Document:

Guaranty Agreement

 Exhibit 10.3 
 GUARANTY AGREEMENT 
 THIS GUARANTY
AGREEMENT dated as of October 21, 2009, (together with any amendments or supplements hereto, this “Guaranty Agreement”), by PROTEIN FINANCE COMPANY, a Delaware corporation, OMEGA INTERNATIONAL MARKETING
COMPANY, a Delaware corporation, OMEGA INTERNATIONAL DISTRIBUTION COMPANY, a Delaware corporation, OMEGA SHIPYARD, INC., a Delaware corporation, and PROTEIN INDUSTRIES, INC., a Delaware corporation (herein whether singular
or plural referred to as “Guarantor”), in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Lender”). 
 W I T N E S S E T H: 
 A. Guarantor has requested Lender to make a loan or loans to OMEGA PROTEIN CORPORATION, a Nevada corporation, and OMEGA PROTEIN, INC., a Virginia corporation (herein whether singular or
plural referred to as the “Obligor”). 
 B. Each Guarantor is a Subsidiary of Obligor. 
 C. Lender has conditioned its agreement to make such a loan or loans upon Guarantor’s execution and delivery of this Guaranty
Agreement. 
 NOW, THEREFORE, in consideration of the premises and of other good and valuable consideration and to induce Lender
at its option, at any time or from time to time to loan monies or extend financial accommodations, with or without security, to or for the account of Obligor and at the special instance and request of Lender, Guarantor hereby covenants and agrees
with Lender, as follows: 
 ARTICLE I 
 GENERAL TERMS 
 Section 1.01 Terms Defined Above. As used in
this Guaranty Agreement, the terms Guarantor, Lender and Obligor shall have the meanings indicated above. 
 Section 1.02
Certain Definitions. As used in this Guaranty Agreement, the following terms shall have the following meanings, unless the context otherwise requires: 
 “Loan Agreement” shall mean that certain Loan Agreement of even date herewith by and among Obligor and Lender. 
 “Notes” shall mean the promissory note or notes (whether one or more) of Obligor payable to the order of Lender, and all
renewals, extensions, modifications, increases and rearrangements thereof. 
 “Property” shall mean any
interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible. 

 Section 1.03 Terms Defined in the Loan Agreement. All other terms used herein
which are defined in the Loan Agreement shall have the same meaning herein unless the context otherwise requires. Such terms include, without limitation, “Affidavit,” “Collateral,” “Debtor Relief
Law,” “Event of Default,” “Lien,” “Loan Documents,” “Loan Party,” “Obligations,” “Person,” “Potential Default” and
“Subsidiary.” 
 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES OF GUARANTOR 
 Section 2.01
Representations and Warranties of Guarantor – Due Organization. Each Guarantor hereby represents and warrants that (a) it is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization; (b) the execution, delivery and performance of this Guaranty Agreement (i) are within Guarantor’s power, (ii) have been duly authorized by all necessary organizational action, (iii) do not contravene
Guarantor’s organizational documents, (iv) do not contravene any law or contractual restriction (including contractual restrictions arising out of any loan agreement, indenture or mortgage relating to indebtedness or securities of the
Guarantor, binding on or affecting the Guarantor), and (v) will not require the consent or approval of any other person; (c) the individual signing this Guaranty Agreement is authorized to sign this Guaranty Agreement on behalf of
Guarantor; and (d) Guarantor may be expected to benefit, directly or indirectly, from this Guaranty Agreement. 
 Section 2.02 Representations and Warranties of Guarantor – Loan Agreement. Each Guarantor hereby confirms each representation and warranty made by or on behalf of it in the Loan Agreement, whether referred to therein as
Guarantor, Subsidiary or Loan Party. 
 ARTICLE III 
 GUARANTEE OF PAYMENT 
 Section 3.01 Guarantee
of Payment of the Obligations of Obligor. Each Guarantor hereby unconditionally and irrevocably, jointly and severally, guarantees the prompt payment at maturity and the performance when due of the Obligations. 
 Section 3.02 Nature of Guaranty. This Guaranty Agreement is a complete and continuing one. The obligations, covenants,
agreements and duties of each Guarantor under this Guaranty Agreement shall be joint and several with Obligor and each other Guarantor, shall be irrevocable, absolute and unconditional, shall remain in full force and effect until payment in full of
the Obligations, and shall in no way be affected or impaired by reason of the happening from time to time of any other event, including, without limitation, the following, whether or not any such event shall have occurred without notice to or the
consent of any Guarantor: 
 (a) the waiver, compromise, settlement, termination or other release of the performance or
observance by any Guarantor, or any other Person liable or to become liable for repayment of the Loan Agreement or the Notes or any or all of such Guarantor’s or other Person’s agreements, covenants, terms or conditions contained in this
Guaranty Agreement; 
  

