Exhibit 17.1
February 11, 2022
RumbleOn, Inc.
901 W. Walnut Hill Lane #305C
Irving, TX 75038
Marshall Chesrown:
Reference is made to that certain Employment Agreement dated as of August 31, 2021 (the “Employment Agreement”). Capitalized terms not otherwise defined herein shall have the meanings given to them in the Employment Agreement.
I hereby give notice, effective immediately, to terminate the Employment Agreement for Good Reason pursuant to Section 4(c)(A) of the Employment Agreement as a result of the material reduction or diminution by the Company of my authorities, duties, and responsibilities. As a result, I will no longer serve as Executive Vice Chairman of the Company and as a director of the Company, effective immediately. Furthermore, for the same reasons, I hereby step down from each and every position that I hold as a director, manager, officer, dealer operator, or authorized person with each entity listed on Schedule A hereto.
Please note that, pursuant to the Employment Agreement, I understand that I am entitled to payment of the Accrued Obligations, as well as Termination Compensation, as if I had been terminated by the Company without Cause. Please tender all such payments at such times and in such amounts as set forth in the Employment Agreement.
Nothing in this letter should be construed as a waiver of any rights or remedies under the Employment Agreement, at law, or in equity, and all such rights are specifically reserved.
| Sincerely, |
| |
| /s/ William Coulter |
| William Coulter |
| cc: | Stephen R. Boatwright, Esq. |
Schedule A
10. | Coyote Motorsports-Allen, Ltd. |
11. | Coyote Motorsports-Garland, Ltd. |
15. | East Valley Motorcycles, LLC |
17. | Glendale Motorcycles, LLC |
19. | J.J.B. Properties, LLC |
20. | Metro Motorcycle, Inc. |
27. | Top Cat Enterprises, LLC |
28. | Tucson Motorcycles, Inc. |
29. | Tucson Motorsports, Inc. |
32. | America’s PowerSports, Inc. |
33. | North County 355 Holdings, Inc. |
34. | San Diego House of Motorcycles, LLC |
35. | Fun Center 355 Holdings, Inc. |
37. | APS Austin Holdings, LLC |
38. | APS Texas Holdings, LLC |
40. | Fort Thunder 355 Holdings, Inc. |
42. | Powder Keg 355 Holdings, Inc. |
44. | Georgetown 355 Holdings, Inc. |
45. | APS of Georgetown, LLC |