Document:

EXECUTION
COPY

    

    NEITHER
THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH
THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES
LAWS.  THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED
OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE
SECURITIES UNDER THE SECURITIES ACT, OR (B) IF REASONABLY REQUESTED BY THE
COMPANY, AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY THAT
REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT.

     

    UMAMI
SUSTAINABLE SEAFOOD INC.

     

    COMMON
STOCK PURCHASE WARRANT

     

    
      	
              Warrant
      No. UTA 2010 - 1

            	
              Dated:
      October 7, 2010

            

    

     

    Umami
Sustainable Seafood Inc., a Nevada corporation (the “Company”), hereby certifies
that, for value received, UTA Capital LLC, a Delaware company, or its registered
assigns (the “Holder”),
shall initially be entitled to purchase from the Company up to a total of
2,981,000 shares of common stock of the Company, $.001 par value per share (each
such share, a “Warrant
Share” and all such shares, the “Warrant Shares”), at an
exercise price initially equal to: (i)  $1.50 per Warrant Share for
the purchase of one million (1,000,000) of the total Warrant Shares purchasable
hereunder, as such exercise price may be adjusted pursuant to Section 9(m) hereof
(the “Premium Exercise
Price”) and (ii) $1.00 per Warrant Share for the purchase of the
remaining Warrant Shares purchasable hereunder ((i) and (ii) hereinafter,
collectively, referred to as the “Exercise Price”), at any time
from the date hereof and through and including the date that is five years from
the date this Warrant is first exercisable (the “Expiration Date”), and subject
to the following terms and conditions.  Notwithstanding the foregoing,
of the total number of Warrant Shares issuable upon exercise of this Warrant,
that  number of shares as is at any time in excess of 4.99% of the sum
of (x) the number of currently issued and outstanding shares of the Company’s
Common Stock, plus (y) the number of additional shares of Common Stock issuable
upon exercise in full of this Warrant, shall not be issuable upon exercise of
the Warrant until six months after the date hereof.

     

    This
Warrant was issued pursuant to that certain Note and Warrant Purchase Agreement,
dated as of even date herewith, by and among the Company and the Purchaser (the
“Purchase
Agreement”).

     

    1.           Definitions.  In
addition to the terms defined elsewhere in this Warrant, capitalized terms that
are not otherwise defined herein have the meanings given to such terms in the
Purchase Agreement.

     

    2.           Registration of
Warrant.  The Company shall register this Warrant, upon records
to be maintained by the Company for that purpose (the “Warrant Register”), in the
name of the record Holder hereof from time to time.  The Company may
deem and treat the registered Holder of this Warrant as the absolute owner
hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3.           Registration of
Transfers.  The Company shall register the transfer of any
portion of this Warrant in the Warrant Register, upon surrender of this Warrant,
with the Form of Assignment attached hereto as Annex A duly
completed and signed, to the transfer agent or to the Company at its address
specified herein.  Upon any such registration or transfer, a new
warrant to purchase shares of Common Stock, in substantially the form of this
Warrant (any such new warrant, a “New Warrant”), evidencing the
portion of this Warrant so transferred shall be issued to the transferee and a
New Warrant evidencing the remaining portion of this Warrant not so transferred,
if any, shall be issued to the transferring Holder.  The acceptance of
the New Warrant by the transferee thereof shall be deemed the acceptance by such
transferee of all of the rights and obligations of a holder of a
Warrant.

     

    4.           Exercise and Duration of
Warrants.

     

    (a)           This
Warrant shall be exercisable by the registered Holder at any time and from time
to time on or after the date hereof up to and including the Expiration
Date.  At 6:30 P.M., New York City time on the Expiration Date, the
portion of this Warrant not exercised prior thereto shall be and become void and
of no value; provided that, this Warrant
shall be deemed to have been exercised in full (to the extent not previously
exercised) on a “cashless exercise” basis at 6:30 P.M. New York City time on the
Expiration Date.

     

    (b)           A
Holder may exercise this Warrant by delivering to the Company (i) an exercise
notice, in the form attached hereto as Annex B (the “Exercise Notice”),
appropriately completed and duly signed along with the Warrant, and (ii) payment
of the Exercise Price for the number of Warrant Shares as to which this Warrant
is being exercised (which may take the form of a “cashless exercise” if so
indicated in the Exercise Notice), and the date that the last of such items are
delivered to the Company (as determined in accordance with the notice provisions
hereof) is an “Exercise
Date.”  Execution and delivery of the Exercise Notice shall
have the same effect as cancellation of the original Warrant and issuance of a
New Warrant evidencing the right to purchase the remaining number of Warrant
Shares.

     

    (c)           Insufficient Authorized
Shares.  If at any time while this Warrant is outstanding, the
Company does not have a sufficient number of authorized and unreserved shares of
Common Stock to satisfy its obligation to reserve for issuance upon exercise of
this Warrant and Warrants of like tenor at least a number of shares of Common
Stock equal to 120% (the “Required Reserve Amount”) of
the number of shares of Common Stock as shall from time to time be necessary to
effect the exercise of all of the Warrants of like tenor then outstanding (an
“Authorized Share
Failure”), then the Company shall immediately take all action necessary
to increase the Company’s authorized shares of Common Stock to an amount
sufficient to allow the Company to reserve the Required Reserve Amount for the
Warrants of like tenor then outstanding.  Without limiting the
generality of the foregoing sentence, as soon as practicable after the date of
the occurrence of an Authorized Share Failure, but in no event later than sixty
(60) days after the occurrence of such Authorized Share Failure, the Company
shall hold a meeting of its shareholders for the approval of an increase in the
number of authorized shares of Common Stock.  In connection with such
meeting, the Company shall provide each shareholder with a proxy statement and
shall use its best efforts to solicit its shareholders’ approval of such
increase in authorized shares of Common Stock and to cause its board of
directors to recommend to the shareholders that they approve such
proposal

     

    
      
         

      

      
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    (d)           Limitations on Exercises;
Beneficial Ownership.  The Company shall not effect the
exercise of this Warrant, and the Holder shall not have the right to exercise
this Warrant, to the extent that after giving effect to such exercise, such
Holder (together with such Holder’s affiliates) would beneficially own in excess
of 4.99% of the shares of Common Stock outstanding immediately after giving
effect to such exercise.  For purposes of the foregoing sentence, the
aggregate number of shares of Common Stock beneficially owned by such Holder and
its affiliates shall include the number of shares of Common Stock issuable upon
exercise of this Warrant with respect to which the determination of such
sentence is being made, but shall exclude shares of Common Stock which would be
issuable upon (i) exercise of the remaining, unexercised portion of this Warrant
beneficially owned by such Holder and its affiliates and (ii) exercise or
conversion of the unexercised or unconverted portion of any other securities of
the Company beneficially owned by such Holder and its affiliates (including,
without limitation, any convertible notes or convertible preferred stock or
warrants), that are subject to a limitation on conversion or exercise analogous
to the limitation contained herein.  Except as set forth in the
preceding sentence, for purposes of this paragraph, beneficial ownership shall
be calculated in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended.  For purposes of this Warrant, in determining the
number of outstanding shares of Common Stock, the Holder may rely on the number
of outstanding shares of Common Stock as reflected in (1) the Company's most
recent SEC Reports or other public filing with the Securities and Exchange
Commission, as the case may be, (2) a more recent public announcement by the
Company or (3) any other notice by the Company or the Transfer Agent setting
forth the number of shares of Common Stock outstanding.  For any
reason at any time, upon the written or oral request of the Holder, the Company
shall within two Business Days confirm orally and in writing to the Holder the
number of shares of Common Stock then outstanding.  In any case, the
number of outstanding shares of Common Stock shall be determined after giving
effect to the conversion or exercise of securities of the Company, including the
Warrants, by the Holder and its affiliates since the date as of which such
number of outstanding shares of Common Stock was reported

     

    
      
         

      

      
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    5.           Delivery of Warrant
Shares.

