Document:

Deed of Trust

 Exhibit 10.2 
 (MISSISSIPPI) 
 DEED OF TRUST 
 DATED AS 0F March 6, 2007 
 MADE BY 
 OMEGA PROTEIN, INC. 
 TO

 MATSON C. TERRY, II, OF 
 NORTHUMBERLAND COUNTY, VIRGINIA 
 AND 
 B.H.B. HUBBARD, III, OF 
 LANCASTER COUNTY, VIRGINIA, TRUSTEES 
 FOR THE BENEFIT OF 
 THE UNITED
STATES OF AMERICA 
  

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 DEED OF TRUST AND SECURITY AGREEMENT 
 STATE OF MISSISSIPPI 
 COUNTY OF JACKSON 
 1. PARTIES: WHEREAS, OMEGA PROTEIN, INC., a Virginia corporation, hereinafter “Grantor”, whether one or more, is indebted to the UNITED STATES OF AMERICA acting by and through the Secretary of Commerce,
Office of the Financial Services Division, National Marine Fisheries Service, National Oceanic and Atmospheric Administration, hereinafter “Beneficiary”, in the aggregate amount of Six Million Three Hundred Forty-Nine Thousand Dollars and
No/100 ($6,349,000.00), together with interest thereon, as evidenced by a certain promissory note, payable to the order of the United States of America, acting by and through the Secretary of Commerce, Office of the Financial Services Division,
National Marine Fisheries Service, National Oceanic and Atmospheric Administration, which bears interest and is payable according to the terms of said note and which has a final maturity date of March 6, 2022. 
 2. THE PROMISSORY NOTE TO THE UNITED STATES OF AMERICA: NOW, THEREFORE, in consideration of the premises and in order to secure the prompt and full
payment of said indebtedness, and any future advance(s), additional advance(s), and/or readvance(s), and/or any renewal(s), extension(s), restructuring(s), reamortization(s), any other sums provided for in any loan document, and/or any other loan
treatment(s) thereof, or any part thereof, and the interest thereon and any and all other indebtedness(es) (including future advance(s) now or hereafter owed by any of the undersigned to the Beneficiary), whether such indebtedness(es) is primary or
secondary, direct or indirect, contingent or absolute, matured or unmatured, joint or several, and otherwise secured or not, and the faithful performance of and compliance with all the terms, agreements, provisions, obligations, covenants,
conditions, warrants, representations, and stipulations herein made, or made in any Loan Agreement or in any other document related to the promissory note described as follows: 
 The Promissory Note to the United States of America executed by Grantor in the principal amount of
Six Million Three Hundred Forty-Nine Thousand Dollars and No/100 ($6,349,000.00), with interest on the unpaid principal computed from the 6th day of March, 2007, at the rate of Six and six hundred fifteen one-thousandths per cent (6.615%) per year, payment to be made in installments of One Hundred Sixty-Seven Thousand Six Hundred Sixty-Three Dollars and
No/100 ($167,663.00), including principal and interest quarterly, with the balance of principal and interest due Fifteen (15) years from the date of said Note. The first quarterly payment shall be due on the 6th day of June, 2007, and each quarterly payment thereafter shall be due on the day of the month that the first quarterly payment is due thereunder.

  

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 3. THE PROPERTY: OMEGA PROTEIN, INC., hereinafter Grantor, whether one or more, in consideration of the
premises and other good and valuable consideration paid to Grantor by Matson C. Terry, II, Esq., and B.H.B. Hubbard, III, Esq., as Trustees, either of whom may act, whose address is 293, Steamboat Road, P.O. Box 340, Irvington, Virginia 22480,
hereinafter, “Trustee”, does hereby convey and warrant unto Trustees with General Warranty the real estate, hereinafter “The Property”, situated in Jackson County, Mississippi, more particularly described on Exhibit A, attached
hereto, recorded herewith, and, by this reference , expressly made a part hereof for a further and more accurate description of the real estate hereby encumbered, together with all buildings and other improvements, hereditaments and appurtenances
thereunto belonging, or in any wise appertaining now existing or hereafter erected upon the premises and all the income and rents arising therefrom. Grantor does hereby intend to convey and does convey all of Grantor’s right, title and interest
in and to any strips and gores Grantor may now own contiguous to the above described property. 
 4. MINERALS INCLUDED: It is expressly
understood and agreed, as a part of the consideration for the loan made to the Grantor and secured by the premises hereinabove described, that this instrument covers and includes all surface, subsurface and/or mineral estate ownership now or after
acquired by the undersigned in the above-property and whether or not expressly excepted from the description to the above security premises, any provisions herein to the contrary being of no force and effect. 
 5. PLEDGE OF PERSONAL PROPERTY: AND FOR THE CONSIDERATION AFORESAID, and as further security for any and all debt(s) and obligation(s) described above,
said Grantor does hereby assign, pledge and transfer to the Beneficiary, and grant to the 

  

