Document:

EX-10.4

 Exhibit 10.4 

IROQUOIS FEDERAL SAVINGS AND LOAN ASSOCIATION 

CHANGE IN CONTROL AGREEMENT 

THIS CHANGE IN CONTROL AGREEMENT (“Agreement”) is entered into, effective as of the 7th day of July, 2011 (the “Effective Date”), by and between Iroquois Federal Savings and Loan Association, a federally-chartered savings bank (the “Bank”), Thomas
Chamberlain (the “Executive”) and IF Bancorp, Inc., a Maryland corporation and the stock holding company of the Bank, as guarantor (the “Company”). 

WHEREAS, the Executive is currently an officer of the Bank; and 

WHEREAS, the Bank recognizes the importance of Executive to the Bank’s operations and wishes to protect his position with the Bank
in the event of a change in control of the Bank or the Company for the period provided for in this Agreement; and 
 WHEREAS,
Executive and the Boards of Directors of the Bank and the Company desire to enter into an agreement setting forth the terms and conditions of payments due to Executive in the event of a change in control and the related rights and obligations of
each of the parties. 
 NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, it is hereby agreed
as follows: 
  

	1.	Term of Agreement. 

 (a) The term of this Agreement will begin as of the Effective Date
and will continue for twenty-four (24) full calendar months thereafter. Within ninety (90) days of each anniversary of the Effective Date of this Agreement (the “Anniversary Date”), the disinterested members of the Board of
Directors of the Bank (the “Board”) will conduct a comprehensive performance evaluation and review of Executive for purposes of determining whether to extend this Agreement for an additional year, and the results thereof will be included
in the minutes of the Board’s meeting. On the basis of the results of the performance evaluation, the disinterested members of the Board may extend the term of this Agreement for an additional year such that the remaining term shall be
twenty-four (24) months, and notice of such extension shall be provided to Executive. If such notice is not provided to Executive, the term of this Agreement will terminate twelve (12) months following such Anniversary Date.
Notwithstanding the foregoing, in the event of a “Change in Control” as defined herein, this Agreement shall automatically renew for a term of twelve (12) months following the effective date of such Change in Control if such term is
longer than the remaining term. 
 (b) Notwithstanding anything in this Section to the contrary, this Agreement shall terminate if Executive
or the Bank terminates Executive’s employment prior to a Change in Control. 
  

	2.	Change in Control. 

 (a) Upon the occurrence of a Change in Control of the Bank or the
Company followed within twelve (12) months by the voluntary termination of Executive’s employment for Good Reason, as defined in Section 2(a) of this Agreement, or if the Bank or Company terminates the Executive’s employment for
a reason other than for Cause, as defined in Section 2(c) of this Agreement, the provisions of Section 3 of this Agreement shall apply. 

 For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the
following events without the Executive’s consent: 
  

	 	(i)	The assignment to Executive of duties that constitute a material diminution of Executive’s authority, duties, or responsibilities (including reporting requirements) from the authority, duties, or responsibilities
(including reporting requirements) the Executive held immediately prior to the Change in Control; 

  

	 	(ii)	A material diminution in Executive’s base salary; 

  

	 	(iii)	Relocation of Executive to a location that would increase the Executive’s commute by a radius of more than thirty-five (35) miles; or 

 

	 	(iv)	Any other action or inaction by the Bank or the Company that constitutes a material breach of this Agreement; 

provided, that within thirty (30) days after the initial existence of such event, the Bank shall be given notice and an opportunity, not
more than thirty (30) days, to effectuate a cure for such asserted “Good Reason” by Executive. Executive’s resignation hereunder for Good Reason shall not occur later than ninety (90) days following the initial date on which
the event Executive claims constitutes Good Reason occurred. If the Bank remedies the condition within such thirty (30) day cure period, then no Good Reason shall be deemed to exist with respect to such condition. 

(b) For purposes of this Agreement, a “Change in Control” shall be deemed to occur on the earliest of: 

(i) There occurs a “Change in Control” of the Company or the Bank, as defined or determined by either the
Company’s or Bank’s primary federal regulator or under regulations promulgated by such regulator; 
 (ii) As a
result of, or in connection with, any merger or other business combination, sale of assets or contested election, wherein the persons who were non-employee directors of the Company before such transaction or event cease to constitute a majority of
the Board of Directors of the Company or Bank or any successor to the Company or Bank; 
 (iii) The Company or Bank
transfers all or substantially all of its assets to another corporation or entity which is not an affiliate of the Company or Bank; 

(iv) The Company or Bank is merged or consolidated with another corporation or entity and, as a result of such merger or
consolidation, less than sixty percent (60%) of the equity interest in the surviving or resulting corporation is owned by the former shareholders or depositors of the Company or Bank; or 

  
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 (v) The Company or Bank sells or transfers more than a fifty percent
(50%) equity interest in the Company or Bank to another person or entity which is not an affiliate of the Company or Bank, excluding a sale or transfer to a person or persons who are employed by the Company or Bank. 

