Document:

EXHIBIT
10.3

 

Execution Version

 

FORM OF SUBSCRIPTION
AGREEMENT

 

[●],

2021

 

Founder

SPAC

11752

Lake Potomac Drive

Potomac,

Maryland 20854

 

Ladies

and Gentlemen:

 

This

Subscription Agreement (this “Subscription Agreement”) is being entered into as of the date set forth above

by and between Founder SPAC, a Cayman Islands exempted company (together with any successor thereto, including after the Domestication

(as defined below), the “Company”), and the undersigned Investor (the “Investor”), in connection

with the proposed business combination (the “Transaction”) between the Company and Rubicon Technologies, LLC,

a Delaware limited liability company (“Rubicon” or the “Target”) pursuant to that certain

Agreement and Plan of Merger, dated as of December 15, 2021, by and among the Company, Rubicon, Ravenclaw Merger Sub LLC, a Delaware

limited liability company and wholly-owned subsidiary of the Company (“Merger Sub LLC”), certain blocker merger

subsidiaries listed on the signature pages thereto (“Blocker Merger Subs” and, together with Merger Sub LLC,

the “Merger Subsidiaries”), and certain blocker companies listed on the signature pages thereto (as it may

be amended from time to time, the “Transaction Agreement”). In connection with the Transaction, the Company

is seeking commitments from interested investors to purchase, contingent upon, and substantially concurrently with, the closing

of the Transaction (the “Transaction Closing”), shares of common stock of the Company (after giving effect

to the Domestication), par value $0.0001 per share (“Common Shares”), for a purchase price of $10.00 per share

(the “Per Share Purchase Price”) in a private placement to be conducted by the Company (the “Offering”).

On or about or following the date of this Subscription Agreement, the Company is entering into subscription agreements with certain

other investors (the “Other Investors,” and together with the Investor, the “Investors”),

pursuant to which the Other Investors, severally and not jointly, and the Investor have agreed or will agree to purchase Common

Shares, on the date of the Transaction Closing, at the Per Share Purchase Price (the “Other Subscription Agreements”

and together with the Subscription Agreement, the “Subscription Agreements”). The aggregate purchase price

to be paid by the Investor for the subscribed Shares (as set forth on the signature page hereto) is referred to herein as the

“Subscription Amount.”

 

In

connection therewith, and in consideration of the foregoing and the mutual representations, warranties and covenants, and subject

to the conditions set forth herein, and intending to be legally bound hereby, each of the Investor and the Company acknowledges

and agrees as follows:

 

1.

Subscription. As of the date written above, the Investor hereby subscribes for and agrees to purchase from the Company,

and the Company hereby agrees to issue and sell to the Investor, the number of Common Shares set forth on the signature page of

this Subscription Agreement (the “Shares”) at the Per Share Purchase Price on the terms and subject to the

conditions provided for herein. 

 

     

     

    

 

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2.

Closing. The closing of the sale of the Shares contemplated hereby (the “Closing,”

and the date that the Closing actually occurs, the “Closing Date”) is contingent upon the substantially concurrent

consummation of the Transaction Closing. The Closing shall occur on the date of, and immediately prior to the Transaction Closing,

but after the Company’s transfer by way of continuation out of the Cayman Islands and domestication into the State of Delaware

pursuant to the applicable provisions of the Cayman Islands Companies Act (As Revised) and the Delaware General Corporation Law,

as amended (the “Domestication”). The Company shall provide written notice (which may be via email) to the

Investor (the “Closing Notice”), which Closing Notice shall contain

wire instructions for an escrow account (the “Escrow Account”) established by the Company with a third party

escrow agent (the “Escrow Agent”), to be identified in the Closing Notice, that the Company reasonably expects

the Transaction Closing to occur on a date specified in the notice (the “Scheduled Closing Date”) that is not

less than five (5) business days from the date of the Closing Notice and the Investor shall deliver, at least two (2) business

days prior to the Scheduled Closing Date, (i) to the Escrow Account, the Subscription Amount by wire transfer of United States

dollars in immediately available funds and (ii) to the Escrow Agent, any information that is reasonably requested by the Company

or the Escrow Agent in order for the Company to issue the Shares to the Investor, including, without limitation, a duly executed

Internal Revenue Service Form W-9 or W-8, as applicable. The wire transfer shall identify the Investor and, unless otherwise agreed

by the Company, the funds shall be wired from an account in the Investor’s name. Upon the Closing, the Company shall provide

instructions to the Escrow Agent to release the funds in the Escrow Account to the Company against delivery to the Investor of

the Shares. On the Closing Date, promptly after the Closing, the Company shall deliver (or cause delivery of) the number of Shares

set forth on the signature page to this Subscription Agreement in book entry form with restrictive legends to the Investor as

indicated on the signature page or to a custodian designated by the Investor, as applicable, as indicated below but otherwise

free and clear of ay liens or other restrictions (other than those arising under state or federal securities laws); provided,

however, that the Company’s obligation to issue the Shares to the Investor is contingent upon the Company having

received the Subscription Amount in full accordance with this Section 2. If this Subscription Agreement is terminated prior to

the Closing and any funds have already been sent by the Investor to the Escrow Account, then, promptly after such termination

(and in any event, within three (3) business days thereafter), the Company will instruct the Escrow Agent to promptly return the

Subscription Amount in full to the Investor to the account specified in writing by the Investor. For purposes of this Subscription

Agreement, (x) “business day” shall mean a day other than a Saturday, Sunday or legal holiday on which commercial

banking institutions in New York, New York are authorized or required by law to close (excluding as a result of “stay at

home”, “shelter-in-place”, “non-essential employee” or any other similar orders or restrictions

or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds

transfer systems, including for wire transfers, of commercially banking institutions in New York, New York are generally open

for use by customers on such day); (y) “person” shall refer to any individual, corporation, partnership, trust, limited

liability company or other entity or association, including any governmental or regulatory body, whether acting in an individual,

fiduciary or any other capacity; and (z) “affiliate” shall mean, with respect to any specified person, any other person

or group of persons acting together that, directly or indirectly, through one or more intermediaries controls, is controlled by

or is under common control with such specified person (where the term “control” (and any correlative terms) means

the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such person,

whether through the ownership of voting securities, by contract or otherwise). For the avoidance of doubt, any reference in this

Subscription Agreement to an affiliate of the Company will include the Company’s sponsor, Founder SPAC Sponsor LLC.

 

3.

Closing Conditions.

 

a.

In addition to the conditions to Closing set forth in Section 2, the obligation of the parties hereto to consummate the Closing

is subject to the satisfaction or valid waiver by each party of the conditions that, on the Closing Date:

 

(i)

no suspension of the qualification of the Shares for offering or sale or trading in any jurisdiction, or initiation or threatening

of any proceedings for any of such purposes, shall have occurred;

 

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(ii)

no applicable governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule

or regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making the consummation

of the transactions contemplated hereby illegal or otherwise restraining or prohibiting consummation of the transactions contemplated

hereby, and no governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such restraint

or prohibition on consummations of the transactions contemplated hereby; and

 

(iii)

all conditions precedent to the Transaction Closing under the Transaction Agreement shall have been satisfied or waived, other

than those conditions under the Transaction Agreement which, by their nature, are to be satisfied at the Transaction Closing.

 

b.

The obligation of the Company to consummate the Closing is also subject to the satisfaction or waiver by the Company of the conditions

that: (i) all representations and warranties of the Investor contained in this Subscription Agreement are true and correct in

all material respects (other than representations and warranties that are qualified as to materiality or Material Adverse Effect

(as defined herein), which representations and warranties shall be true in all respects) at and as of the Closing Date (except

for representations and warranties made as of a specific date, which shall be true and correct in all material respects (other

than representations and warranties that are qualified as to materiality or Material Adverse Effect, which representations and

warranties shall be true in all respects) as of such date), and consummation of the Closing shall constitute a reaffirmation by

the Investor of each of the representations and warranties of the Investor contained in this Subscription Agreement as of the

Closing Date and (ii) all obligations, covenants and agreements of the Investor required by this Subscription Agreement to be

performed by it at or prior to the Closing Date shall have been performed in all material respects.

 

c.

The obligation of the Investor to consummate the Closing is also subject to the satisfaction or waiver by the Investor of the

conditions that:

 

(i)

all representations and warranties of the Company contained in this Subscription Agreement shall be true and correct in all material

respects (other than representations and warranties that are qualified as to materiality or Material Adverse Effect (as defined

herein), which representations and warranties shall be true in all respects) at and as of the Closing Date (except for representations

and warranties made as of a specific date, which shall be true and correct in all material respects (other than representations

and warranties that are qualified as to materiality or Material Adverse Effect, which representations and warranties shall be

true in all respects) as of such date), and consummation of the Closing shall constitute a reaffirmation by the Company of each

of the representations and warranties of the Company contained in this Subscription Agreement as of the Closing Date;

 

(ii)

all obligations, covenants and agreements of the Company required by this Subscription Agreement to be performed by it at or prior

to the Closing Date shall have been performed in all material respects;

 

(iii)

no amendment of the Transaction Agreement (as the same exists on the date hereof) shall have occurred that would reasonably be

expected to materially and adversely affect the economic benefits that the Investor would reasonably expect to receive under this

Subscription Agreement, which such prohibition, for the avoidance of doubt, shall not include the waiver of any minimum cash condition

set forth in the Transaction Agreement by the Company and/or the Target;

 

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(iv)

no suspension of the qualification of the Company’s Class A ordinary shares for offering or sale or trading in any jurisdiction,

and no suspension or removal from listing of the Class A ordinary shares on the NYSE shall have occurred; and

 

(v)

there shall have been no amendment, waiver, or modification to any Other Subscription Agreement on or prior to the Closing that

benefits such Other Investors (other than terms particular to the regulatory requirements of such Other Investors or related funds)

unless the Investor has been offered substantially similar benefits in writing.

 

4.

Further Assurances. At or prior to the Closing Date, the parties hereto shall execute and deliver or cause to be executed

and delivered such additional documents and take such additional actions as the parties reasonably may deem to be practical and

necessary in order to consummate the Offering as contemplated by this Subscription Agreement.

 

5.

Company Representations and Warranties. The Company represents and warrants to the Investor that:

 

a.

The Company is duly formed, validly existing and in good standing under the laws of the Cayman Islands, and, after giving effect

to the Domestication, the Company will be a corporation duly organized, validly existing and in good standing under the laws of

the State of Delaware. The Company has the corporate power and authority to own, lease and operate its properties and to conduct

its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

 

b.

The Shares have been duly authorized and, when issued and delivered to the Investor against full payment therefor in accordance

with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable and will not have

been issued in violation of or subject to any preemptive or similar rights created under the Company’s organizational documents

or applicable law or any other agreement or contract.

 

c.

This Subscription Agreement has been duly authorized, executed and delivered by the Company and is enforceable against the Company

in accordance with its terms, except as may be limited or otherwise affected by bankruptcy, insolvency, fraudulent conveyance,

reorganization, moratorium or other laws relating to or affecting creditors’ rights generally and principles of equity,

whether considered at law or equity.

 

d.

No Other Subscription Agreement includes terms and conditions that are more advantageous to any such Other Investor than the Investor

hereunder and there shall have been no amendment, waiver or modification to any Other Subscription Agreements that benefits the

Other Investor thereunder unless the Investor has been offered substantially similar benefits; provided, however,

that the foregoing shall exclude (A) any commercial arrangements entered into by the Company or the Target with Other Investors

that have executed Other Subscription Agreements and that the Company or the Target has determined are strategic investors and

(B) any arrangements that the Target has entered into prior to or as of the date hereof with Other Investors that have executed

Other Subscription Agreements which Other Investors, as of the date hereof, are equity holders of the Target (“Current

Target Members”) who have entered into such arrangements in their capacity as members of the Target (including, for

the avoidance of doubt, agreements or other arrangements entered into by Other Investors that are Current Target Members, in their

capacities as equityholders of the Target, simultaneously with and pursuant to the Transaction Agreement but excluding any Other

Subscription Agreements with Current Target Members, which Other Subscription Agreements shall be entered into on terms substantially

similar to those set forth in this Subscription Agreement and, in no event on terms materially more favorable than those set forth

herein).

 

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e.