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Beneficiary a security interest in and to the following described property and interests, to-wit: (1) all timber of all kind, character and description
planted and/or growing, or to be planted and/or grown, on the hereinabove described property; (2) all crop allotments, quotas, and/or (3) all rents, profits, issues, income, royalties, bonuses, and revenues of said property, or any part or
interest herein, from time to time accruing whether under leases or tenancies now existing or hereafter created; (4) each and every policy of hazard insurance or the like now or hereafter in effect which insures said property or any building,
fixture and/or improvement thereon or any part thereof, together with all the right, title and interest of Grantor in and to such policy, including but not limited to any premiums paid (or rights to return premiums) and/or all proceeds or payments
thereunder; (5) all judgments, award of damages and settlements hereafter made resulting from condemnation proceedings or the taking of the real property, or any part thereof, under the power of eminent domain, or for any damage (whether caused
by such taking or otherwise) to the property, or any part thereof, or to any rights appurtenant thereto; (6) all building materials, equipment, fixtures and fittings of all kind, character, and description used in connection with or relating to
said property and/or buildings, fixtures or improvements thereon; (7) all equipment, including, but not limited to: forklifts, bobcats, cranes, pallet trucks, lift trucks and other product or material movement equipment of whatsoever nature;
all trailers, tanks, trucks, or other rolling stock of whatsoever nature; all fish unloading, transfer and conveying equipment of whatsoever nature; all fish processing equipment of whatsoever nature; all fish weighing equipment of whatsoever
nature; all cooling, refrigerating, freezing and other fish holding equipment (blast freezers, plate freezers, coolers, or other refrigeration equipment) of whatsoever nature; all fish packaging equipment of whatsoever nature; all fish baskets,
totes, tanks, tubs, and other fish holding equipment of whatsoever nature; all ice makers of whatsoever nature; all hand and power tolls of whatsoever nature; all office equipment of whatsoever nature; all fish hatching, releasing, rearing, growing,
tending, and other equipment of whatsoever nature in any way associated with fisheries cultivation of every sort-all together with all associated equipment, machinery, parts, tools, or other items of whatsoever nature and whether fixed or unfixed to
the Project Property or any other premises whatsoever; and/or (8) all tangible or intangible property found on the premises and products, proceeds, and additions and/or replacement of any or all of the property described above in items 1
through 8. 
  

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 Additionally, Grantor does hereby assign, pledge and transfer to the Beneficiary, and grant to the
Beneficiary a security interest in any transferable fishing conservation and management allocation (including, but not limited to, allocations, permits, quotas, licenses, cage tags, or any other fisheries access restriction or right, however
characterized, of whatsoever nature) affecting, necessary for, or in any other way, however characterized, associated with any of the property included in the collateral, the Grantor agrees to grant to the Beneficiary a full senior security interest
in such allocation by whatsoever means deemed by the Beneficiary to be appropriate (including, but not limited to, the Grantor’s execution of security agreements and the filing of financing statements under the UCC), presently owned or acquired
at any time in the future. Further, if the Grantor fails to do so, the Grantor agrees that the Beneficiary may use, for the purpose of executing and otherwise perfecting whatever documents may be required to effect the grant to the Beneficiary of
such a full security interest in such fisheries conservation and management allocation, the attorney-in-fact authority conferred upon the Beneficiary by Article XI of the Title XI Financial Agreement. 
 THIS CONVEYANCE IS, HOWEVER, IN TRUST, to secure and enforce the repayment of all of Grantor’s obligations under the promissory note set forth above
and to secure Grantor’s promises contained hereinafter. 
 GRANTOR FURTHER COVENANTS, WARRANTS AND AGREES: 
 6. TAXES, FEES: To pay when due all taxes, liens, judgments, assessments or fees assessed against said property and to promptly furnish Beneficiary with
tax receipts or like documents evidencing payment of or release from all taxes, liens, judgments, assessments or fees. By execution hereof, Grantor agrees to pay when due all community water system assessment and meter fees, if any, applicable to
said property, and in the event of foreclosure, hereby does transfer and assign to the purchaser all of Grantor’s interest and membership, if any, in said community water system applicable to said property, and agrees to execute such documents
as are necessary to effectuate such transfer. 
 7. INSURANCE REQUIREMENT: To insure and keep insured buildings and other improvements now on
or which may hereafter be placed on said premises, against loss or 

  

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damage by fire, water windstorm and/or all hazards included within “extended coverage”, as well as loss or damage by flood in areas designated by
the U.S. Department of Housing and Urban Development as subject to flood, any policy evidencing such insurance to be deposited with, and the loss thereunder to be payable to Beneficiary as its interest may appear, and providing for immediate
notification to Beneficiary of any lapse, cancellation or other impairment of said insurance. All policies shall be written by reliable insurance companies authorized to write policies of insurance in the State of Virginia, acceptable to
Beneficiary. At the option of Beneficiary, and subject to the general regulations of U.S. Department of Commerce, where applicable, sums received by Beneficiary from such insurance companies may be used to pay for reconstruction or repair of
destroyed or damaged buildings or improvement(s); or, if not so applied may, at the sole option of the Beneficiary, be applied in payment of any indebtedness, matured or unmatured, secured by this deed of trust and security agreement. The
Beneficiary will be listed on any insurance policy and named as First Loss Payee on all insurance covering real property, except Liability coverage, in which case the Beneficiary is named a Loss Payee as its interest may appear. The Beneficiary will
also be listed as a First Loss Payee on all insurance covering personal property, as its interest may appear. 
 8. USE OF THE PROPERTY: That
the aquaculture portion of the premises hereinbefore described, if any, shall be continuously used in a husbandlike manner for aquaculture production which incorporates good aquaculture practices that will produce the maximum yield consistent with
conservation goals; that in the event that any part of the premises is used for agriculture, it shall be conducted in a husbandlike manner, that Waste will not be committed or permitted; if timber land is involved as security, Grantor will follow
good and approved forestry practices to minimize or prevent fire danger, erosion or depreciation, protect young trees, and maintain forest production; it is agreed, however, that no timber now or hereafter affected hereby will be cut, removed,
damaged or turpentined (except such as is customarily used on the property for fuel, fencing or repairs) without the prior written consent of the Beneficiary. Grantor will promptly notify Beneficiary of any damage to timber from any source. Grantor
will, where practical, promptly notify Beneficiary of any potential damage to timber. In the event this covenant, or any part, is breached, Grantor agrees to pay all costs and expenses, including reasonable attorney’s fees, incurred by
Beneficiary in investigating such violation and in protecting and preserving this security. 
  