(c) Executive shall not have the right to receive termination benefits pursuant to Section 3 hereof upon termination for Cause. The term
“Cause” shall mean termination because of Executive’s personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of
any law, rule, regulation (other than traffic violations or similar offenses), final cease and desist order, or any material breach of any provision of this Agreement. Executive shall not have the right to receive compensation or other benefits for
any period after termination for Cause. 
  

	3.	Termination Benefits. 

 (a) If, in connection with or within twelve (12) months
after a Change in Control, Executive resigns for Good Reason (in accordance with Section 2(a) of this Agreement) or if the Bank involuntarily terminates his employment for a reason other than Cause, Executive shall receive: 

 

	 	(i)	a lump sum cash payment equal to two (2) times the Executive’s (i) Base Salary and (ii) the highest rate of bonus paid to Executive during the three (3) years prior to termination, subject to
applicable withholding taxes, payable in a single lump sum payment within ten (10) calendar days following Executive’s termination of employment; and 

  

	 	(ii)	the Bank will continue to provide Executive and the Executive’s dependents with life insurance, non-taxable medical, vision, and dental coverage substantially comparable (and on substantially the same terms and
conditions) to the coverage maintained by the Bank for Executive prior to Executive’s termination of employment. Such coverage shall cease upon the expiration of twenty-four (24) full calendar months after Executive’s termination.
Notwithstanding anything herein to the contrary, if as the result of any change in, or interpretation of, the laws applicable to the payments or provisions of benefits hereunder, such payments or provisions are deemed illegal or subject to excise
taxes or penalties, then the Bank shall, to the extent permitted under such laws, pay to the Executive a cash lump sum payment reasonably estimated to be equal to the amount of benefits (or the remainder of such amount) that Executive is no longer
permitted to receive in kind. Such lump sum payment shall be required to be made within ten (10) days following Executive’s termination of employment or the determination that the payment or provision of such benefits would subject the
Bank to excise taxes or penalties, whichever is later. 

  
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	 	(iii)	If the Executive is a “Specified Employee,” as defined in Treasury Regulation 1.409A-1(i), then, solely to the extent required to avoid penalties under Section 409A of the Internal Revenue Code of 1986,
as amended (the “Code”), payments under this Section 3 shall be delayed until the first day of the seventh month following the Executive’s date of termination. 

 

	 	(iv)	For purposes of this Agreement, a “termination of employment” shall mean a “Separation from Service” as defined in Section 409A of the Code and the regulations promulgated thereunder, such that
the Employer and the Executive reasonably anticipate that the level of bona fide services the Executive would perform after a termination of employment would permanently decrease to a level that is less than 50% of the average level of bona fide
services performed (whether as an employee or as an independent contractor) over the immediately preceding thirty-six (36) month period. 

(b) Notwithstanding the preceding provisions of this Section 3, in no event shall the aggregate payments or benefits to be made or
afforded to Executive under said paragraphs (the “Termination Benefits”) constitute an “excess parachute payment” under Section 280G of the Code or any successor thereto, and to avoid such a result, Termination Benefits will
be reduced, if necessary, to an amount (the “Non-Triggering Amount”), the value of which is one dollar ($1.00) less than an amount equal to three (3) times Executive’s “base amount,” as determined in accordance with
said Section 280G. 
  

	4.	Notice of Termination. 

 (a) Any purported termination by the Bank or by Executive shall
be communicated by Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon
and shall set forth in detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. 

(b) “Date of Termination” shall mean the date specified in the Notice of Termination (which, in the case of a termination for Cause,
shall not be less than thirty (30) days from the date such Notice of Termination is given). 
  

	5.	Source of Payments. 

 All payments provided in this Agreement shall be timely paid in
cash or check from the general funds of the Bank. The Company, however, unconditionally guarantees payment and provision of all amounts and benefits due hereunder to Executive and, if such amounts and benefits due from the Bank are not timely paid
or provided by the Bank, such amounts and benefits shall be paid or provided by the Company. 