The issuance and sale of the Shares and the compliance by the Company with all of the provisions of this Subscription Agreement

and the consummation of the transactions contemplated herein will be done in accordance with the rules of the Nasdaq Stock Market

LLC (“Nasdaq”) and will not result in (i) a material breach or material violation of any of the terms or provisions

of, or constitute a material default under, or result in the creation or imposition of any lien, charge or encumbrance upon any

of the property or assets of the Company or any of its subsidiaries pursuant to the terms of any indenture, mortgage, deed of

trust, loan agreement, lease, license or other agreement or instrument to which the Company or any of its subsidiaries is a party

or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company is subject

that would have, or would reasonably be expected to have, a material adverse effect on the business, financial condition or results

of operations of the Company and its subsidiaries, taken as a whole (a “Material Adverse

Effect”) or materially affect the validity of the Shares or the legal authority of the Company to comply in all

material respects with the terms of this Subscription Agreement; (ii) any violation of the provisions of the organizational documents

of the Company; or (iii) any violation of any statute or any judgment, order, rule or regulation of any court or governmental

agency or body, domestic or foreign, having jurisdiction over the Company or any of its properties, in each case that would have

a Material Adverse Effect or materially affect the validity of the Shares or the legal authority of the Company to comply in all

material respects with its obligations under this Subscription Agreement.

 

f.

Except for any delays in the filing of the Company’s periodic reports as they come due (which, as of the date hereof, have

all since been filed with the SEC), as of their respective dates (each a “Filing Date”), all reports (the “SEC

Reports”) required to be filed by the Company with the SEC complied in all material respects with the applicable

requirements of the Securities Act of 1933, as amended (the “Securities Act”) and the Securities Exchange Act

of 1934, as amended (the “Exchange Act”), and the rules and regulations of the SEC promulgated thereunder,

and none of the SEC Reports, when filed at the time of the execution of this Subscription Agreement and at the time of the Transaction

Closing, contained or will contain any untrue statement of a material fact or omitted or will omit to state a material fact required

to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were

made, not misleading; provided, however, that the financial statements of the Company included in the SEC Reports

comply in all material respects with applicable accounting requirements and the rules and regulations of the SEC with respect

thereto as in effect at the Filing Date of the applicable SEC Report, as interpreted as of the Filing Date, and fairly present

in all material respects the financial position of the Company as of and for the dates thereof and the results of operations and

cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments and

the absence of complete footnotes. A copy of each SEC Report is available to the Investor via the SEC’s EDGAR system.

 

g.

The Company has not entered into any agreement or arrangement entitling any agent, broker, investment banker, financial advisor

or other person to any broker’s or finder’s fee or any other commission or similar fee in connection with the transactions

contemplated by this Subscription Agreement for which the Investor could become liable. Other than Moelis (the “Placement

Agents”), the Company is not aware of any person that has been or will be paid (directly or indirectly) remuneration

for solicitation of purchasers in connection with the sale of any Common Shares in the Offering.

 

h.

The Company is not, and immediately after receipt of payment for the Shares, will not be, an “investment company”

within the meaning of the Investment Company Act of 1940, as amended.

 

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i.

Assuming the accuracy of the Investor’s representations and warranties set forth in Section 6, no registration under the

Securities Act is required for the offer, sale and delivery of the Shares in the manner contemplated by this Subscription Agreement.

The Shares (i) were not offered by any form of general solicitation or general advertising, including methods described in Section

502(c) of Regulation D under the Securities Act, and (ii) are not being offered in a manner involving a public offering under,

or in a distribution in violation of, the Securities Act, or any state securities laws.

 

j.

As of the date hereof, the authorized share capital of the Company consists of (i) 479,000,000 Class A ordinary shares, par value

$0.0001 per share, (ii) 20,000,000 Class B ordinary shares, par value $0.0001 per share and (iii) 1,000,000 preference shares,

par value $0.0001 per share. As of the date of this Subscription Agreement, (A) 31,625,000 Class A ordinary shares of the Company

are issued and outstanding, (B) 7,906,250 Class B ordinary shares of the Company are issued and outstanding, (C) 15,812,500 redeemable

public warrants to purchase Class A ordinary shares are issued and outstanding, (D) 14,204,375 private placement warrants to purchase

Class A ordinary shares of the Company are issued and outstanding and (E) no preference shares are issued and outstanding. All

(1) issued and outstanding ordinary shares of the Company are, and, after giving effect to the Domestication, will be, duly authorized

and validly issued, are fully paid and are non-assessable and (2) outstanding warrants of the Company have been duly authorized

and validly issued and are not subject to any preemptive rights. None of the outstanding ordinary shares of the Company has been

(and, after giving effect to the Domestication, none of the outstanding Common Shares will be) issued in violation of any applicable

securities laws. Except as set forth above in this Subscription Agreement and pursuant to the Other Subscription Agreements, the

Transaction Agreement and the other agreements and arrangements referred to herein or therein or in the SEC Reports, as of the

date hereof, there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from the Company

any ordinary shares or other equity interests in the Company, or securities convertible into or exchangeable or exercisable for

such equity interests. There are no shareholder agreements, voting trusts or other agreements or understandings to which the Company

is a party or by which it is bound relating to the voting of any securities of the Company other than as set forth in the SEC

Reports and as contemplated by the Transaction Agreement. As of the date hereof, the Company has no direct or indirect subsidiaries

except for the Merger Subsidiaries, and does not own, directly or indirectly, interests or investments (whether equity or debt)

in any entity, whether incorporated or unincorporated.

 

k.

As of the date hereof, the Company’s issued and outstanding Class A ordinary shares are registered pursuant to Section 12(b)

of the Exchange Act and are listed for trading on Nasdaq under the symbol “FOUN” (it being understood that the trading

symbol will be changed in connection with the Transaction). Except as disclosed in the Company’s filings with the SEC, as

of the date hereof, there is no suit, action, proceeding or investigation pending or, to the knowledge of the Company, threatened

against the Company by Nasdaq or the SEC, respectively, to prohibit or terminate the listing of such shares on Nasdaq, or to deregister

the shares under the Exchange Act. Other than as contemplated by the Transaction, the Company has taken no action that is intended

to, or would reasonably be expected to result in, termination of the registration of such shares under the Exchange Act.

 

l.

Except for such matters as have not had and would not be reasonably be expected to have, individually or in the aggregate, a Material

Adverse Effect, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority

pending, or, to the knowledge of the Company, threatened against the Company or (ii) judgment, decree, injunction, ruling or order

of any governmental entity outstanding against the Company.

 

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m.

The Company is in compliance with all applicable laws, except where such non-compliance would not reasonably be expected to have

a Material Adverse Effect. The Company has not received any written communication from a governmental entity that alleges that

the Company is not in compliance with or is in default or violation of any applicable law, except where such non-compliance, default

or violation would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect.

 

6.

Investor Representations and Warranties. The Investor represents and warrants to the Company that:

 

a.

The Investor is either a U.S. investor or non-U.S. investor as set forth under its name on the signature page hereto, and accordingly

represents the applicable additional matters under clause (i) or (ii) below:

 

(i)

Applicable to U.S. investors: At the time the Investor was offered the Shares, it was, as of the date hereof, the Investor is,

and as of the Closing Date the Investor will be (i) a “qualified institutional buyer” (within the meaning of Rule

144A under the Securities Act) or an “accredited investor” (within the meaning of Rule 501(a) of Regulation D under

the Securities Act), as indicated in the questionnaire attached hereto as Exhibit A and (ii) is acquiring the Shares only

for its own account and not for the account of others, and not on behalf of any other account or person or with a view to, or

for offer or sale in connection with, any distribution thereof in violation of the Securities Act. The Investor is not an entity

formed for the specific purpose of acquiring the Shares.

 

(ii)

Applicable to non-U.S. investors: The Investor understands that the sale of the Shares is made pursuant to and in reliance upon

Regulation S promulgated under the Securities Act (“Regulation S”). The Investor is not a U.S. Person (as defined

in Regulation S), it is acquiring the Shares in an offshore transaction in reliance on Regulation S, and it has received all the

information that it considers necessary and appropriate to decide whether to acquire the Shares hereunder outside of the United

States. The Investor is not relying on any statements or representations made in connection with the transactions contemplated

hereby other than representations contained in this Subscription Agreement. The Investor understands and agrees that securities

sold pursuant to Regulation S may be subject to restrictions thereunder, including compliance with the distribution compliance

period provisions therein.

 

b.

The Investor acknowledges and agrees that the Shares are being offered in a transaction not involving any public offering within

the meaning of the Securities Act and that the Shares have not been registered under the Securities Act. The Investor acknowledges

and agrees that the Shares may not be offered, resold, transferred, pledged (except in ordinary course prime brokerage relationships

to the extent permitted by applicable law), mortgaged or otherwise disposed of by the Investor absent an effective registration

statement under the Securities Act except (i) to the Company or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers

and sales that occur outside the United States within the meaning of Regulation S or (iii) pursuant to another applicable exemption

from the registration requirements of the Securities Act, and in each of clauses (i) and (iii) in accordance with any applicable

securities laws of the states and other jurisdictions of the United States, and that any certificates (if any) or any book-entry

shares representing the Shares shall contain a restrictive legend to such effect. The Investor acknowledges and agrees that the

Shares delivered at the Closing in accordance herewith will not be immediately eligible for offer, resale, transfer, pledge, mortgage

or disposition pursuant to Rule 144 promulgated under the Securities Act (“Rule 144”). The Investor acknowledges

and agrees that it has been advised to consult legal counsel and tax and accounting advisors prior to making any offer, resale,

transfer, pledge, mortgage or disposition of any of the Shares. The Investor has conducted its own investigation of the Company,

the Target and the Shares and the Investor has made its own assessment and has satisfied itself concerning the relevant tax and

other economic considerations relevant to its investment in the Shares.

 

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c.

The Investor acknowledges and agrees that the Investor is purchasing the Shares directly from the Company. The Investor further

acknowledges that there have been no representations, warranties, covenants and agreements made to the Investor by or on behalf

of the Company, the Target or any of their respective affiliates or any control persons, shareholders, officers, directors, employees,

partners, agents or representatives of any of the foregoing or any other person or entity, expressly or by implication, other

than those representations, warranties, covenants and agreements of the Company expressly set forth in this Subscription Agreement.

 

d.

The Investor’s acquisition and holding of the Shares will not constitute or result in a non-exempt prohibited transaction

under Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), Section 4975

of the Internal Revenue Code of 1986, as amended (the “Code”), or any applicable similar law.

 

e.

The Investor acknowledges and agrees that the Investor has (i) received, reviewed and understood the Disclosure Documents (as

defined below) made available to the Investor in connection with the Transaction and (ii) conducted and completed its own independent

due diligence with respect to the Transaction based on such information as the Investor deems appropriate and necessary in order

to make an investment decision with respect to the Shares and assuming the accuracy of the information in the Disclosure Documents

in all material respects, including, without limitation, with respect to the Company, the Transaction and the business of the

Target and its subsidiaries. The Investor has not relied on the Placement Agents, or any statement or action by the Placement

Agents, to decide to enter into the transactions contemplated hereby. Without limiting the generality of the foregoing, the Investor

acknowledges that he, she or it has carefully reviewed the following items (collectively, the “Disclosure Documents”):

(i) the final prospectus of the Company, dated as of October 14, 2021 and filed with the SEC (File No. 333-258158) on October

15, 2021 (the “Prospectus”), (ii) each of the other SEC Reports, from the date of the Prospectus through the

date of this Subscription Agreement, (iii) the Transaction Agreement and (iv) the investor presentation by the Company and the

Target (the “Investor Presentation”), a copy of which will be furnished by the Company to the SEC. The Investor

acknowledges the significant extent to which certain of the disclosures contained in items (i) and (ii) above shall not apply

following the Transaction Closing. The Investor acknowledges and agrees that the Investor and the Investor’s professional

advisor(s), if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as the

Investor and such Investor’s professional advisor(s), if any, have deemed necessary to make an investment decision with

respect to the Shares. The Investor further acknowledges that the information contained in the Disclosure Documents is subject

to change, and that any changes to the information contained in the Disclosure Documents, including any changes based on updated

information or changes in the terms of the Transaction, shall in no way affect the Investor’s obligation to purchase the

Shares hereunder, except as otherwise provided herein, and that, in purchasing the Shares, the Investor is not relying upon any

projections contained in the Investor Presentation; provided, that nothing set forth in this sentence shall be deemed to

limit, amend or modify the other representations and warranties made by the Company in Section 5 hereof. Except for the representations,

warranties and agreements of the Company expressly set forth in this Subscription Agreement, the Investor is relying exclusively

on its own sources of information, investment analysis and due diligence (including professional advice it deems appropriate)

with respect to the Transaction, the Shares and the business, condition (financial and otherwise), management, operations, properties

and prospects of the Company and the Target, including but not limited to all business, legal, regulatory, accounting, credit

and tax matters.