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 9. EVENTS OF DEFAULT-REMEDIES: This conveyance, however, is in trust to secure the payment and
performance of the obligations. But if Grantor fails to pay when due any sums secured hereby or if default is made by Grantor (or any one of them) in the payment or performance of any of the obligations under the Note, Promissory Note to the United
States, Deed of Trust and Security Agreement, Title XI Agreement, or any other document or agreement associated with this transaction, or in case Grantor should become insolvent, commit an Act of Bankruptcy, or apply to a bankruptcy court to be
adjudicated a voluntary bankrupt, or proceedings be instituted to put Grantor in involuntary bankruptcy, or should any proceedings be taken against Grantor for the appointment of a receiver, assignee or trustee, or should Grantor make an assignment
for benefit of one or more creditors, or should Beneficiary in good faith deem itself insecure and its prospect of payment impaired, or if any loan proceeds are used for a purpose that will: (1) contribute to excessive erosion of highly
erodible land or to the conversion of wetlands to produce an agricultural commodity, as further explained in 7 CFR Part 1940, Subpart G, Exhibit M, or (2) result in poor aquaculture practices, then in that event all of the obligations shall, at
the option of Beneficiary, be and become at once due and payable without notice to Grantor, and Trustee herein named or his successor or successors shall, at the request of Beneficiary, sell all or any part of the Property as set out in ¶ 30 of
this Deed of Trust and Security Agreement. In the event of any such default, Beneficiary shall also have all the remedies of a secured party under the Uniform Commercial Code of Mississippi and any other applicable law, including, but not limited to
the right to seek a judgment for any deficiency in the amount owed, following liquidation of collateral. All remedies of Beneficiary shall be cumulative. A failure on the part of Beneficiary to exercise any remedy or option contained in this Deed of
Trust and Security Agreement in the event of default shall not constitute a waiver of Beneficiary’s right to exercise said remedy or option in the event of that or any subsequent default. 
 10. COMPLIANCE WITH ALL REGULATIONS: With respect to the Property, Grantor covenants with Beneficiary, that Grantor has complied, is in compliance, and
will at all times comply in all respects with all applicable laws (whether statutory, common law or 

  

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otherwise), rules, regulations, orders, permits, licenses, ordinances, judgments, or decrees of all governmental authorities (whether federal, state, local
or otherwise), including, without limitation, all laws regarding public health or welfare, environmental protection, water and air pollution, composition of product, underground storage tanks, toxic substances, hazardous substances, hazardous
materials, hazardous wastes, other wastes or used oil, asbestos, occupational health and safety, nuisances, trespass, and negligence. 
 11.
HOLD HARMLESS AGREEMENT: Grantor agrees to indemnify and hold Beneficiary, its directors, employees, agents, and its successors and assigns, harmless from and against any and all claims, losses, damages, liabilities, fees, penalties, charges,
judgments, administrative orders, remedial action requirements, enforcement actions of any kind, and all costs and expenses incurred in connection therewith (including but not limited to, attorney’s fees and expenses, including all
attorney’s fees and expenses incurred by Beneficiary in and for this indemnity), arising directly or indirectly, in whole or in part out of any failure of Grantor to comply with the environmental representations, warranties and covenants
contained herein. 
 12. SURVIVAL OF GRANTOR’S LIABILITY: Grantor’s representations, warranties, covenants and indemnities
contained herein shall survive the occurrence of any event whatsoever, including without limitation, the satisfaction of the promissory note secured hereby, the reconveyance or foreclosure of the mortgage, the acceptance by Beneficiary of a deed in
lieu of foreclosure, or any transfer or abandonment of the property, failure to comply strictly with the representations, warranties, covenants and indemnities commenced herein shall constitute a default under this deed of trust. 
 13. VALID FIRST LIEN: That this deed of trust and security agreement is a valid first lien against all the land, interests and improvements offered
and/or appraised as security for this loan and that the property and interests described herein is now free and clear of any and all other liens and encumbrances except as otherwise set forth herein. If the validity of this deed of trust, or if
Grantor’s title to any of said land, interests or improvements is questioned in any manner, or if any part of such land, interests or improvements is not properly described herein, Beneficiary may, in its discretion, investigate and take such
action as it considers necessary or desirable for the protection of its interests and for this purpose may employ legal counsel or expert assistance and the Grantor will promptly pay all expenses so incurred by Beneficiary. 
  

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 14. GRANTOR TO PAY EXPENSES: That if Grantor defaults in any of the provisions of this Deed of Trust and
Security Agreement, particularly, but not limited to, ¶¶ 6, 7, 8 or 13, then Beneficiary may pay such taxes, liens, judgments or assessments, obtain and pay for such insurance, advance such attorney’s fees, expenses and costs, or take
any other action or incur any other expenditures that Beneficiary determines are necessary to protect Beneficiary’s interests and Grantor agrees to immediately pay Beneficiary all amounts so advanced and that all amounts so advanced shall be
secured hereby. 
 15. USE OF PROCEEDS: That all representations and statements made in the application for this loan are true and correct,
that the proceeds of this loan will be used solely for the purposes specified in said application and that Grantor will comply with all requirements and conditions imposed by Beneficiary in making this loan. 
 16. NON-ALIENATION CLAUSE: To not sell, assign or convey any part or all of the mortgaged premises (regardless of whether the buyer or assignee
“assumes” the note or takes the mortgage premises “subject to” such note, or whether by contract for deed or sale) without first obtaining the Beneficiary’s prior written consent as long as the above note, or any part, or
any other sum owed to the Beneficiary, remain unpaid. If Grantor is a corporation, not to change the substantial ownership and/or control of said corporation without first obtaining the Beneficiary’s prior written consent as long as the above
note, or any part, or any other sums owed to the Beneficiary, remain unpaid. 
 17. PROMPT PAYMENT PROVISION: That all payments of principal
and interest (or any part thereof) not made when due shall bear interest from due date to the date of payment thereof by maker or assumptor at the default rate which is equal to eighteen percent (18%) per annum. All advances made by the holder
hereof shall be secured by and under this Deed of Trust and Security Agreement and shall be payable with interest from the date each advance is made until paid by maker or assumptor at the default rate. 
 18. RELEASE PROVISION: That Beneficiary may at any time, without notice, release any of the property described herein, grant extensions or deferments of
time of payment of the indebtedness secured hereby, or any part thereof, grant subordinations of lien(s) or release from liability any parties who are or may become liable for the payment of said indebtedness, without affecting the priority of this
lien or the personal liability of the Grantor or any other party 