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 (b) the extension of the time for payment of any of the Obligations or of the time for
performance of any obligations, covenants or agreements under or arising out of this Guaranty Agreement or the Loan Documents; 
 (c) any failure, omission, delay or lack on the part of Lender to enforce, assert or exercise any right, power or remedy conferred on Lender in the Loan Agreement, the Notes, any Loan Documents or this Guaranty Agreement, or the inability
of Lender to enforce any provision of this Guaranty Agreement, the Loan Agreement, the Notes or the Loan Documents, or any other act or omission on the part of Lender or any of the holders from time to time of the Notes; 
 (d) the transfer, assignment or mortgaging, or the purported transfer, assignment or mortgaging, of all or any part of the interest of
Obligor or any Guarantor in the Property or any failure of title with respect to the interest of Obligor or any Guarantor in the Property or the invalidity, unenforceability or termination of the Loan Agreement; 
 (e) the modification or amendment (whether material or otherwise) of any obligation, covenant or agreement set forth in this Guaranty
Agreement, the Loan Agreement, the Notes or the Loan Documents; 
 (f) the voluntary or involuntary liquidation, dissolution,
sale of all or substantially all of the assets, marshalling of assets and liabilities, receivership, conservatorship, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or
other similar proceeding affecting Obligor or any Guarantor or any of their respective assets or any allegation or contest of the validity of this Guaranty Agreement, the Loan Agreement, the Notes or the Loan Documents; 
 (g) the release of any Obligor or any Guarantor (or any other Person liable to perform or observe any agreements, covenants, duties or
obligations of any of them) from the performance or observance of any of the agreements, covenants, terms or conditions contained in the Loan Agreement, the Notes, any of the Loan Documents or this Guaranty Agreement; 
 (h) the surrender or impairment of any security for the performance or observance of any of the agreements, covenants, terms and conditions
contained in the Loan Agreement, the Notes, the Loan Documents or this Guaranty Agreement; 
 (i) any failure of Obligor or any
Guarantor to perform and observe any agreement or covenant, or to discharge any duty or obligation, arising out of or connected with the Loan Agreement, the Notes, this Guaranty Agreement or the Loan Documents or the occurrence or pendency of any
Potential Default or Event of Default thereunder or any proceedings or actions as a result of, or attendant upon, such Event of Default; 
 (j) the inability of Lender to enforce any provision of the Loan Agreement, the Notes, any of the Loan Documents or this Guaranty Agreement for any reason; 
 (k) the taking or the omission of any of the actions referred to in the Loan Agreement, the Notes, any Loan Documents or of any actions
under this Guaranty Agreement; or 
  