  
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	6.	Effect on Prior Agreements and Existing Benefit Plans. 

 This Agreement contains the
entire understanding between the parties hereto and supersedes any prior agreement between the Bank and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere
provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement. Nothing in this Agreement shall confer upon Executive the
right to continue in the employ of the Bank or shall impose on the Bank any obligation to employ or retain Executive in its employ for any period. 
  

	7.	No Attachment. 

 (a) Except as required by law, no right to receive payments under this
Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy or similar process or assignment by operation of law, and any attempt, voluntary
or involuntary, to affect any such action shall be null, void and of no effect. 
 (b) This Agreement shall be binding upon, and inure to
the benefit of, Executive, the Bank and their respective successors and assigns. 
  

	8.	Modification and Waiver. 

 (a) This Agreement may not be modified or amended except by
an instrument in writing signed by the parties hereto. 
 (b) No term or condition of this Agreement shall be deemed to have been waived,
nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless
specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived.

  

	9.	Severability. 

 If, for any reason, any provision of this Agreement, or any part of any
provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law
continue in full force and effect. 

  
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	10.	Headings for Reference Only. 

 The headings of sections and paragraphs herein are
included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. In addition, references herein to the masculine shall apply to both the masculine and the feminine. 

 

	11.	Governing Law. 

 Except to the extent preempted by federal law, the validity,
interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of Illinois, without regard to principles of conflicts of law of the State of Illinois. 

 

	12.	Arbitration. 

 Any dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration, conducted before a panel of three arbitrators sitting in a location selected by Executive within fifty (50) miles from the location of the Bank, in accordance with the rules of the American
Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction; provided, however, that Executive shall be entitled to seek specific performance of his right to be paid until the Date
of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement. 
  

	13.	Payment of Legal Fees. 

 All reasonable legal fees paid or incurred by Executive
pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank, only if Executive is successful pursuant to a legal judgment, arbitration or settlement, and such payment shall occur no later
than sixty (60) days after the end of the year in which the dispute is settled or resolved in Executive’s favor, and such reimbursement shall occur no later than sixty (60) days after the end of the year in which the dispute is
settled or resolved in Executive’s favor. 
  

	14.	Successors to the Bank and the Company. 

 The Bank and the Company shall require any
successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all of the business or assets of the Bank or the Company, expressly and unconditionally to assume and agree to perform the
Bank’s and the Company’s obligations under this Agreement, in the same manner and to the same extent that the Bank and the Company would be required to perform if no such succession or assignment had taken place. 

  
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	15.	Miscellaneous. 

 (a) The Bank may terminate Executive’s employment at any time, but
any termination by the Bank, other than termination for Cause, shall not prejudice Executive’s right to receive compensation or other benefits under this Agreement. Executive shall not have the right to receive compensation or other benefits
for any period after termination for Cause as defined in Section 2 of this Agreement. 
 (b) If Executive is suspended from office
and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(3) or (g)(1); the Bank’s
obligations under this contract shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion: (i) pay Executive all or part of the
compensation withheld while their contract obligations were suspended; and (ii) reinstate (in whole or in part) any of the obligations which were suspended. 

(c) If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued
under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1), all obligations of the Bank under this contract shall terminate as of the effective date of the order, but vested rights of the
contracting parties shall not be affected. 
 (d) If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit
Insurance Act, 12 U.S.C. §1813(x)(1), all obligations of the Bank under this contract shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 

(e) All obligations of the Bank under this contract shall be terminated, except to the extent it is determined that continuation of the
contract is necessary for the continued operation of the Bank: (i) by the Director of the OTS or its successor (or his designee) or the FDIC, at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under
the authority contained in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. §1823(c); or (ii) by the Director of the OTS or its successor (or his designee) at the time the Director (or his designee) approves a supervisory
merger to resolve problems related to the operations of the Bank, or when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such
action. 
 (f) Any payments made to Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon compliance with
12 U.S.C. §1828(k) and 12 C.F.R. §545.121 and any rules and regulations promulgated thereunder. 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement on the date first written
above. 
  