  

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liable or who may become liable for the indebtedness secured by this instrument. If all or any part of the property hereinabove described becomes vested in
any party other than Grantor, Beneficiary may, without notice to Grantor, deal with such successor in interest with reference to this instrument and the debt(s) and obligation(s) hereby secured in the same manner as with the Grantor, without in any
way releasing, vitiating or discharging the Grantor’s liability hereunder or for the debt(s) and obligation(s) hereby secured and extension(s) of time for payment or other loan treatment(s) described herein given or permitted by Beneficiary
shall not operate to release, vitiate, or discharge the liability of the Grantor herein, either in whole or in part. 
 19. BENEFICIARY
NON-WAIVER: That the failure of Beneficiary to exercise any option or make any decision or election under any term or covenant herein expressed shall not be deemed a waiver of the right to exercise such option or to make such decision or election at
any time. 
 20. SUCCESSORS & ASSIGNS BOUND: That each covenant and agreement herein contained shall inure to the benefit of and
bind the successors and assigns of Beneficiary and Grantor. 
 21. SUBSTITUTE TRUSTEE: Beneficiary may, without notice to any party to this
Deed of Trust and Security Agreement, or to the successors or assigns, and without regard to the willingness or inability of Trustee to act, or to execute this trust, appoint another person or succession of persons to act as Trustee herein, and such
appointee or substitute shall have all the title, authority and powers in the execution of this trust as are vested in Trustee. If Beneficiary be a corporation such appointment may be made by any one of its officers or agents. No single exercise of
this power of appointment, the power of sale, or any other power or right given in this Deed of Trust and Security Agreement shall exhaust the right to exercise such power but all rights and powers herein given may be exercised as often as may be
necessary for the collection of all amounts secured by this Deed of Trust and Security Agreement until said amounts are fully paid and discharged. At any sale hereunder, Trustee may from time to time, adjourn said sale to a later date without
re-advertising the sale by giving notice of the time and place of such continued sale at the time Trustee shall make such adjournment. And at any sale made to enforce the trust herein given, Beneficiary or any person in interest may become a
purchaser and upon payment of the purchase price, Trustee shall provide a deed of conveyance by Special Warranty, which conveyance shall vest full and perfect title in such purchaser upon payment of the purchase price. 
  

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 22. LIFE INSURANCE: That in the event Grantor purchases life insurance (group, credit or other) in
connection with this loan but subsequently fails to pay the premium to keep same in force, the Beneficiary, at its option, may pay such premium on Grantor’s behalf, charge such payment to the loan, and such advance of premiums shall be secured
by this mortgage and bear interest the same as other advances provided for in this Deed of Trust and Security Agreement. Any policy evidencing such insurance to be deposited with and any loss thereunder to be payable to Beneficiary as its interest
may appear. 
 23. FINANCIAL STATEMENT: To furnish to the Beneficiary annually a financial statement and income statement attested to by
Grantor or verified by a public accountant. 
 24. DEATH OF SIGNATORY: All parties to this deed of trust or to the note hereby secured
covenant and agree that upon the death of any signatory, maker, or comaker of such note the owner and holder of said note may, at holder’s option, mature or accelerate the entire balance owing on said note whereupon all amounts owing by virtue
thereof shall be immediately due and payable. 
 25. INSPECTION: The Grantor hereby grants and will cause any tenants to grant to
Beneficiary, its agents, attorneys, employees, consultants, contractors, successors and assigns, an irrevocable license and authorization upon reasonable notice to enter upon and inspect the Property and facilities thereon and perform such tests,
including without limitation, subsurface testing soils and groundwater testing and other tests which may physically invade the Property thereon, as the Beneficiary, in its sole discretion, determines is necessary to protect its security interest,
provided however, that under no circumstances shall the Beneficiary be obligated to perform such inspections or tests. Any such inspections or tests shall be at the sole cost of the Grantor. 
 26. NONTRANSFERABILITY: Except as provided by regulations of the Beneficiary neither the property or any portion thereof or interest therein shall be
leased, assigned, sold, transferred, or encumbered, voluntarily or otherwise, without the prior written consent of the Beneficiary. The Beneficiary shall have the sole and exclusive rights as Beneficiary hereunder, including but not limited to the
power to grant consents, partial releases, subordinations and satisfaction, and no insured holder shall have any right, title and interest in or to the lien or any benefits hereof. 
  

