Exhibit 10.2
SECURITIES PURCHASE AGREEMENT
THIS SECURITIES PURCHASE
AGREEMENT (the “Agreement”), dated as of December 5, 2024, is entered into by and between RUBICON
TECHNOLOGIES, INC., a Delaware corporation, with headquarters located at 000 X Xxxxx Xxxxx Xx XX Xxxxx 000, Xxxxxxx, XX 00000
(the “Company”), and the buyer identified on the signature pages hereto (the “Buyer”).
RECITALS
WHEREAS, the Company seeks to sell, issue
and deliver to the Buyer, and the Buyer desires to purchase and acquire from the Company, an aggregate of 8,800 shares of the Company’s
Series B Convertible Perpetual Preferred Stock, par value $0.0001 per share (the “Preferred Stock”), having the designation,
preferences, rights, privileges, powers and terms and conditions as specified in the Amended and Restated Certificate of Designations,
Preferences and Rights of Series B Convertible Perpetual Preferred Stock, a form of which is attached hereto as Exhibit A (the
“Certificate of Designations”); and
WHEREAS, the Company and the Buyer are executing and delivering this Agreement in reliance
upon the exemption from securities registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “1933 Act”), Rule 506(b) of Regulation D (“Regulation D”) and/or Regulation S (“Regulation S”) as promulgated by the United States Securities and Exchange Commission (the “SEC”) under the 1933 Act.
NOW THEREFORE, in consideration of the foregoing and of the agreements and covenants herein contained,
and for other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Company and the Buyer hereby agree as follows:
1. Purchase and Sale
of the Preferred Shares.
(a) Purchase and Sale of
the Preferred Shares. On the terms and subject to the conditions set forth herein, on the Closing Date (as defined below), the
Company shall issue and sell to the Buyer, and the Buyer agrees to purchase from the Company, an aggregate of 8,800 shares of
Preferred Stock (the “Preferred Shares”) for an aggregate purchase price of $8,800,000 (the “Purchase
Price”).
(b) Form of Payment. On the terms and subject to the conditions set forth herein, on the Closing Date: (i) the Buyer shall deliver the Purchase Price by wire transfer of immediately available funds in exchange for the Preferred Shares, to be issued and sold to it at the Closing (as defined below), against delivery of the Preferred Shares, (ii) the Company shall deliver, or cause to be delivered, evidence reasonably satisfactory
to Continental Stock & Transfer Trust Company, the duly appointed Transfer Agent (the “Transfer Agent”), of the issuance of the Preferred Shares, and (iii) the Transfer Agent, upon receipt of the satisfactory evidence described in clause (ii) above, shall deliver the Preferred
Shares to the Buyer, credited to book-entry accounts maintained by the Transfer Agent,
against delivery of the Purchase Price.
(c) Closing Date. Subject to the satisfaction (or written waiver) of the conditions thereto set forth
in Sections 5 and 6 below, the date and time of the issuance and sale of the Preferred Shares pursuant to this Agreement (the “Closing Date”) shall be on the date that the Purchase Price for the Preferred Shares is paid by the Buyer pursuant to terms of this Agreement.
(d) Closing. The closing of the transactions contemplated by this Agreement (the “Closing”) shall occur on the Closing Date at such location as may be agreed to by the parties
(including via exchange of electronic signatures).
2. Buyer’s
Representations and Warranties. The Buyer represents and warrants to the Company as of the Closing Date that:
(a) Investment Purpose. As of the Closing Date, the Buyer is purchasing the Preferred Shares (the Preferred Shares and shares of the Company’s Class A common stock (the “Common Stock”) issuable upon conversion of the Preferred Shares shall collectively be referred to herein as the “Securities”) for its own account and not with a present view towards the public sale or distribution
thereof, except pursuant to sales registered or exempted from registration under the
1933 Act; provided, however, that by making the representations herein, the Buyer does not agree to hold any
of the Securities for any minimum or other specific term and reserves the right to
dispose of the Securities at any time in accordance with or pursuant to a registration
statement or an exemption under the 1933 Act.
(b) Accredited Investor Status. The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D (an “Accredited Investor”).
(c) Reliance on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance
upon specific exemptions from the registration requirements of United States federal
and state securities laws and that the Company is relying upon the truth and accuracy
of, and the Buyer’s compliance with, the representations, warranties, agreements, acknowledgments and
understandings of the Buyer set forth herein in order to determine the availability
of such exemptions and the eligibility of the Buyer to acquire the Securities.
(d) Information. The Buyer and its advisors, if any, have been furnished with all materials relating
to the business, finances and operations of the Company and materials relating to
the offer and sale of the Securities which have been requested by the Buyer or its
advisors. Notwithstanding the foregoing, the Company has not disclosed to the Buyer any material
nonpublic information regarding the Company or otherwise and will not disclose such
information unless such information is disclosed to the public prior to or promptly
following such disclosure to the Buyer. Neither such inquiries nor any other due diligence investigation conducted by the Buyer or any of its advisors or representatives shall modify, amend or affect the Buyer’s right to rely on the Company’s representations and warranties contained in Section 3 below.
(e) Governmental Review. The Buyer understands that no United States federal or state agency or any other government
or governmental agency has passed upon or made any recommendation or endorsement of
the Securities.
