) the payment of any dividend payable in stock (of any class or classes) or in convertible securities upon Preferred Stock or the making of any
distribution to the holders of the Preferred Stock; 
 (b) the making of any capital reorganization or reclassification of the capital stock
of the Company, or consolidation or merger of the Company with, or sale or transfer of all or substantially all of its assets to, another corporation; or 
 (c) a voluntary or involuntary dissolution, liquidation or winding-up of the Company; 
 then, in any one or more such cases,
the Company shall give notice as provided herein to the Holder of such record or distribution date. Such notice shall also specify the date (the “Participation Date”) as of which the holders of Preferred Stock of record shall
participate in such dividend, distribution or subscription rights, or shall be entitled to vote on or exchange their Preferred Stock for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, sale
or transfer of assets, dissolution, liquidation or winding-up, as the case may be. Such notice shall be given not less than 5 days and not more than 60 days prior to the Participation Date and such notice may state that any such action remains
subject to conditions, which conditions shall be generally described in such notice. 
 4.7 Rounding. All calculations hereunder shall
be made to the nearest one-tenth (1/10) of a cent or to the nearest one hundredth (1/100) of a share, as the case may be. 
 ARTICLE
V 
 CERTAIN DEFINITIONS 
 Capitalized terms defined herein shall have the meanings ascribed to them. In addition, the following terms shall have the following respective meanings: 
 “Certificate of Incorporation” shall mean the Company’s Certificate of Incorporation as currently in effect and as amended from time to time. 
  

					
	RUBICON TECHNOLOGY, INC.	  	-5-	  	WARRANT NO.     

 “Fair Market Value” of a Warrant Share shall be equal to the product of (i) the
number of shares of the Company’s Common Stock into which each Warrant Share is then convertible pursuant to the Certificate of Incorporation; multiplied by (ii) the average of the daily market prices for one (1) share of the
Company’s Common Stock over a period of 20 consecutive business days before such date. The market price for each such business day shall be the last sale price on such day on the principal securities exchange on which the Company’s Common
Stock is then listed or admitted to trading, or, if no sale takes place on such day on any such exchange, the average of the closing bid and asked prices on such day as officially quoted on any such exchange, or if the Common Stock is not then
listed or admitted to trading on any stock exchange, the market price for each such business day shall be the average of the closing bid and asked prices on such day in the over-the-counter market, as reported through NASDAQ, or, if such prices are
not at the time so reported, as furnished by any member of the NASD selected by the Company. Notwithstanding the foregoing, if and so long as there shall be no exchange or over-the-counter market for the Company’s Common Stock during the 20-day
period prior to the date on which the Fair Market Value is to be determined, the Fair Market Value shall be an amount determined by the Board of Directors in its reasonable discretion. 
 “Person” shall mean an individual, a corporation, a partnership, a trust, an unincorporated organization, or any other entity, or a
governmental organization or any agency or political subdivision thereof. 
 ARTICLE VI 
 CERTAIN COVENANTS OF THE COMPANY 
 The Company
covenants and agrees that: 
 (a) it will reserve and set apart and have at all times, free from preemptive rights, a number of shares of
authorized but unissued Preferred Stock or other securities or property deliverable upon the exercise of the Warrant sufficient to enable it at any time to fulfill all its obligations hereunder; and 
 (b) before taking any action which would cause an adjustment reducing the Warrant Price below the then par value of the shares of Preferred Stock
issuable upon exercise of the Warrant, it will take any corporate action which may be necessary in order that the Company may validly and legally issue fully paid and nonassessable shares of such Preferred Stock at such adjusted Warrant Price.