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 27. ACCELERATION OPTION: If all or any part of the Property or an interest therein is sold, transferred,
encumbered or otherwise disposed of by Grantor without Beneficiary’s prior written consent, Beneficiary may, at Beneficiary’s option, declare all of the obligations to be immediately due and payable. Beneficiary shall have waived such
option to accelerate if, prior to the sale or transfer, Beneficiary and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Beneficiary and that the interest
payable on the sums secured by the Deed of Trust and Security Agreement shall be at such rate as Beneficiary shall request and the party assuming the obligations meets the criteria set out in Title XI for all borrowers. Regardless of any assumption
or transfer of the Property and/or the obligations arising under the Deed of Trust and Security Agreement, Grantor will not be released from any obligation to Beneficiary until the entire debt and all sums associated therewith are paid in full. If
Beneficiary exercises such option to accelerate, Beneficiary shall mail Grantor notice of acceleration. Such notice shall provide a period of not less than 30 days from the date of notice is mailed within which Grantor may pay the sums ordered due.
If Grantor fails to pay such sums prior to the expiration of such period, Beneficiary may, without further notice or demand on Grantor, invoke any remedies permitted by this Deed of Trust and Security Agreement, or any other security document
associated with this transaction. 
 28. PAYMENT OF ADVANCES: Now, if Grantor shall pay said indebtedness and any future advances, additional
advances, readvances or any other indebtedness in addition to the original indebtedness set forth herein, and secured hereby, and keep and perform all of the covenants and agreements of this deed of trust, it shall become null and void. 

29. FORECLOSURE AND SALE OF THE PROPERTY: Trustee shall, at the request of Secured Party, sell on any secular day chosen by the Trustee, the Property
conveyed, or a sufficiency thereof, to satisfy the Indebtedness at public outcry to the highest bidder for cash. Sale of the property shall be advertised for three consecutive weeks preceding the sale in a newspaper published in the county where the
Property is situated, or if none is so published, then in some newspaper having general circulation therein, and by posting a notice for the same time at the 

  

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courthouse of the same county. The notice and advertisement shall disclose the name of the original Debtors in this Deed of Trust. Debtors waive the
provisions of Section 89-1-55 of the Mississippi Code of 1972 as amended, if any, as far as this section restricts the right of Trustee to offer at sale more than 160 acres at a time, and Trustee may offer the Property herein conveyed as a
whole, regardless of how it is described. If the Property is situated in two or more counties, or in two judicial districts of the same county, Trustee shall have full power to select in which county, or judicial district, the sale of the Property
is to be made, newspaper advertisement published and notice of sale posted, and Trustee’s selection shall be binding upon Debtor and Secured Party. 
 Grantor acknowledges that Beneficiary will have the right to seek a deficiency judgment in the event of default, sale of the property and Beneficiary not being made whole from the proceeds of such sale. 
 30. SURRENDER OF POSSESSION: It is further stipulated and agreed that in case of any sale hereunder Grantor shall immediately surrender possession to the
purchaser. If Grantor fails to do so, Grantor shall become a tenant at sufferance of the purchaser, subject to an action for unlawful entry and detainer. 
 31. BENEFICIARY’S RIGHT TO BID: It is expressly agreed between the parties hereto, that in the event of foreclosure and sale, that the Beneficiary hereunder, or its successors and assigns, may bid at any such
sale or sales and may purchase the property secured hereunder if the high bidder therefor, as if Beneficiary were a stranger to this conveyance. 
 32. MAILING ADDRESS: For purposes of giving any notice that may be required by the terms of this deed of trust, Grantor hereby stipulates and agrees that its mailing address is Omega Protein, Inc., 2101 City West Blvd., Bldg 3, Suite 500,
Houston, Texas 77042, and Beneficiary may rely upon this stipulation until such time as Beneficiary has been advised in writing by Grantor of a change of address. 
 33. SEVERABILITY: The unenforceability or invalidity of any provision(s) of this Deed of Trust and Security Agreement shall not render any other provision(s) herein unenforceable or invalid. This Deed of Trust and
Security Agreement may be amended only by an instrument in writing, signed by Grantor and Beneficiary, and may not be amended orally or by any course of conduct or otherwise than by written instrument. 
  

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 All riders, appendages, exhibits, erasures, corrections and interlineations, if any, have been made and
approved before signing hereof. 
 IN WITNESS WHEREOF, the Grantor has caused its name to be signed hereto and its corporate seal affixed and
attested pursuant to corporate resolutions, which resolutions have not been rescinded, revoked or modified. 
  

			
	 Omega Protein, Inc.

		
	 By:
	 	 /s/ Robert W. Stockton

	 Its:
	 	 Vice President

 STATE OF TEXAS, 
 CITY/COUNTY OF HARRIS, 
 Personally appeared before me, the undersigned authority in and for said County and Vice President of
Omega Protein, Inc., a Virginia corporation, and that for and on behalf of the said corporation, and as its act and deed he/she executed the above and foregoing Deed of Trust and Security Agreement, after first having been duly authorized by said
corporation so to do. 
 WITNESS my hand and official seal this 7th day of March, 2007. 
  

	
	 /s/

	 Notary Public

 My commission expires:
                                        
                     
  

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 Legal Description: 
 Commencing at the Southwest corner of Section 17, Township 7 South, Range 5 West, Jackson County, Mississippi run North 89°49’00” East for a distance of 11.35 feet to the POINT OF
BEGINNING. Thence continue North 89°49’00” West for a distance of 1303.45 feet to a point which lies on the West margin of Mildred Rally property; thence run North 00°08’17” West along said West margin of Reilly
property for a distance of 1330.11 feet to a point which lies on the South margin of the Arthur Smith Estate property; thence run South 89°43’14” West along said South margin of Smith property for a distance of 1300.25 feet to a point
which lies on the East margin of Morton International property; thence run South along said East margin of Morton International property; thence run South along said East margin of Morton International property for a distance of 1327.88 feet back to
the POINT OF BEGINNING containing 39.72 acre of land more or less. 
 Exhibit “A” 
  

 Page 15 of 15Mortgage and Assignment of Leases

 Exhibit 10.3 
 MORTGAGE AND ASSIGNMENT OF LEASES 
 BE IT KNOWN, that on the 7th day of March, 2007,

