PAID loans $1.5M to Embolx via convertible note; gets warrant to buy Embolx shares

PAID INC

PAID loans $1.5M cash; note principal $1.875M due to 20% original issue discount.
Note matures 9 months from closing; 20% annual interest accrues if unpaid.
PAID receives 5-year warrant to purchase Embolx common stock at 105% of next financing price; warrant coverage increases from 50% to 75% if note unpaid at maturity.
PAID has the right to invest up to $2M total on same terms via over-allotment option.

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