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 (l) the failure to give notice to any Guarantor of the occurrence of a default under this
Guaranty Agreement or of the occurrence of an Event of Default under the terms and provisions of the Loan Agreement, the Notes or any of the Loan Documents. 
 No set-off, counterclaim, reduction, or diminution of any obligation, or any defense of any kind or nature (other than performance by a Guarantor of such Guarantor’s obligations hereunder), which
Obligor may have or assert against a Guarantor or which a Guarantor may have or assert against Obligor or which Obligor may have or assert against Lender shall be available hereunder to any Guarantor against Lender. 
 In the event that, after payment in full of the Obligations, any payment or payments received thereon are voided or rescinded, whether as a
preference in bankruptcy or otherwise, the amount of any such payment shall be deemed to be Obligations covered by this Guaranty Agreement, this Guaranty Agreement shall be immediately deemed revived as to such amounts and Guarantor shall remain
liable for the payment of all such amounts, and shall indemnify Lender from such amounts, together with collection costs and other sums due pursuant to this Guaranty Agreement. 
 Section 3.03 Waivers by Guarantor. Each Guarantor waives acceptance of this Guaranty Agreement, notice of the Obligations,
creation thereof, renewal, extension, rearrangement and modification thereof, and of any extension of credit or of any financial accommodation already or hereafter contracted by or extended to Obligor by Lender; each Guarantor further waives notice
of Lender’s acceptance of and reliance on this Guaranty Agreement and each Guarantor further waives presentment, demand for payment, protest and notice of non-payment or dishonor, notice of intent to accelerate the maturity of any of the
Obligations and notice of such acceleration and all other notices and demands whatsoever. Each Guarantor further waives any right each may have to (a) require Lender to proceed against any Obligor or any other Guarantor, (b) require Lender
to proceed against or exhaust any security granted by any Obligor or any other Guarantor, (c) require Lender to pursue any other remedy within its power, or (d) require Lender to give notice in connection with any remedy against any
Property in which Lender has a Lien, whether granted by Guarantor, any Obligor or any other Person, including specifically any acceptance of Collateral in lieu of debt. Each Guarantor agrees that all of their obligations under this Guaranty
Agreement are independent of the obligations of Obligor under the Loan Agreement, the Notes and the Loan Documents and that a separate action may be brought against each Guarantor whether an action is commenced against any Obligor under the Loan
Agreement, the Notes or the Loan Documents. Each Guarantor waives any defense arising by reason of any disability, lack of organizational authority or power, or other defense of any Obligor or any other Guarantor of any of the Obligations, and shall
remain liable hereon regardless of whether any Obligor or any other Guarantor be found not liable thereon for any reason. Each Guarantor waives any rights and defenses it may have under Section 17.001 of the Texas Civil Practice &
Remedies Code, Rule 31 of the Texas Rules of Civil Procedure, and Chapter 43 of the Texas Civil Practice and Remedies Code. 
 Section 3.04 Subrogation of Guarantor. Notwithstanding any payment or payments made by a Guarantor by reason of this Guaranty Agreement, no Guarantor shall be subrogated to any rights of Lender. Each Guarantor hereby waives any
claim Guarantor may have against each Obligor arising from payments made by such Guarantor by reason of this Guaranty Agreement, including without limitation, any right of repayment, subrogation, exoneration, contribution,

  

