PAID, Inc. loans $400K to 5String Solutions at 12%; convertible to 55% ownership, with option to buy remaining 45%

PAID INC

Funded $250K initial advance on July 5, 2024; remaining $150K available by July 2025.
Loan converts into 55% of 5String's membership units at maturity; additional $150K could give PAID up to 76%.
PAID obligated to purchase remaining 45% units by April 2027 based on 5x EBITDA less debt.
Loan secured by all 5String assets; PAID first lien with subordinated noteholders.
Prior $50K loan rolled into this note; interest waived if EBITDA >= $300K.

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