Kidpik Corp. announced that it has entered into a note purchase agreement with new lender, Nina Footwear Corp. and will issue a non-convertible promissory Nina footwear note in the principal amount of $346,000 on April 18, 2024.

The note does not accrue interest and accrues 5% per annum upon the occurrence of an event of default; with weekly payments of principal and interest in the amount of $14,605, due each week beginning with the week ended April 26, 2024, until the earlier of, the maturity date of such note, the payment in full thereof, or the closing of the Merger, where the Nina Footwear note is expected to be forgiven by Nina Footwear. The Nina Footwear Note is due upon the earlier of October 31, 2024, and upon acceleration by Nina Footwear pursuant to the terms thereof. The note includes customary events of default, and allows Nina Footwear the right to accelerate the amount due under the note upon the occurrence of such event of default, subject to certain cure rights.

This Note may be prepaid in whole or in part, at any time and from time to time without penalty.