     

    (a)           The
Holder shall not be required to physically surrender this Warrant unless this
Warrant is being exercised in full.  To effect exercises hereunder,
the Holder shall duly execute and deliver to the Company at its address for
notice set forth herein, an Exercise Notice in the form of Annex B hereto, along
with the Warrant Share Exercise Log in the form of Annex C hereto, and
shall pay the Exercise Price, if applicable, multiplied by the number of Warrant
Shares that the Holder intends to purchase hereunder.  The Company
shall promptly (but in no event later than three (3) Trading Days after the date
of exercise) issue or cause to be issued and cause to be delivered to or upon
the written order of the Holder a certificate for the Warrant Shares issuable
upon such exercise. The Company shall, upon request of the Holder, and
subsequent to the date on which a registration statement covering the resale of
the Warrant Shares has been declared effective by the SEC (provided that the
Holder represents in writing to the Company that it has sold or committed in a
binding sale agreement or sale order to promptly sell such Warrant Shares
pursuant to the the terms of the prospectus contained in the registration
statement), or if and to the extent this Warrant has been exercised on a
“cashless exercise” basis and the provisions of Rule 144 have been satisfied,
use its best
efforts to deliver Warrant Shares hereunder electronically through the
Depository Trust Corporation or another established clearing corporation
performing similar functions.  If by the third (3rd)
Trading Day after exercise of this Warrant, the Company fails to deliver the
required number of Warrant Shares, the Holder will have the right to rescind the
exercise.  If by the third (3rd)
Trading Day after exercise, the Company fails to deliver the required number of
Warrant Shares, and if after such third Trading Day (3rd) and
prior to the receipt of such Warrant Shares, the Holder purchases (in an open
market transaction or otherwise) shares of Common Stock to deliver in
satisfaction of a sale by the Holder of Warrant Shares which the Holder
anticipated receiving upon such exercise (a “Buy In”), then the Company
shall (i) pay in cash to the Holder the amount by which (x) the Holder’s total
purchase price (including brokerage commissions, if any) for the shares of
Common Stock so purchased exceeds (y) the amount obtained by multiplying (A) the
number of Warrant Shares that the Company was required to deliver to the Holder
in connection with the exercise at issue by (B) the closing bid price of the
shares of Common Stock on the exercise date and (ii) at the option of the
Holder, either reinstate the portion of the Warrant and equivalent number of
Warrant Shares for which such exercise was not honored or deliver to the Holder
the number of shares of Warrant Shares that would have been issued had the
Company timely complied with its exercise and delivery obligations
hereunder.  The Holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the Buy
In.

     

    (b)           This
Warrant is exercisable, either in its entirety or, from time to time, for a
portion of at least 100,000 Warrant Shares.  Upon surrender of this
Warrant following one or more partial exercises, the Company shall issue or
cause to be issued, at its expense, a new Warrant evidencing the right to
purchase the remaining number of Warrant Shares.

     

    (c)           The
Company’s obligations to issue and deliver Warrant Shares in accordance with the
terms hereof are absolute and unconditional, irrespective of any action or
inaction by the Holder to enforce the same, any waiver or consent with respect
to any provision hereof, the recovery of any judgment against any Person or any
action to enforce the same, or any setoff, counterclaim, recoupment, limitation
or termination, or any breach or alleged breach by the Holder or any other
Person of any obligation to the Company or any violation or alleged violation of
law by the Holder or any other Person, and irrespective of any other
circumstance which might otherwise limit such obligation of the Company to the
Holder in connection with the issuance of Warrant Shares.  Nothing
herein shall limit a Holder’s right to pursue any other remedies available to it
hereunder, at law or in equity including, without limitation, a decree of
specific performance and/or injunctive relief with respect to the Company’s
failure to timely deliver certificates representing shares of Common Stock upon
exercise of the Warrant as required pursuant to the terms hereof.

     

    6.           Charges, Taxes and
Expenses.  Initial issuance and delivery of certificates for
shares of Common Stock upon exercise of this Warrant shall be made without
charge to the Holder for any issue or transfer tax, transfer agent fee or other
incidental expense in respect of the issuance of such certificates, all of which
taxes and expenses shall be paid by the Company; provided, however, that the
Company shall not be required to pay any tax which may be payable in respect of
any transfer involved in the registration of any certificates for Warrant Shares
or Warrants in a name other than that of the Holder.  The Holder shall
be responsible for all other tax liability that may arise as a result of holding
or transferring this Warrant or receiving Warrant Shares upon exercise
hereof.

     

    
      
         

      

      
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    7.           Replacement of
Warrant.  If this Warrant is mutilated, lost, stolen or
destroyed, the Company shall issue or cause to be issued in exchange and
substitution for and upon cancellation hereof, or in lieu of and substitution
for this Warrant, a new Warrant, but only upon receipt of evidence reasonably
satisfactory to the Company of such loss, theft or destruction and customary and
reasonable bond or indemnity, if requested.  Applicants for a new
Warrant under such circumstances shall also comply with such other reasonable
regulations and procedures and pay such other reasonable third-party costs as
the Company may prescribe.

     

    8.           Reservation of Warrant
Shares.  The Company covenants that it will at all times
reserve and keep available out of the aggregate of its authorized but unissued
and otherwise unreserved shares of Common Stock, solely for the purpose of
enabling it to issue Warrant Shares upon exercise of this Warrant as herein
provided, the number of Warrant Shares that are then issuable and deliverable
upon the exercise of this entire Warrant, free from preemptive rights or any
other contingent purchase rights of persons other than the Holder (after giving
effect to the adjustments and restrictions of Section 9, if
any).  The Company covenants that all Warrant Shares so issuable and
deliverable shall, upon issuance and the payment of the applicable Exercise
Price in accordance with the terms hereof, be duly and validly authorized,
issued and fully paid and nonassessable.  The Company will take all
such action as may be necessary to assure that such shares of Common Stock may
be issued as provided herein without violation of any applicable law or
regulation, or of any requirements of any securities exchange or automated
quotation system upon which the shares of Common Stock may be
listed.  The Company will notify its transfer agent for the
reservation of shares of Common Stock as required under this
provision.

     

    9.           Certain
Adjustments.  The Exercise Price and number of Warrant Shares
issuable upon exercise of this Warrant are subject to adjustment from time to
time as set forth in this Section
9.

     

    (a)           Share Dividends and
Splits.  If after the date hereof, the number of outstanding
shares of Common Stock is increased by a share dividend payable in shares of
Common Stock or by a split-up of shares of Common Stock or other similar event,
then, on the effective date thereof, the number of shares issuable on exercise
of this Warrant shall be increased in proportion to such increase in outstanding
shares and the then applicable Exercise Price shall be correspondingly
decreased.

     

    (b)           Aggregation of
Shares.  If after the date hereof, the number of outstanding
shares of Common Stock is decreased by a consolidation, combination or
reclassification of shares of Common Stock or other similar event, then, upon
the effective date of such consolidation, combination or reclassification, the
number of shares issuable on exercise of this Warrant shall be decreased in
proportion to such decrease in outstanding shares and the then applicable
Exercise Price shall be correspondingly increased.