 

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f.

The Investor hereby acknowledges and agrees that (i) the Placement Agents are acting solely as placement agents to the Company

in connection with the Transaction, and are not acting as underwriters or in any other capacity, and are not and shall not be

construed as fiduciaries or financial advisors for the Investor in connection with subscription for Shares hereunder or the Transaction,

(ii) the Placement Agents have not made and will not make any representation or warranty, express or implied, to the Investor

with regard to this Offering, the Shares, the Company or the Target and have not provided any advice or recommendation to the

Investor in connection with the transactions herein, (iii) the Placement Agents will have no responsibility for the representations,

warranties or agreements made by the Company or the Investor, or between them, hereunder, (iv) neither the Placement Agents, nor

any of their respective representatives or affiliates, has made any independent investigation with respect to the Company, the

Shares or the Target or the accuracy, completeness or adequacy of any information supplied to the Investor by or on behalf of

the Company or the Target, and (v) the Placement Agents shall not bear responsibility or liability to the Investor for any losses

or damages the Investor may incur as a result of or in connection with its purchase of the Shares or any transaction contemplated

hereby and, to the fullest extent permitted by law, the Investor hereby waives any claims or causes of action that the Investor

may have, now or in the future, against the Placement Agents in connection with any matter set forth herein.

 

g.

The Investor became aware of this Offering of the Shares solely by means of direct contact between the Investor and the Company

or the Placement Agents or a representative of the Company or the Placement Agents, and the Shares were offered to the Investor

solely by direct contact between the Investor and the Company, the Placement Agents or a representative of the Company or the

Placement Agents. The Investor did not become aware of this Offering of the Shares, nor were the Shares offered to the Investor,

by any other means. The Investor acknowledges that the Shares (i) were not offered by any form of general solicitation or general

advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of,

the Securities Act, or any state securities laws. The Investor has a substantive pre-existing relationship with the Company, the

Target or their respective affiliates or the Placement Agents or their respective affiliates for this Offering of the Shares.

The Investor acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty made

by any person (including, without limitation, the Company, the Target or any of their respective affiliates or any control persons,

officers, directors, employees, partners, agents or representatives of any of the foregoing), other than the representations and

warranties of the Company contained in Section 5 of this Subscription Agreement, in making its decision to subscribe in the Offering.

Neither the Investor, nor any of its directors, officers, employees, agents, members or partners has either directly or indirectly,

including through a broker or finder, (i) to its knowledge, engaged in any general solicitation, or (ii) published any advertisement

in connection with the Offering.

 

h.

The Investor acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares,

including those set forth in the Disclosure Documents and in the SEC Reports. The Investor is (i) an institutional account as

defined in FINRA Rule 4512(c), (ii) is a sophisticated investor, experienced in investing in private placement transactions and

capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies

involving a security or securities and (iii) has exercised independent judgment in evaluating its participation in the purchase

of the Shares. The Investor understands and acknowledges that the purchase and sale of the Shares hereunder meets (i) the exemptions

from filing under FINRA Rule 5123(b)(1)(A) and (ii) the institutional customer exemption under FINRA Rule 2111(b). The Investor

has determined based on its own independent review, and has sought such professional advice as it deems appropriate, that its

purchase of the Shares and participation in the Offering (i) are fully consistent with its financial needs, objectives and condition,

(ii) comply and are fully consistent with all investment policies, guidelines and other restrictions applicable to the Investor,

(iii) have been duly authorized and approved by all necessary action, (iv) do not and will not violate or constitute a default

under its charter, by-laws or other constituent document or under any law, rule, regulation, agreement or other obligation by

which the Investor is bound and (v) are a fit, proper and suitable investment for the Investor, notwithstanding the substantial

risks inherent in investing in or holding the Shares. The Investor is able to bear the substantial risks associated with its purchase

of the Shares, including but not limited to loss of its entire investment therein.

 

i.

The Investor has sought such accounting, legal and tax advice as the Investor considered necessary to make an informed investment

decision regarding its purchase of the Shares and participation in the Offering and the Investor has made its own assessment and

has satisfied itself concerning relevant tax and other economic considerations relative to its purchase of the Shares. The Investor

acknowledges that the Investor shall be responsible for any of the Investor’s tax liabilities that may arise as a result

of the transactions contemplated by this Subscription Agreement, and that none of the Company, the Target or the Placement Agents

has provided any tax advice or any other representations or guarantee regarding the tax consequence of the transactions contemplated

by this Subscription Agreement.

 

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j.

Alone, or together with any professional advisor(s), the Investor has adequately analyzed and fully considered the risks of an

investment in the Shares and determined that the Shares are a suitable investment for the Investor and that the Investor is able

at this time and in the foreseeable future to bear the economic risk of a total loss of the Investor’s investment in the

Company.

 

k.

The Investor acknowledges and agrees that no federal or state agency has passed upon or endorsed the merits of this Offering or

made any findings or determination as to the fairness of this investment or the accuracy or adequacy of the SEC Reports.

 

l.

The Investor, if not an individual, has been duly formed or incorporated and is validly existing and is in good standing under

the laws of its jurisdiction of formation or incorporation. The Investor has the power and authority to enter into, deliver and

perform its obligations under this Subscription Agreement.

 

m.

The execution, delivery and performance by the Investor of this Subscription Agreement are within the powers of the Investor,

have been duly authorized and will not constitute or result in a breach or default under or conflict with any law, statute, rule,

order, subpoena, judgment, ruling or regulation of any court or other tribunal or the rules of any governmental commission or

agency or regulatory or self-regulatory body, including the SEC or any applicable securities exchange, or any agreement or other

undertaking to which the Investor is a party or by which the Investor is bound, and, if the Investor is not an individual, will

not violate any provisions of the Investor’s organizational documents, including, without limitation, its incorporation

or formation papers, by-laws, indenture of trust or partnership or operating agreement, as may be applicable. The signature on

this Subscription Agreement is genuine, and the signatory, if the Investor is an individual, has legal competence and capacity

to execute the same or, if the Investor is not an individual, the signatory has been duly authorized to execute the same and this

Subscription Agreement constitutes a legal, valid and binding obligation of the Investor, enforceable against the Investor in

accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance,

reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity,

whether considered at law or equity.

 

n.

Neither the due diligence investigation conducted by the Investor in connection with making its decision to acquire the Shares

nor any representation and warranty made by the Investor hereunder shall modify, amend or affect the Investor’s right to

rely on the truth, accuracy and completeness of the Company’s representations and warranties hereunder.

 

o.

The Investor is not (i) a person named on the List of Specially Designated Nationals and Blocked Persons administered by the U.S.

Treasury Department’s Office of Foreign Assets Control (“OFAC”)

or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC

List”), or a person or entity prohibited by any OFAC sanctions program, (ii) owned, directly or indirectly, or

controlled by, or acting on behalf of, one or more persons that are named on the OFAC List, (iii) organized, incorporated, established,

located, resident or born in, or a citizen, national or the government, including any political subdivision, agency or instrumentality

thereof, of, Cuba, Iran, North Korea, Syria, the Crimea region of Ukraine or any other country or territory embargoed or subject

to substantial trade restrictions by the United States, (iv) a Designated National as defined in the Cuban Assets Control Regulations,

31 C.F.R. Part 515, or (v) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (each, a “Prohibited

Investor”). The Investor agrees to provide law enforcement agencies, if requested thereby, such records as required

by applicable law, provided that the Investor is permitted to do so under applicable law. If the Investor is a financial institution

subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”),

as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and

its implementing regulations (collectively, the “BSA/PATRIOT Act”),

the Investor maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT

Act. To the extent required, the Investor maintains policies and procedures reasonably designed to ensure compliance with OFAC-administered

sanctions programs, including for the screening of its investors against the OFAC sanctions programs, including the OFAC List.

The Investor represents that to the extent required by applicable law, the Investor maintains policies and procedures reasonably

designed to ensure that the funds held by the Investor and used to purchase the Shares were legally derived and were not obtained,

directly or indirectly, from a Prohibited Investor.

 

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p.

No disclosure or offering document has been prepared by the Placement Agents in connection with the offer and sale of the Shares.

The Investor agrees that each Placement Agent and each of its respective members, directors, officers, employees, representatives

and controlling persons have made no independent investigation with respect to the Company, the Target or the Shares or the accuracy,

completeness or adequacy of any information supplied to the Investor by the Company. In connection with the issue and purchase

of the Shares, neither Placement Agent has acted as the Investor’s financial advisor or fiduciary. The Investor acknowledges

that neither Placement Agent assumes any responsibility for independent verification of, or the accuracy or completeness of, any

information or projections provided to the Investor hereunder.

 

q.

Neither the Investor, nor, to the extent it has them, any of its equity holders, managers, general or limited partners, directors,

affiliates or executive officers (collectively with the Investor, the “Covered Persons”), are subject to any

of the “Bad Actor” disqualifications described in Rule 506(d) under the Securities Act (a “Disqualification

Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Investor has exercised reasonable

care to determine whether any Covered Person is subject to a Disqualification Event. The acquisition of the Shares by the Investor

will not subject the Company to any Disqualification Event.

 

r.

The Investor acknowledges its obligations under applicable securities laws with respect to the treatment of material non-public

information relating to the Company.

 

s.

No foreign person (as defined in 31 C.F.R. Part 800.224) in which the national or subnational governments of a single foreign

state have a substantial interest (as defined in 31 C.F.R. Part 800.244) will acquire a substantial interest in the Company as

a result of the purchase and sale of the Shares hereunder such that a declaration to the Committee on Foreign Investment in the

United States would be mandatory under 31 C.F.R. Part 800.401, and no foreign person will have control (as defined in 31 C.F.R.

Part 800.208) over the Company from and after the Closing as a result of the purchase and sale of the Shares hereunder.

 

t.

The Investor has and, when required to deliver payment to the Escrow Agent pursuant to Section 2 above, will have, sufficient

immediately available funds to pay the Subscription Amount and consummate the purchase and sale of the Shares pursuant to this

Subscription Agreement.

 

u.

The Investor does not have, as of the date hereof, any “put equivalent position” as such term is defined in Rule 16a-1

under the Exchange Act or short sale positions with respect to the securities of the Company. Notwithstanding the foregoing, in

the case of an Investor that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions

of such Investor’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio

managers managing other portions of such Investor’s assets, the representation set forth above shall only apply with respect

to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Shares covered by

this Subscription Agreement.

 

v.

The Investor is not currently (and at all times through Closing will refrain from being or becoming) a member of a “group”

(within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) acting for the purpose

of acquiring, holding, voting or disposing of equity securities of the Company (within the meaning of Rule 13d-5(b)(1) under the

Exchange Act).

 

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w.

If the Investor is an employee benefit plan that is subject to Title I of ERISA, a plan, an individual retirement account or other

arrangement that is subject to Section 4975 of the Code, or an employee benefit plan that is a governmental plan (as defined in

Section 3(32) of ERISA), a church plan (as defined in Section 3(33) of ERISA), a non-U.S. plan (as described in Section 4(b)(4)

of ERISA) or other plan that is not subject to the foregoing but may be subject to provisions under any other federal, state,

local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code, or an entity whose underlying

assets are considered to include “plan assets” of any such plan, account or arrangement (each, a “Plan”)

subject to the fiduciary or prohibited transaction provisions of ERISA or Section 4975 of the Code, the Investor represents and

warrants that neither the Company nor any of its respective affiliates has acted as the Plan’s fiduciary, or has been relied

on for advice with respect to its decision to acquire and hold the Shares, and none of the Company or any of its respective affiliates

shall at any time be relied upon as the Plan’s fiduciary with respect to any decision to acquire, continue to hold or transfer

the Shares.