(f) Transfer or Re-sale. The Buyer understands that (i) the sale or resale of the Securities has not been and
is not being registered under the 1933 Act or any applicable state securities laws,
and the Securities may not be transferred unless (A) the Securities are sold pursuant to an effective registration statement under the
1933 Act, (B) the Buyer shall have delivered to the Company, at the cost of the Company, an opinion
of counsel that shall be in form, substance and scope customary for opinions of counsel
in comparable transactions to the effect that the Securities to be sold or transferred
may be sold or transferred pursuant to an exemption from such registration, which
opinion shall be accepted by the Company, (C) the Securities are sold or transferred to an “affiliate” (as defined in Rule 144 promulgated under the 1933 Act (or a successor rule) (“Rule 144”)) of the Buyer who agrees to sell or otherwise transfer the Securities only in accordance
with this Section 2(f) in a transaction exempt from the registration requirements of the 1933 Act, (D) the Securities are sold pursuant to Rule 144 or other applicable exemption, or (E) the Securities are sold pursuant to Regulation S under the 1933 Act (or a successor
rule), and the Buyer shall have delivered to the Company, at the cost of the Company,
an opinion of counsel that shall be inform, substance and scope customary for opinions
of counsel in corporate transactions, which opinion shall be accepted by the Company;
and (ii) any sale of such Securities made in reliance on Rule 144 may be made only in accordance with the terms of said Rule and further, if said
Rule is not applicable, any re-sale of such Securities under circumstances in which
the seller (or the person through whom the sale is made) may be deemed to be an underwriter
(as that term is defined in the 1933 Act) may require compliance with some other exemption
under the 1933 Act or the rules and regulations of the SEC thereunder. Notwithstanding the foregoing or anything else contained herein to the contrary, the
Securities may be pledged in connection with a bona fide margin account or other lending arrangement secured by the Securities, and such pledge
of Securities shall not be deemed to be a transfer, sale or assignment of the Securities
hereunder, and the Buyer in effecting such pledge of Securities shall be not required
to provide the Company with any notice thereof or otherwise make any delivery to the
Company pursuant to this Agreement or otherwise.
(g) Legend(s). The Buyer understands that until such time as the Preferred Shares and/or the shares of Common Stock issuable upon conversion of the Preferred Shares, have been registered under the 1933 Act or may be sold pursuant to Rule 144, Rule 144A under the 1933 Act (“Rule 144A”), Regulation S, or other applicable exemption without any restriction as to the number
of securities as of a particular date that can then be immediately sold, the Securities
may bear restrictive legends in substantially the following forms (and a stop-transfer
order may be placed against transfer of such Securities):
THE SECURITIES REPRESENTED HEREBY (INCLUDING THE SECURITIES INTO WHICH THESE SECURITIES
ARE CONVERTIBLE) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED
OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS
WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.
THESE SECURITIES ARE HELD BY A PERSON WHO IS CONSIDERED AN AFFILIATE FOR PURPOSES
OF RULE 144 UNDER THE ACT. NO TRANSFER OF THESE SECURITIES OR ANY INTEREST THEREIN MAY BE MADE UNLESS THE ISSUER
HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO IT THAT THESE SECURITIES MAY BE
SOLD PURSUANT TO RULE 144 OR ANOTHER AVAILABLE EXEMPTION UNDER THE ACT AND THE RULES
AND REGULATIONS THEREUNDER.
The legends set forth above shall be removed and the Company shall issue a certificate
or book entry statement for the applicable Securities without such legends to the holder of any Security upon which it is stamped or (as
requested by such holder) issue the applicable Securities to such holder by electronic delivery by crediting the account of such holder’s broker with The Depository Trust Company (“DTC”), if, unless otherwise required by applicable state securities laws, (i) such Security is registered for sale under an effective registration statement filed
under the 1933 Act or otherwise may be sold pursuant to Rule 144, Rule 144A, Regulation S, or other applicable exemption without any restriction as to the
number of securities as of a particular date that can then be immediately sold, or
(ii) the Company or the Buyer provides a legal opinion (as contemplated by and in accordance
with Section 2(f)(i)(B) above) to the effect that a public sale or transfer of such Security may be made without
registration under the 1933 Act, which opinion shall be accepted by the Company so
that the sale or transfer is effected. The Company shall be responsible for the fees of the Transfer Agent and all DTC fees associated with any such issuance. The Buyer agrees to sell all Securities, including those represented by a certificate(s)
from which the legends have been removed, in compliance with applicable prospectus
delivery requirements, if any.
(h) Authorization; Enforcement. This Agreement and the Registration Rights Agreement (as defined below) have been duly and validly authorized by the Buyer and have been duly executed and delivered on behalf of the Buyer, and this Agreement and the Registration Rights Agreement constitute valid and binding agreements of the Buyer enforceable in accordance with their terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally and except as may be limited by the exercise of judicial discretion
in applying principles of equity.
3. Representations and
Warranties of the Company. The Company represents and warrants to the Buyer as of the Closing Date that, except as set forth
or described in any of the SEC Documents (as defined below):
(a) Organization and Qualification. The Company is a corporation duly organized, validly existing and in good standing
under the laws of the jurisdiction in which it is incorporated, with full power and
authority (corporate and other) to own, lease, use and operate its properties and
to carry on its business as and where now owned, leased, used, operated, and conducted. The Company is duly qualified as a foreign corporation to do business and is in good
standing in every jurisdiction in which its ownership or use of property or the nature
of the business conducted by it makes such qualification necessary except where the
failure to be so qualified or in good standing would not have a Material Adverse Effect. “Material Adverse Effect” means any material adverse effect on the business, operations, assets, financial
condition or prospects of the Company or its Subsidiaries, if any, taken as a whole,
or on the transactions contemplated hereby or by the agreements or instruments to
be entered into in connection herewith. “Subsidiaries” means any corporation or other organization, whether incorporated or unincorporated,
in which the Company owns, directly or indirectly, any equity or other ownership interest,
that are material to the Company.
(b) Authorization;
Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement and the Certificate
of Designations and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the
terms hereof and thereof, (ii) the execution and delivery of this Agreement, the filing with the Secretary of State of the State of Delaware
of the Certificate of Designations and the consummation by the Company of the transactions contemplated hereby and thereby (including
without limitation, the issuance of the Preferred Shares, as well as the issuance and reservation for issuance of the shares of Common
Stock issuable upon conversion of the Preferred Shares) have been duly authorized by the Company’s Board of Directors (the “Board”)
and no further consent or authorization of the Company, the Board, the Company’s shareholders, or the Company’s debt holders
is required, (iii) this Agreement (together with any other instruments executed in connection herewith, including the Certificate of
Designations to be filed with the Secretary of State of the State of Delaware) has been duly executed and delivered by the Company by
its authorized representative, and such authorized representative is the true and official representative with authority to sign this
Agreement and the other instruments and documents executed in connection herewith and bind the Company accordingly, and (iv) this Agreement
constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.
