EX-10.1
Algorhythm Holdings, Inc.
FOREBEARANCE AGREEMENT
This Forbearance Agreement (this “Agreement”), dated June 16, 2026 (the “Effective Date”), is entered into by and between Algorhythm Holdings, Inc., a Delaware corporation (the “Company”), and SemiCab, Inc., a Delaware corporation (“Noteholder”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the Promissory Note (as defined below).
WITNESSETH:
WHEREAS, the Company and Noteholder are parties to that certain promissory note, dated May 2, 2025, in the principal amount of $1,750,000 (the “Promissory Note”); and
WHEREAS, under the terms of the Promissory Note, the Company was required to pay the Initial Payment Amount to Noteholder on May 2, 2026; and
WHEREAS, the Company failed to pay the Initial Payment Amount to Noteholder on May 2, 2026; and
WHEREAS, the Company and Noteholder wish to enter into this Agreement to waive any default or Event of Default that was or will be caused as a result of the Company’s failure to pay the Initial Payment Amount to Noteholder on May 2, 2026.
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