 

7.

Registration Rights.

 

a.

The Company agrees that it will use reasonable best efforts to prepare an advanced draft of, prior to the Closing Date, and, in

any event will file with the SEC (at the Company’s sole cost and expense) a registration statement registering the resale

of the Shares (the “Registration Statement”) as promptly as practicable

following the Closing Date, and in any event on the first business day to occur (10) calendar days after the Closing Date, and

shall use its reasonable best efforts to have the Registration Statement declared effective as soon as practicable after the filing

thereof, but no later than the earlier of (A) the 60th calendar day (or 90th calendar day if the SEC notifies the Company that

it will “review” the Registration Statement) following the Filing Date and (ii) the 10th business day after the date

the Company is notified (orally or in writing, whichever is earlier) by the SEC that the Registration Statement will not be “reviewed”

or will not be subject to further review (such earlier date, the “Effectiveness Date”). The Company agrees

to cause such Registration Statement, or another shelf registration statement that includes the Shares to be sold pursuant to

this Subscription Agreement, to remain effective until the earliest of (i) the second anniversary of the Effectiveness Date, (ii)

the date on which the Investor ceases to hold any Shares covered by such Registration Statement, or (iii) on the first date on

which the Investor is able to sell all of its Shares issued pursuant to this Subscription Agreement (or shares received in exchange

therefor) under Rule 144 without limitation as to the manner of sale or the amount of such securities that may be sold and without

the requirement for the Company to be in compliance with the current public information required under Rule 144(c)(1) (or Rule

144(i)(2), if applicable). Prior to the effective date of the Registration Statement, the Company will use commercially reasonable

efforts to qualify the Shares for listing on the applicable stock exchange. The Investor agrees to disclose its beneficial ownership,

as determined in accordance with Rule 13d-3 of the Exchange Act, of the Shares to the Company (or its successor) upon request

to assist the Company in making the determination described above. The Company’s obligations to include the Shares issued

pursuant to this Subscription Agreement (or shares issued in exchange therefor) for resale in the Registration Statement are contingent

upon the Investor furnishing in writing to the Company such information regarding the Investor, the securities of the Company

held by the Investor and the intended method of disposition of such Shares as shall be reasonably requested by the Company to

effect the registration of such Shares, and execution of such documents in connection with such registration as the Company may

reasonably request that are customary of a selling stockholder in similar situations, provided that the Investor shall not in

connection with the foregoing be required to execute any lock-up or similar agreement in respect of the Shares. If the SEC prevents

the Company from including any or all of the Shares proposed to be registered for resale under the Registration Statement due

to limitations on the use of Rule 415 of the Securities Act for the resale of the Company’s securities by the applicable

shareholders or otherwise, (i) such Registration Statement shall register for resale such number of Company securities which is

equal to the maximum number of Company securities as is permitted by the SEC, (ii) the number of Company securities to be registered

for each selling shareholder named in the Registration Statement shall be reduced pro rata among all such selling shareholders

and (iii) the Company shall promptly file another registration statement covering the offer and sale of the remaining Common Shares

held by the Investor. The Company will provide a draft of the Registration Statement to the Investor for review reasonably in

advance of filing the Registration Statement. In no event shall the Investor be identified as a statutory underwriter in the Registration

Statement unless requested by the SEC; provided, that if the SEC requests that the Investor be identified as a statutory

underwriter in the Registration Statement, the Investor will have an opportunity to withdraw from the Registration Statement.

Any failure by the Company to file the Registration Statement by the required Filing Date or to effect such Registration Statement

by the Effectiveness Date shall not otherwise relieve the Company of its obligations to file or effect the Registration Statement

as set forth in this Section 7, provided that any delay in the Filing Date or Effectiveness Date that is not a breach of the Company’s

obligations hereunder shall give rise to a corresponding extension of such deadline(s), as applicable, by an equal number of days.

For purposes of this Section 7, “Shares” shall mean, as of any date of determination, the Shares and any other equity

security issued or issuable with respect to the Shares by way of share split, dividend or distribution on or with respect to the

Shares.

 

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b.

The Company may amend the Registration Statement so as to convert the Registration Statement to a Registration Statement on Form

S-3 at such time after the Company becomes eligible to use such Form S-3. Further, the Investor acknowledges and agrees that the

Company may delay filing or suspend the use of any such registration statement if it determines in good faith, that in order for

such registration statement not to contain a material misstatement or omission, an amendment thereto would be needed, if such

filing or use could reasonably be expected to materially affect a bona fide business or financing transaction of the Company or

in the event that filing such registration statement would require premature disclosure of information that could reasonably be

expected to materially adversely affect the Company (each such circumstance, a “Suspension Event”), provided,

that the Company shall use commercially reasonable efforts to make such registration statement available for the sale by the Investor

of such securities as soon as practicable thereafter; provided, further, that the Company may not delay filing or suspend

use of any registration statement (including the Registration Statement) on more than two occasions or for more than sixty (60)

consecutive calendar days or more than ninety (90) total calendar days, in each case in any 12-month period.

 

c.

Upon receipt of any written notice from the Company of the occurrence of any Suspension Event during the period that the Registration

Statement is effective or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue

statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements

therein, in light of the circumstances under which they were made (in the case of the prospectus) not misleading, the Investor

agrees that it will (i) immediately discontinue offers and sales of the Shares under the Registration Statement until the Investor

receives (A) (x) copies of a supplemental or amended prospectus that corrects the misstatement(s) or omission(s) referred to above

and (y) notice that any post-effective amendment has become effective or (B) notice from the Company that it may resume such offers

and sales, and (ii) maintain the confidentiality of any information included in such written notice delivered by the Company unless

otherwise required by applicable law. If so directed by the Company, the Investor will deliver to the Company or destroy, in the

sole discretion of the Investor, all copies of the prospectus covering the Shares in the Investor’s possession; provided,

however, that this obligation to deliver or destroy all copies of the prospectus covering the Shares shall not apply to

(i) the extent the Investor is required to retain a copy of such prospectus (A) in order to comply with applicable legal, regulatory,

self-regulatory or professional requirements or (B) in accordance with a bona fide pre-existing document retention policy or (ii)

copies stored electronically on archival servers as a result of automatic data back-up. During any periods that a Registration

Statement registering the resale of the Shares is effective or when the Shares may be sold pursuant to Rule 144 under the Securities

Act or may be sold without restriction under Rule 144, the Company shall, at its expense, use commercially reasonable efforts

to cause the Company’s transfer agent to remove any restrictive legends on any Shares following the Company’s receipt

of any documentation reasonably requested by the Company or the transfer agent (including customary representations in connection

with such sale and legend removal).

 

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d.

Indemnification. From and after the Closing,

 

(i)

The Company agrees to indemnify and hold the Investor, each person, if any, who controls the Investor within the meaning of either

Section 15 of the Securities Act or Section 20 of the Exchange Act, and each officer, employee, director, member, attorney, agent

and affiliate of the Investor within the meaning of Rule 405 under the Securities Act, and each broker, placement agent or sales

agent to or through which the Investor effects or executes the resale of any Shares (collectively, the “Investor Indemnified

Parties”), harmless against any and all losses, claims, damages and liabilities (including any out-of-pocket legal or

other expenses reasonably incurred in connection with defending or investigating any such action or claim) (collectively, “Losses”)

incurred by the Investor Indemnified Parties to the extent such Losses are based upon any untrue statement or alleged untrue statement

of a material fact contained in the Registration Statement or any other registration statement which covers the Shares (including,

in each case, the prospectus contained therein) or any amendment or supplement thereof (including the prospectus contained therein)

or caused by any omission or alleged omission to state therein a material fact necessary in order to make the statements therein

(in the case of a prospectus, in light of the circumstances under which they were made), not misleading, except to the extent

that the same are caused by or contained in any information or affidavit so furnished in writing to the Company by the Investor

expressly for use therein. Notwithstanding the foregoing, in no event shall the liability of the Company hereunder be greater

in amount than the Subscription Amount and the Company’s indemnification obligations shall not apply to amounts paid in

settlement of any Losses if such settlement is effected without the prior written consent of the Company (which consent shall

not be unreasonably withheld, delayed or conditioned).

 

(ii)

The Investor agrees to, severally and not jointly with any other selling shareholders using the applicable registration statement,

indemnify and hold the Company, and the officers, employees, directors, partners, members, attorneys and agents of the Company,

each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the

Exchange Act, and each affiliate of the Company within the meaning of Rule 405 under the Securities Act (collectively, the “Company

Indemnified Parties”), harmless against any and all Losses incurred by the Company Indemnified Parties to the extent

such Losses are based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement

or any other registration statement which covers the Shares (including, in each case, the prospectus contained therein) or any

amendment thereof (including the prospectus contained therein) or caused by any omission or alleged omission to state therein

a material fact necessary in order to make the statements therein (in the case of a prospectus, in light of the circumstances

under which they were made), not misleading, to the extent that the same are caused by or contained in any information or affidavit

so furnished in writing to the Company by the Investor expressly for use therein. Notwithstanding the foregoing, in no event shall

the liability of the Investor be greater in amount than the dollar amount of the net proceeds received by the Investor upon the

sale of the Shares purchased pursuant to this Subscription Agreement giving rise to such indemnification obligation and the Investor’s

indemnification obligations shall not apply to amounts paid in settlement of any Losses if such settlement is effected without

the prior written consent of the Investor (which consent shall not be unreasonably withheld, delayed or conditioned).

 

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(iii)

If the indemnification provided under this Section 7 is unavailable or insufficient to hold harmless an indemnified party in respect

of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying

the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such Losses in such

proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any

other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined

by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material

fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying

party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access

to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the Losses

or other liabilities referred to above shall be subject to the limitations set forth in this Section 7 and deemed to include any

legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding.

No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled

to contribution pursuant to this Section 7(d)(iii) from any person who was not guilty of such fraudulent misrepresentation. This

Section 7(d)(iii) shall be subject to the limitations and restrictions in the last sentence of each of Sections 7(d)(i) and 7(d)(ii).

 

e.

The Company agrees that, except for such times as the Company is permitted hereunder to suspend the use of the prospectus forming

part of any Registration Statement, it will use its commercially reasonable efforts to keep such registration continuously effective

with respect to the Investor in accordance herewith and shall:

 

(i)

advise the Investor within five (5) business days: (A) of the issuance by the SEC of any stop order suspending the effectiveness

of any Registration Statement or the initiation of any proceedings for such purpose; (B) of the receipt by the Company of any

notification with respect to the suspension of the qualification of the Shares included therein for sale in any jurisdiction or

the initiation or threatening of any proceeding for such purpose; (C) subject to the provisions in this Subscription Agreement,

of the occurrence of any event that requires the making of any changes in any Registration Statement or prospectus included therein

so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated

therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which they

were made) not misleading; and (D) when a Registration Statement or any post-effective amendment thereto has become effective.

 

Notwithstanding

                                         anything to the contrary set forth herein, the Company shall not, when so advising the

                                         Investor of the events listed above, provide the Investor with any material, nonpublic

                                         information regarding the Company other than to the extent that providing notice to the

                                         Investor of the occurrence of the events listed in (A) through (C) above constitutes

                                         material, nonpublic information regarding the Company;

 

(ii)

use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration

Statement as soon as reasonably practicable;

 

(iii)

upon the occurrence of any event contemplated above, except for such times as the Company is permitted hereunder to suspend, and

has suspended, the use of a prospectus forming part of a Registration Statement, the Company shall use its commercially reasonable

efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement

to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Shares included

therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary

to make the statements therein, in light of the circumstances under which they were made, not misleading;

 

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(iv)

use its commercially reasonable efforts to cause all Shares to be listed on each securities exchange or market, if any, on which

the Common Shares have been listed; and

 

(v)

use its commercially reasonable efforts (1) to take all other steps necessary to effect the registration of the Shares contemplated

hereby, (2) for so long as the Investor holds the Shares, to file all reports and other materials required to be filed by the

Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is

required for the applicable provisions of Rule 144 to enable the Investor to sell the Shares under Rule 144 and (3) to take such

further actions, at the Investor’s expense, as the Investor may reasonably request in writing from time to time to enable

the Investor to sell the Shares under Rule 144.

 

8.