 ARTICLE VII 
 MISCELLANEOUS

 7.1 Entire Agreement. This Warrant contains the entire agreement between the Holder and the Company with respect to the purchase of
the Warrant Shares and supersedes all prior arrangements or understanding with respect thereto. 
 7.2 Governing Law. This Warrant
shall be governed by and construed in accordance with the internal substantive laws of the State of Illinois. 
 7.3 Waiver and
Amendment. Any term or provision of this Warrant may be waived at any time by the party which is entitled to the benefits thereof and any term or provision of this Warrant may be amended or supplemented at any time by agreement of the Holder and
the Company, except that any waiver of any term or condition, or any amendment or supplementation, of this Warrant must be in writing. A waiver of any breach or failure to enforce any of the terms or conditions of this Warrant shall not in any way
affect, limit or waive a party’s rights hereunder at any time to enforce strict compliance thereafter with every term or condition of this Warrant. 
 7.4 Illegality. In the event that any one or more of the provisions contained in this Warrant shall be determined to be invalid, illegal or unenforceable in any respect for any reason, the validity, legality
and enforceability of any such provision in any other respect and the remaining provisions of this Warrant shall not, at the election of the party for whom the benefit of the provision exists, be in any way impaired. 
 7.5 Filing of Warrant. A copy of this Warrant shall be filed among the records of the Company. 
  

					
	RUBICON TECHNOLOGY, INC.	  	-6-	  	WARRANT NO.     

 7.6 Notice. Any notice required or permitted pursuant to this Warrant shall be in writing and
shall be deemed sufficient upon receipt, when delivered personally or sent by courier, overnight delivery service or confirmed facsimile, or seventy-two (72) hours after being deposited in the regular mail, as certified or registered mail
(airmail if sent internationally), with postage prepaid, addressed (i) if to the Holder, to the address of the Holder most recently furnished in writing to the Company; and (ii) if to the Company, to the Warrant Office address or at such
address as provided by written notice to the Holder. 
 7.7 No Rights as Stockholder. No provision of this Warrant shall be construed
as conferring upon the Holder the right to vote, consent, receive dividends, or other than as herein expressly provided, receive notice in respect of meetings of stockholders or any other matter whatsoever as a stockholder of the Company. No
provision hereof, in the absence of the exercise by the Holder hereof to purchase Warrant Shares hereunder, and no mere enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of such Holder for the Warrant
Price of any Warrant Shares or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 
 7.8 Loss, Destruction. etc., of Warrants. Upon receipt of evidence satisfactory to the Company of the loss, theft, mutilation or destruction of any Warrant, and in the case of any such loss, theft or destruction upon delivery of a
bond of indemnity in such form and amount as shall be reasonably satisfactory to the Company, or in the event of such mutilation upon surrender and cancellation of the Warrant, the Company will make and deliver a new Warrant, of like tenor, in lieu
of such lost, stolen, destroyed or mutilated Warrant. Any Warrant issued under the provisions of this Section 7.8 in lieu of any Warrant alleged to be lost, destroyed or stolen, or in lieu of any mutilated Warrant, shall constitute an original
contractual obligation on the part of the Company. 
 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed in its name
by its duly authorized officer. 
  

			
	RUBICON TECHNOLOGY, INC.
		
	By:	 	  

		 	Christopher J. Moffitt, Chief Executive Officer

  

					
	RUBICON TECHNOLOGY, INC.	  	-7-	  	WARRANT NO.     

 EXHIBIT A 
 SUBSCRIPTION NOTICE 
 The undersigned, the holder of the foregoing warrant (the
“Warrant”), hereby (i) represents to the Company (as such term is defined in the Warrant) that the Warrant may presently be exercised and, if applicable, the Warrant Shares transferred as provided below in accordance with the
terms of the Warrant; (ii) irrevocably elects to exercise purchase rights represented by the Warrant for, and to purchase thereunder,
[                    ] shares of the Preferred Stock covered by the Warrant; (iii) elects, as applicable, to exercise the
Conversion Right with respect to [                    ] Warrant Shares, or to make payment in full therefor of
$[            ] by certified or official bank check payable to the order of the Company; and (iv) requests (A) that certificates for such shares (and any securities
or other property issuable upon such exercise) be issued in the name of and delivered to: 
  

							
		 	 Name:
	 	  
	 	
				
		 	 Address:
	 	  
	 	
				
		 		 	  
	 	
				
		 		 	  
	 	
				
		 	 Tax ID No.:
	 	  
	 	
	
	and (B) if such shares shall not include all of the shares issuable as provided in the Warrant, that a new Warrant of like tenor and date for the balance of the shares issuable
thereunder be delivered to the undersigned.
				
		 	Holder:	 	  
	 	
				
		 	Signature:	 	  
	 	
				
		 	Title or Capacity:	 	  
	 	
				
		 	Dated:	 	  
	 	

  

					
	RUBICON TECHNOLOGY, INC.	  	Exhibit A	  	WARRANT NO.

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