(c) Capitalization.
As of the date hereof, the authorized capital stock of the Company consists of 975,000,000 shares of common stock of the Company comprised
of 690,000,000 shares of Class A common stock, 275,000,000 shares of Class V common stock, and 10,000,000 shares of preferred stock and
the outstanding capital stock of the Company consists of 68,914,542 shares of Class A common stock, 761,305 shares of Class V common
stock, 20,000 shares of Series A Convertible Perpetual Preferred Stock (the “Series A Preferred Stock”) and 20,000 shares
of Preferred Stock. All of such outstanding shares of capital stock of the Company and the Preferred Shares and the shares of Common
Stock issuable upon conversion of the Preferred Shares, are, or upon issuance will be, duly authorized, validly issued, fully paid and
non-assessable. As of the date hereof, there are 388,065,463 shares of Class A common stock calculated on a fully diluted basis (including,
without limitation, all shares of Class A common stock issuable in connection with outstanding options, warrants, calls, convertible
or exchangeable securities or other rights or arrangements that obligate the Company or any of its Subsidiaries to (i) issue, transfer
or sell any shares of capital stock or other equity interests in the Company or any of its Subsidiaries or securities convertible into
or exchangeable for such shares or equity interests (in each case other than to the Company or a Subsidiary thereof) or (ii) grant, extend
or enter into any such subscription, option, warrant, call, convertible or exchangeable security, or other similar right, agreement or
commitment relating to any capital stock of, or other equity or voting interest in, the Company or any of its Subsidiaries) (in each
case, excluding any shares of Class A common stock issuable upon conversion of the Preferred Stock).
(d) Issuance of Preferred Shares. The issuance of the Securities has been duly authorized and, when issued, each will be validly issued, fully paid and non-assessable, and free from all Taxes (as defined below), liens, claims and encumbrances with respect to the issue thereof and such Securities will not be issued in violation of any purchase option, call option, preemptive right,
resale right, subscription right, right of first refusal or similar right, and will
not impose personal liability upon the holder thereof. The shares of Common Stock issuable upon conversion of the Preferred Shares have been duly reserved for such issuance. If physical certificates representing the Preferred Shares are issued, the Transfer
Agent, upon receipt of satisfactory evidence, shall deliver certificates representing
the shares of Common Stock issuable upon conversion of such shares of Preferred Shares
formerly evidenced by the physical certificate.
(e) Acknowledgment of Dilution. The Company understands and acknowledges the potentially dilutive effect to the Common Stock of the shares of Common Stock issuable upon conversion of the Preferred Shares. The Company further acknowledges that its obligation to issue, upon conversion of the Preferred Shares, shares of Common Stock, is absolute and unconditional regardless of the dilutive effect that such issuance may
have on the ownership interests of other shareholders of the Company.
(f) No Conflicts. The execution, delivery and performance of this Agreement and the Certificate of Designations by the Company and the consummation by the Company of the transactions contemplated
hereby and thereby (including, without limitation, the issuance and reservation for
issuance of the shares of Common Stock issuable upon conversion of the Preferred Shares), after giving effect to Section 4(i) below, will not (i) conflict with or result in a violation of any provision of the Company’s Certificate of Incorporation or By-laws, (ii) violate or conflict with, or result in a breach of any provision of, or constitute
a default (or an event which with notice or lapse of time or both could become a default)
under, or give to others any rights of termination, amendment, acceleration, payment or cancellation of, any agreement, note, evidence of indebtedness, indenture, patent,
patent license, security or instrument to which the Company or any of its Subsidiaries is a party, including options, warrants, calls or convertible or exchangeable securities, (iii) result in a violation of any law, rule, regulation, order, judgment or decree
(including federal and state securities laws and regulations and regulations of any
self-regulatory organizations to which the Company or its securities is subject) applicable
to the Company or any of its Subsidiaries or by which any property or asset of the
Company or any of its Subsidiaries is bound or affected (except, in the case of this clause (iii), for such conflicts, defaults, terminations, amendments, accelerations, cancellations
and violations as would not, individually or in the aggregate, have a Material Adverse
Effect) or (iv) trigger any anti-dilution and/or ratchet provision contained in any other contract
in which the Company is a party thereto or any security issued by the Company. Neither the Company nor any of its Subsidiaries is in violation of its Certificate
of Incorporation, By-laws or other organizational documents and neither the Company
nor any of its Subsidiaries is in default (and no event has occurred which with notice
or lapse of time or both could put the Company or any of its Subsidiaries in default)
under, and neither the Company nor any of its Subsidiaries has taken any action or
failed to xxxx
any
action that would give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which the Company or any of its Subsidiaries is a party or by which any property or assets of the Company or any of its Subsidiaries
is bound or affected, except for possible defaults as would not, individually or in the aggregate, have a Material Adverse Effect. The
businesses of the Company and its Subsidiaries, if any, are not being conducted, and shall not be conducted so long as the Buyer owns
any of the Securities, in violation of any law, ordinance or regulation of any governmental entity. Except as specifically contemplated
by this Agreement and as required under the 1933 Act and any applicable state securities laws, the Company is not required to obtain
any consent, authorization or order of, or make any filing or registration with, any court, governmental agency, regulatory agency, self-regulatory
organization or stock market or any third party in order for it to execute, deliver or perform any of its obligations under this Agreement
and the Certificate of Designations in accordance with the terms hereof or thereof or to issue and sell the Preferred Shares in accordance
with the terms hereof and, upon conversion of the Preferred Shares, issue shares of Common Stock as applicable. All consents, authorizations,
orders, filings and registrations which the Company is required to obtain pursuant to the preceding sentence have been obtained or effected
on or prior to the date hereof.