Investor’s Covenant. The Investor agrees that, from the date of this Subscription Agreement until the Closing, none

of the Investor or any person acting on behalf of the Investor or pursuant to any understanding with the Investor (i) will engage

in any hedging or other transactions or arrangements (including, without limitation, any short sale or the purchase or sale of,

or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or similar instrument,

including without limitation equity repurchase agreements and securities lending arrangements, however, described or defined)

designed or intended, or which could reasonably be expected to lead to or result in, a sale, loan, pledge or other disposition

or transfer (whether by the Investor or any other person) of any economic consequences of ownership, in whole or in part, directly

or indirectly, physically or synthetically, of any Shares, any securities of the Company or any instrument exchangeable for or

convertible into any securities of the Company prior to the Closing, whether any such transaction or arrangement (or instrument

provided for thereunder) would be settled by delivery of securities of the Company, in cash or otherwise, or (ii) will publicly

disclose the intention to undertake any of the foregoing; provided, further, that the provisions of this Section 8 shall

not apply to long sales (including sales of securities held by the Investor prior to the date of this Subscription Agreement and

securities purchased by the Investor in the open market after the date of this Subscription Agreement) other than those effectuated

through derivatives transactions and similar instruments. Notwithstanding the foregoing, nothing in this Section 8 shall prohibit

any entities under common management with the Investor that have no knowledge (constructive or otherwise) of this Subscription

Agreement or of the Investor’s participation in the transactions contemplated hereby from entering into any such transactions;

and in the case of an Investor that is a multi-managed investment vehicle whereby separate portfolio managers manage separate

portions of such Investor’s assets and the portfolio managers have no knowledge of the investment decisions made by the

portfolio managers managing other portions of such Investor’s assets, this Section 8 shall only apply with respect to the

portion of assets managed by the portfolio manager that made the investment decision to purchase the Shares hereunder.

 

9.

                                         Termination. This Subscription Agreement shall terminate and be void and of no

                                         further force and effect, and all rights and obligations of the parties hereunder shall

                                         terminate without any further liability on the part of any party in respect thereof,

                                         upon the earlier to occur of (a) such date and time as the Transaction Agreement is terminated

                                         in accordance with its terms prior to the Transaction Closing, (b) upon the mutual written

                                         agreement of each of the parties hereto to terminate this Subscription Agreement, or

                                         (c) upon written notice by either party to the other party to terminate this Subscription

                                         Agreement if the transactions contemplated by this Subscription Agreement are not consummated

                                         on or prior to the Agreement End Date (as defined in the Transaction Agreement as of

                                         the date hereof) (any of (a) through (c), collectively, “Termination Events”);

                                         provided, that nothing herein will relieve any party from liability for any willful

                                         breach hereof prior to the time of termination, and each party will be entitled to any

                                         remedies at law or in equity to recover losses, liabilities or damages arising from any

                                         such willful breach. The Company or a Placement Agent shall notify the Investor of the

                                         termination of the Transaction Agreement promptly after the termination of such agreement.

                                         Upon the occurrence of any Termination Event, this Subscription Agreement shall be void

                                         and of no further effect (except that the provisions of Sections 9 through 13 of this

                                         Subscription Agreement and the obligations in Section 2 with respect to the Company instructing

                                         the Escrow Agent to promptly return the Subscription Amount in full to the Investor to

                                         the account specified in writing by the Investor will survive any termination of this

                                         Subscription Agreement and continue indefinitely) and, promptly after any such Termination

                                         Event, the Company shall instruct the Escrow Agent to promptly return any monies paid

                                         by the Investor to the Escrow Account in connection herewith to the Investor.

 

    16

     

    

 

Confidential 

 

10.

Trust Account Waiver. Reference is made to the Prospectus. The Investor understands that the Company has established a

trust account (the “Trust Account”) containing the proceeds of its initial public offering (the “IPO”)

and the overallotment shares acquired by its underwriters and from certain private placements occurring simultaneously with the

IPO (including interest accrued from time to time thereon) for the benefit of the Company’s public shareholders (the “Public

Shareholders”) and certain other parties (including the underwriters of the IPO) and that, except as otherwise described

in the Prospectus, the Company may disburse monies from the Trust Account only: (a) to the Public Shareholders in the event they

elect to redeem their shares in connection with the consummation of the Company’s initial business combination (as such

term is used in the Prospectus) (the “Business Combination”) or in connection with an extension of its deadline

to consummate a Business Combination, (b) to the Public Shareholders if the Company fails to consummate a Business Combination

within fifteen (15) months after the closing of the IPO, subject to extension as described in the Prospectus or by an amendment

to its organizational documents, (c) with respect to any interest earned on the amounts held in the Trust Account, amounts necessary

to pay for any taxes and up to $100,000 in dissolution expenses or (d) to the Company after or concurrently with the consummation

of a Business Combination. For and in consideration of the Company’s entry into this Subscription Agreement, and for other

good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Investor hereby agrees on behalf

of itself and its affiliates that, notwithstanding anything to the contrary in this Subscription Agreement, neither the Investor

nor any of its affiliates do now or shall at any time hereafter have any right, title, interest or claim of any kind in or to

any monies in the Trust Account or distributions therefrom, or to make any claim against the Trust Account (including any distributions

therefrom), regardless of whether such claim arises as a result of, in connection with or relating in any way to, this Subscription

Agreement or any proposed or actual business relationship between the Company or its representatives, on the one hand, and the

Investor or its representatives, on the other hand, or any other matter, and regardless of whether such claim arises based on

contract, tort, equity or any other theory of legal liability (collectively, the “Released Claims”). The Investor

on behalf of itself and its affiliates hereby irrevocably waives any Released Claims that the Investor or any of its affiliates

may have against the Trust Account (including any distributions therefrom) now or in the future as a result of, or arising out

of, any negotiations, contracts or agreements with the Company or its representatives and will not seek recourse against the Trust

Account (including any distributions therefrom) for any reason whatsoever (including for an alleged breach of this Subscription

Agreement or any other agreement with the Company or its affiliates). The Investor agrees and acknowledges that such irrevocable

waiver is material to this Subscription Agreement and specifically relied upon by the Company and its affiliates to induce the

Company to enter into this Subscription Agreement, and the Investor further intends and understands such waiver to be valid, binding

and enforceable against the Investor and each of its affiliates under applicable law. To the extent the Investor or any of its

affiliates commences any action or proceeding based upon, in connection with, relating to or arising out of any matter relating

to the Company or its representatives, which proceeding seeks, in whole or in part, monetary relief against the Company or its

representatives, the Investor hereby acknowledges and agrees that the Investor’s and its affiliates’ sole remedy shall

be against funds held outside of the Trust Account and that such claim shall not permit the Investor or its affiliates (or any

person claiming on any of their behalf or in lieu of any of them) to have any claim against the Trust Account (including any distributions

therefrom) or any amounts contained therein. In the event the Investor or any of its affiliates commences any action or proceeding

based upon, in connection with, relating to or arising out of any matter relating to the Company or its representatives, which

proceeding seeks, in whole or in part, relief against the Trust Account (including any distributions therefrom) or the Public

Shareholders, whether in the form of money damages or injunctive relief, the Company and its representatives, as applicable, shall

be entitled to recover from the Investor and its affiliates the associated legal fees and costs in connection with any such action,

in the event the Company or its representatives, as applicable, prevails in such action or proceeding. Notwithstanding the foregoing,

this Section 10 shall not affect any rights of the Investor or its affiliates to receive distributions from the Trust Account

in their capacities as Public Shareholders upon the redemption of their shares or the liquidation of the Company if it does not

consummate a Business Combination prior to its deadline to do so. For purposes of this Subscription Agreement, “representatives”

with respect to any person shall mean such person’s affiliates and its and its affiliate’s respective directors, officers,

employees, consultants, advisors, agents and other representatives. Notwithstanding anything to the contrary contained in this

Subscription Agreement, the provisions of this Section 10 shall survive the Closing or any termination of this Subscription Agreement

and last indefinitely.

 

    17

     

    

 

Confidential 

 

11.

Miscellaneous.

 

a.

Neither this Subscription Agreement nor any rights that may accrue to the parties hereunder (other than the Shares acquired hereunder,

if any, subject to applicable securities laws) may be transferred or assigned without the prior written consent of each of the

other parties hereto and any such and any purported transfer or assignment without such consent shall be null and void ab initio.

Notwithstanding the foregoing, prior to the delivery of the Closing Notice, the Investor may assign all of its rights and obligations

under this Subscription Agreement to an affiliate of the Investor, or to any fund or account managed by the same investment manager

as the Investor, that can make the representations set forth in Section 6(a) as if such representations applied to such assignee,

so long as the Investor provides the Company with at least five (5) business days’ prior written notice of such assignment

and a completed questionnaire in the form attached hereto as Exhibit A (if applicable) duly executed by such assignee;

provided, further, that (i) such assignee shall agree in writing to be bound by the terms hereof and shall make to the

Company each of the representations, warranties and covenants of the Investor set forth in Section 6 as of the date of such assignment

and as of the Closing Date, and (ii) no such assignment by the Investor will relieve the Investor of its obligations under this

Subscription Agreement, and the Investor will remain secondarily liable under this Subscription Agreement for the obligations

of the assignee hereunder.

 

b.

The Company may request from the Investor such additional information as the Company may deem reasonably necessary to evaluate

the eligibility of the Investor to acquire the Shares, and the Investor shall promptly provide such information as may reasonably

be requested and to the extent readily available and reasonably consistent with the Investor’s internal policies and procedures;

provided that the Company agrees to keep any such information provided by the Investor confidential except (i) as necessary

to include in any registration statement the Company is required to file hereunder, (ii) as required by the federal securities

laws or pursuant to other routine proceedings of regulatory authorities or (iii) to the extent such disclosure is required by

law. The Investor acknowledges and agrees that if it does not provide the Company with such requested information, the Company

may without any liability hereunder reject the Investor’s subscription prior to the Closing Date in the event the Investor

fails to provide such additional information requested by the Company to evaluate the Investor’s eligibility to acquire

the Shares or the Company determines that the Investor is not eligible to acquire the Shares.

 

c.

The Investor acknowledges that the Company, the Placement Agents, the Target and others will rely on the acknowledgments, understandings,

agreements, representations and warranties of the Investor contained in this Subscription Agreement, including Exhibit A

hereto, as if they were made directly to them; provided, however, that the Closing may only be enforced against

the Investor by the Company (or any successor entity). Prior to the Closing, the Investor agrees to promptly notify the Company

if any of the acknowledgments, understandings, agreements, representations and warranties set forth in Section 6 above are no

longer accurate in any material respect (or, with respect to the contents of Exhibit A, in any respect).

 

d.

The Company, the Placement Agents and the Target are entitled to rely upon this Subscription Agreement and are irrevocably authorized

to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official

inquiry with respect to the matters covered hereby. The Investor shall not issue any press release or make any other similar public

statement with respect to the transactions contemplated hereby without the prior written consent of the Company (such consent

not to be unreasonably withheld or delayed).

 

e.

All of the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the

Closing.

 

f.

This Subscription Agreement may not be amended, modified, waived or terminated except by an instrument in writing, signed by each

party against whom enforcement of such amendment, modification, waiver or termination is sought. No failure or delay of either

party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise

of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct,

preclude any other or further exercise thereof or the exercise of any other right or power.

 

g.

This Subscription Agreement (including Exhibit A hereto) constitutes the entire agreement, and supersedes all other prior

agreements, understandings, representations and warranties, both written and oral, among the parties with respect to the subject

matter hereof (other than any confidentiality agreement entered into by the Company and the Investor in connection with the Offering).

Except as expressly set forth herein (including Section 7(d)), this Subscription Agreement shall not confer any rights or remedies

upon any person other than the parties hereto and their respective successors and assigns; provided, that, notwithstanding

anything to the contrary contained herein, the Target and the Placement Agents are each intended third party beneficiaries of

the representations, warranties and agreements of the Investor contained in Section 6 hereof, with rights of enforcement only

with respect to the waivers or obligations set forth therein that are specific to the Target or to the Placement Agents, respectively.

 

    18

     

    

 

Confidential 

 

h.

This Subscription Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their heirs, executors,

administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants

and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators,

successors, legal representatives and permitted assigns.

 

i.