			
	IF BANCORP, INC.
	(Guarantor)
		
	By:	 	 /s/ Gary Martin

		 	For the Entire Board of Directors
	
	IROQUOIS FEDERAL SAVINGS AND LOAN ASSOCIATION
		
	By:	 	 /s/ Gary Martin

		 	For the Entire Board of Directors
	
	EXECUTIVE
		
	By:	 	 /s/ Thomas J. Chamberlin

		 	Thomas Chamberlain

  

  
 8Blueprint

 

Exhibit 10.1

 

THIS SENIOR SECURED PROMISSORY NOTE HAS BEEN ISSUED WITH ORIGINAL
ISSUE DISCOUNT (OID) FOR UNITED STATES FEDERAL INCOME TAX PURPOSES.
THE ISSUE PRICE, THE AMOUNT OF OID, THE ISSUE DATE AND THE YIELD TO
MATURITY OF THIS NOTE MAY BE OBTAINED BY CONTACTING THOMAS AUCAMP,
SECRETARY, RUMBLEON, INC., 4521 SHARON ROAD, SUITE 370, CHARLOTTE,
NC 28211, TELEPHONE (704) 448-5240.

 

NEITHER THE ISSUANCE NOR SALE OF THIS NOTE HAS BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE
SECURITIES LAWS. THIS NOTE MAY NOT BE OFFERED FOR SALE, SOLD,
TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE
REGISTRATION STATEMENT FOR THIS NOTE UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL
BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT
REGISTRATION IS NOT REQUIRED UNDER SAID ACT.  NOTWITHSTANDING
THE FOREGOING, THIS NOTE MAY BE PLEDGED IN CONNECTION WITH A BONA
FIDE LOAN OR FINANCING ARRANGEMENT SECURED BY THIS
NOTE.

 

SENIOR SECURED PROMISSORY NOTE

 

	
 $[●]

	
 September 5, 2017 (“Effective
Date”)

 

FOR VALUE RECEIVED, the undersigned,
RumbleON, Inc., a Nevada corporation (“Borrower”), does hereby
promise to pay to the order of [●] (“Lender”), on the
anniversary of the Effective Date (the “Maturity Date”), or such
earlier time as provided herein, the principal sum of [●]
($[●]) (the “Principal Amount”), in
lawful money of the United States of America, together with any
unpaid, accrued interest (“Interest”) thereon, on
the terms and conditions set forth in this Senior Secured
Promissory Note (this “Note”). This Note was
made by Borrower with an original issue discount of [●]
($[●]).

 

1. Interest.
From the Effective Date through December 31, 2017, Interest shall
accrue on the outstanding Principal Amount (including the amount of
the original issue discount) at the rate of five percent (5.0%) per
annum and thereafter until the Maturity Date, Interest shall accrue
on the outstanding Principal Amount (including the amount of the
original issue discount) at the rate of ten percent (10.0%) per
annum. Interest shall be computed on the basis of a 365-day year
for the actual number of days elapsed. All Interest shall be paid
to Lender monthly in arrears on the last day of each calendar month
and on the Maturity Date.

 

2. Maturity
Date. Borrower will repay the
outstanding Principal Amount, together with any accrued and unpaid
Interest thereon, on the Maturity Date.

 

3. Prepayment.
The Principal Amount and any unpaid Interest accrued thereon may be
prepaid by Borrower at any time prior to the Maturity Date without
premium or penalty upon five (5) days prior written notice to
Lender. If after the Effective Date the Borrower consummates in one
or more transactions financing of any nature (including working
capital and floor plan financing) resulting in net proceeds
available to the Borrower of Five Million Dollars ($5,000,000) or
more, then the holder of this Note may require the Borrower to
prepay this Note on thirty (30) days prior written notice to the
Borrower.

 

 

	
 

	
 

	
 

1

 

 

4. Application of
Payments. All payments made under this Note shall be applied
first to late fees or other sums owed to the holder of this Note,
next to accrued but unpaid Interest, if any, and then to the
Principal Amount.