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indemnification, any right to participate in any claim or remedy of Lender against each Obligor and any collateral security therein which Lender now has or hereafter acquires, whether such claim,
remedy or right arises in equity, or under contract, statute, or common law. 
 Section 3.05 Subordination. If, for
any reason whatsoever, either Obligor or an Affiliate of either Obligor is now or hereafter becomes indebted to Guarantor: 
 (a) such indebtedness and all interest thereon and all Liens and other rights now or hereafter existing with respect to property of Obligor securing such indebtedness shall at all times be and remain inferior and subordinate in all respects
to the Obligations and to any and all Liens and other rights now or hereafter existing upon Obligor’s assets securing payment or performance of the Obligations, regardless of whether such Liens or other rights in favor of Guarantor or Lender
presently exist or are hereafter created or attached; 
 (b) Guarantor shall not be entitled to enforce or receive, and shall
not demand or accept, payment, directly or indirectly, of any such indebtedness of Obligor to Guarantor, except such indebtedness as has been incurred in the ordinary course of business, and only so long as no Event of Default exists; 
 (c) Guarantor shall not exercise or enforce any creditors’ rights it may have against Obligor until the Obligations have been fully and
finally paid and performed and all commitments to lend under the Loan Documents have terminated; 
 (d) Guarantor shall not
foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings, judicial or otherwise (including, without limitation, the commencement of, or joinder in, any action or proceeding pursuant to any Debtor Relief Law), to
enforce any Liens held by Guarantor on assets of Obligor until the Obligations have been fully and finally paid and performed and all commitments to lend under the Loan Documents have terminated; 
 (e) Guarantor hereby assigns and grants to Lender a security interest in all such indebtedness and security therefor, if any, of Obligor to
Guarantor now existing or hereafter arising, including any dividends and payments pursuant to any proceeding under or pursuant to any Debtor Relief Law. In the event of any proceeding under or pursuant to any Debtor Relief Law involving either
Guarantor or Obligor as debtor, Lender shall have the right to prove its claim in any such proceeding so as to establish its rights hereunder and shall have the right to receive directly from the receiver, trustee or other custodian (whether or not
an Event of Default shall exist), dividends and payments that are payable upon any obligation of Obligor to Guarantor now existing or hereafter arising, and to have all benefits of any security therefor, until the Obligations have been fully and
finally paid and performed. If, notwithstanding the foregoing provisions, Guarantor should receive any funds, payment, claim or distribution that is prohibited as provided above in this Section 3.05, Guarantor shall pay the same to
Lender immediately, Guarantor hereby agreeing that it shall receive and hold the funds, payment, claim or distribution in trust for the benefit of Lender and shall have absolutely no right, either legal or equitable, to the same except to pay it
immediately to Lender to be credited and applied to the Obligations, whether matured or unmatured; and 
  

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 (f) Guarantor shall promptly upon request of Lender from time to time execute such documents
and perform such acts as Lender may require to evidence and perfect its interest and to permit or facilitate the exercise of its rights under this Section 3.05, including, without limitation, execution and delivery of financing
statements, proofs of claim, further assignments and security agreements, and delivery to Lender of any promissory notes or other instruments evidencing indebtedness of Obligor to Guarantor. At Lender’s request, all promissory notes, accounts
receivable ledgers or other evidences, now or hereafter held by Guarantor, of obligations of Obligor to Guarantor shall contain a specific written notice thereon that the indebtedness evidenced thereby is subordinated under and is subject to the
terms of this Guaranty. 
 ARTICLE IV 
 DEFAULT AND REMEDIES 
 Section 4.01 Enforcement Provisions.
Lender shall have the right, power and authority to do all things, including instituting or appearing in any suit or proceeding, not inconsistent with the express provisions of this Guaranty Agreement, which it may deem necessary or advisable to
enforce the provisions of this Guaranty Agreement. Each and every default in payment of the Obligations by Obligor shall give rise to a separate cause of action hereunder, and separate suits may be brought hereunder as each cause of action arises.

 Section 4.02 No Remedy Exclusive. No remedy conferred upon or reserved to Lender herein is intended to be
exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Guaranty Agreement or any instrument executed by any Guarantor to secure this
Guaranty Agreement or in connection herewith, or now or hereafter existing at law or in equity. 
 Section 4.03 Right to
Proceed Against Guarantor. In the event of a default in payment of any of the Obligations when and as the same shall become due, whether at the stated maturity thereof, by acceleration or otherwise, Lender may proceed to enforce its rights
hereunder and Lender shall have the right to proceed first and directly against any Guarantor under this Guaranty Agreement without proceeding against any other Person or exhausting any other remedies which it may have and without resorting to any
other security held by Lender. 
 Section 4.04 Guarantor to Pay Costs of Enforcement. Each Guarantor agree to pay
all costs, expenses and fees, including, without limitation, all reasonable attorneys’ fees which may be incurred by Lender in enforcing or attempting to enforce this Guaranty Agreement or protecting the rights of Lender hereunder following any
default on the part of any Guarantor hereunder, whether the same shall be enforced by suit or otherwise. 
 Section 4.05
No Waiver of Rights. No delay or omission to exercise any right or power accruing upon any default, omission or failure of performance hereunder shall impair any such right or power or shall be construed to be a waiver thereof, but any such
right and power may be exercised from time to time and as often as may be deemed expedient. 
  