     

    
      
         

      

      
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    (c)         Replacement of Securities
Upon Reorganization, etc.  If after the date hereof any capital
reorganization or reclassification of the shares of Common Stock of the Company,
or consolidation or merger of the Company with another corporation, or the sale
of all or substantially all of its assets to another corporation or other
similar event (each, a “Fundamental Transaction”)
shall be effected, then, as a condition of such Fundamental Transaction, lawful
and fair provision shall be made whereby the Holder of this Warrant shall
thereafter have the right to purchase and receive, upon the basis and upon the
terms and conditions specified in this Warrant and in lieu of the shares of
Common Stock of the Company immediately theretofore purchasable and receivable
upon the exercise of the rights represented thereby, such shares, securities, or
assets as may be issued or payable with respect to or in exchange for the number
of outstanding shares of Common Stock equal to the number of such shares of
Common Stock immediately theretofore purchasable and receivable upon the
exercise of the rights represented by this Warrant, had such Fundamental
Transaction not taken place and in such event appropriate provision shall be
made with respect to the rights and interests of the Holder of this Warrant to
the end that the provisions hereof (including, without limitation, provisions
for adjustments of the Exercise Price and of the number of shares purchasable
upon the exercise of this Warrant) shall thereafter be applicable, as nearly as
may be in relation to any shares, securities, or assets thereafter deliverable
upon the exercise hereof.  The Company shall not effect any such
Fundamental Transaction unless prior to the consummation thereof the successor
corporation (if other than the Company) resulting from such Fundamental
Transaction, or the corporation purchasing such assets in a Fundamental
Transaction, shall assume by written instrument executed and delivered to the
Holder of this Warrant the obligation to deliver to the Holder of this Warrant
such shares, securities, or assets as, in accordance with the foregoing
provisions, such holders may be entitled to purchase.

     

    (d)         Adjustment of Exercise Price
and Number of Warrant Shares Purchasable Upon Issuance of Additional Shares of
Common Stock.  In the event the Company shall at any time after
the Closing Date issue shares of Common Stock (the “Additional Shares of Common
Stock”), other than Exempt Issuances (as defined
below), while any portion of this Warrant remains outstanding, without
consideration or for a consideration per share less than the Exercise Price,
then:

     

    (i) the Exercise Price shall be
reduced, concurrently with such issue, to a price (calculated to the nearest
one-hundredth of a cent), determined in accordance with the following
formula:

     

    EP2 = EP1 * (A + B)
÷ (A + C).

     

    For
purposes of the foregoing formula, the following definitions shall
apply:

     

    (a)           “EP2” shall
mean the Exercise Price in effect immediately after such issue of Additional
Shares of Common Stock;

     

    (b)           “EP1” shall
mean the Exercise Price in effect immediately prior to such issue of Additional
Shares of Common Stock;

     

    (c)           “A”
shall mean the number of shares of Common Stock outstanding immediately prior to
such issue of Additional Shares of Common Stock (treating for this purpose as
outstanding all shares of Common Stock issuable upon exercise, conversion or
exchange of Common Stock Equivalents (as defined below) outstanding immediately
prior to such issue;

     

    
      
         

      

      
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    (d)           “B”
shall mean the number of shares of Common Stock that would have been issued if
such Additional Shares of Common Stock had been issued at a price per share
equal to EP1
(determined by dividing the aggregate consideration received by the Company in
respect of such issue by EP1);
and

     

    (e)           “C”
shall mean the number of such Additional Shares of Common Stock issued in such
transaction; and

     

    (ii) the number of Warrant Shares
purchasable upon the exercise of this Warrant shall be increased, concurrently
with the decrease in Exercise Price described above, such that the Aggregate
Warrant Equity Percentage (as defined below) of the Warrant shall be no less
that the Aggregate Warrant Equity Percentage of the Warrant immediately prior to
such decrease in Exercise Price, less only such appropriate adjustments as are
required to reflect prior partial exercises of this Warrant.

     

    For
purposes hereof,  “Aggregate Warrant Equity
Percentage” at any time means the percentage determined by dividing the
number of Warrant Shares purchasable upon exercise of this Warrant at such time
by the sum of the number of shares of Common Stock (x) outstanding at such time,
(y) issuable upon conversion or exchange of  any stock or securities
(other than  any rights, warrants or options to subscribe for or
purchase shares of Common Stock or Convertible Securities) convertible into or
exercisable or exchangeable for shares of Common Stock outstanding at such time
and (y) issuable upon exercise of Common Stock Equivalents outstanding at such
time. The initial Aggregate Warrant Equity Percentage of this Warrant shall be
4.99%.

     

    For
purposes hereof, “Exempt
Issuances” shall mean the issuance of shares of Common Stock or grant of
options to purchase shares of Common Stock to employees, officers and/or
independent directors, but not including any officer, director or employee who
immediately prior to such issuance or grant is the beneficial owner of 5% or
more of the Company’s Common Stock (calculated in accordance with SEC Rule
13d-3), pursuant to an equity incentive plan or agreement approved by the
Company’s shareholders, provided such issuances are approved by the Company’s
Board of Directors, including approval of least 50% of the Company’s independent
directors.

     

    
      
         

      

      
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    (e)           Adjustment of Exercise Price
and Number of Warrant Shares Purchasable Upon Issuance of Common Stock
Equivalents.  In the event the Company shall at any time after
the Closing Date issue any Convertible Security (defined as evidences of
indebtedness, ordinary or convertible preferred shares or other securities which
are or may be at any time convertible into or exchangeable for shares of Common
Stock) or warrant, option or other right to subscribe for or purchase any shares
of Common Stock or any Convertible Security (an “Common Stock Equivalents”), while any
portion of this Warrant remains outstanding, and the price per share for which
Additional Shares of Common Stock may be issuable thereafter pursuant to such
Common Stock Equivalents shall be less than the Exercise Price, or if, after any
such issuance of Common Stock Equivalents, the price per share for which
Additional Shares of Common Stock may be issuable thereafter is amended, and
such price as so amended shall be less than the Exercise Price, then the
Exercise Price and number of Warrant Shares purchasable upon each such issuance
or amendment shall be adjusted as provided in Section 9(d) above, on the basis
that Additional Shares of Common Stock issuable pursuant to such Common Stock
Equivalents shall be deemed to have been issued (whether or not such Common
Stock Equivalents are actually then exercisable, convertible or exchangeable in
whole or in part) as of the earlier of (i) the date on which the Company shall
enter into a firm contract for the issuance of such Common Stock Equivalents, or
(ii) the date of actual issuance of such Common Stock Equivalents.  No
adjustment of the Exercise Price and number of Warrant Shares purchasable shall
be made under this Section 9(e) upon the issuance of any Convertible Security
which is issued pursuant to the exercise of any warrants or other subscription
or purchase rights therefore, if any adjustment shall previously have been made
in the Exercise Price and the number of Warrant Shares purchasable then in
effect upon the issuance of such warrants or other rights pursuant to this
Section 9(e).

     

    (f)           Computation of
Consideration.  The consideration received by the Company shall
be deemed to be the following: to the extent that any Additional Shares of
Common Stock or any Common Stock Equivalents shall be issued for a cash
consideration, the consideration received by the Company therefore; or, if such
Additional Shares of Common Stock or Common Stock Equivalents are offered by the
Company for subscription, the subscription price; or, if such Additional Shares
of Common Stock or Common Stock Equivalents are sold to underwriters or dealers
for public offering without a subscription offering, the initial public offering
price, in any such case excluding any amounts paid or receivable for accrued
interest or accrued dividends and without deduction of any compensation,
discounts, commissions, or expenses paid or incurred by the Company for or in
connection with the underwriting thereof or otherwise in connection with the
issue thereof.  The consideration for any Additional Shares of Common
Stock issuable pursuant to any Common Stock Equivalents shall be the
consideration received by the Company for issuing such Common Stock Equivalents,
plus the additional consideration payable to the Company upon the exercise,
conversion or exchange of such Common Stock Equivalents.  In case of
the issuance at any time of any Additional Shares of Common Stock or Common
Stock Equivalents in payment or satisfaction of any dividend upon any class of
share other than share of Common Stock, the Company shall be deemed to have
received for such Additional Shares of Common Stock or Common Stock Equivalents
a consideration equal to the amount of such dividend so paid or
satisfied.  In any case in which the consideration to be received or
paid shall be other than cash, the Board of Directors of the Company shall
determine in good faith the fair market value of such consideration and promptly
notify the Holder of its determination of the fair market value of such
consideration prior to payment or accepting receipt thereof.  If,
within thirty (30) days after receipt of said notice, the Holder shall notify
the Board of Directors of the Company in writing of its objection to such
determination, a determination of fair market value of such consideration shall
be made by an appraiser selected by the Company and approved by the
Holder.  If the Company and the Holder are unable to agree on the
selection of an appraiser, the issue of selection of an appraiser shall be
submitted to the American Arbitration Association.