 

5. Default. If
(a) Borrower shall fail to pay the then unpaid Principal Amount, or
any Interest accrued thereon, when due, (b) Borrower shall fail to
perform, observe or comply with any other obligation under this
Note, which failure is not cured promptly but in no case more than
fifteen (15) days after written notice to Borrower, except that in
the event Borrower is unable to complete the cure within the
fifteen (15) day period, the cure period shall be extended if
Borrower has commenced the cure within fifteen (15) days and is
diligently pursuing the cure; in no event, however, shall the cure
period exceed thirty (30) days from the date of Lender’s
notice, unless Lender and Borrower mutually agree to an extension
of the cure period, (c) a “Default,” as defined in the
Subordinated Note (as defined below), shall occur and be
continuing, (d) Borrower is acquired in a merger, consolidation or
transfer of all or substantially all of its assets, (e) Borrower
shall commence a voluntary case concerning itself under Title 11 of
the United States Code entitled “Bankruptcy,” as now or
hereafter in effect, or any successor thereto (the
“Bankruptcy
Code”); or (f) (i) an involuntary case is commenced
against Borrower under the Bankruptcy Code, and the petition is not
controverted within 30 days, or is not dismissed within 90 days,
after commencement of the case; or (ii) a trustee or custodian is
appointed for, or takes charge of, all or substantially all of the
property of Borrower, or (iii) Borrower commences any other
proceeding under any reorganization, arrangement, adjustment of
debt, relief of debtors, dissolution, insolvency or liquidation or
similar law of any jurisdiction whether now or hereafter in effect
relating to Borrower, or there is commenced against Borrower any
such proceeding which remains undismissed for a period of 90 days,
or (iv) Borrower is adjudicated insolvent or bankrupt; or any order
of relief or other order approving any such case or proceeding is
entered; or (v) Borrower makes a general assignment for the benefit
of creditors (any of the events referred to in (a) – (f)
above of this Section 5 being referred to herein as a
“Default”); then Lender, by written notice to Borrower,
may declare the unpaid Principal Amount and any accrued but unpaid
Interest thereon to be, and the same shall thereupon become,
forthwith due and payable without presentment, demand, protest or
other notice of any kind, all of which are hereby waived by
Borrower, and Interest on the unpaid Principal Amount shall
thereafter accrue at the rate of two percent (2%) per annum in
excess of the then applicable rate and be payable on
demand.

 

6. Security. As
security for the payment and performance of all obligations of the
Borrower under or pursuant to, or evidenced by, this Note, the
Borrower does hereby grant to the Lender a continuing security
interest in all of the Collateral (as hereinafter defined), whether
now existing or hereafter arising or acquired and wherever located.
For purposes of this Note, the term "Collateral" shall mean all of
the Borrower's accounts, chattel paper, deposit accounts,
commercial tort claims, documents, goods, instruments, investment
property, letter of credit rights, letters of credit, money and
general intangibles, as such terms are defined in the Uniform
Commercial Code of the State of New York (the "UCC"), and all proceeds
thereof; provided, however, “Collateral” shall exclude
any property hereafter expressly provided as collateral to a
financial institution providing to the Borrower after the Effective
Date working capital, floor plan, purchase money or capital lease
financing. The Lender is authorized to file financing statements
naming the Lender as secured party and the Borrower as debtor
indicating that the financing statement covers all assets or all
personal property of the Borrower. The Borrower shall provide to
the Lender such further agreements, instruments, certificates and
other documents, including security agreements for filing in the
United States Patent and Trademark Office and United States
Copyright Office, as the Lender shall reasonably require in order
to create or perfect, or to maintain its priority, in the
Collateral. The Lender is a secured party under the UCC and shall
have all the rights of a secured party under the UCC. Upon
disposition of any Collateral, the Borrower and each other obligor
shall remain liable for any deficiency.

 

 

 

2

 

 

7. Senior Note.
The indebtedness evidenced by this Note is “Senior
Debt,” and this Note is a “Senior Debt Document,”
as such terms are defined in that certain Subordinated Secured
Confessed Judgment Promissory Note dated February 8, 2017 from
Borrower (f\k\a Smart Server, Inc.) and payable to NextGen Dealer
Solutions, LLC (as amended, modified or restated, the
“Subordinated
Note”) and the Lender is entitled to all of the rights
of the holder of any Senior Debt as described in the Subordinated
Note.

 

8. No Waiver or
Modification Except in Writing. No failure on the part of
Lender to exercise, and no delay in exercising, any right, remedy,
or power under this Note or under any other document or agreement
executed in connection with this Note shall operate as a waiver
hereof. This Note may not be amended or modified orally, nor may
any right or provision hereof be waived orally, but only by an
instrument in writing signed by the party against which enforcement
of such amendment, modification or waiver is sought.

 

9. Waiver of
Presentment. Borrower hereby waives presentment for payment,
protest and notice of maturity or non-payment.

 

10. Severability.
If any provision of this Note is held invalid or unenforceable by
any court of competent jurisdiction, the other provisions of this
Note will remain in full force and effect. Any provision of this
Note held invalid or unenforceable only in part or degree will
remain in full force and effect to the extent not held invalid or
unenforceable. The Borrower consents to the reformation of any
invalid or unenforceable provision so that it is enforceable to the
maximum extent permitted by law.