 BEFORE ME, the undersigned Notary Public, duly commissioned and qualified in and for the County/Parish of
                        , State of Louisiana, and in the presence of the undersigned competent witnesses: 
 PERSONALLY CAME AND APPEARED: 
 Omega
Protein, Inc. f/k/a Zapata Protein (USA), Inc., a Virginia Corporation (hereinafter sometimes referred to as “Mortgagor”) appearing herein by and through its authorized officer, duly authorized to act herein by resolutions by its Board of
Directors, a certified copy of which is attached hereto and made a part hereof, marked as Exhibit “A”, 
 who declared unto me, Notary, that
Mortgagor is justly and truly indebted unto the United States of America, acting by and through the Secretary of Commerce, National Oceanic and Atmospheric Administration, National Marine Fisheries Service, Financial Services Division
(“Mortgagee”) in the principal sum of SIX MILLION THREE HUNDRED FORTY NINE THOUSAND AND 00/100 ($6,349,000.00) DOLLARS. To evidence such indebtedness, Mortgagor has executed, under the date of these presents, one certain promissory note
(the “Note”) for the said sum of SIX MILLION THREE HUNDRED FORTY NINE THOUSAND AND 00/100 ($6,349,000.00) DOLLARS made payable to Mortgagee, due on March 6, 2022, and bearing interest at the rate of six and 615/100
(6.615%) percent per annum from the date thereof until paid (the “Note”). 
 Now, in order to secure i) the payment of the
indebtedness evidenced by the Note, together with all interest, attorneys’ fees and costs, and ii) the full and punctual payment and performance of any and all amounts, liabilities and obligations owing from time to time by the Mortgagor to the
Mortgagee, or any successor or transferee thereof, whether such amounts, liabilities or obligations be liquidated or unliquidated, now existing or hereafter arising (the “Indebtedness”) the Mortgagor does, by these presents, specifically
mortgage, affect and hypothecate unto and in favor of the Mortgagee and any future holder of the Note, the following property (the “Mortgaged Properties”): 
 1. 
 The property described in Exhibit “B” attached hereto (the “Land”). 
 II. 
 All of the buildings, structures,
improvements and other constructions, of every kind and nature now or hereafter situated upon, affixed to or attached to the Land, together with all component parts thereof. 

 SUBJECT, however, to the condition that the Mortgagee shall not be liable in any respect for the
performance of any covenant or obligation of the Mortgagor in respect of the Mortgaged Properties. 
 Should a limited fisheries access
system be initiated at some future date under which Mortgagor is granted a transferable fishery conservation and a management allocation (including, but not limited, to, allocations, permits, quotas, licenses, cage tags, or any other fisheries
access restriction or right [however characterized] of whatsoever nature) affecting, necessary for, or in any other way (however characterized) associated with any of the Mortgaged Properties included in or subject to this Mortgage, Mortgagor agrees
that it shall grant to Secured Party (Secretary of Commerce) a full senior security interest in such allocation by whatsoever means deemed by the Secured Party (in its sole discretion) to be appropriate (including, but not limited to, the
Mortgagor’s execution of security agreements and the filing of financing statements under the U.C.C.) Further, if the Mortgagor fails to do so, the Mortgagor agrees that the Secured Party may (in its sole discretion) use, for the purpose of
executing, delivering, and otherwise perfecting whatever documents may be required to perfect the grant to Secured Party of such a full security interest in such fisheries conservation and management allocation, the attorney-in-fact authority
conferred upon the Secured Party by the Security Agreement. 
 As additional security for the payment of the Indebtedness up to the aggregate
amount of SIX MILLION THREE HUNDRED FORTY NINE THOUSAND AND 00/100 ($6,349,000.00) DOLLARS ($6,349,000.00) DOLLARS at any one time outstanding, Mortgagor hereby (a) pledges and assigns unto Mortgagee all of the Mortgagor’s right, title and
interest in and to all leases (“Leases”) presently or hereafter granted and bearing against the Mortgaged Property, or any part thereof, and (b) pledges, pawns and assigns unto Mortgagee all of the rentals, income, profits or other
sums (“Rents”) due or becoming due under the leases; provided, however, Mortgagor is hereby granted a license to exercise all of the Mortgagor’s rights under the Leases and to collect the Rentals so long as no Event or Default
hereunder shall have occurred or be continuing. If at any time an Event of Default hereunder shall occur or continue, Mortgagee may, at Mortgagee’s option, give written notice to all lessees under the leases of such default by Mortgagor,
thereby terminating the license hereby granted to Mortgagor, and Mortgagee may enter upon and take possession of the leased premises, and perform all acts necessary for the operation and the maintenance of the said premises in the same manner and to
the same extent that the Mortgagor might reasonably so act, such entry or taking possession to be made by actual entry or possession or by written notice served personally upon or sent by certified mail to Mortgagor, and no further authorization
shall be required. In furtherance thereof and not by way of limitation, Mortgagee is specifically empowered to demand, sue for, collect or receive all of the Rents which shall be paid by the lessees under the Leases; and to exercise all of the
rights and privileges of Mortgagor under the Leases, including, but not limited to, the right to fix or modify the amount of Rents. Mortgagor irrevocably consents that all lessees under the Leases, upon demand and notice from Mortgagee and
Mortgagor’s default hereunder, shall be authorized to pay the Rents under the Leases directly to Mortgagee without liability of said lessees for the determination of the actual existence of any default by Mortgagor claimed by mortgagee, said
lessees being hereby expressly relieved of any and all duty, liability, and obligation to Mortgagor in connection with any and all Rents so paid. Mortgagee shall apply the net amount of the Rents collected after payment of all proper costs and
charges, as a credit against the indebtedness 