If any provision of this Subscription Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, illegal

or unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not

in any way be affected or impaired thereby and shall continue in full force and effect. Upon such determination that any provision

is invalid, illegal or unenforceable, the parties will substitute for any invalid, illegal or unenforceable provision a suitable

and equitable provision that carries out so far as may be valid, legal and enforceable, the intent and purpose of such invalid,

illegal or unenforceable provision.

 

j.

This Subscription Agreement may be executed in one or more counterparts (including by facsimile or electronic mail or in .pdf)

and by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document.

All counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

k.

The parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Subscription

Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that

the parties shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement, without posting

a bond or undertaking and without proof of damages, to enforce specifically the terms and provisions of this Subscription Agreement,

this being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise.

 

l.

If any change in the number, type or classes of authorized shares of the Company (including the Shares), other than as contemplated

by the Transaction Agreement or any agreement contemplated by the Transaction, shall occur between the date hereof and immediately

prior to the Closing by reason of reclassification, recapitalization, stock split (including reverse stock split) or combination,

exchange or readjustment of shares, or any stock dividend, the number of Shares issued to the Investor shall be appropriately

adjusted to reflect such change.

 

m.

Each party hereto shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated

herein.

 

n.

This Subscription Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without

regard to principles relating to conflict of laws. Each party hereby irrevocably and unconditionally submits, for itself and its

property, to the exclusive jurisdiction of the state and federal courts seated in New York County, New York (and any appellate

courts thereof) in any action or proceeding arising out of or relating to this Subscription Agreement, and each of the parties

hereby irrevocably and unconditionally (a) agrees not to commence any such action or proceeding except in such courts, (b) agrees

that any claim in respect of any such action or proceeding may be heard and determined in such courts, (c) waives, to the fullest

extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such

action or proceeding in any such court, and (d) waives, to the fullest extent permitted by law, the defense of an inconvenient

forum to the maintenance of such action or proceeding in any such court. Each party agrees that a final judgment in any such action

or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided

by law. Each party irrevocably consents to the service of the summons and complaint and any other process in any other proceeding

relating to the transactions contemplated by this Subscription Agreement, on behalf of itself, or its property, by personal delivery

of copies of such process to such party at the applicable address set forth in Section 11(o). Nothing in this Section 11(n) shall

affect the right of any party to serve legal process in any other manner permitted by law. EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY,

INTENTIONALLY AND IRREVOCABLY WAIVES THE RIGHT TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION, DISPUTE, CLAIM, LEGAL ACTION OR

OTHER LEGAL PROCEEDING BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS SUBSCRIPTION AGREEMENT AND THE TRANSACTIONS

CONTEMPLATED HEREBY OR ENFORCEMENT HEREOF.

 

    19

     

    

 

Confidential 

 

o.

Any notice or communication required or permitted to be given hereunder shall be in writing and either delivered personally, emailed

or sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, to such

address(es) or email address(es) set forth on the signature page hereto, in the case of the Investor, and at the address set forth

in this Section 11(o), in the case of the Company, and shall be deemed to be given and received (i) when so delivered personally,

(ii) when sent, with no mail undeliverable or other rejection notice, if sent by email, or (iii) three (3) business days after

the date of mailing to the following address or to such other address or addresses as the Investor or the Company may hereafter

designate by written notice to the other party.

 

	 	 	 
	If

    to the Company, to:
	 	with

    copies (which shall not constitute notice) to:

	 	 	 
	Founder

    SPAC
	 	Winston

    & Strawn LLP

	11752

    Lake Potomac Drive
	 	800

    Capitol St Suite 2400

	Potomac,

    Maryland 20854
	 	Houston,

    TX 77002

	Attention:
	Osman

                                         Ahmed
	 	Attention:
	Michael

                                         Blankenship

	Email:
	osman@founderspac.com
	 	 
	James

                                         Brown

	 	 	Email:
	mblankenship@winston.com

	 	 	 
	jrbrown@winston.com

	 	 	 	 
	Notice

    to the Investor shall be given to the address underneath the Investor’s name on the signature page hereto.

 

p.

The headings set forth in this Subscription Agreement are for convenience of reference only and shall not be used in interpreting

this Subscription Agreement. In this Subscription Agreement, unless the context otherwise requires: (i) whenever required by the

context, any pronoun used in this Subscription Agreement shall include the corresponding masculine, feminine or neuter forms,

and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (ii) “including” (and

the correlative meaning “include”) means including without limiting the generality of any description preceding or

succeeding such term and shall be deemed in each case to be followed by the words “without limitation”; and (iii)

the words “herein”, “hereto” and “hereby” and other words of similar import in this Subscription

Agreement shall be deemed in each case to refer to this Subscription Agreement as a whole and not to any particular portion of

this Subscription Agreement.

 

12.

Non-Reliance and Exculpation. The Investor acknowledges that it is not relying upon, and has not relied upon, any statement,

representation or warranty made by any person other than the statements, representations and warranties of the Company contained

in this Subscription Agreement in making its investment or decision to invest in the Company. The Investor agrees that neither

(i) any Other Investor pursuant to any Other Subscription Agreement entered into in connection with the Offering (including the

controlling persons, members, officers, directors, partners, agents, employees or other representatives of any such Other Investor,

but excluding, for the avoidance of doubt, the Company) nor (ii) the Placement Agents, their affiliates or any of their or their

affiliates’ respective control persons, officers, directors, employees or other representatives (but excluding, for the

avoidance of doubt, the Company), shall be liable to the Investor pursuant to this Subscription Agreement for any action heretofore

or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Shares. The Investor acknowledges

that neither the Placement Agents, nor their representatives (excluding, for the avoidance of doubt, the Company): (a) shall be

liable to the Investor for any improper payment made in accordance with the information provided by the Company; (b) make any

representation or warranty, or have any responsibilities as to the validity, accuracy, value or genuineness of any information,

certificates or documentation delivered by or on behalf of the Company pursuant to this Subscription Agreement or the Transaction

Agreement (together with any related documents, the “Transaction Documents”); or (c) shall be liable to the

Investor (whether in tort, contract or otherwise) (x) for any action taken, suffered or omitted by any of them in good faith and

reasonably believed to be authorized or within the discretion or rights or powers conferred upon them by this Subscription Agreement

or any Transaction Document or (y) for anything which any of them may do or refrain from doing in connection with this Subscription

Agreement or any Transaction Document, except for their fraud, gross negligence, willful misconduct or bad faith. Notwithstanding

anything else herein, nothing contained in this Subscription Agreement shall be construed as a waiver of any rights arising from

fraud, intentional misrepresentation, or of any similar rights provided under applicable laws.

 

    20

     

    

 

Confidential 

 

13.

Disclosure. Notwithstanding anything in this Subscription Agreement to the contrary, the Company shall not publicly disclose

the name of the Investor or any of its affiliates or advisers, or include the name of the Investor or any of its affiliates or

advisers in any press release or in any filing with the SEC or any regulatory agency or trading market, without the prior written

consent of the Investor, except (i) as required by the federal securities laws or pursuant to other routine proceedings of regulatory

authorities, (ii) to the extent such disclosure is required by law, at the request of the staff of the SEC or regulatory agency

or under the regulations of any national securities exchange on which the Company’s securities are listed for trading or

(iii) to the extent such announcements or other communications contain only information previously disclosed in a public statement,

press release or other communication previously approved in accordance with this Section 13; provided, however,

that the Investor hereby consents to the publication and disclosure in any press release issued by the Company or Current Report

on Form 8-K (“Form 8-K”) filed by the Company with the SEC in connection with the execution and delivery of

the Transaction Agreement or this Subscription Agreement and the filing of any related documentation with the SEC (and, as and

to the extent otherwise required by the federal securities laws or the SEC or any other securities authorities, any other documents

or communications provided by the Company to any governmental authority or to security holders of the Company) of the Investor’s

identity and beneficial ownership of Shares and the nature of the Investor’s commitments, arrangements and understandings

under and relating to this Subscription Agreement and, if deemed appropriate by the Company, a copy of this Subscription Agreement

or the form hereof; provided, further, that in any such case, the Company shall provide, except to the extent prohibited

by applicable law, the Investor with written notice of any disclosure permitted under this Section 13 prior to such disclosure,

give the Investor a reasonable opportunity to comment on such disclosure and consider in good faith any such reasonable comments

provided by the Investor.

 

14.

Company Disclosure. The Company shall (a) no later than 9:30 am (Eastern Time) on the first business day after the date

on which this Subscription Agreement is executed by the Investor and the Company, (i) issue one or more press releases (collectively,

the “Press Release”) announcing the execution of the Transaction Agreement by the parties thereto and (ii)

file a copy of the Press Release with the SEC on Form 8-K to which a copy of the Investor Presentation is also an exhibit and

(b) by the end of the second business day following the date on which this Subscription Agreement is executed (the “Disclosure

Time”) file an additional Form 8-K disclosing, to the extent not previously publicly disclosed, all material terms of

the transactions contemplated by the Transaction Agreement and the Subscription Agreements. From and after the Disclosure Time,

the Company represents to the Investor that it shall have publicly disclosed all material, non-public information delivered to

the Investor by the Company or any of its officers, directors, employees or agents in connection with the transactions contemplated

by this Subscription Agreement, and the Investor shall no longer be subject to any confidentiality or similar obligations under

any current agreement, whether written or oral with the Company, the Placement Agents or any of their affiliates, relating to

the transactions contemplated by this Subscription Agreement.

 

[SIGNATURE

PAGES FOLLOW]

 

    21

     

    

 

Confidential 

 

IN

WITNESS WHEREOF, the parties hereto have caused this Subscription Agreement to be duly executed by their respective authorized

signatories as of the date first indicated above.

 

	 	FOUNDER

    SPAC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    22

     

    

 

Confidential

 

{INVESTOR

SIGNATURE PAGE TO THE SUBSCRIPTION AGREEMENT}

 

IN

WITNESS WHEREOF, the undersigned has caused this Subscription Agreement to be duly executed by its authorized signatory as of

the date first indicated above.

 

	Name(s)

    of Investor:	 	 
	 	 	 
	Signature of

    Authorized Signatory of Investor:	 	 
	 	 	 
	Name of Authorized

    Signatory:	 	 
	 	 	 
	Title of Authorized

    Signatory:	 	 
	 	 	 
	Address for Notice

    to Investor:	 	 

 

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	Attention:	 	 
	 	 	 	 
	 	Email:	 	 
	 	 	 	 
	 	Facsimile

    No.:	 	 
	 	 	 	 
	 	Telephone

    No.:	 	 

 

Address

for Delivery of Shares to Investor (if not same as address for notice):

 

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

	Subscription

    Amount:	$	 
	 	 	 
	Number of

    Shares:	 	 
	 	 	 
	Investor status (mark

    one):     ☐ U.S. investor     ☐ Non-U.S. investor
	 	 	 
	EIN Number:	 	 

 

    23

     

    

 

Exhibit

A

 

Accredited

Investor Questionnaire

 

Capitalized

terms used and not defined in this Exhibit A shall have the meanings ascribed to such terms in the Subscription Agreement

to which this Exhibit A is attached.

 

The

undersigned represents and warrants that the undersigned is an “accredited investor” (an “Accredited Investor”)

as such term is defined in Rule 501(a) of Regulation D under the U.S. Securities Act of 1933, as amended (the “Securities

Act”), for one or more of the reasons specified below (please check all boxes that apply):

 

		______	(i)

                                         	A

                                         natural person whose net worth, either individually or jointly with such person’s

                                         spouse or spousal equivalent, at the time of the Investor’s purchase, exceeds $1,000,000;

 

The

term “net worth” means the excess of total assets over total liabilities (including personal and real property, but

excluding the estimated fair market value of the Investor’s primary home). For the purposes of calculating joint

net worth with the person’s spouse or spousal equivalent, joint net worth can be the aggregate net worth of the Investor

and spouse or spousal equivalent; assets need not be held jointly to be included in the calculation. There is no requirement that

securities be purchased jointly. A spousal equivalent means a cohabitant occupying a relationship generally equivalent to a spouse.