     

    
      
         

      

      
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    (g)          Readjustment of Exercise
Price and Number of Warrant Shares Purchasable.  Upon the
expiration of the right to convert, exchange or exercise any Common Stock
Equivalents the issuance of which effected an adjustment in the Exercise Price,
if such Common Stock Equivalents shall not have been converted, exercised or
exchanged, the number of shares of Common Stock deemed to be issued and
outstanding by reason of the fact that they were issuable upon conversion,
exchange or exercise of any such Common Stock Equivalents shall no longer be
computed as set forth above, and the Exercise Price and number of Warrant Shares
purchasable shall forthwith be readjusted and thereafter be the price which it
would have been (but reflecting any other adjustments in the Exercise Price and
number of Warrant Shares purchasable made pursuant to the provisions of this
Section 9 after the issuance of such Common Stock Equivalents) had the
adjustment of the Exercise Price and number of Warrant Shares purchasable been
made in accordance with the issuance or sale of the number of Additional Shares
of Common Stock actually issued upon conversion, exchange or issuance of such
Common Stock Equivalents and thereupon only the number of Additional Shares of
Common Stock actually so issued shall be deemed to have been issued and only the
consideration actually received by the Company shall be deemed to have been
received by the Company.

     

    (h)          Treasury
Shares.  In making any adjustment in the Exercise Price and
number of Warrant Shares purchasable hereinbefore provided in this Section 9,
the number of shares of Common Stock at any time outstanding shall not include
any shares thereof then directly or indirectly owned or held by or for the
account of the Company.

     

    (i)           Calculations.  All
calculations under this Section 9 shall be
made to the nearest cent or the nearest 1/100th of a share, as
applicable.  The number of shares of Common Stock outstanding at any
given time shall not include shares owned or held by or for the account of the
Company, and the disposition of any such shares shall be considered an issue or
sale of shares of Common Stock.

     

    (j)           Notice of
Adjustments.  Upon the occurrence of each adjustment pursuant
to this Section
9, the Company at its expense will promptly compute such adjustment in
accordance with the terms of this Warrant and prepare a certificate setting
forth such adjustment, including a statement of the adjusted Exercise Price and
adjusted number or type of Warrant Shares or other securities, cash or property
issuable upon exercise of this Warrant (as applicable), describing the
transactions giving rise to such adjustments and showing in detail the facts
upon which such adjustment is based.  Upon written request, the
Company will promptly deliver a copy of each such certificate to the Holder and
to the Company’s transfer agent.

     

    (k)           Notice of Corporate
Events.  If the Company (i) declares a dividend or any other
distribution of cash, securities or other property in respect of its shares of
Common Stock, including without limitation any granting of rights or warrants to
subscribe for or purchase any capital stock of the Company or any Subsidiary,
(ii) authorizes or approves, enters into any agreement contemplating or solicits
shareholder approval for  (x) any sale of all or substantially all of
its assets in one or a series of related transactions, (y) any tender offer or
exchange offer (whether by the Company or another person) pursuant to which
holders of shares of Common Stock are permitted to tender or exchange their
shares for other securities, cash or property, or (z) any reclassification of
the shares of Common Stock or any compulsory share exchange pursuant to which
the shares of Common Stock is effectively converted into or exchanged for other
securities, cash or property or (iii) authorizes the voluntary dissolution,
liquidation or winding up of the affairs of the Company, then the Company shall
deliver to the Holder a notice describing the material terms and conditions of
such transaction, at least five business days prior to the applicable record or
effective date on which a Person would need to hold shares of Common Stock in
order to participate in or vote with respect to such transaction, and the
Company will take all steps reasonably necessary in order to insure that the
Holder is given the practical opportunity to exercise this Warrant prior to such
time so as to participate in or vote with respect to such transaction; provided,
however, that the failure to deliver such notice or any defect therein shall not
affect the validity of the corporate action required to be described in such
notice.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    (l)           Rights Upon Distribution Of
Assets.  If the Company shall declare or make any dividend or
other distribution of its assets (or rights to acquire its assets) to holders of
shares of Common Stock, by way of return of capital or otherwise (including,
without limitation, any distribution of cash, stock or other securities,
property or options by way of a dividend, spin off, reclassification, corporate
rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time
after the issuance of this Warrant, then, in each such case:

     

    (i)           any
Exercise Price in effect immediately prior to the close of business on the
record date fixed for the determination of holders of shares of Common Stock
entitled to receive the Distribution shall be reduced, effective as of the close
of business on such record date, to a price determined by multiplying such
Exercise Price by a fraction of which (i) the numerator shall be the closing bid
price of the shares of Common Stock on the Trading Day immediately preceding
such record date minus the fair market value of the Distribution (as determined
in good faith by the Company’s Board of Directors) applicable to one share of
the Company, and (ii) the denominator shall be the closing bid price of the
shares of Common Stock on the Trading Day immediately preceding such record
date; and

     

    (ii)           the
number of Warrant Shares shall be increased to a number of shares equal to the
number of shares of Common Stock obtainable immediately prior to the close of
business on the record date fixed for the determination of holders of shares of
Common Stock entitled to receive the Distribution multiplied by the reciprocal
of the fraction set forth in the immediately preceding paragraph (a); provided that in the event
that the Distribution is of shares (“Other Shares of Common Stock”)
of a company whose common shares are traded on a national securities exchange or
a national automated quotation system, then the Holder may elect to receive a
warrant to purchase Other Shares of Common Stock in lieu of an increase in the
number of Warrant Shares, the terms of which shall be identical to those of this
Warrant, except that such warrant shall be exercisable into the number of shares
of Other Shares of Common Stock that would have been payable to the Holder
pursuant to the Distribution had the Holder exercised this Warrant immediately
prior to such record date and with an aggregate exercise price equal to the
product of the amount by which the exercise price of this Warrant was decreased
with respect to the Distribution pursuant to the terms of the immediately
preceding paragraph (a) and the number of Warrant Shares calculated in
accordance with the first part of this paragraph (b).

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    (m)          Adjustment of Premium
Exercise Price.  Notwithstanding anything to the contrary
herein, the Premium Exercise Price shall be reduced to $1.00 per Warrant Share
if the Company pays, or it is determined that the Company is obligated to pay,
to the Holder any amount of Additional Interest pursuant to the terms of the
Purchase Agreement.  In the event that the Holder elects to exercise
this Warrant for the Warrant Shares covered by the Premium Exercise Price prior
to the payment by the Company of Additional Interest, or prior to the
determination of the Company’s obligation to pay Additional Interest, and the
Company subsequently does pay Additional Interest, or it is subsequently
determined that the Company is obligated to pay Additional Interest, then, on
the date that payment of Additional Interest is due to be paid to Holder, the
Company shall pay to the Holder an amount equal to the difference between (i)
the Premium Exercise Price multiplied by the number of Warrant Shares purchased
by Holder under this Warrant that required payment of the Premium Exercise
Price, less (ii) $1.00 multiplied by the number of Warrant Shares purchased by
Holder under this Warrant that required payment of the Premium Exercise
Price.

     

    10.         Payment of Exercise
Price.  The Holder shall pay the Exercise Price in immediately
available funds; provided, however, that any
time the Holder may satisfy its obligation to pay the Exercise Price through a
“cashless exercise,” in which event the Company shall issue to the Holder the
number of Warrant Shares determined as follows:

     

    
      	 
      	
              X =
      Y [(A-B)/A]

            
	
              Where:

            	 
      
	 
      	
              X =
      the number of Warrant Shares to be issued to the
Holder.

            
	 
      	 
      
	 
      	
              Y =
      the number of Warrant Shares with respect to which this Warrant is being
      exercised.

            
	 
      	 
      
	 
      	
              A =
      the average of the Closing Prices for the five Trading Days immediately
      prior to (but not including) the Exercise Date.

            
	 
      	 
      
	 
      	
              B =
      the Exercise Price.

            

    

    

    For
purposes of Rule 144 promulgated under the Securities Act, it is intended,
understood and acknowledged that the Warrant Shares issued in a cashless
exercise transaction shall be deemed to have been acquired by the Holder, and
the holding period for the Warrant Shares shall be deemed to have commenced, on
the date this Warrant was originally issued.

     

    11.         Fractional
Shares.  The Company shall not be required to issue or cause to
be issued fractional Warrant Shares on the exercise of this
Warrant.  If any fraction of a Warrant Share would, except for the
provisions of this Section, be issuable upon exercise of this Warrant, the
number of Warrant Shares to be issued will be rounded up to the nearest whole
share.

     

    12.         Notices.  Any
and all notices or other communications or deliveries hereunder (including
without limitation any Exercise Notice) shall be in writing and shall be deemed
given and effective on the earliest of (i) the date of transmission, if such
notice or communication is delivered via facsimile at the facsimile number
specified in the Purchase Agreement prior to 6:30 p.m. (New York City time) on a
Trading Day, (ii) the next Trading Day after the date of transmission, if such
notice or communication is delivered via facsimile at the facsimile number
specified in the Purchase Agreement on a day that is not a Trading Day or later
than 6:30 p.m. (New York City time) on any Trading Day, (iii) the Trading Day
following the date of mailing, if sent by nationally recognized overnight
courier service or (iv) upon actual receipt by the party to whom such notice is
required to be given.  The address for such notices or communications
shall be as set forth in the Purchase Agreement.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    13.         Purchase
Agreement.  The Warrant Shares for which this Warrant is
exercisable are entitled to the benefits and subject to the limitations of the
Purchase Agreement, which include registration rights for the Warrant
Shares.

     

    14.         Miscellaneous.

     

    (a)           Subject
to the restrictions on transfer set forth herein, this Warrant and the
registration rights set forth in the Purchase Agreement may be assigned by the
Holder in denominations of not less than 100,000 Warrant Shares or in its
entirety.  This Warrant may not be assigned by the Company except to a
successor in the event of a sale of all or substantially all of the Company’s
assets or a merger or acquisition of the Company.  This Warrant shall
be binding on and inure to the benefit of the parties hereto and their
respective successors and assigns.  Subject to the preceding
sentences, nothing in this Warrant shall be construed to give to any Person
other than the Company and the Holder any legal or equitable right, remedy or
cause of action under this Warrant.  This Warrant may be amended only
in writing signed by the Company and the Holder and their successors and
assigns.

     

    (b)           The
Company will not, by amendment of its governing documents or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such action as may be reasonably necessary or appropriate in order
to protect the rights of the Holder against impairment.  Without
limiting the generality of the foregoing, the Company (i) will not increase the
par value of any Warrant Shares above the amount payable therefor on such
exercise, (ii) will take all such action as may be reasonably necessary or
appropriate in order that the Company may validly and legally issue fully paid
and nonassessable Warrant Shares on the exercise of this Warrant, and (iii) will
not close its shareholder books or records in any manner which interferes with
the timely exercise of this Warrant.

     

    (C)           GOVERNING LAW; VENUE; WAIVER
OF JURY TRIAL.  ALL QUESTIONS CONCERNING THE CONSTRUCTION,
VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY
AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
WITHOUT GIVING REGARD TO ANY APPLICABLE PRINCIPLES OF CONFLICTS OF
LAW.  EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK,
BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED
HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY OF THE TRANSACTION
DOCUMENTS), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT,
ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE
JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS
IMPROPER.  EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF
PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR
PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR
OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN
EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL
CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE
THEREOF.  NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY
ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.  THE
COMPANY HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY.

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    (c)           The
headings herein are for convenience only, do not constitute a part of this
Warrant and shall not be deemed to limit or affect any of the provisions
hereof.

     

    (d)           In
case any one or more of the provisions of this Warrant shall be invalid or
unenforceable in any respect, the validity and enforceability of the remaining
terms and provisions of this Warrant shall not in any way be affected or
impaired thereby and the parties will attempt in good faith to agree upon a
valid and enforceable provision which shall be a commercially reasonable
substitute therefor, and upon so agreeing, shall incorporate such substitute
provision in this Warrant.

     

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK,

    SIGNATURE
PAGE FOLLOWS]

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its
authorized officer as of the date first indicated above.

     

    
      
        	
                UMAMI
      SUSTAINABLE SEAFOOD INC.

              
	 
      
	
                By:

              	 
      
	
                Name:
      Oli Valur Steindorsson

              
	
                Title:  President
      and Chief Executive Officer

              
	 
      
	
                Address:

              
	
                405
      Lexington Avenue

              
	
                26th
      Floor, Suite 2640

              
	
                New
      York, NY 10174

              

      

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    EXECUTION
COPY

    

    ANNEX
A

     

    FORM
OF ASSIGNMENT

     

    [To be
completed and signed only upon transfer of Warrant]

     

    FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto
________________________________ the right represented by the within Warrant to
purchase  ____________shares of common stock of Umami Sustainable
Seafood Inc., to which the within Warrant relates and appoints ________________
attorney to transfer said right on the books of Umami Sustainable Seafood, Inc.
with full power of substitution in the premises.

     

    
      
        	
                Dated:
                                  ,

              	 
      
	 
      	 
      
	 
      	
                (Signature
      must conform in all respects to name of holder as specified on the face of
      the Warrant)

              
	 
      	 
      
	 
      	
                Address
      of Transferee

              
	 
      	 
      
	
                In
      the presence of:

              	 
      

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXECUTION
COPY

    

    ANNEX
B

     

    FORM
OF EXERCISE NOTICE

     

    [To be
executed by the Holder to exercise the right to purchase shares of Common Stock
under the foregoing Warrant]

     

    TO:  UMAMI
SUSTAINABLE SEAFOOD INC.

     

    The
undersigned is the Holder of Warrant No. _______ (the “Warrant”) issued by Umami
Sustainable Seafood Inc., a Nevada corporation (the “Company”).  Capitalized
terms used herein and not otherwise defined have the respective meanings set
forth in the Warrant.

     

    
      	
               
      

            	
              1.

            	
              The
      Warrant is currently exercisable to purchase a total of ______________
      Warrant Shares.

            

    

     

    
      	
               
      

            	
              2.

            	
              The
      undersigned Holder hereby exercises its right to purchase
      _________________ Warrant Shares pursuant to the
  Warrant.

            

    

     

    
      	
               
      

            	
              3.

            	
              The
      Holder intends that payment of the Exercise Price shall be made as (check
      one):

            

    

     

    ____      “Cash
Exercise” under Section 8

     

    ____      “Cashless
Exercise” under Section 8

     

    
      	
               
      

            	
              4.

            	
              If
      the holder has elected a Cash Exercise, the holder shall pay the sum of
      $____________ to the Company in accordance with the terms of the
      Warrant.

            

    

     

    
      	
               
      

            	
              5.

            	
              Pursuant
      to this exercise, the Company shall deliver to the holder _______________
      Warrant Shares in accordance with the terms of the
  Warrant.

            

    

     

    
      	
               
      

            	
              6.

            	
              Following
      this exercise, the Warrant shall be exercisable to purchase a total of
      ______________ Warrant Shares.

            

    

     

    
      	
              Dated:                               ,

            	 
      	
              Name
      of Holder:

            
	 
      	 
      	 
      
	 
      	 
      	
              (Print)

            
	 
      	 
      	 
      
	 
      	 
      	
              By:

            
	 
      	 
      	
              Name:

            
	 
      	 
      	
              Title:

            
	 
      	 
      	 
      
	 
      	 
      	
              (Signature
      must conform in all respects to name of holder as specified on the face of
      the Warrant)

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXECUTION
COPY

    

    ANNEX
C

     

    WARRANT
SHARES EXERCISE LOG

    

    
      
        
          
            	
                    DATE

                  	 
      	
                    NUMBER OF

                    WARRANT

                    SHARES

                    AVAILABLE TO

                    BE EXERCISED

                  	 
      	
                    NUMBER OF

                    WARRANT

                    SHARES

                    EXERCISED

                  	 
      	
                    NUMBER OF

                    WARRANT

                    SHARES

                    REMAINING TO

                    BE EXERCISED

                  	 
      	
                    INITIALS OF

                    AUTHORIZED

                    REPRESENTATIVEEXECUTION
COPY

     

    THE
SECURITIES REPRESENTED HEREBY HAVE BEEN ISSUED WITHOUT REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY STATE SECURITIES LAWS, AND MAY
NOT BE SOLD, TRANSFERRED OR PLEDGED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT UNDER APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO BORROWER THAT THE TRANSFER IS EXEMPT FROM
REGISTRATION UNDER APPLICABLE FEDERAL AND STATE SECURITIES LAWS.

     

    THIS NOTE IS ISSUED WITH ORIGINAL ISSUE
DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE
CODE. THE BORROWER, OR BORROWER’S REPRESENTATIVE, OLI VALUR STEINDORSSON,
LOCATED AT 405 LEXINGTON AVENUE, 26TH FLOOR, SUITE 2640, NEW YORK, NY 10174,
WILL PROMPTLY MAKE AVAILABLE TO THE PURCHASER, UPON REQUEST, THE ISSUE
PRICE, THE AMOUNT OF OID, THE ISSUE DATE, AND THE YIELD TO MATURITY OF THIS
NOTE.

     

    UMAMI SUSTAINABLE SEAFOOD INC.

    SENIOR SECURED BRIDGE NOTE

     

    
      	
              $3,125,000.00

            	
              New
      York, New York

              October
      7, 2010

            

    

    

    FOR VALUE
RECEIVED, the undersigned, Umami Sustainable Seafood Inc., a Nevada corporation,
with an office located at 405 Lexington Avenue, 26th Floor, Suite 2640, New
York, NY 10174, (“Borrower”), hereby
unconditionally promises to pay to UTA Capital LLC, a Delaware company (“Purchaser”), on the
Maturity Date (as defined in Section 4 hereof) to the order of Purchaser, at the
office of Purchaser located at 100 Executive Drive, Suite 330, West Orange, NJ
07052, or such other address designated by Purchaser, in lawful money of the
United States of America and in immediately available funds, the principal
amount of two million five hundred thousand dollars
($3,125,000.00).   Borrower acknowledges and agrees that this
Note is intended to be an original discount note, and therefore the cash
payments received by Borrower and its subsidiaries from the Purchaser will total
only $2,500,000, notwithstanding that the original principal amount of the Notes
(as defined below) total $3,125,000.

     

    1.           PURCHASE
AGREEMENT.  This Senior Secured Bridge Note (the “Note”) is one
of a series of identical notes (except with respect to principal amount and
maturity date) (collectively, the “Notes”) purchased
under that certain Note and Warrant Purchase Agreement, dated as of October 7,
2010, between Borrower and Purchaser (as may be amended from time to time, the
“Purchase
Agreement”).  The Purchaser is entitled to the benefits and
subject to certain obligations under the Purchase Agreement and may enforce the
agreements of Borrower contained therein and exercise the remedies provided
thereby.  All words and phrases used herein and not otherwise
specifically defined herein shall have the respective meanings assigned to such
terms in the Purchase Agreement to the extent the same are used or defined
therein.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.        
   HEADINGS,
ETC.  The headings and captions of the numbered paragraphs of
this Note are for convenience of reference only and are not to be construed as
defining or limiting, in any way, the scope or intent of the provisions
hereof.  Whenever used, the singular number shall include the plural,
the plural the singular, and the words “Purchaser” and “Borrower” shall
include, respectively, their respective successors and assigns; provided, however, that
Borrower shall in no event or under any circumstance have the right to assign or
transfer its obligations under this Note.

     

    3.          
 SECURITY.  The
obligations of Borrower hereunder shall be immediately secured by (a) pledges of
(i) 33% of the issued and outstanding shares of capital stock of Baja Aqua-Farms
S.A. de C.V., a Mexican company (“Baja”) that is
presently owned by Borrower, (ii) all of the shares of capital stock of Bluefin
Acquisition Group Inc., a New York corporation and wholly-owned subsidiary of
the Company (“Bluefin”) presently
owned or hereinafter acquired, either directly or indirectly, by the Borrower
(which shares shall be released from the pledge in accordance with the terms of
the Company Pledge and Security Agreement), (iii) any and all of the Borrower’s
inventory, whether presently owned or hereinafter acquired, and any proceeds
arising in connection with the sale or disposition of such inventory and (b)
guarantees of all of the obligations of Borrower hereunder being made by (i)
Baja and (ii) Bluefin; provided, however, that the
Borrower and its Subsidiaries have an obligation to further secure the
obligations hereunder in accordance with the terms of the Purchase Agreement by
pledging a portion (determined in accordance with the terms of the Purchase
Agreement) of the Subsidiaries’ inventory, whether presently owned or
hereinafter acquired, and any proceeds arising in connection with the sale or
disposition of such inventory; provided, further, that,
subject to the terms of the Transaction Documents, upon consummation of the Baja
Acquisition, the Company shall pledge to Purchaser any and all shares of capital
stock of Baja acquired in such acquisition, such that Purchaser is granted a
pledge of no less than 99.984% of the issued and outstanding shares of capital
stock of Baja.

     

    4.           
MATURITY.  This
Note shall mature on March 31, 2012, unless such date shall be otherwise
extended in writing by a Purchaser in its sole discretion (such date, the “Maturity
Date”).  On the Maturity Date, all outstanding principal and
any accrued and unpaid interest due and owing under the Note, shall be
immediately paid by Borrower.

     

    5.          
 INTEREST;
INTEREST RATE; PAYMENT; ADDITIONAL INTEREST.

     

    (a)          Subject
to adjustment pursuant to paragraph 5(c) below, this Note shall bear interest
(other than interest accruing as a result of a failure by Borrower to pay any
amount within 3 business days of when due as set forth in subparagraph (b)
below) at an annual interest rate initially equal to nine percent (9%) per annum
on the then outstanding principal balance (the “Interest
Rate”).  Interest (other than interest accruing as a result of
a failure by Borrower to pay any amount when due as set forth in subparagraph
(b) below) shall accrue until all amounts owed under the Note shall be fully
repaid, and shall be due and payable monthly in arrears on the last business day
of each calendar month following the issuance date. Any accrued and unpaid
interest shall be due at the Maturity Date.  Interest shall be
calculated on the basis of the actual number of days elapsed over an assumed
year consisting of three hundred sixty-five (365) days.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (b)          If
all or a portion of the principal amount of the Note or any interest payable
thereon shall not be repaid when due whether on the applicable repayment date,
by acceleration or otherwise, such overdue amounts shall bear interest at a rate
per annum that is three percent (3%) above the Interest Rate then in effect,
from the date of such non-payment until such amount is paid in full (before as
well as after judgment) and shall be due immediately.

     

    (c)          Notwithstanding
anything hereunder, if either Baja or Kali fails to make available to Purchaser
prior to November 16, 2010, a sufficient amount of Baja Inventory and Kali
Inventory, as applicable, to satisfy their respective obligations pursuant to
the terms of the Purchase Agreement, the Baja Subsisdiary Security Agreement and
the Kali Subsidiary Security Agreement (the “Collateral
Agreements”), for any reason whatsoever, then, the amount of interest
payable by the Company hereunder shall be increased to an interest rate equal to
13.5% per annum, which rate shall remain in effect until Baja and Kali each make
available to Purchaser a sufficient amount of inventory to satisfy their
respective obligations under the Collateral Agreements.

     

    (d)          Notwithstanding
anything hereunder, if the Company fails, for any reason whatsoever, prior to
December 16, 2010, to (i) consummate the Baja Acquisition and own 99.984% of the
issued and outstanding capital stock of Baja, or (ii) pledge all shares acquired
in connection with such acquisition to Purchaser in accordance with such terms
set for in the Transaction Documents, then, the amount of interest payable under
the Notes shall be increased 50% to an interest rate of 13.5% per annum until
such time as the Company shall have fulfilled its obligations set forth under
Section 6.2(e) of the Purchase Agreement.

     

    (e)          All
payments to be made by Borrower hereunder shall be made, without setoff or
counterclaim, in lawful money of the United States by check or wire transfer in
immediately available funds.

     

    6.           VOLUNTARY AND MANDATORY
PREPAYMENT;
PAYMENT RIGHTS
UPON MERGER, CONSOLIDATION, ETC.;

     

    (a)          The Borrower shall have the right to prepay the
principal amount of this Note, without
penalty or premium, at any time upon two
(2) days prior written notice to Purchaser.

     

    (b)          If,
at any time, prior to the Maturity Date, Borrower proposes to consolidate or
effect any other corporate reorganization with, or merge into, another
corporation or entity that previously did not hold, directly or indirectly, more
than twenty percent (20%) of Borrower’s Common Stock, whereby  such
corporation or entity immediately subsequent to such consolidation, merger or
reorganization will own capital stock of Borrower or entity surviving such
merger, consolidation or reorganization representing more than fifty (50%)
percent of the combined voting power of the outstanding securities of Borrower
or such entity immediately after such consolidation, merger or reorganization,
or has the right to elect nominees to a represent a majority of Borrower’s Board
of Directors (a “Change of Control
Event”), then Borrower shall provide Purchaser with at least ten (10)
days’ prior written notice of any such proposed action, and Purchaser will, at
its option, have the right to demand immediate payment of all amounts due and
owing under this Note (including all accrued and unpaid interest) in cash or in
Borrower’s Common Stock valued at the closing price of Borrower’s Common Stock
on the date of the mailing of such written notice.  Purchaser will
give Borrower written notice of such demand within five (5) days after receiving
notice of the Change of Control Event.  All amounts due and owing
hereunder shall be paid by Borrower to Purchaser within five (5) days from the
date of such written notice via federal funds wire transfer(s) of immediately
available funds, or in the case of the issuance of Borrower’s Common Stock in
lieu of cash, the issuance shall take place prior to the consummation of the
Change of Control Event, in accordance with written instructions provided to
Borrower by Purchaser.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    7.           ASSURANCES WITH RESPECT
OF
PURCHASER
RIGHTS.  Borrower shall not, by amendment of its Certificate of
Incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action,
intentionally avoid or seek to avoid the observance or performance of any of the
terms to be observed or performed hereunder by Borrower and shall at all times
in good faith assist in the carrying out of all the provisions of this Note and
in taking of all such actions as may be necessary or appropriate in order to
protect the rights of Purchaser against impairment.

     

    8.           SENIOR
INDEBTEDNESS.  Subject to Section 17, this Note shall be senior
to all other Indebtedness of the Borrower.

     

    9.           EVENTS OF
DEFAULT.  If any of the following events (each, an “Event of Default”)
shall occur and be continuing:

     

    (a)          Borrower
shall fail to pay any amount payable under this Note or any other Transaction
Document within three (3) business days after such payment becomes due in
accordance with the terms hereof;

     

    (b)          Borrower
or any Subsidiary shall fail to pay when due, and it shall continue unremedied
for a period of ten (10) calendar days, whether upon acceleration, prepayment
obligation or otherwise, any indebtedness and/or other sums payable by Borrower
or any Subsidiary (other than indebtedness owed to Purchaser under this Note and
the other Transaction Documents); provided that, it shall not constitute an
Event of Default pursuant to this subsection (b) unless the aggregate amount of
all such indebtedness referred to above exceeds $250,000 at any one
time;

     

    (c)          dissolution,
termination of existence, suspension (unless fully covered by business
interruption insurance) or discontinuance of business (other than as a result of
a consolidation of one or more of Borrower’s subsidiaries with Borrower or
another subsidiary) or ceasing to operate as going concern of Borrower or any
Subsidiary;

     

    (d)          any
material representation or warranty made by Borrower herein, in the Purchase
Agreement or in any other agreement, certificate or instrument contemplated by
this Note or the Purchase Agreement or that is contained in any certificate,
document or financial or other statement furnished by Borrower at any time under
or in connection with this Note or the Purchase Agreement shall have been
incorrect in any material respect on or as of the date made or deemed
made;

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (e)          any
portion of the Collateral is subjected to a levy of execution, attachment or
other judicial process or any portion of the Collateral is the subject of a
claim (other than by the Pledgee) of a Lien or other right or interest in or to
the Collateral and such levy or claim shall not be cured, disputed or stayed
within a period of forty-five (45) days after the occurrence
thereof;

     

    (f)          either
Baja or Kali fails, for any reason whatsoever, to make available to Purchaser
prior to December 16, 2010, a sufficient amount of Baja Inventory and Kali
Inventory, as applicable, to satisfy their respective obligations pursuant to
the terms of the Collateral Agreements;

     

    (g)          the
Company fails, for any reason whatsoever, to, prior to January 1, 2011, to (i)
consummate the Baja Acquisition and own 99.984% of the issued and outstanding
capital stock of Baja, or (ii) pledge all shares acquired in connection with
such acquisition to Purchaser in accordance with such terms set for in the
Transaction Documents;

     

    (h)          Borrower
shall default, in any material respect, in the observance or performance of any
obligation or agreement contained in this Note, Sections 6.2, 9, 11, 12 and 13
of the Purchase Agreement, the Company Pledge and Security Agreement, the Baja
Subsidiary Guarantee Agreement, the Bluefin Subsidiary Guarantee, the Kali
Subsidiary Security Agreement, the Baja Subsidiary Security Agreement, or any
other agreement or instrument contemplated by the Transaction Documents, and
such default shall continue unremedied for a period of ten (10) days after
written notice to Borrower of such default; or

     

    (i)   
       (i) Borrower or any Subsidiary shall
commence any case, proceeding or other action (A) under any existing or future
law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, reorganization, conservatorship or relief of debtors, seeking to
have an order for relief entered with respect to it, or seeking to adjudicate it
a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment,
winding-up, liquidation, dissolution, composition or other relief with respect
to it or its debts, or (B) seeking appointment of a receiver, trustee,
custodian, conservator or other similar official for it or for all or any
substantial part of its assets, or Borrower shall make a general assignment for
the benefit of its creditors; or (ii) there shall be commenced against Borrower
or any Subsidiary any case, proceeding or other action of a nature referred to
in clause (i) above that (A) results in the entry of an order for relief of any
such adjudication of appointment or (B) remains undismissed, undischarged or
unbonded for a period of forty-five (45) days; or (iii) there shall be commenced
against Borrower or any Subsidiary any case, proceeding other action seeking
issuance of a warrant of attachment, execution, distrait or similar process
against all or any substantial part of its assets that results in the entry of
an order for any such relief which shall not have been vacated, discharged, or
stayed or bonded pending appeal within forty-five (45) days from the entry
thereof; or (iv) Borrower or any Subsidiary shall take any action in furtherance
of, or indicating its consent to, approval of, or acquiescence in any of the
acts set forth in clauses (i), (ii) or (iii) above; or (v) Borrower or any
Subsidiary shall generally not, or shall be unable to, or shall admit in writing
its inability to, pay its debts as they become due,

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    then, and
in any such event, (1) if such event is an Event of Default specified in
subsection (i) above of this Section 9 with respect to Borrower, automatically
this Note (with all accrued and unpaid interest thereon) and all other amounts
owing under this Note shall immediately become due and payable, and (2) if such
event is any other Event of Default, Purchasers holding a majority in original
principal amount of the Notes may, by written notice to Borrower, declare the
Notes (with all accrued and unpaid interest thereon) and all other amounts owing
under this Note to be due and payable forthwith, whereupon the same shall
immediately become due and payable.  Except as expressly provided in
this Section 9, presentation, demand, protest and all other notices of any kind
are hereby expressly waived by Borrower.