(g) SEC Documents; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by it with the SEC pursuant to the reporting requirements of
the Securities Exchange Act of 1934, as amended (the “1934 Act”) (all of the foregoing filed prior to the date hereof and all exhibits included therein
and financial statements and schedules thereto and documents (other than exhibits
to such documents) incorporated by reference therein, being hereinafter referred to
herein as the “SEC Documents”). As of their respective dates, the SEC Documents complied in all material respects
with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated
thereunder applicable to the SEC Documents, and none of the SEC Documents, at the
time they were filed with the SEC, contained any untrue statement of a material fact
or omitted 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. None of the statements made in any such SEC Documents are, or have been, required to be amended or updated under applicable law (except for such statements
as have been amended or updated in subsequent filings prior to the date hereof). As of their respective dates, the financial statements of the Company included in
the SEC Documents complied in all material respects with applicable accounting requirements
and the published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance with United States generally
accepted accounting principles, consistently applied, during the periods involved
and fairly present in all material respects the consolidated financial position of
the Company and its consolidated Subsidiaries as of the dates thereof and the consolidated
results of their operations and cash flows for the periods then ended (subject, in
the case of unaudited statements, to normal year-end audit adjustments). The Company is subject to the reporting requirements of the 1934 Act.
(h) Intellectual Property. The Company and each of its Subsidiaries owns or possesses the requisite licenses
or rights to use all patents, patent applications, patent rights, inventions, know-how,
trade secrets, trademarks, trademark applications, service marks, service names, trade
names and copyrights (“Intellectual Property”) necessary to enable it to conduct its business as now operated; there is no claim or action by any person pertaining to,
or proceeding pending, or to the Company’s knowledge threatened, which challenges the right of the Company or of a Subsidiary
with respect to any Intellectual Property necessary to enable it to conduct its business
as now operated; to the best of the Company’s knowledge, the Company’s or its Subsidiaries’ current and intended products, services and processes do not infringe on any Intellectual
Property or other rights held by any person; and the Company is unaware of any facts
or circumstances which might give rise to any of the foregoing. The Company and each of its Subsidiaries have taken reasonable security measures to
protect the secrecy, confidentiality and value of their Intellectual Property.
(i) Acknowledgment Regarding Buyer’s Purchase of Securities. The Company acknowledges and agrees that the Buyer is acting solely in the capacity
of arm’s length purchaser with respect to this Agreement and the transactions contemplated
hereby. The Company further acknowledges that the Buyer is not acting as a financial advisor
or fiduciary of the Company (or in any similar capacity) with respect to this Agreement
and the transactions contemplated hereby and any statement made by the Buyer or any
of its respective representatives or agents in connection with this Agreement and
the transactions contemplated hereby is not advice or a recommendation and is merely
incidental to the Buyer’s purchase of the Securities. The Company further represents to the Buyer that the Company’s decision to enter into this Agreement has been based solely on the independent evaluation
of the Company and its representatives.
(j) No Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their
behalf, has directly or indirectly made any offers or sales in any security or solicited
any offers to buy any security under circumstances that would require registration
under the 1933 Act of the issuance of the Securities to the Buyer. The issuance of the Securities to the Buyer will not be integrated with any other
issuance of the Company’s securities (past, current or future) for purposes of any shareholder approval provisions
applicable to the Company or its securities.
(k) No Brokers; No Solicitation. The Company has taken no action which would give rise to any claim by any person for
brokerage commissions, transaction fees or similar payments relating to this Agreement
or the transactions contemplated hereby. The Company acknowledges and agrees that neither the Buyer nor its employee(s), member(s),
beneficial owner(s), or partner(s) solicited the Company to enter into this Agreement
and consummate the transactions described in this Agreement.
(l) Permits; Compliance. The Company and each of its Subsidiaries is in possession of all franchises, grants,
authorizations, licenses, permits, easements, variances, exemptions, consents, certificates,
approvals and orders necessary to own, lease and operate its properties and to carry
on its business as it is now being conducted (collectively, the “Company Permits”), and there is no action pending or, to the knowledge of the Company, threatened
regarding suspension or cancellation of any of the Company Permits. Neither the Company nor any of its Subsidiaries is in conflict with, or in default
or violation of, any of the Company Permits, except for any such conflicts, defaults
or violations which, individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect.
(m) Title to Property. The Company and its Subsidiaries have use rights to all real property and good and
marketable title to all personal property owned by them which is material to the existing
business of the Company and its Subsidiaries, in each case free and clear of all liens,
encumbrances and defects except such as would not have a Material Adverse Effect. Any real property and facilities held under lease by the Company and its Subsidiaries
are held by them under valid, subsisting, and enforceable leases with such exceptions
as would not have a Material Adverse Effect.
(n) Insurance. The Company and each of its Subsidiaries are insured by insurers of recognized financial
responsibility against such losses and risks and in such amounts as management of
the Company believes to be prudent and customary in the businesses in which the Company
and its Subsidiaries are engaged. Neither the Company nor any such Subsidiary has any reason to believe that it will
not be able to renew its existing insurance coverage as and when such coverage expires
or to obtain similar coverage from similar insurers as may be necessary to continue
its business at a cost that would not have a Material Adverse Effect.
(o) Internal Accounting Controls. The Company and each of its Subsidiaries maintain a system of internal accounting
controls sufficient, in the judgment of the Board, to provide reasonable assurance that (i) transactions are executed in accordance
with management’s general or specific authorizations, (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with generally accepted
accounting principles and to maintain asset accountability, (iii) access to assets
is permitted only in accordance with management’s general or specific authorization and (iv) the recorded accountability for assets
is compared with the existing assets at reasonable intervals and appropriate action
is taken with respect to any differences.
