EDWARD STEELE - Corporate Board Profile

Algorhythm Holdings, Inc.

Filing Date	Source Excerpt
2001-07-10	Edward Steele Chairman and Chief Executive Officer Edward Steele has served as the Chief Executive Officer and as a director of the Singing Machine from September 1991 through the present date. He also served as our President from September 1991 through March 2001. DIRECTOR'S COMPENSATION The Company currently reimburse each director for expenses incurred in connection with attendance at each meeting of the Board of Directors or a committee on which he serves. In addition, non- employee directors are entitled to be paid a fee of $1,000 for each stockholder and board meeting attended and each Director is entitled to receive 10,000 stock options each year. The Company usually grant these options to our directors on the day before our annual stockholders meeting and the options are valued at our stock's closing price on such date. The options are exercisable upon receipt for a period of five years. In addition, the Company usually grants approximately 20,000 options to new directors when they join the Board. SUMMARY COMPENSATION TABLE Edward Steele 2001 $320,865 $256,289 $7,938 -0- 210,000 -0- -0- CEO The Board of Directors operates as the Nominating Committee.
2002-08-05	Edward Steele has served as the Chief Executive Officer and as a director of the Singing Machine from September 1991 through the present date. He also served as our President from September 1991 through March 2001 and oversaw our reorganization in our Chapter 11 proceeding, which began in April 1997 and was completed in June 1998. ... During fiscal 2002, our non-employee directors received a $1,000 cash stipend for serving on our Board and reimbursement for all reasonable expenses incurred in attending meetings. During fiscal 2003, we are increasing our annual cash stipend to non-employee directors to $10,000 per year. We also grant each of our outside directors 10,000 options for each year of service on the Board. Effective as of July 2, 2002, we granted each of our three outside directors options to purchase 30,000 shares of the Company's common stock, with 10,000 options vesting each year on the day before our annual shareholder's meetings. The exercise price of the options will be equal to the fair market value of the Company's common stock on the vesting date. The options will be immediately vested and are exercisable for a period of five years after the vesting date. ... The following table sets forth certain compensation information for the fiscal years ended March 31, 2002, 2001 and 2000 with regard to Edward Steele, our Chief Executive Officer, and each of our other executive officers whose compensation exceeded $100,000 on an annual basis (the "Named Officers"): ... Edward Steele 2002 $364,145 $192,133 -0- -0- 15,000 -0- -0- ... The following table sets forth information concerning all options granted to our officers and directors during the year ended March 31, 2002. No stock appreciation rights ("SAR's") were granted. ... Edward Steele 15,000 50% $4.23 8/15/06 $17,550 $38,700 ... In August 2001, we granted 15,000 options to each of our directors in consideration for their services on our Board. The exercise price of each option was equal to $4.23 per share, the fair market value of our stock on the date of the grant, and the options expire on August 15, 2006. Since they serve on our Board of Directors, both Mr. Steele, our Chief Executive Officer, and Mr. Klecha, our President and Chief Operating Officer received grants of 15,000 options each in August 2001.

Filing Date

Source Excerpt

2001-07-10

Edward Steele Chairman and Chief Executive Officer Edward Steele has served as the Chief Executive Officer and as a director of the Singing Machine from September 1991 through the present date. He also served as our President from September 1991 through March 2001. DIRECTOR'S COMPENSATION The Company currently reimburse each director for expenses incurred in connection with attendance at each meeting of the Board of Directors or a committee on which he serves. In addition, non- employee directors are entitled to be paid a fee of $1,000 for each stockholder and board meeting attended and each Director is entitled to receive 10,000 stock options each year. The Company usually grant these options to our directors on the day before our annual stockholders meeting and the options are valued at our stock's closing price on such date. The options are exercisable upon receipt for a period of five years. In addition, the Company usually grants approximately 20,000 options to new directors when they join the Board. SUMMARY COMPENSATION TABLE Edward Steele 2001 $320,865 $256,289 $7,938 -0- 210,000 -0- -0- CEO The Board of Directors operates as the Nominating Committee.

2002-08-05

Edward Steele has served as the Chief Executive Officer and as a director of the Singing Machine from September 1991 through the present date. He also served as our President from September 1991 through March 2001 and oversaw our reorganization in our Chapter 11 proceeding, which began in April 1997 and was completed in June 1998. ... During fiscal 2002, our non-employee directors received a $1,000 cash stipend for serving on our Board and reimbursement for all reasonable expenses incurred in attending meetings. During fiscal 2003, we are increasing our annual cash stipend to non-employee directors to $10,000 per year. We also grant each of our outside directors 10,000 options for each year of service on the Board. Effective as of July 2, 2002, we granted each of our three outside directors options to purchase 30,000 shares of the Company's common stock, with 10,000 options vesting each year on the day before our annual shareholder's meetings. The exercise price of the options will be equal to the fair market value of the Company's common stock on the vesting date. The options will be immediately vested and are exercisable for a period of five years after the vesting date. ... The following table sets forth certain compensation information for the fiscal years ended March 31, 2002, 2001 and 2000 with regard to Edward Steele, our Chief Executive Officer, and each of our other executive officers whose compensation exceeded $100,000 on an annual basis (the "Named Officers"): ... Edward Steele 2002 $364,145 $192,133 -0- -0- 15,000 -0- -0- ... The following table sets forth information concerning all options granted to our officers and directors during the year ended March 31, 2002. No stock appreciation rights ("SAR's") were granted. ... Edward Steele 15,000 50% $4.23 8/15/06 $17,550 $38,700 ... In August 2001, we granted 15,000 options to each of our directors in consideration for their services on our Board. The exercise price of each option was equal to $4.23 per share, the fair market value of our stock on the date of the grant, and the options expire on August 15, 2006. Since they serve on our Board of Directors, both Mr. Steele, our Chief Executive Officer, and Mr. Klecha, our President and Chief Operating Officer received grants of 15,000 options each in August 2001.