  

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secured hereby. Mortgagor agrees to indemnify and hold Mortgagee harmless from any and all liability, loss or damage which Mortgagee may incur under the
leases by reason of this pledge and assignment, and nothing herein contained shall be construed to bind Mortgagee to the performance of any of the terms and provisions contained in the Leases, or otherwise to impose any obligation on Mortgagee. The
pledge and assignment granted herein is made pursuant to the provisions of La.R.S. 9:4401. 
 It shall be an Event of Default hereunder if
Mortgagor fails or refuses to pay any amounts due and owing under the Note or if any Event of Default (as defined in any Loan Documents or other documents related to the Indebtedness) occurs. 
 And Mortgagor acknowledges the obligations secured hereby, whether now existing or to arise hereafter, and confesses judgment thereon, if said
obligations are not paid at maturity, in favor of Mortgagee and does by these presents consent, agree and stipulate that in the event the Note or any interest thereon not being punctually paid the Note, at the option of Mortgagee, shall ipso facto
mature and become due and payable, anything therein contained to the contrary notwithstanding, and it shall be lawful for, and the Mortgagor does hereby authorize, Mortgagee without making a demand or putting Mortgagor in default, a putting in
default being expressly waived, to cause all and singular the Mortgaged Properties to be seized and sold after due process of law, Mortgagor waiving the benefit of any and all laws or parts of laws relative to the appraisement of the property seized
and sold under executory process or other legal process, and consenting that the Mortgaged Properties be sold without appraisement, either in its entirety or in lots or parcels, as Mortgagee may determine, to the highest bidder for cash or on such
terms as the plaintiff in such proceedings may direct with Mortgagor being responsible for all deficiencies and confesses judgment herein. 
 Mortgagor expressly authorizes and agrees that Mortgagee shall have the right to appoint a keeper of the Mortgaged Property pursuant to the terms and provisions of La.R.S. 9:5136. 
 Mortgagor hereby waives (a) the benefit of appraisement provided for in Articles 2332, 2336, 2723 and 2724 of the Louisiana Code of Civil Procedure
and all other laws concerning the same; (b) the demand and three (3) days notice of demand as provided in Articles 2639 and 2721 of the Louisiana Code of Civil Procedures; (c) the notice of seizure provided for in Articles 2293 and
2721 of the Louisiana Code of Civil Procedure; and (d) the three (3) days delay provided for in Articles 2331 and 2722 of the Louisiana Code of Civil Procedure; Mortgagor expressly agrees to the immediate seizure of the Mortgaged Property
in the event the suit hereon; and Mortgage shall be entitled to all of the rights and remedies provided for in R.S. 9:5352 et seq.; Mortgagor expressly agrees to and confesses judgment to any deficiency and expressly waives the requirements,
benefits and delays contained in Articles 2771 and 2772 of the Louisiana Code of Civil Procedure and all other laws concerning same. 
 The
parties hereto waive the production of Mortgage, Conveyance, and Tax Certificates and relieve and release me, Notary, from all responsibility and liability in connection therewith. 
  

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 THUS DONE AND PASSED in multiple originals on the day, month and year first above written, in the
presence of the undersigned competent witnesses, who hereunto sign their names with the said Appearers, and me, Notary, after reading of the whole. 
  

							
	 WITNESSES:
	 		 	OMEGA PROTEIN, INC.
				
	 /s/ John D. Held
	 		 	BY:	  	 /s/ Robert W. Stockton

	 Printed Name:
	 		 	 Name:
 TITLE:
	  	 Robert W. Stockton
 Vice
President

				
	 /s/ Kelley O’Brien
	 		 		  	
	 Printed Name:
	 		 		  	

  

 EXHIBIT “B” 
 Mortgage and Assignment of Leases 
 16.453 Acre Tract 
 That certain tract
or parcel of ground lying and being situated in the 7th Ward of Vermillion Parish, Louisiana, in Section 86, Township 14 South, Range 3 East, and described as beginning at a point where the north line of the property of Andre Cessac and Lillie
Mae Richard meets the west edge of Vermillion River; thence running north 70o30’W, a distance of 996.2 feet, thence running south 19o30’W, a distance of 821.6 feet; thence running south 70o27’E a distance of 750 feet to
the Vermillion River; thence running in a general northerly direction along the meander line of said Vermillion River to the point of beginning, said property being more fully shown on the plat of D.P. O’Brien, Registered Surveyor, said plat
attached to the Cash Deed recorded in COB 550, Page 80, Instrument No. 174482, Vermillion Parish, Louisiana, said property being shown on said plat as “Proposed Plant Site,” acquired by Seacoast Products, Inc. (now Omega Protein,
Inc.), pursuant to Cash Deed, dated December 14, 1964, from Andre Cessac and Lillie Mae Richard, recorded COB 550, Page 80, Instrument No. 174482, Vermillion Parish, Louisiana. 
 2.711 Acre Tract 
 A portion of the
island situated in the Vermillion River in the central portion of Section 86, Township 14 South, Range 3 East, at an approximate point where the southwest corner of Section 79 and the northwest corner of Section 85 touch the east line
of Section 86, all in Township 14 South, Range 3 East, which said property is shown on a plat of Noy O. Lewis, Registered Surveyor, dated May 7, 1966, and designated as Seacoast Product Company 2.711 acres, which plat is attached to the
Cash Deed recorded at COB 589, Page 168, Instrument No. 182096, Vermillion Parish, Louisiana, acquired by Seacoast Products, Inc. pursuant to Cash Deed dated May 16, 1966, from Andre Cessac and Lillie Mae Richard, recorded COB 589, Page
168, Instrument No. 182096, Vermillion Parish, Louisiana. 
  