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 ARTICLE V 
 COVENANTS OF GUARANTOR 
 Section 5.01
Covenants. Until full payment and performance of all Obligations under the Loan Documents and unless Lender consents otherwise in writing (and without limiting any requirement of any other Loan Document), each Guarantor shall fully perform as
required all covenants and agreements made by or on behalf of it in the Loan Agreement, whether referred to therein as Guarantor, Subsidiary or Loan Party. 
 ARTICLE VI 
 GENERAL 
 Section 6.01 Guaranty Agreement Independent of Other Agreements. The obligations of each Guarantor under this Guaranty Agreement
shall arise absolutely and unconditionally upon the execution and delivery of the Notes and the Loan Documents. This Guaranty Agreement is separate and independent of the Loan Agreement, the Notes and the Loan Documents, and any modification,
limitation or discharge of any Obligor’s liability under the Loan Agreement, the Notes and the Loan Documents arising out of or by virtue of any bankruptcy, arrangement, reorganization or similar proceedings or by any action, suit, order,
judgment, regulation or otherwise shall not modify, limit, discharge or otherwise affect the liability of any Guarantor under this Guaranty Agreement in any manner whatsoever. 
 Section 6.02 Benefited Parties. This Guaranty Agreement is entered into by each Guarantor to provide financial accommodations
for Obligor, and for the benefit of Lender. This Guaranty Agreement shall not be deemed to create any right in, or to be in whole or in part for the benefit of, any person other than Guarantor and Lender and Lender’s successors and assigns. No
Guarantor may assign any of its rights or obligations hereunder. 
 Section 6.03 Lender May Bring Suit Against
Guarantor. So long as any of the Obligations is outstanding, if Lender shall bring any legal action or proceeding against any Guarantor for the enforcement of any provisions of this Guaranty Agreement, it shall not be necessary in any such
action or proceeding to make Obligor or any other person a party thereto. 
 Section 6.04 Interpretations. The
article and section headings of this Guaranty Agreement are for reference purposes only and shall not affect its interpretation in any respect. 
 Section 6.05 Entire Agreement; Counterparts, Amendments; Governing Law, Etc. This Guaranty Agreement (a) constitutes the entire agreement, and supersedes all prior agreements and
understandings, both written and oral, between the parties with respect to the subject matter hereof; (b) may be executed in several counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument; (c) may be modified only by an instrument in writing signed by the duly authorized representatives of the parties and only if the consent of Lender is given in writing; and (d) shall be performable in Harris County, Texas,
and shall be governed in all respects, including validity, interpretation and effect by, and shall be enforceable in accordance with, the laws of the State of Texas and the United States of America. Upon payment in full of the Obligations, this
Guaranty Agreement shall terminate. If any provision of this Guaranty Agreement shall be held to be invalid by any court of competent jurisdiction, the invalidity of such provision shall not affect any of the remaining provisions. 
  