(p) Foreign Corrupt Practices. Neither the Company, nor any of its Subsidiaries, nor any director, officer, agent,
employee or other person acting on behalf of the Company or any Subsidiary has, in
the course of his actions for, or on behalf of, the Company, used any corporate funds
for any unlawful contribution, gift, entertainment or other unlawful expenses relating
to political activity; made any direct or indirect unlawful payment to any foreign
or domestic government official or employee from corporate funds; violated or is in
violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended,
or made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment
to any foreign or domestic government official or employee.
(q) No Off Balance Sheet Arrangements. There is no transaction, arrangement, or other relationship between the Company or
any of its Subsidiaries and an unconsolidated or other off balance sheet entity that
is required to be disclosed by the Company in its 1934 Act filings and is not so disclosed
or that otherwise could be reasonably likely to have a Material Adverse Effect.
(r) Tax Matters. Except as would not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect: (i) the Company and each of its Subsidiaries has prepared (or caused to be prepared)
and timely filed (taking into account valid extensions of time within which to file)
all Tax Returns required to be filed by any of them, and all such filed Tax Returns
(taking into account all amendments thereto) are true, complete and accurate, (ii) all Taxes owed by the Company and each of its Subsidiaries that are due (whether or not
shown on any Tax Return) have been timely paid except for Taxes which are being contested
in good faith by appropriate proceedings which have been adequately reserved against
in accordance with GAAP, (iii) no examination or audit of any Tax Return relating to any Taxes of the Company or
any of its Subsidiaries or with respect to any Taxes due from or with respect to the
Company or any of its Subsidiaries by any governmental authority is currently in progress or threatened in writing, (iv) none of the Company or any of its Subsidiaries has engaged in, or has any liability
or obligation with respect to, any “listed transaction” within the meaning of Treasury Regulations Section 1.6011-4(b)(2) and (v) neither the Company nor any of its Subsidiaries has distributed stock of another person, or has had its stock distributed by another person, in a transaction that was or was purported or intended to be governed in whole
or in part by Section 355 or 361 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). For purposes of this Agreement, (x) “Taxes” means any and all United States federal, state, local or non-United States taxes, and other
similar charges in the nature of a tax (together with any and all interest, penalties and additions to tax) imposed by any
governmental authority, including taxes or other charges on or with respect to income,
franchises, windfall or other profits, gross receipts, property, sales, use, capital
stock, payroll, employment, social security, workers’ compensation, unemployment compensation or net worth; and (y) “Tax Return” means returns, reports, claims for refund, declarations of estimated Taxes and information
statements, including any schedule or attachment thereto or any amendment thereof,
with respect to Taxes filed or required to be filed with any governmental authority, including consolidated, combined and unitary tax returns.
(s) U.S. Real Property Holding Corporation. The Company is not currently, and has not been during the prior five (5) years, a United States real property holding corporation within the meaning of Section 897 of the Code.
4. Additional
Covenants, Agreements and Acknowledgements.
(a) Form D; Blue Sky Laws. The Company agrees to file a Form D with respect to the Securities if required under
Regulation D and requested by the Buyer and to provide a copy thereof to the Buyer promptly after such filing. The Company shall, on or before the Closing Date, take such action as the Company
shall reasonably determine is necessary to qualify the Securities for sale to the
Buyer at the applicable Closing pursuant to this Agreement under applicable securities or “blue sky” laws of the states of the United States (or to obtain an exemption from such qualification),
and shall provide evidence of any such action so taken to the Buyer on or prior to
the Closing Date.
(b) Information. For so long as the Preferred Shares remain outstanding, the Buyer and its advisors will be furnished with all materials relating to the business, finances and operations
of the Company and materials relating to the offer and sale of the Securities which
have been reasonably requested by the Buyer or its advisors. For so long as the Preferred Shares remain outstanding the Buyer and its advisors will be afforded the opportunity to ask questions of the Company regarding its business
and affairs. Neither such inquiries nor any other due diligence investigation conducted by the Buyer or any of its advisors or representatives shall modify, amend or affect the Buyer’s right to rely on the Company’s representations and warranties contained in Section 3 above.
(c) Use of Proceeds. The Company shall use the proceeds for general corporate purposes.
(d) No Integration. The Company shall not make any offers or sales of any security (other than the Securities)
under circumstances that would require registration of the Securities being offered
or sold hereunder under the 1933 Act or cause the offering of the Securities to be
integrated with any other offering of securities by the Company for the purpose of
any stockholder approval provision applicable to the Company or its securities.
(e) Disclosure of Transactions and Other Material Information. Within four (4) business days following the date this Agreement has been fully executed,
the Company shall file a Current Report on Form 8-K (if required) describing the terms
of the transactions contemplated by this Agreement in the form required by the 1934
Act and attaching this Agreement and the Certificate of Designations (the “8-K Filing”). From and after the filing of the 8-K Filing with the SEC, the Company agrees that the Buyer shall not be in possession of any material, nonpublic information received
from the Company, any of its Subsidiaries or any of their respective officers, directors,
employees or agents. As used in this Agreement, the term “business day” shall mean any day other than a Saturday, Sunday, or a day on which commercial banks
in the city of New York, New York are authorized or required by law or executive order
to remain closed.
(f) Registration Rights. Pursuant to the Registration Rights Agreement, dated May 7, 2024, by and between the Company and, among others, the Buyer (the “Registration Rights Agreement”), the Company has granted to the Buyer registration rights whereby it shall register for resale all of the
Common Stock underlying the Preferred Shares, as set forth in the Registration Rights Agreement.
(g) Authorized Common Stock. At any time that the Preferred Shares are outstanding, the Company shall from time to time take all lawful action within its control to cause the authorized share capital of
the Company to include a number of authorized but unissued shares of Common Stock equal to the number of shares of Common Stock issuable upon the conversion of all the Preferred Shares then issued and outstanding. All shares of Common Stock delivered upon conversion of the Preferred Shares shall be newly issued shares or shares held in treasury by the Company, shall have
been duly authorized and validly issued and shall be fully paid and nonassessable, and free and clear of any
liens.