 

		______	(ii)	A

                                         natural person who had an individual income in excess of $200,000, or joint income with

                                         the Investor’s spouse or spousal equivalent in excess of $300,000, in each of the

                                         two most recent years and reasonably expects to reach the same income level in the current

                                         year;

 

In

determining individual “income,” the Investor should add to the Investor’s individual taxable adjusted gross

income (exclusive of any spousal or spousal equivalent income) any amounts attributable to tax exempt income received, losses

claimed as a limited partner in any limited partnership, deductions claimed for depletion, contributions to an IRA or Keogh retirement

plan, alimony payments, and any amount by which income from long-term capital gains has been reduced in arriving at adjusted gross

income.

 

		______	(iii)	A

                                         director or executive officer of the Company;

 

		______	(iv)

                                         	A

                                         natural person holding in good standing one or more professional certifications or designations

                                         or other credentials from an accredited educational institution that the U.S. Securities

                                         and Exchange Commission (“SEC”) has designated as qualifying an individual

                                         for accredited investor status;

 

The

SEC has designated the General Securities Representative license (Series 7), the Private Securities Offering Representative license

(Series 82) and the Licensed Investment Adviser Representative (Series 65) as the initial certifications that qualify for accredited

investor status.

 

		______	(v)

                                         	A

                                         natural person who is a “knowledgeable employee” as defined in Rule 3c-5(a)(4)

                                         under the Investment Company Act of 1940 (the “Investment Company Act”),

                                         of the issuer of the securities being offered or sold where the issuer would be an investment

                                         company, as defined in Section 3 of the Investment Company Act, but for the exclusion

                                         provided by either Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act;

 

		______	(vi)

                                         	A

                                         bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association

                                         or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether

                                         acting in its individual or fiduciary capacity;

 

    A-1

     

    

 

		______	(vii)

                                         	A

                                         broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of

                                         1934, as amended (the “Exchange Act”);

 

		______	(viii)

                                         	An

                                         investment adviser registered pursuant to Section 203 of the Investment Advisers Act

                                         of 1940 (the “Investment Advisers Act”) or registered pursuant to

                                         the laws of a state, or an investment adviser relying on the exemption from registering

                                         with the SEC under Section 203(l) or (m) of the Investment Advisers Act;

 

		______	(ix)

                                         	An

                                         insurance company as defined in Section 2(a)(13) of the Securities Act;

 

		______	(x)	An

                                         investment company registered under the Investment Company Act or a business development

                                         company as defined in Section 2(a)(48) of that act;

 

		______	(xi)

                                         	A

                                         Small Business Investment Company licensed by the U.S. Small Business Administration

                                         under Section 301(c) or (d) of the Small Business Investment Act of 1958;

 

		______	(xii)

                                         	A

                                         Rural Business Investment Company as defined in Section 384A of the Consolidated Farm

                                         and Rural Development Act;

 

		______	(xiii)	A

                                         plan established and maintained by a state, its political subdivisions, or any agency

                                         or instrumentality of a state, or its political subdivisions for the benefit of its employees,

                                         if such plan has total assets in excess of $5,000,000;

 

		______	(xiv)

                                         	An

                                         employee benefit plan within the meaning of the Employee Retirement Income Security Act

                                         of 1974, if the investment decision is made by a plan fiduciary, as defined in Section

                                         3(21) of such act, which is either a bank, savings and loan association, insurance company,

                                         or registered investment adviser, or if the employee benefit plan has total assets in

                                         excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely

                                         by persons that are accredited investors;

 

		______	(xv)

                                         	A

                                         private business development company as defined in Section 202(a)(22) of the Investment

                                         Advisers Act;

 

		______	(xvi)

                                         	An

                                         organization described in Section 501(c)(3) of the Internal Revenue Code, or a corporation,

                                         business trust, partnership, or limited liability company, or any other entity not formed

                                         for the specific purpose of acquiring the securities, with total assets in excess of

                                         $5,000,000;

 

		______	(xvii)	A

                                         trust, with total assets in excess of $5,000,000, not formed for the specific purpose

                                         of acquiring the securities offered, whose purchase is directed by a sophisticated person

                                         who has such knowledge and experience in financial and business matters that such person

                                         is capable of evaluating the merits and risks of investing in the Company;

 

		______	(xviii)	A

                                         “family office” as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers

                                         Act with assets under management in excess of $5,000,000 that is not formed for the specific

                                         purpose of acquiring the securities offered and whose prospective investment is directed

                                         by a person who has such knowledge and experience in financial and business matters that

                                         such family office is capable of evaluating the merits and risks of the prospective investment;

 

		______	(xix)

                                         	A

                                         “family client” as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers

                                         Act, of a family office meeting the requirements set forth in (xviii) and whose prospective

                                         investment in the issuer is directed by a person from a family office that is capable

                                         of evaluating the merits and risks of the prospective investment;

 

    A-2

     

    

 

		______	(xx)

                                         	A

                                         “qualified institutional buyer” as defined in Rule 144A under the Securities

                                         Act;

 

		______	(xxi)

                                         	An

                                         entity, of a type not listed above, not formed for the specific purpose of acquiring

                                         the securities offered, owning investments in excess of $5,000,000; and/or

 

		______	(xxii)	An

                                         entity in which all of the equity owners qualify as an accredited investor under

                                         any of the above subparagraphs.

 

		______	(xxiii)	The

                                         Investor does not qualify under any of the investor categories set forth in (i) through

                                         (xxii) above.

 

		2.1	Type

                                         of the Investor. Indicate the form of entity of the Investor:

 

	 	☐	Individual	 	☐	Limited Partnership	 
	 	☐	Corporation	 	☐	General Partnership	 
	 	☐	Revocable Trust	 	☐	Limited Liability

    Company	 
	 	☐	Other Type of Trust

    (indicate type):	 			 
	 	☐	Other (indicate

    form of organization):	 			 

 

		2.2.1	If

                                         the Investor is not an individual, indicate the approximate date on which the Investor

                                         entity was formed: __________________.

 

		2.2.2	If

                                         the Investor is not an individual, initial the line below which correctly

                                         describes the application of the following statement to the Investor’s situation:

                                         the Investor (x) was not organized or reorganized for the specific purpose of acquiring

                                         the securities and (y) has made investments prior to the date hereof, and each beneficial

                                         owner thereof has and will share in the investment in proportion to his or her ownership

                                         interest in the Investor.

 

	 		 	True

 

	 		 	False

 

If

the “False” line is initialed, each person participating in the entity will be required to fill out a Subscription

Agreement.

 

	 	Investor:	 
	 	 	 
	 	Investor Name:	 

 

	 	By:	 
	 	Signatory Name:
	 	Signatory Title:
	 	 	 
	 	Date:	 

 

    A-3EXHIBIT 10.4

 

Execution Version

 

FORM
OF LOCK-UP AGREEMENT

 

THIS

LOCK-UP AGREEMENT (this “Agreement”) is made and entered into as of [●], 2021 by and among (i) Founder

SPAC, a Cayman Islands exempted company (together with its successors, including after the Domestication (as defined below), the “Purchaser”),

(ii) Rubicon Technologies, LLC, a Delaware limited liability company (the “Company”), and (iii) [●](“Holder”).

Capitalized terms used but not defined in this Agreement will have the respective meanings ascribed to such terms in the Merger Agreement

(as defined below).

 

WHEREAS,

simultaneously with the execution and delivery of this Agreement, (i) the Purchaser, (ii) Ravenclaw Merger Sub LLC, a Delaware limited

liability company and a wholly-owned subsidiary of the Purchaser (“Merger Sub LLC”), (iii) certain blocker

merger subsidiaries listed on the signature pages thereto (collectively, “Blocker Merger Subs”), (iv) certain

blocker companies listed on the signature pages thereto (collectively, the “Blocker Companies”), and (v) the

Company entered into that certain Agreement and Plan of Merger (as amended from time to time in accordance with the terms thereof, the

“Merger Agreement”), pursuant to which, among other matters, (a) at or prior to the Closing, the Purchaser

will domesticate (the “Domestication”) as a Delaware corporation (“Surviving Pubco”)

pursuant to the applicable provisions of the CICL and the DGCL, (b) following the Domestication, Merger Sub LLC will merge with and into

the Company (the “Merger”), with the Company continuing as the surviving entity (the “Surviving

Company”), whereby the LLC Agreement of the Surviving Company will be amended and restated substantially in the form attached

as Exhibit C to the Merger Agreement (the “A&R LLCA”), (c) immediately following the consummation of the

Merger and the effectiveness of the A&R LLCA, each Blocker Merger Sub, each Blocker Company, each Surviving Blocker Company, and

Surviving Pubco will effectuate a series of mergers in the order set forth in Section 2.1(b) of the Company Disclosure Letter (all such

mergers together, the “Blocker Company Mergers” and, together with the Merger, the “Mergers”),

and (d) pursuant to the Mergers, the Company Interest Holders shall receive consideration in the form of securities issued by the Purchaser

or the Company, which, in the case of Holder, shall take the form of [Surviving Pubco Class A Shares][Surviving Pubco Class V Shares

and an equivalent number of Class B Units (with a pair of one such Class B Unit and one such Surviving Pubco Class V Share being exchangeable,

in the future, subject to the terms and conditions of this Agreement, the A&R LLCA, and the Policy Regarding Exchanges set forth

in Annex E to the A&R LLCA (the “Exchange Policy”), for Surviving Pubco Class A Shares (any such shares,

“Exchange Shares”))] (the “Holder Consideration Securities,” including all

Earnout Shares to which Holder may become entitled, if issued pursuant to the terms of the Merger Agreement [and including all Exchange

Shares]), in each case upon the terms and subject to the conditions set forth in the Merger Agreement (such transactions, together with

the other transactions contemplated by the Merger Agreement, the “Transactions”), all upon the terms and subject

to the conditions set forth in the Merger Agreement;

 

WHEREAS,

as of the date hereof, Holder is a holder of equity securities of the Company in such amounts and classes or series as set forth underneath

Holder’s name on the signature page hereto; and

 

WHEREAS,

pursuant to the Merger Agreement, and in view of the valuable consideration to be received by Holder thereunder, the parties desire to

enter into this Agreement, pursuant to which the Holder Consideration Securities received by Holder in the Transactions, including Holder’s

Surviving Pubco Class A Shares that may be issued as Earnout Shares[, and any Exchange Shares] (all such securities, together with any

securities paid as dividends or distributions with respect to such securities or into which such securities are exchanged or converted

but, for the avoidance of doubt, not including any shares issued in connection with the PIPE Investment Subscription Agreements, the

“Restricted Securities”), shall become subject to limitations on disposition as set forth herein.

 

     

     

    

 

NOW,

THEREFORE, in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below,

and intending to be legally bound hereby, the parties hereby agree as follows:

 

1.

Lock-Up Provisions.

 

(a)

Holder hereby agrees not to, without the prior written consent of Purchaser, during the period commencing from the Closing and ending

on the earlier of (x) 180 days after the date of the Closing and (y) the date after the Closing on which Purchaser consummates a liquidation,

merger, stock exchange, reorganization, tender offer, or other similar transaction that results in all of Purchaser’s stockholders

having the right to exchange their equity holdings in Purchaser for cash, securities or other property (such period, the “Lock-Up

Period”): (i) lend, offer to sell, donate, assign, sell, contract to sell, sell any option or contract to purchase, purchase

any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly,

any Restricted Securities owned by Holder, (ii) enter into any swap or other arrangement that transfers to another, in whole or

in part, any of the economic consequences of ownership of the Restricted Securities owned by Holder, or (iii) publicly disclose

the intention to do any of the foregoing, whether any such transaction described in clauses (i), (ii) or (iii) above is to be settled

by delivery of Restricted Securities or other securities, in cash or otherwise (any of the foregoing described in clauses (i), (ii) or

(iii), a “Prohibited Transfer”). The foregoing sentence shall not apply to the transfer of any or all of the

Restricted Securities owned by Holder (I) by gift, will or intestate succession upon the death of Holder, (II) to any Permitted Transferee

(as defined below), (III) by operation of law, pursuant to a court order or settlement agreement related to the distribution of assets

in connection with the dissolution of marriage or civil union, (IV) pursuant to any hypothecation or pledge securing a loan, or (V) in

connection with Purchaser’s consummation of a liquidation, merger, stock exchange, reorganization, tender offer or other similar

transaction that results in all of Purchaser’s stockholders having the right to exchange their equity holdings in Purchaser for

cash, securities or other property; provided, however, that in any of cases (I), (II) or (III) it shall be a condition

to such transfer that the transferee executes and delivers to the Purchaser and the Company an agreement stating that the transferee

is receiving and holding the Restricted Securities subject to the provisions of this Agreement applicable to Holder, and there shall

be no further transfer of such Restricted Securities except in accordance with this Agreement. As used in this Agreement, the term “Permitted

Transferee” shall mean: (A) the members of Holder’s immediate family (for purposes of this Agreement, “immediate

family” shall mean with respect to any natural person, any of the following: such person’s spouse or domestic partner, the

siblings of such person and his or her spouse or domestic partner, and the direct descendants and ascendants (including adopted and step

children and parents) of such person and his or her spouse or domestic partner and siblings), (B) any trust for the direct or indirect

benefit of Holder or the immediate family of Holder, (C) if Holder is a trust, the trustor or beneficiary of such trust or the estate

of a beneficiary of such trust, (D) if Holder is an entity, as a distribution to limited partners, shareholders, members of, or owners

of similar equity interests in Holder, and (E) any Affiliate of Holder or any employees, officers, directors or members of Holder or

any Affiliates of Holder. Holder further agrees to execute such agreements as may be reasonably requested by Purchaser or the Company

that are consistent with the foregoing and necessary to give further effect thereto.