 

11. Notices. All
notices, requests, consents, demands, and other communications
under this Note shall be in writing and shall be delivered either
(a) via hand delivery; (b) via facsimile to the recipient’s
number (with a confirmation copy delivered via reputable airborne
carrier); or (c) via reputable airborne carrier (e.g., Federal
Express or DHL). Notice shall be deemed delivered when actually
received by the intended recipient. All notices shall be addressed
to such address as any party may indicate for itself by written
notice to the other party.

 

12. Assignments.
The Lender may assign this Note; provided, however, this Note may
not be offered for sale, sold, transferred or assigned in the
absence of (a) an effective registration statement for this Note
under the Securities Act of 1933, as amended, or (b) an opinion of
counsel (which counsel shall be selected by the holder), in a
generally acceptable form, that registration is not required under
said Act.  Notwithstanding the foregoing, this Note may be
pledged by Lender in connection with a bona fide loan or financing
arrangement secured by this Note. The Borrower may not assign this
Note.

 

13. Governing
Law. This Note shall be governed by and construed in
accordance with the laws of the State of New York.

 

14. Consent to
Jurisdiction. The Borrower
submits to the non-exclusive jurisdiction of any state or federal
court located in the County of New York, State of New York, in any
action or proceeding arising out of or relating to this Note and
agrees that all claims in respect of the action or proceeding shall
be exclusively heard and determined in any such court. The Borrower
irrevocably waives, to the fullest extent permitted by applicable
law, any objection which it may now or hereafter have to the laying
of venue of any such dispute brought in such court. Borrower waives
any defense of inconvenient forum to the maintenance of any action
or proceeding so brought.

 

 

 

3

 

 

15. WAIVER OF JURY
TRIAL: BORROWER WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY
CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS NOTE OR
THE SUBJECT MATTER HEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO
BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN
ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS NOTE,
INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH
OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS
SECTION HAS BEEN FULLY DISCUSSED BY BORROWER AND LENDER AND THESE
PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. BORROWER FURTHER
WARRANTS AND REPRESENTS THAT BORROWER HAS REVIEWED THIS WAIVER WITH
ITS LEGAL COUNSEL, AND THAT BORROWER KNOWINGLY AND VOLUNTARILY
WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL.

 

16. Facsimile
Signature. The execution of this Note by Borrower and the
delivery to Lender of a facsimile or PDF copy of such executed Note
shall be effective to obligate Borrower hereunder for all purposes
and such facsimile or PDF copy shall be deemed to be an original
for all purposes.

 

17. Usury Laws.
It is the intention of the Lender and Borrower to conform strictly
to all applicable usury laws now or hereafter in force, and if the
interest charged, taken or received hereunder is in excess of the
maximum legal amount allowed under the applicable usury laws as now
or hereafter construed by the courts having jurisdiction over such
matters (the “Usury Laws’), then any interest charged,
taken or received under this Note shall be subject to reduction to
the amount equal to the maximum legal amount allowed under the
Usury Laws. The aggregate of all interest (whether designated as
original issue discount, interest, service charges, points, or
otherwise) contracted for, chargeable, or receivable under this
Note shall under no circumstances exceed the maximum amount
permitted under the Usury Laws. If such interest does exceed the
maximum amount permitted under the Usury Laws, it shall be deemed a
mistake and such excess shall be canceled automatically and, if
theretofore paid, rebated to Borrower or credited on the unpaid
Principal Amount, or if this Note has been repaid, then such excess
shall be rebated to Borrower.

 

18. Expenses of
Collection. Upon a Default, this Note may be referred by
Lender to an attorney for collection, whether or not judgment has
been confessed or suit has been filed, and the Borrower shall pay
all of the reasonable costs, fees, and expenses, including
reasonable attorney’s fees, incurred by the
Lender.

 

19. Binding
Nature. This Note shall inure to the benefit of and be
enforceable by the Lender and the Lender’s successors and
assigns, and shall be binding and enforceable against the Borrower
and the Borrower’s successors and assigns.

 

RUMBLEON,
INC.

 

By: 
_____________________________________

Name:

Title:

ACCEPTED
AND AGREED:

LENDER:

 

___________________________________

[●]

 

4

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