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 13.449 Acre Tract 
 That certain tract or parcel of ground lying and being situated in irregular Section 86, Township 14 South, Range 3 East, 7th Ward of Vermillion Parish, Louisiana, designated as Tract 1 of the plat of survey
prepared by Joseph E. Schexnaider, Registered Surveyor, dated August 20, 1996, which is attached to the Credit Deed recorded at Conveyance Instrument No. 9614608, Vermillion Parish, Louisiana, which property is bounded, now or formerly, on
the north by Andrew Road, on the east by Ivy Richard Tract 2, 9.279 acres, on the south by Winnie Kibbe or assigns, and on the west by Ivy Richard, acquired by Zapata Protein USA, Inc., pursuant to Credit Deed, dated December 9, 1996, from Ivy
J. Richard, Dola Domingues Richard and Lillie Mae Richard, recorded Conveyance Instrument No. 9614608, Vermillion Parish, Louisiana. 
 9.279 Acre Tract 
 The Leasehold interest established pursuant to that certain Lease Agreement and Option to Purchase, dated
July 27, 2006, by Ivy Richard and Dola Richard, as Lessors, to Omega Protein, Inc., as Lessee, recorded at Conveyance Instrument No. 20610797, Vermillion Parish, Louisiana (the “9.279 Acre Lease”), affecting the following
described property: 
 That certain tract or parcel of land situated in irregular Section 86, Township 14 South, Range 3 East, 7th Ward
of Vermillion Parish, State of Louisiana, being more particularly described as follows: 
 Commencing at a point formed by the intersection of
the center line of Louisiana State Highway 333 and the northern right of way line of Andrew Road; thence proceeding south 70o36’54”E along the northern right of way line of Andrew Road, a distance of 2101.10 feet to a point; thence
proceeding south 70o19’10”E along the northern right of way line of Andrew Road, a distance of 1455.79 feet to a point; thence proceeding south 19o30’00”W a distance of 62.64 feet to a point on the southern right of way
line of Andrew Road, being the point of the beginning; thence continuing south 19o30’00”W a distance of 759.36 feet to a point; thence proceeding north 54o49’00”W a distance of 60.81 feet to a point; thence proceeding
north 52o28’45”W a distance of 129 feet to a point; thence proceeding north 43o37’12”W a distance of 540.10 feet to a point; thence proceeding north 23o59’28”E a distance of 460.09 feet to a point on the
southern right of way line of Andrew Road; thence proceeding north 70o30’46”E along the southern right of way line of Andrew Road, a distance of 626.94 feet to the point of beginning; being bounded on the north by Andrew Road, and on
the south, east and west by Omega Protein Corporation, all as per plat by Joseph E. Schexnaider, Registered Professional Land Surveyor, dated August 20, 1996. 
  

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 6.83 Acre Tract 
 The Leasehold established pursuant to that certain Commercial Lease by Purvis Theall and Ethlyn Cessac to Seacoast Products, Inc., dated November 10, 1970, recorded in Conveyance Book 694, Page 392, Instrument
No. 203106, as amended by Amendment to Commercial Lease, dated August 3, 1972, recorded COB 735, Page 198, Vermillion Parish, Louisiana (the “6.83 Acre Lease”), affecting the following described property: 
 A tract of land situated in Section 86, Township 14 South, Range 3 East, in the 7th Ward of Vermillion Parish, Louisiana, and described as beginning
at the northeast corner of the property purchased by Seacoast Products, Inc. from Andre Cessac, by Deed recorded in Volume 550, at Page 80, under Entry No. 174482 of the Conveyance records of Vermillion Parish, Louisiana; thence running north
13o59’E along the west side of the Vermillion River, a distance of 237.1 feet; thence running north 6o53’W along the west side of the Vermillion River, a distance of 145.7 feet; thence running north 70o6’W a distance of
826.0 feet; thence running south 3o20’W a distance of 369.7 feet to the north side of the property of Seacoast Products, Inc.; thence running south 70o6’E a distance of 488.9 feet along the north side of the property of Seacoast
Products, Inc.; thence running south 68o07’E a distance of 322.3 feet along the north side of the property of Seacoast Products, Inc. to the point of beginning; said property being shown on the Plat of Survey by Noy O. Lewis, Registered
Surveyor, dated October 10, 1970, attached to the 6.83 Acre Lease. 
 1.774 Acre Tract 
 The Leasehold established pursuant to that certain Commercial Lease by Purvis Theall and Ethlyn Cessac, as Lessor, and Seacoast Products, Inc., as Lessee,
dated August 1, 1972, recorded at COB 734, Page 631, Entry No. 211334, Vermillion Parish, Louisiana (the “1.774 Acre Lease”), affecting the following described property: 
 A tract of land situated in Section 86, Township 14 South, Range 3 East in the 7th Ward of Vermillion Parish, Louisiana, and described as beginning
at the northwest corner of the property leased by Seacoast Products, Inc. from Purvis Theall and Ethlyn Cessac by Lease recorded in Volume 694, at Page 392, under Entry No. 203106, of the Conveyance records of Vermillion Parish, Louisiana;
thence running south 69o06’E along the north side of the property leased by Seacoast Products, Inc. by the Lease above set forth, a distance of 827.2 feet to the Vermillion River; thence running north 4o24’W a distance of 103
feet; thence running north 36o25’W a distance of 142.6 feet; thence running north 23o13’W a distance of 10.4 feet; thence running north 84o15’W a distance of 679.54 feet to the point of beginning, said property being
shown on the Plat of Survey of Joseph E. Schexnaider, Registered Surveyor, dated July 23, 1972, a copy of which is attached to the 1.774 Acre Lease, as Tract E-1. 
  

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