 

(b)

[For the avoidance of doubt, there shall be no exchanges of Class B Units pursuant to the Exchange Policy until after expiration of the

Lock-Up Period under this Agreement.]

 

(c)

If any Prohibited Transfer is made or attempted contrary to the provisions of this Agreement, such purported Prohibited Transfer shall

be null and void ab initio, and Purchaser shall refuse to recognize any such purported transferee of the Restricted Securities as one

of its equity holders for any purpose. In order to enforce this Section 1, Purchaser may impose stop-transfer instructions

with respect to the Restricted Securities of Holder (and Permitted Transferees and assigns thereof) until the end of the Lock-Up Period,

except in compliance with the foregoing exceptions.

 

    2

     

    

 

(d)

During the Lock-Up Period, each certificate evidencing any Restricted Securities shall be stamped or otherwise imprinted with a legend

in substantially the following form, in addition to any other applicable legends:

 

“THE

SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT, DATED AS OF [●], 2021, BY AND AMONG THE ISSUER OF SUCH SECURITIES (THE “ISSUER”), A CERTAIN REPRESENTATIVE OF THE ISSUER NAMED THEREIN

AND THE ISSUER’S SECURITY HOLDER NAMED THEREIN, AS AMENDED. A COPY OF SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY

THE ISSUER TO THE HOLDER HEREOF UPON WRITTEN REQUEST.”

 

Promptly

upon the expiration of the Lock-Up Period, Purchase will make best efforts to remove such legend from the certificates evidencing the

Restricted Securities.

 

(e)

For the avoidance of doubt, (i) Holder shall retain all of its rights as a shareholder of the Purchaser during the Lock-Up Period, including

the right to vote any Restricted Securities and to receive any dividends and distributions in respect of any Restricted Securities, and

(ii) the restrictions contained in Section 1(a) shall not apply to any Surviving Pubco Class A Shares, Class B Units, Surviving Pubco

Class V Shares or other securities of the Company acquired by Holder in open market transactions or in any public or private capital

raising transactions of the Company or otherwise to any Surviving Pubco Class A Shares, Class B Units, Surviving Pubco Class V Shares

or other securities of the Company (other than the Restricted Securities). Prior to or at the Closing, the Company shall execute and

deliver to the Purchaser the Registration Rights Agreement and allow Holder the opportunity to be a party to the Registration Rights

Agreement entitled to the registration rights thereunder.

 

2.

Miscellaneous.

 

(a)

Termination of Merger Agreement. This Agreement shall be binding upon Holder upon Holder’s execution and delivery of this

Agreement, but this Agreement shall only become effective upon the Closing. Notwithstanding anything to the contrary contained herein,

in the event that the Merger Agreement is terminated in accordance with its terms prior to the Closing, this Agreement and all rights

and obligations of the parties hereunder shall automatically terminate and be of no further force or effect.

 

(b)

Binding Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of

the parties hereto and their respective permitted successors and assigns. This Agreement and all obligations of Holder are personal to

Holder and may not be transferred or delegated by Holder at any time without the prior written consent of the Purchaser and the Company.

Each of the Purchaser and the Company may freely assign any or all of its rights under this Agreement, in whole or in part, to any successor

entity (whether by merger, consolidation, equity sale, asset sale or otherwise) without obtaining the consent or approval of Holder.

 

(c)

Third Parties. Nothing contained in this Agreement or in any instrument or document executed by any party in connection with the

transactions contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any person or entity

that is not a party hereto or thereto or a successor or permitted assign of such a party.

 

    3

     

    

 

(d)

Governing Law; Waiver of Jury Trial; Jurisdiction. This Agreement and all related claims or causes of action shall be governed

by and construed in accordance with the internal Laws of the State of Delaware, without giving effect to any choice of law or conflict

of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the Law of

any jurisdiction other than the State of Delaware. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT

TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR (II) IN ANY WAY CONNECTED WITH

OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO,

IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. THE PARTIES HERETO EACH

HEREBY AGREE AND CONSENT THAT ANY SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT

THE PARTIES HERETO MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF

THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. Sections 12.7 and 12.14 of the Merger Agreement shall apply to this

Agreement mutatis mutandis with references to the Merger Agreement therein deemed to reference this Agreement and references to the “Parties”

thereunder deemed to reference the parties hereto.

 

(e)

Interpretation. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing

or interpreting this Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall

include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural

and vice versa; (ii) “including” (and with correlative meaning “include”) means including without limiting the

generality of any description preceding or succeeding such term and shall be deemed in each case to be followed by the words “without

limitation”; (iii) the words “herein,” “hereto,” and “hereby” and other words of similar import

shall be deemed in each case to refer to this Agreement as a whole and not to any particular section or other subdivision of this Agreement;

and (iv) the term “or” means “and/or”. The parties have participated jointly in the negotiation and drafting

of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed

as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue

of the authorship of any provision of this Agreement.

 

(f)

Notices. All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been

duly given when delivered (i) in person, (ii) by email during normal business hours, (iii) by FedEx or other nationally recognized overnight

courier service, or (iv) after posting in the United States mail having been sent registered or certified mail return receipt requested,

postage prepaid, and otherwise on the next Business Day, addressed as follows (or at such other address for a party as shall be specified

by like notice):

 

	 

                                                        If

                                            to Purchaser prior to the Closing to:

     

    Founder

SPAC

11752 Lake Potomac Drive

Rockville, MD 20854
	 	 

                                                                                                                       With

                                            a copy (which will not constitute notice) to:

     

    Winston

& Strawn LLP

800 Capitol St. Suite 2400

Houston, Texas 77002

	Attn:	 Osman Ahmed	 	Attn:	Michael

J. Blankenship
	Email: 	osman@founderspac.com	 	Email:	MBlankenship@winston.com
	 	 	 	 	 

 

    4

     

    

 

	 

                                                                                                                       If

                                            to the Company prior to the Closing to:

     

    Rubicon

Technologies, LLC

950 East Paces Ferry Road NE

Suite 1900

	 	 

                                                                                                                       With

                                            a copy (which will not constitute notice) to:

     

    Gibson,

Dunn & Crutcher LLP

200 Park Ave.

New York, New York

	Atlanta, Georgia 30326	 	Attn:	Saee

Muzumdar
	Attn: 	William Meyer, General Counsel	 		Evan D’Amico
	Email:	bill.Meyer@rubicon.com	 	Email:	SMuzumdar@gibsondunn.com

EDAmico@gibsondunn.com

 

	 

                                                                                                                       If

                                            to the Purchaser or the Company after the Closing, to:

     

    Rubicon

Technologies, LLC

950 East Paces Ferry Road NE

Suite 1900

	 	 

                                                                                                                       with

                                            copies (which shall not constitute notice) to:

     

    Gibson,

Dunn & Crutcher LLP

200 Park Ave.

New York, New York

	Atlanta, Georgia 30326	 	Attn:	Saee

Muzumdar
	Attn:	 William Meyer, General Counsel	 		Evan D’Amico
	Email:	bill.Meyer@rubicon.com	 	Email:	SMuzumdar@gibsondunn.com

EDAmico@gibsondunn.com

   

	If

    to Holder, to: the address set forth below Holder’s name on the signature page to this Agreement.

 

(g)

Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived

(either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Purchaser,

the Company and Holder. No failure or delay by a party in exercising any right hereunder shall operate as a waiver thereof. No waivers

of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed

as a further or continuing waiver of any such term, condition, or provision. Purchaser and the Company hereby represent, warrant, covenant

and agree that (i) if any Lock-Up Agreement signed by an interestholder of the Company in connection with the transactions contemplated

hereby is amended, modified or waived in a manner favorable to such interestholder and that would be favorable to Holder, this Agreement

shall be contemporaneously amended in the same manner and Purchaser shall provide prompt notice thereof to Holder, and (ii) if any such

interestholder is released from any or all of the lock-up restrictions under its Lock-Up Agreement, Holder will be similarly and contemporaneously

released from the lock-up restrictions hereunder (which, for the avoidance, of doubt will include a release of the same percentage of

Holder’s Restricted Securities) and Purchaser shall provide prompt notice thereof to Holder.

 

(h)

Severability. In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a court of competent

jurisdiction, such provision shall be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the

same valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions hereof shall not in any

way be affected or impaired thereby nor shall the validity, legality or enforceability of such provision be affected thereby in any other

jurisdiction. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties

will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out, so far as may

be valid, legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision.

 

    5

     

    

 

(i)

Specific Performance. Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in

the event of a breach of this Agreement by Holder, money damages will be inadequate and Purchaser and the Company will have no adequate

remedy at law, and agrees that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed

by Holder in accordance with their specific terms or were otherwise breached. Accordingly, each of the Purchaser and the Company shall

be entitled to an injunction or restraining order to prevent breaches of this Agreement by Holder and to enforce specifically the terms

and provisions hereof, without the requirement to post any bond or other security or to prove that money damages would be inadequate,

this being in addition to any other right or remedy to which such party may be entitled under this Agreement, at law or in equity.

 

(j)

Entire Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties with respect to

the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties

is expressly canceled; provided, that, for the avoidance of doubt, the foregoing shall not affect the rights and obligations

of the parties under the Merger Agreement or any Ancillary Agreement. Notwithstanding the foregoing, nothing in this Agreement shall

limit any of the rights or remedies of the Purchaser and the Company or any of the obligations of Holder under any other agreement between

Holder and the Purchaser or the Company or any certificate or instrument executed by Holder in favor of the Purchaser or the Company,

and nothing in any other agreement, certificate or instrument shall limit any of the rights or remedies of the Purchaser or the Company

or any of the obligations of Holder under this Agreement.

 

(k)

Further Assurances. From time to time, at the other party’s request and without further consideration (but at the requesting

party’s reasonable cost and expense), each party shall execute and deliver such additional documents and take all such further

action as may be reasonably necessary to consummate the transactions contemplated by this Agreement.

 

(l)

Counterparts; Facsimile. This Agreement may be executed in multiple counterparts (including by facsimile or pdf or other

electronic document transmission), each of which shall be deemed an original, and all of which taken together shall constitute one and

the same instrument.

 

    6

     

    

 

IN

WITNESS WHEREOF, the parties have executed this Lock-Up Agreement as of the date first written above.

 

	 	Purchaser:
	 	 
	 	FOUNDER SPAC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Company:
	 	 
	 	RUBICON TECHNOLOGIES,

  LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    7

     

    

 

IN

WITNESS WHEREOF, the parties have executed this Lock-Up Agreement as of the date first written above. 

 

	 	Holder:
	 	 	 
	 	[_________________]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	Number and Type of Company Securities:	 
	 	 	 
	Company Common Units:	 	 
	 	 	 
	Company Common Warrants:	 	 
	 	 	 
	Company Series [A/B/C/D/E] Units:	 	 

 

    Address

for Notice: 

[_________] 

Attention: [________] 

E-mail:

 

with a copy (which will not constitute notice) to: 

[*]

 [*]

 Attn:

[*] 

Telephone No.: [*]

 Email:

 

    8

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