(h) D&O Insurance. During the period commencing on the Closing Date and ending on the sixth anniversary
of the Closing Date, the Buyer shall, or shall cause the Company to, maintain in effect
the Company’s current directors’ and officers’ liability insurance (“D&O Insurance”) in respect of acts or omissions occurring at
or prior to the Closing Date on terms (including with respect to coverage, conditions,
retentions, limits and amounts) that are equivalent to those of the D&O Insurance. In satisfying its obligations pursuant to this Section 4(h), the Buyer shall not be obligated to pay annual premiums in excess of 300% of the
amount paid by the Company for coverage for its last full fiscal year (such 300% amount,
the “Maximum Annual Premium”). If the annual premiums of such insurance coverage exceed the Maximum Annual Premium,
Buyer shall be obligated to, or to cause the Company to, obtain a policy with the
greatest coverage available for a cost not exceeding the Maximum Annual Premium from
an
insurance
carrier with the same or better credit rating as the Company’s current directors’ and officers’ liability insurance
carrier. In satisfaction of the foregoing obligations, the Buyer may, or may cause the Company to, purchase a prepaid “tail”
policy with respect to the D&O Insurance from an insurance carrier with the same or better credit rating as the Company’s current
directors’ and officers’ liability insurance carrier so long as the annualized cost for such “tail” policy does
not exceed the Maximum Annual Premium. If the Buyer elects to purchase, or to cause the Company to purchase, such a “tail”
policy, the Buyer or the Company, as applicable, shall maintain such “tail” policy in full force and effect for a period
of no less than six years after the Closing Date and continue to honor its obligations thereunder for so long as such “tail”
policy is in effect. If the Buyer or the Company, as applicable, is unable to obtain either the “tail” policy or the insurance
described in this Section 4(h) for an annual cost less than or equal to the Maximum Annual Premium, the Buyer shall, or shall
cause the Company to, instead obtain as much comparable insurance as possible for an aggregate annual premium equal to the Maximum Annual
Premium. Subject in all respects to the aggregate Maximum Annual Premium, Buyer shall not, and shall cause the Company not to, modify,
amend or cancel in any respects, the D&O tail policy of Founder SPAC, a Cayman Islands exempted company, issued by AXA on October 14,
2021 and a copy of which was provided to Buyer’s counsel prior to the date hereof; provided that upon the expiration of the current
Run-Off Period (as defined in such D&O tail policy) on August 15, 2028, neither Buyer nor the Company shall have any obligation
to extend, renew or repurchase the coverage under such D&O tail policy.
(i) Series A
Preferred Stock. The Buyer, in its capacity as holder of the Series A Preferred Stock, by its execution, delivery and
performance of this Agreement, shall be deemed to have consented to the Company’s issuance of the Preferred Shares to the
extent such consent is required under the terms of the documents governing the issuance of the Series A Preferred Stock.
(j) Series
B Preferred Stock. The Buyer, in its capacity as holder of all of the shares of Preferred Stock outstanding as of the date hereof,
by its execution, delivery and performance of this Agreement, shall be deemed to have consented to the Company’s issuance of the
Preferred Shares and to the Company’s amendment and restatement of the Certificate of Designations to the extent such consent is
required under the terms of the documents governing the issuance of the Preferred Stock.
5. Conditions to the
Company’s Obligation to Sell. The obligation of the Company hereunder to issue and sell the Preferred Shares to the
Buyer at the Closing is subject to the satisfaction, at or before the Closing Date, of each of the following conditions thereto, provided,
that these conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole
discretion:
(a) The Buyer shall have executed this Agreement and delivered the same to the Company.
(b) The Buyer shall have delivered the Purchase Price in accordance with Section 1(b) above.
(c) The representations and warranties of the Buyer shall be true and correct in all material
respects as of the date when made and as of the Closing Date, as though made at that
time (except for representations and warranties that speak as of a specific date),
and the Buyer shall have performed, satisfied and complied in all material respects
with the covenants, agreements and conditions required by this Agreement to be performed,
satisfied or complied with by the Buyer at or prior to the Closing Date.
(d) No litigation, statute, rule, regulation, executive order, decree, ruling or injunction
shall have been enacted, entered, promulgated or endorsed by or in any court or governmental
authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby which prohibits the consummation of any of the
transactions contemplated by this Agreement.
6. Conditions to The
Buyer’s Obligation to Purchase. The obligation of the Buyer hereunder to purchase the Preferred Shares, on the Closing
Date, is subject to the satisfaction, at or before the Closing Date, of each of the following conditions, provided, that
these conditions are for the Buyer’s sole benefit and may be waived by the Buyer at any time in its sole discretion:
(a) The Company shall have executed this Agreement and delivered the same to the Buyer.
(b) The Company shall have delivered to the Buyer the Preferred Shares.
(c) The Company shall have filed with the Secretary of State of the State of Delaware the Certificate of Designations in the form attached hereto as Exhibit A, and shall have delivered to the Buyer a certified copy thereof.
(d) The Company shall have delivered to the Buyer an opinion of Xxxxxxx & Xxxxxx LLP in a form reasonably satisfactory to the Buyer.
(e) [Reserved].
(f) [Reserved].
(g) The representations and warranties of the Company shall be true and correct in all
material respects as of the date when made and as of Closing Date, as though made
at such time (except for representations and warranties that speak as of a specific
date) and the Company shall have performed, satisfied and complied in all material
respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with
by the Company at or prior to the Closing Date.
(h) No litigation, statute, rule, regulation, executive order, decree, ruling or injunction
shall have been enacted, entered, promulgated or endorsed by or in any court or governmental
authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby which prohibits the consummation of any of the
transactions contemplated by this Agreement.
7. Tax
Matters.
