secwatch.observer — SEC 8-K summary
======================================

Issuer:     Algorhythm Holdings, Inc. (RIME)
CIK:        0000923601
Form:       8-K
Filed at:   2022-04-22T23:59:59+00:00
Accession:  0001493152-22-010748
Event type: leadership
Sentiment:  neutral
Materiality: 0.65
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Singing Machine enters new employment agreements with CEO, CFO, and appoints new CRO
--------------------------------------------------------------------------------

- New three-year agreements for CEO Gary Atkinson and newly appointed CRO Bernardo Melo; CFO Lionel Marquis gets 18-month term.
- Base salaries: Atkinson $215K, Marquis $175K, Melo $215K; each eligible for $10K increase on first anniversary if profitable.
- Severance: lump sum equal to 2x base salary plus annual bonus for termination without cause, non-renewal, or good reason.
- Bonus Plan ties cash, options, and stock grants to EBITDA and net sales; one-time option grant upon Nasdaq listing.
- Agreements replace prior 2014 change-of-control agreements.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/923601/000149315222010748/0001493152-22-010748-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/923601/000149315222010748/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-22-010748

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer