Document:

Exhibit
10.51

 

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS NOTE IS SUBJECT TO THE RESTRICTIONS ON TRANSFER
SET FORTH IN SECTION 3 OF THIS NOTE.

 

OMAGINE,
INC.

 

Interest
Free Convertible Promissory Note Due January 2, 2018

  

	$25,000	July
    3, 2017

  

1.            Omagine,
Inc., a Delaware corporation (the “Company”), for value received hereby promises to pay to Jeffrey A. Grossman (the
“Lender”) the principal sum of Twenty Five Thousand Dollars ($25,000) on January 2, 2018 (the “Maturity Date”).
No interest shall ever accrue or become due on the Principal Amount of this Note. This Note is subject to earlier conversion pursuant
to the provisions of Section 2 of this Note.

 

2.            Conversion.
This Note shall be subject to conversion as set forth below:

 

(a)          General.

 

(i)        Optional
Conversion. The Lender shall have the right, at his option, to convert the entire outstanding principal amount of this
Note into fully-paid and non-assessable shares of the Company’s $0.001 par value per share common stock, (“Common
Stock”), at the conversion price of fifteen cents ($0.15) per share (the “Conversion Price”) at any time prior
to and including the Maturity Date. Upon such conversion, subject to the provisions of Section 2(c) below, the Lender shall be
entitled to that number of shares of Common Stock determined by dividing (x) the then outstanding principal amount of this Note
by (y) the Conversion Price. In order to exercise this optional conversion privilege, the Lender shall surrender this Note to
the Company during usual business hours at the Company’s principal executive office, accompanied by written notice (a “Conversion
Notice”) in form satisfactory to the Company that the Lender elects to convert the entire principal amount then outstanding
of this Note. Such notice shall also state the name or names (with address) in which the certificate or certificates for shares
of Common Stock that shall be issuable on such conversion shall be issued. No partial optional conversions of this Note for amounts
less than the entire principal amount outstanding at the time of such conversion shall be permitted.

 

(ii)       Adjustment
of Conversion Price. In case the Company shall:

 

		(1)	declare
                                         a dividend of Common Stock on its Common Stock,

		(2)	subdivide
                                         outstanding Common Stock into a larger number of shares of Common Stock by reclassification,
                                         stock split or otherwise,

		(3)	combine
                                         outstanding Common Stock into a smaller number of shares of Common Stock by reclassification
                                         or otherwise,

 

then,
the number of shares of Common Stock issuable upon conversion of this Note immediately prior to any such event shall be adjusted
proportionately so that thereafter the Lender shall be entitled to receive upon a conversion of this Note the number of shares
of Common Stock which such Lender would have owned after the happening of any of the events described above had this Note been
converted immediately prior to the happening of such event, provided that the Conversion Price shall in no event be reduced to
less than the par value of the shares issuable upon conversion.

  

     

     

    

 

Any
adjustment made pursuant to this Section 2(a)(ii) shall become effective immediately after the record date in the case of a dividend
and shall become effective immediately after the effective date in the case of a subdivision or combination. In case the Company
proposes to take any action referred to in this Section 2(a)(ii), or to effect the liquidation, dissolution or winding up of the
Company, then the Company shall cause notice thereof to be mailed to the Lender, at such Lender’s address appearing in this
Note, at least twenty (20) days prior to the date on which the transfer books of the Company shall close or a record be taken
for such stock dividend or the date when such reclassification, liquidation, dissolution or winding up shall be effective, as
the case may be.

 

(b)          Mechanics
of Conversion.

 

(i)        When
surrendered for conversion, this Note shall be duly endorsed by, or accompanied by instruments of transfer in form satisfactory
to the Company duly executed by, the Lender or their duly authorized attorney. As promptly as practicable after the surrender
of this Note for conversion, the Company shall deliver or cause to be delivered to the Lender a certificate or certificates for
the number of full shares of Common Stock issuable upon the conversion of this Note in accordance with the provisions hereof.

 

(ii)       Immediately
upon surrender of this Note for conversion as herein provided, this Note shall no longer be deemed to be outstanding and all rights
with respect to this Note shall immediately cease and terminate on the conversion date, except only the right of the Lender to
receive shares of Common Stock in exchange therefor. This Note, when so surrendered for conversion, shall be cancelled.

 

(c)          Fractional
Shares. No fractional shares of Common Stock shall be issuable upon conversion of this Note but, in lieu thereof,
all such fractional shares, if any, shall be rounded up to the nearest whole share amount.

 

(d)          Securities
Act of 1933. Upon conversion of this Note, the Lender may be required to execute and deliver to the Company an instrument,
in form satisfactory to the Company, representing that the shares issuable upon conversion hereof are being acquired for investment
and not with a view to distribution within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).

  

    	 	2	 

     

    

 

3.            Requirements
for Transfer.

 

(a)       The
shares of Common Stock into which the outstanding principal amount of this Note may be converted shall not be sold or transferred
unless either (i) they first shall have been registered under the Securities Act, or (ii) the Company first shall have
been furnished with an opinion of legal counsel, reasonably satisfactory to the Company, to the effect that such sale or transfer
is exempt from the registration requirements of the Securities Act.

 

(b)       Each
certificate representing the shares of Common Stock into which the outstanding principal amount of this Note may be converted
shall bear a legend substantially in the following form:

 

“The
securities represented by this certificate have not been registered under the Securities Act of 1933, as amended, and may not
be transferred, pledged or hypothecated unless and until such securities are registered under such Act or an opinion of counsel
satisfactory to the Company is obtained to the effect that such registration is not required.” 

 

(c)       This
Note shall not be assigned or transferred, voluntarily or by operation of law. Any attempted assignment or transfer shall be void.

 

4.            Prepayment
of Principal. The principal indebtedness represented by this Note may be prepaid at any time in whole or in part,
without the consent of the Lender, subject to the right of the Lender to convert the outstanding principal in accordance with
Section 2 hereof. Prior to making any payment hereunder, the Company shall give a written notice of its intention to do
so (“Payment Notice”) to the Lender and the Lender shall have five (5) days after receipt by them of such Payment
Notice to give a Conversion Notice to the Company. Absent receipt by the Company of such timely Conversion Notice, the
Company may pay Lender the amount specified in such Payment Notice.

 

5.            Default.
The entire unpaid principal of this Note shall become and be immediately due and payable upon written demand of the Lender,
without any other notice or demand of any kind or any presentment or protest, if any one of the following events (each, an
“Event of Default”) shall occur and be continuing at the time of such demand, whether voluntarily or
involuntarily, or, without limitation, occurring or brought about by operation of law or pursuant to or in compliance with
any judgment, decree or order of any court or any order, rule or regulation of any governmental body:

  

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(a)       If
default shall be made in the payment on the Maturity Date of any portion of principal on this Note, and if any such default shall
remain un-remedied for ten (10) days; or

 

(b)       If
the Company (i) makes a composition or an assignment for the benefit of creditors, (ii) applies for, consents to, acquiesces in,
or files a petition seeking a reorganization, arrangement with creditors or other remedy, relief or adjudication available to
or against a bankrupt, insolvent or debtor under any bankruptcy or insolvency law or any law affecting the rights of creditors
generally (an “Insolvency Event”) or admits (by answer, default or otherwise) to an Insolvency Event or to the material
allegations of a petition filed against it seeking the appointment of a trustee, receiver or liquidator, in bankruptcy or otherwise,
of itself or of all or a substantial portion of its assets, or (c)       If an order for relief shall have been entered by a bankruptcy
court or if a decree, order or judgment shall have been entered adjudging the Company insolvent, or appointing a receiver, liquidator,
custodian or trustee, in bankruptcy or otherwise, for it or for all or a substantial portion of its assets, or approving the winding-up
or liquidation of its affairs on the grounds of insolvency or nonpayment of debts, and such order for relief, decree, order or
judgment shall remain un-discharged or un-stayed for a period of sixty (60) days; or if any substantial part of the property of
the Company is sequestered or attached and shall not be returned to the possession of the Company or released from such attachment
within sixty (60) days; or

 

(d)       If
the Company shall fail to perform any covenant, condition or agreement under this Note; or

 

6.            Representations
and Warranties. The Company represents and warrants to the Lender that:

 

(a)       the
Company is duly organized, validly existing, and in good standing under the laws of the State of Delaware and is duly qualified
and in good standing in every other jurisdiction where the nature of its business or the location or ownership of its properties
requires such qualification;

 

(b)       the
Company has the full corporate power and authority to execute and deliver this Note and to perform all of its obligations hereunder,
and all necessary corporate action has been taken to execute and deliver this Note and to make the borrowings hereunder;

 

(c)       this
Note constitutes the legal, valid, and binding obligation of the Company, enforceable against the Company in accordance with its
terms, subject to applicable bankruptcy, insolvency, reorganization or similar laws generally affecting the enforcement of the
rights of creditors; and

  

(d)       the
execution, delivery and performance by the Company of this Note do not (i) violate any provisions of the Company’s Certificate
of Incorporation, bylaws or any contract, agreement, law, regulation, order, decree or writ to which the Company or any of its
properties are subject, or (ii) require the consent or approval of any person, entity or authority that has not been obtained,
including, without limitation, any regulatory authority or governmental body of the United States of America or any state thereof.

  

    	 	4	 

     

    

 

7.            Representations
and Warranties of the Holder. The Lender hereby represents and warrants to the Company as follows:

 

(a)       The
Lender is acquiring this Note and any shares that may be issuable upon conversion hereof, for his own account for investment purposes
and not with a view to, or in connection with, any sale or distribution thereof, nor with any present intention of selling or
distributing the same; and the Lender has no present or contemplated agreement, undertaking, arrangement, obligation, indebtedness
or commitment providing for the disposition thereof.

 

(b)       The
Lender has full power and authority to enter into and perform his obligations under this Note in accordance with its respective
terms. The Lender has made detailed inquiry concerning the Company, its business and its personnel. The Lender have carefully
reviewed the Company’s most recent filing on Form 10-K with the Securities & Exchange Commission (“SEC”)
for the fiscal year ended December 31, 2015 (the “10-K”). The officers of the Company have provided the Lender the
opportunity to ask questions and receive answers concerning the 10-K and the terms and conditions of the offering of this Note
and to obtain any additional information that the Company possesses or can acquire without unreasonable effort or expense that
is necessary to verify the accuracy of information provided by the Company to the Lender. The Lender has adequate net worth and
means of providing for his current needs and personal contingencies and the Lender is able to sustain a complete loss of their
investment in the Company. The Lender’s overall commitment to investments which are not readily marketable is not disproportionate
to their net worth and the Lender’s investment in this Note will not cause such overall commitment to become excessive.

 

(c)       The
Lender is an Accredited Investor within the definition set forth in Rule 501(a) of the Securities Act.

 

(d)       The
Company may take and act in accordance with the written instructions of the Lender with respect to any matter between the parties
pursuant to this Note.

  

    	 	5	 

     

    

 

8.            General.

 

(a)       Successors
and Assigns. This Note and the obligations and rights of the Company hereunder shall be binding upon and inure to the
benefit of the Company, the Lender, and his respective heirs, successors and permitted assigns.

 

(b)       Recourse.
Recourse under this Note shall be to the general unsecured assets of the Company only and in no event to the officers, directors
or stockholders of the Company.

 

(c)       Changes.
Changes in or additions to this Note may be made, or compliance with any term, covenant, agreement, condition or provision set
forth herein may be omitted or waived (either generally or in a particular instance and either retroactively or prospectively),
only upon the written consent of the Company and the Lender.

 

(d)       Currency.
All payments shall be made in such coin or currency of the United States of America as at the time of payment shall be legal tender
therein for the payment of public and private debts.

 

(e)       Notices.
All notices, requests, consents and demands shall be made in writing and shall be mailed postage prepaid, or delivered by hand,
to the Company or to the Lender at their respective addresses set forth below or to such other address as may be furnished in
writing to the other party hereto:

 

	If
    to the Lender:	If
    to the Company:
	Jeffrey
    A. Grossman	Omagine,
    Inc.
	35
    Rochelle Drive	136
    Madison Avenue
	New
    City, NY 10956-5852	5th
    Floor
		New
    York, NY 10016
	 	Attention:
    President

 

(f)       Saturdays,
Sundays, Holidays. If any date that may at any time be specified in this Note as a date for the making of any
payment of principal under this Note shall fall on Saturday, Sunday or on a day which in the City of New York, New York shall
be a legal holiday, then the date for the making of that payment shall be the next subsequent day which is not a Saturday,
Sunday or legal holiday.

  

    	 	6	 

     

    

 

(g)       No
Rights as Stockholder. Until the conversion of this Note, the Lender shall not have or exercise any rights by virtue
hereof as a stockholder of the Company.

 

(h)       Governing
Law. This Note shall be construed and enforced in accordance with, and the rights of the parties shall be governed by,
the laws of the State of New York.

 

(i)       Headings.
The headings in this Note are for purposes of reference only and shall not limit or otherwise affect the meaning of any provision
hereof.

 

(j)       Corporate
Approvals. Upon receipt of a Conversion Notice pursuant to Section 2 of this Note, the Company covenants and agrees to
take such actions as shall be necessary to properly issue such number of shares of Common Stock as shall be necessary to give
full effect to the conversion privileges of the Lender.

 

IN
WITNESS WHEREOF, the Company has caused this Note to be executed and delivered in its name as of July 3, 2017.

 

	Omagine, Inc.	 
	 	 	 	 
	 	By:	/s/  Charles P. Kuczynski	 
	 	 	Charles
    P. Kuczynski	 
	 	 	Vice
    President, Secretary	 

 

 

7Exhibit 10.52

 

AMENDMENT
#2 TO CONVERTIBLE PROMISSORY NOTE

 

This
Amendment #2 to Convertible Promissory Note (this “Amendment”) is entered into as of July 12, 2017, by and
between St. George Investments LLC, a Utah limited liability company (“Lender”),
and Omagine, Inc., a Delaware corporation (“Borrower”). Capitalized
terms used in this Amendment without definition shall have the meanings given to them in the Note (as defined below).

 

A.           Borrower previously issued to Lender a Convertible Promissory Note dated November 14, 2016 in the principal amount of $185,000.00
(the “Note”).

 

B.           Lender and Borrower previously amended the Note pursuant to that certain Amendment to Convertible Promissory Note dated May 10,
2017 (the “Prior Amendment”).

 

C.           Borrower has requested that Lender once again extend the Maturity Date of the Note (the “Extension”).

 

D.          Lender has agreed, subject to the terms, amendments, conditions and understandings expressed in this Amendment, to grant the Extension.

 

NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree
as follows:

 

1.           Recitals.
Each of the parties hereto acknowledges and agrees that the recitals set forth above in this Amendment are true and accurate and
are hereby incorporated into and made a part of this Amendment.

 

2.           Extension.
The first sentence of the Note is deleted in its entirety and replaced with the following:

 

“FOR
VALUE RECEIVED, Omagine, Inc., a Delaware corporation (“Borrower”),
promises to pay to St. George Investments LLC, a Utah limited liability company,
or its successors or assigns (“Lender”), $185,000.00 and, if applicable, any interest, fees, charges, and late
fees on or before August 17, 2017 (the “Maturity Date”).”

 

3.           Extension
Fee. In consideration of Lender’s grant of the Extension, its fees incurred in preparing this Amendment and other accommodations
set forth herein, Borrower agrees to pay to Lender on or before July 17, 2017 an extension fee in the amount of $8,000.00 (the
“Extension Fee”). The Extension Fee shall be payable to Lender via wire transfer of immediately available funds
on or before July 17, 2017.

 

4.           Affirmation
of Note Balance. The Note shall be and remain in full force and effect in accordance with its terms and is hereby ratified
and confirmed in all respects. Borrower and Lender agree that the outstanding balance of the Note as of the date hereof is $185,000.00.

 

     

     

    

 

5.           Conditionality
of Extension. The Extension is conditioned upon and subject to Borrower’s payment to Lender of the Extension Fee and
the Extension shall not be effective unless and until Lender has received the Extension Fee.

 

6.           Representations
and Warranties. In order to induce Lender to enter into this Amendment, Borrower, for itself, and for its affiliates, successors
and assigns, hereby acknowledges, represents, warrants and agrees as follows:

 

(a)          Borrower
has full power and authority to enter into this Amendment and to incur and perform all obligations and covenants contained herein,
all of which have been duly authorized by all proper and necessary action. No consent, approval, filing or registration with or
notice to any governmental authority is required as a condition to the validity of this Amendment or the performance of any of
the obligations of Borrower hereunder.

 

(b)          There
is no fact known to Borrower or which should be known to Borrower which Borrower has not disclosed to Lender on or prior to the
date of this Amendment which would or could materially and adversely affect the understanding of Lender expressed in this Amendment
or any representation, warranty, or recital contained in this Amendment.

 

(c)          Except
as expressly set forth in this Amendment, Borrower acknowledges and agrees that neither the execution and delivery of this Amendment
nor any of the terms, provisions, covenants, or agreements contained in this Amendment shall in any manner release, impair, lessen,
modify, waive, or otherwise affect the liability and obligations of Borrower under the terms of the Transaction Documents.

 

(d)          Borrower
has no defenses, affirmative or otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of
action of any kind or nature whatsoever against Lender, directly or indirectly, arising out of, based upon, or in any manner connected
with, the transactions contemplated hereby, whether known or unknown, which occurred, existed, was taken, permitted, or begun
prior to the execution of this Amendment and occurred, existed, was taken, permitted or begun in accordance with, pursuant to,
or by virtue of any of the terms or conditions of the Transaction Documents. To the extent any such defenses, affirmative or otherwise,
rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of action exist or existed, such defenses, rights,
claims, counterclaims, actions and causes of action are hereby waived, discharged and released. Borrower hereby acknowledges and
agrees that the execution of this Amendment by Lender shall not constitute an acknowledgment of or admission by Lender of the
existence of any claims or of liability for any matter or precedent upon which any claim or liability may be asserted.

 

(e)          Borrower
represents and warrants that as of the date hereof no Events of Default or other material breaches exist under the Transaction
Documents or have occurred prior to the date hereof.

 

7.           Certain
Acknowledgments. Each of the parties acknowledges and agrees that no property or cash consideration of any kind whatsoever
has been or shall be given by Lender to Borrower in connection with the Extension or any other amendment to the Note granted herein.

 

    	 	2	 

     

    

 

8.           Other
Terms Unchanged. The Note, as amended by the Prior Amendment and this Amendment, remains and continues in full force and effect,
constitutes legal, valid, and binding obligations of each of the parties, and is in all respects agreed to, ratified, and confirmed.
Any reference to the Note after the date of this Amendment is deemed to be a reference to the Note as amended by the Prior Amendment
and this Amendment. If there is a conflict between the terms of this Amendment and the Note, the terms of this Amendment shall
control. If there is a conflict between the terms of the Prior Amendment and this Amendment, the terms of this Amendment shall
control. No forbearance or waiver may be implied by this Amendment. Except as expressly set forth herein, the execution, delivery,
and performance of this Amendment shall not operate as a waiver of, or as an amendment to, any right, power, or remedy of Lender
under the Note, as in effect prior to the date hereof. For the avoidance of doubt, this Amendment shall be subject to the governing
law, venue, and Arbitration Provisions, as set forth in the Note.

 

9.           No
Reliance. Borrower acknowledges and agrees that neither Lender nor any of its officers, directors, members, managers, equity
holders, representatives or agents has made any representations or warranties to Borrower or any of its agents, representatives,
officers, directors, or employees except as expressly set forth in this Amendment, the Prior Amendment, and the Transaction Documents
and, in making its decision to enter into the transactions contemplated by this Amendment, the Prior Amendment, and the Transaction
Documents, Borrower is not relying on any representation, warranty, covenant or promise of Lender or its officers, directors,
members, managers, equity holders, agents or representatives other than as set forth in this Amendment, the Prior Amendment, and
the Transaction Documents.

 

10.         Counterparts.
This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together
shall constitute one instrument. The parties hereto confirm that any electronic copy of another party’s executed counterpart
of this Amendment (or such party’s signature page thereof) will be deemed to be an executed original thereof.

 

11.         Further
Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Amendment and the consummation of the transactions contemplated
hereby.

 

[Remainder
of page intentionally left blank]

 

    	 	3	 

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the date set forth above.

 

	 	BORROWER:
	 	 
	 	OMAGINE,
    INC.
	 	 
	 	By:	/s/
    Charles P. Kuczynski
	 	Name:	Charles
    P. Kuczynski
	 	Title:	Vice
    President, Secretary
	 	 
	 	LENDER:

	 	 
	 	St.
                                         George Investments LLC

	 	 
	 	By:	Fife
    Trading, Inc., its Manager
	 	 
	 	By:	/s/
    John M. Fife
	 	 	John
                                         M. Fife, President

 

[Signature
page to Amendment to Promissory Note]

 

 

4

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