(a) The Company and its paying agent shall, subject to Section 7(c) below, be entitled to withhold Taxes on all payments to the Buyer on the Preferred Stock or Common Stock or other securities issued upon conversion
of the Preferred Stock in each case to the extent required by applicable law; provided, that the Company shall use commercially reasonable best efforts to provide the Buyer advance written notice of its intent to withhold at least five (5) days prior to
the payment of the amount subject to withholding, and to give the Buyer a reasonable opportunity to provide any form or certificate available to reduce or
eliminate such withholding. Within a reasonable amount of time after making such withholding payment, the Company
shall furnish the Buyer with copies of any Tax certificate, receipt or other documentation reasonably acceptable to the Buyer evidencing such payment.
(b) The Company shall pay any and all documentary, stamp and similar issue or transfer
Tax due on (i) the issuance of the Preferred Stock and (ii) the issuance of shares of Common Stock upon conversion of the Preferred Stock. However, in the case of conversion of Preferred Stock, the Company shall not be required
to pay any Tax or duty that may be payable in respect of any transfer involved in
the issuance and delivery of shares of Common Stock or Preferred Stock to a beneficial
owner other than the beneficial owner of the Preferred Stock immediately prior to
such conversion, and no such issue or delivery shall be made unless and until the
person requesting such issue has paid to the Company the amount of any such Tax or
duty, or has established to the satisfaction of the Company that such Tax or duty
has been paid.
(c) Except to the extent otherwise required by a change in law or a “determination” within the meaning of Section 1313(a) of the Code, the parties agree, for U.S. federal (and applicable state and local) income tax purposes, (i) to treat
the Preferred Stock as stock of the Company that is not “preferred stock” within the meaning of Section 305 of the Code; (ii) not to treat any dividend paid on the Company’s Common Stock in which the Preferred Stock participates as giving rise to a “disproportionate distribution” within the meaning of Section 305(b)(2) of the Code; and (iii) to consider in good faith any and all reasonable steps to ameliorate the effect of
any action that the Company reasonably expects to cause the Buyer to recognize taxable income by reason of the operation of Section 305(b)(2) of the Code; provided, that for the avoidance of doubt, the Company shall not be required to breach any
governing document, legal agreement or applicable law, or be subject to any unreimbursed cost expense or any liability in respect of
any action or inaction by the Company in respect of the foregoing and (iv) to treat any adjustment to the Conversion Price (as defined in the Certificate of Designations) as being made pursuant to a “bona fide, reasonable, adjustment formula” within the meaning of Treasury Regulations Section 1.305-7(b); provided, that if the Company determines (in consultation with the Company’s Tax Return preparer) that an applicable change in law has occurred, the Company
shall notify the Buyer and shall cooperate reasonably and in good faith with the Buyer to ameliorate the effects of such change in law. Neither party will, nor will permit their affiliates or agents (including any paying agent) to, take a contrary position or action (including on any Tax Return, IRS Form 1099 or any other information return
or by way of withholding) without the other party’s prior written consent.
(d) The Company shall use commercially reasonable efforts to provide any information reasonably requested by the Buyer, at the Buyer’s expense, necessary to enable the Buyer to comply with their U.S. federal income Tax reporting obligations, including,
but not limited to, a determination of the amount of the Company’s current and accumulated earnings and profits in any taxable year where such determination
is relevant to determining the amount (if any) of any distribution received by the
holders of the Preferred Stock from the Company that is properly treated as a dividend
within the meaning of Section 316 of the Code.
8. Governing Law;
Miscellaneous.
(a) Governing Law; Venue. This Agreement shall be governed by and construed in accordance with the laws of the
State of New York without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Agreement or any other agreement, certificate, instrument or document contemplated hereby shall
be brought only in the state or federal courts located in the county, city and state
of New York. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction
and venue of any action instituted hereunder and shall not assert any defense based
on lack of jurisdiction or venue or based upon forum non conveniens. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST,
A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR
ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTIONS CONTEMPLATED HEREBY. The prevailing party shall be entitled to recover from the other party its reasonable
attorney’s fees and costs. Each party hereby irrevocably waives personal service of process and consents to process
being served in any suit, action or proceeding in connection with this Agreement or any other agreement, certificate, instrument or document contemplated hereby or thereby
by mailing a copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to such party at the address in effect for notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any other manner permitted by law.
(b) Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken
together shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to each other party,
it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by e-mail delivery (including any electronic
signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions
Act, the Electronic Signatures and Records Act or other applicable law, e.g., xxx.xxxxxxxx.xxx)
or other transmission method, such signature shall be deemed to have been duly and
validly delivered and shall create a valid and binding obligation of the party executing (or on whose behalf such signature is
executed) with the same force and effect as if such “.pdf” signature page were an original thereof.
(c) Construction; Headings. This Agreement shall be deemed to be jointly drafted by the Company and the Buyer
and shall not be construed against any person as the drafter hereof. The headings of this Agreement are for convenience of reference only and shall not
form part of, or affect the interpretation of, this Agreement.
(d) Severability. In the event that any provision of this Agreement or any other agreement or instrument delivered in connection herewith is invalid or
unenforceable under any applicable statute or rule of law, then such provision shall
be deemed inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not
affect the validity or enforceability of any other provision of this Agreement or any other agreement, certificate, instrument or document contemplated hereby or
thereby.
(e) Entire Agreement; Amendments. This Agreement and the instruments referenced herein contain the entire understanding
of the parties with respect to the matters covered herein and therein and, except
as specifically set forth herein or therein, neither the Company nor the Buyer makes
any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement or any agreement or instrument contemplated hereby
may be waived or amended other than by an instrument in writing signed by the Buyer.
(f) Notices. All notices, demands, requests, consents, approvals, and other communications required
or permitted hereunder shall be in writing and, unless otherwise specified herein,
shall be (i) personally served, (ii) deposited in the mail, registered or certified,
return receipt requested, postage prepaid, (iii) delivered by reputable air courier
service with charges prepaid, or (iv) transmitted by hand delivery, telegram, e-mail
or facsimile, addressed as set forth below or to such other address as such party
shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall
be deemed effective (x) upon hand delivery or delivery by e-mail or facsimile, with accurate confirmation
generated by the transmitting facsimile machine, at the address or number designated
below (if delivered on a business day during normal business hours where such notice
is to be received), or the first business day following such delivery (if delivered
other than on a business day during normal business hours where such notice is to
be received) or (y) on the second business day following the date of mailing by express courier service,
fully prepaid, addressed to such address, or upon actual receipt of such mailing,
whichever shall first occur. The addresses for such communications shall be:
If to the Company, to:
Rubicon Technologies, Inc.