     

    10.         ENFORCEABILITY.  The
Borrower acknowledges that this Note and Borrower’s obligations under this Note
are and shall at all times continue to be absolute and unconditional in all
respects, and shall at all times be valid and enforceable irrespective of any
other agreements or circumstances of any nature whatsoever which might otherwise
constitute a defense to this Note and the obligations of Borrower under this
Note or the obligations of any other Person relating to this
Note.  The Transaction Documents set forth the entire agreement and
understanding of Purchaser and Borrower, and Borrower absolutely,
unconditionally and irrevocably waives any and all right to assert any set-off,
counterclaim or crossclaim of any nature whatsoever with respect to this Note or
the obligations of Borrower hereunder, or the obligations of any other Person
relating hereto or thereto or to the obligations of Borrower hereunder or
otherwise in any action or proceeding brought by Purchaser to collect on the
Note, or any portion thereof (provided, however, that the
foregoing shall not be deemed a waiver of Borrower’s right to assert any
compulsory counterclaim maintained in a court of the United States, or of the
State of New York if such counterclaim is compelled under local law or rule of
procedure, nor shall the foregoing be deemed a waiver of Borrower’s right to
assert any claim which would constitute a defense, setoff, counterclaim or
crossclaim of any nature whatsoever against Purchaser in any separate action or
proceeding).  The Borrower acknowledges that no oral or other
agreements, conditions, promises, understandings, representations or warranties
exist with respect to the Transaction Documents or with respect to the
obligations of Borrower thereunder, except those specifically set forth in the
Transaction Documents.  Borrower agrees to pay all costs and expenses
of Purchaser related to Purchaser’s enforcement of the obligations of Borrower
hereunder and the collection of all sums payable hereunder, including but not
limited to reasonable attorneys’ fees and expenses, irrespective of whether
litigation is commenced.  Any such amounts shall be payable on demand,
with interest at the rate provided above for overdue principal and
interest.

     

    11.         WAIVER.  Borrower
waives presentment, demand for payment, notice of dishonor and any or all
notices or demands in connection with the delivery, acceptance, performance,
default or enforcement of any Transaction Document now or hereafter required by
applicable law, and consents to any or all delays, extensions of time, renewals
or releases with respect to any Transaction Document, and of any available
security therefor, and agrees that no failure or delay on the part of Purchaser,
in the exercise of any power, right or remedy under this Note shall impair such
power, right or remedy or shall operate as a waiver thereof, nor shall any
single or partial exercise of any such power, right or remedy preclude other or
further exercise of such or any other power, right or remedy.  No
notice to or demand on Borrower shall be deemed to be a waiver of the obligation
of Borrower or of the right of Purchaser, to take further action without further
notice or demand as provided in any of the Transaction Documents.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    12.         AMENDMENTS.  This
Note may not be modified, amended, changed or terminated orally, except by an
agreement in writing signed by Borrower and the Purchaser.  Any
amendment or waiver effected in accordance with this Section 12 shall be binding
upon Borrower, Purchaser and each transferee of this Note.

     

    13.         USURIOUS INTEREST
RATE.  Notwithstanding anything to the contrary contained in
this Note, the interest paid or agreed to be paid hereunder shall not exceed the
maximum rate of non-usurious interest permitted by applicable law (the “Maximum Rate”). If
Purchaser shall receive interest in an amount that exceeds the Maximum Rate, the
excess interest shall be applied to the principal of the Note or, if it exceeds
such unpaid principal, shall be refunded to Borrower. In determining whether the
interest contracted for, charged, or received by Purchaser exceeds the Maximum
Rate, Borrower may, to the extent permitted by applicable law, (a) characterize
any payment that is not principal as an expense, fee or premium rather than
interest, (b) exclude voluntary prepayments and the effects thereof, and (c)
amortize, prorate, allocate, and spread in equal or unequal parts the total
amount of interest throughout the contemplated term of this Note.

     

    14.         COUNTERPARTS.  This
Note may be executed in any number of counterparts, each of which will be deemed
to be an original and all of which together will constitute a single
agreement.

     

    15.         NOTICES.  Any
notice required or permitted by this Note shall be in writing and shall be
deemed sufficient upon delivery, when delivered personally or by a
nationally-recognized delivery service (such as Federal Express or UPS), or
seventy-two (72) hours after being deposited in the U.S. mail, as certified or
registered mail, with postage prepaid, and in all cases addressed to the party
to be notified at such party’s address as set forth above or as subsequently
modified by written notice.

     

    16.         GOVERNING LAW; JURISDICTION;
WAIVER OF JURY TRIAL.  This Note and all acts and transactions
pursuant hereto shall be governed by and construed in accordance with the laws
of the State of New York, without regard to principles of conflicts of
laws.  The Borrower hereby irrevocably consents to the exclusive
jurisdiction of any federal or state court located in the State of New York and
consents that all service of process be sent by nationally recognized overnight
courier service directed to Borrower at Borrower’s address set forth herein and
service so made will be deemed to be completed on the business day after deposit
with such courier.  The Borrower acknowledges and agrees that the
venue provided above is the most convenient forum for both Purchaser and
Borrower.  The Borrower waives any objection to venue and any
objection based on a more convenient forum in any action instituted under this
Note.  THE BORROWER
AND THE PURCHASER (BY ACCEPTANCE OF THIS NOTE) MUTUALLY HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE ANY AND ALL RIGHTS THAT THEY MAY NOW OR
HEREAFTER HAVE UNDER THE LAWS OF THE UNITED STATES OF AMERICA OR ANY STATE
THEREOF TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED HEREON, ARISING OUT OF,
UNDER OR IN CONNECTION WITH THIS NOTE OR ANY COURSE OF CONDUCT, COURSE OF
DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY,
INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALINGS,
STATEMENTS OR ACTIONS OF THE PURCHASER RELATING TO ENFORCEMENT OF THIS
NOTE.  EXCEPT AS PROHIBITED BY APPLICABLE LAW, THE BORROWER HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM
OR RECOVER IN ANY LITIGATION RELATING TO ENFORCEMENT OF THIS NOTE ANY SPECIAL,
EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN
ADDITION TO, ACTUAL DAMAGES.  THIS WAIVER CONSTITUTES A MATERIAL
INDUCEMENT FOR THE PURCHASER TO MAKE FUNDS AVAILABLE TO THE BORROWER AND TO
ACCEPT THIS NOTE.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    17.         PARI PASSU
NOTES.  Purchaser acknowledges and agrees that the payment of
all or any portion of the outstanding principal amount of this Note and all
interest hereon shall be pari
passu in right of payment and in all other respects with the other
Notes.  In the event Purchaser receives payments in excess of its pro
rata share of the Borrower’s payments to the holders of all of the Notes, then
Purchaser shall hold in trust all such excess payments for the benefit of the
holders of the other Notes and shall pay such amounts held in trust to such
other holders upon demand by such holders.

     

    [Signature
page follows]

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, Borrower has duly executed this Senior Secured Bridge Note as
of the date first written above.

     

    
      
        
          	 
      	
                  BORROWER:

                
	 
      	 
      
	 
      	
                  UMAMI
      SUSTAINABLE SEAFOOD INC.

                
	 
      	 
      
	 
      	
                  By:

                	
                   
         

                
	 
      	
                  Name:
      Oli Valur Steindorsson

                
	 
      	
                  Title:  President
      and Chief Executive Officer

                
	 
      	 
      
	 
      	
                  Address:

                
	 
      	
                  405
      Lexington Avenue

                
	 
      	
                  26th
      Floor, Suite 2640

                
	 
      	
                  New
      York, NY 10174

                
	 
      	
                  Facsimile:
      212 -___-____

                

        

      

    

     

    
      
         

      

      
        9

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