000 X Xxxxx Xxxxx Xx XX Xxxxx 000
Xxxxxxx, Xxxxxxx 00000
Attention: Xxxxx X. Xxxxx
With a copy to:
Winston & Xxxxxx LLP
000 Xxxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxx 00000
Attention: Xxxxxxx X. Xxxxxxxxxxx
If to the Buyer, to:
MBI Holdings, LP
000 Xxxxxxxxx Xxxx
Key Biscayne, Florida 33149
Attention: Xxxx Xxxxxx Xxxxxx
(g) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their
successors and assigns. The Company shall not assign this Agreement or any rights or obligations hereunder
without the prior written consent of the Buyer. The Buyer may assign its rights hereunder to any Accredited Investor in a private transaction from the Buyer or to any of its “affiliates,” as that term is defined under the 1934 Act, without the consent of the Company.
(h) Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns, and is not for the benefit of, nor may any provision
hereof be enforced by, any other person.
(i) Transfer Agent. The duly appointed Transfer Agent for the Preferred Shares shall be Continental Stock
& Transfer Trust Company. The Company may, in its sole discretion, appoint any other person to serve as Transfer
Agent for the Preferred Shares and thereafter may remove or replace Continental Stock
& Transfer Trust Company or such other person at any time. Upon any such appointment or removal, the Company shall send notice thereof to the
holders of Preferred Shares.
(j) Survival. The representations and warranties of the Company and the agreements and covenants
set forth in this Agreement shall survive the Closing hereunder notwithstanding any due diligence investigation conducted by or on
behalf of the Buyer. The Company agrees to indemnify and hold harmless the Buyer and all their officers,
directors, employees and agents for loss or damage arising as a result of or related
to any breach or alleged breach by the Company of any of its representations, warranties
and covenants set forth in this Agreement or any of its covenants and obligations
under this Agreement, including advancement of expenses as they are incurred.
(k) Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further
acts and things, and shall execute and deliver all such other agreements, certificates,
instruments and documents, as the other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation
of the transactions contemplated hereby.
(l) No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent, and no rules of strict construction will be
applied against any party.
(m) Indemnification. In consideration of the Buyer’s execution and delivery of this Agreement and acquiring the Securities hereunder,
and in addition to all of the Company’s other obligations under this Agreement (and any other agreement or instrument contemplated hereby), the Company shall defend, protect, indemnify and hold harmless the Buyer and its stockholders,
partners, members, officers, directors, employees and direct or indirect investors
and any of the foregoing persons’ agents or other representatives (including, without limitation, those retained in
connection with the transactions contemplated by this Agreement) (collectively, the
“Indemnitees”) from and against any and all actions, causes of action, suits, claims, losses, costs,
penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective
of whether any such Indemnitee is a party to the action for which indemnification
hereunder is sought), and including reasonable attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising out of, or relating to (i) any misrepresentation or breach of any representation or warranty made by the Company
in this Agreement or any other agreement, certificate, instrument or document contemplated hereby or
thereby, (ii) any breach of any covenant, agreement or obligation of the Company contained in
this Agreement or any other agreement, certificate, instrument or document contemplated hereby or
thereby or (iii) any cause of action, suit or claim brought or made against such Indemnitee by a
third party (including for these purposes a derivative action brought on behalf of
the Company) and arising out of or resulting from (x) the execution, delivery, performance or enforcement of this Agreement or any other
agreement, certificate, instrument or document contemplated hereby or thereby, (y) any transaction financed or to be financed in whole or in part, directly or indirectly,
with the proceeds of the issuance of the Securities, or (z) the status of the Buyer or holder of the Securities as an investor in the Company
pursuant to the transactions contemplated by this Agreement. To the extent that the foregoing undertaking by the Company may be unenforceable for
any reason, the Company shall make the maximum contribution to the payment and satisfaction
of each of the Indemnified Liabilities that is permissible under applicable law.
(n) Remedies. The Company acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to the Buyer by vitiating the intent and purpose of the transaction
contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations
under this Agreement or any other agreement, certificate, instrument or document contemplated hereby or
thereby will be inadequate and agrees, in the event of a breach or threatened breach
by the Company of the provisions of this Agreement or any other agreement, certificate, instrument or document contemplated hereby or
thereby, that the Buyer shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction
or injunctions restraining, preventing or curing any breach of this Agreement or any other agreement, certificate, instrument or document contemplated hereby or
thereby, and to enforce specifically the terms and provisions hereof and thereof,
without the necessity of showing economic loss and without any bond or other security
being required.
(o) Failure or Indulgence Not Waiver. No failure or delay on the part of the Buyer in the exercise of any power, right or
privilege hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such power, right or privilege preclude other or further exercise
thereof or of any other right, power or privileges. All rights and remedies of the Buyer existing hereunder are cumulative to, and not
exclusive of, any rights or remedies otherwise available.
[Signature Page Follows]
In
Witness Whereof, the undersigned has executed this Agreement on this 5th day of December, 2024.
| COMPANY: |
|
BUYER: |
| |
|
|
|
|
| RUBICON TECHNOLOGIES,
INC. |
|
MBI HOLDINGS,
LP |
| |
|
|
|
|
| By: |
/s/ Xxxxx X. Xxxxx |
|
By: |
/s/ Xxxx Xxxxxx Enrich Xxxxxx |
| Name: |
Xxxxx X. Xxxxx |
|
Name: |
Xxxx Xxxxxx Enrich Xxxxxx |
| Title: |
Interim Chief Executive Officer |
|
Title: |
General Partner |