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 Section 6.06 Further Assurances. Each Guarantor will execute and deliver all
such instruments and take all such action as Lender may from time to time reasonably request in order fully to effectuate the purposes of this Guaranty Agreement. 
 Section 6.07 Notices. All notices and other communications in respect of this Guaranty Agreement shall be given as provided in the Loan Agreement. 
 Section 6.08 CONSENT TO JURISDICTION. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY AGREEMENT
OR ANY TRANSACTION CONTEMPLATED HEREBY MAY BE INSTITUTED IN ANY STATE OR FEDERAL COURT IN HARRIS COUNTY, TEXAS, AND EACH GUARANTOR WAIVES ANY OBJECTION WHICH THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT ACTION OR
PROCEEDING, AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING. 
 Section 6.09 Guarantor’s Approval of Agreement. The Loan Agreement has been submitted to Guarantor for examination, and Guarantor acknowledges that, by execution of this Guaranty Agreement, each has approved the Loan
Agreement. 
 Section 6.10 Interpretation. This Guaranty Agreement has been made in and shall be governed by the
laws of the State of Texas, except as to rules of conflicts of laws, and of the United States of America as applicable, in all respects, including matters of construction, validity, enforcement and performance. 
 Section 6.11 Gender. For the purposes of this Guaranty Agreement, “he,” “him” and “his” shall
refer to both masculine and feminine gender and to a corporation, limited liability company or a limited partnership, as the context may require. 
 Section 6.12 Arbitration. 
 (a) Arbitration. The parties hereto
agree, upon demand by any party, to submit to binding arbitration all claims, disputes and controversies between or among them (and their respective employees, officers, directors, attorneys, and other agents), whether in tort, contract or otherwise
in any way arising out of or relating to (i) any credit subject hereto, or any of the Loan Documents, and their negotiation, execution, collateralization, administration, repayment, modification, extension, substitution, formation, inducement,
enforcement, default or termination; or (ii) requests for additional credit. 
 (b) Governing Rules. Any arbitration
proceeding will (i) proceed in a location in Texas selected by the American Arbitration Association (“AAA”); (ii) be governed by the Federal Arbitration Act (Title 9 of the United States Code), notwithstanding any
conflicting choice of law provision in any of the documents between the parties; and (iii) be conducted by the AAA, or such other administrator as the parties shall mutually agree upon, in accordance with the AAA’s commercial dispute
resolution procedures, unless the claim or counterclaim is at

  

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least $1,000,000.00 exclusive of claimed interest, arbitration fees and costs in which case the arbitration shall be conducted in accordance with the AAA’s optional procedures for large,
complex commercial disputes (the commercial dispute resolution procedures or the optional procedures for large, complex commercial disputes to be referred to herein, as applicable, as the “Rules”). If there is any inconsistency
between the terms hereof and the Rules, the terms and procedures set forth herein shall control. Any party who fails or refuses to submit to arbitration following a demand by any other party shall bear all costs and expenses incurred by such other
party in compelling arbitration of any dispute. Nothing contained herein shall be deemed to be a waiver by any party that is a bank of the protections afforded to it under 12 U.S.C. §91 or any similar applicable state law. 
 (c) No Waiver of Provisional Remedies, Self-Help and Foreclosure. The arbitration requirement does not limit the right of any party
to (i) foreclose against real or personal property collateral; (ii) exercise self-help remedies relating to collateral or proceeds of collateral such as setoff or repossession; or (iii) obtain provisional or ancillary remedies such as
replevin, injunctive relief, attachment or the appointment of a receiver, before during or after the pendency of any arbitration proceeding. This exclusion does not constitute a waiver of the right or obligation of any party to submit any dispute to
arbitration or reference hereunder, including those arising from the exercise of the actions detailed in sections (i), (ii) and (iii) of this paragraph. 
 (d) Arbitrator Qualifications and Powers. Any arbitration proceeding in which the amount in controversy is $5,000,000.00 or less will be decided by a single arbitrator selected according to the
Rules, and who shall not render an award of greater than $5,000,000.00. Any dispute in which the amount in controversy exceeds $5,000,000.00 shall be decided by majority vote of a panel of three (3) arbitrators; provided however, that
all three (3) arbitrators must actively participate in all hearings and deliberations. The arbitrator will be a neutral attorney licensed in the State of Texas with a minimum of ten (10) years experience in the substantive law applicable
to the subject matter of the dispute to be arbitrated. The arbitrator will determine whether or not an issue is arbitratable and will give effect to the statutes of limitation in determining any claim. In any arbitration proceeding the arbitrator
will decide (by documents only or with a hearing at the arbitrator’s discretion) any pre-hearing motions which are similar to motions to dismiss for failure to state a claim or motions for summary adjudication. The arbitrator shall resolve all
disputes in accordance with the substantive law of Texas and may grant any remedy or relief that a court of such state could order or grant within the scope hereof and such ancillary relief as is necessary to make effective any award. The arbitrator
shall also have the power to award recovery of all costs and fees, to impose sanctions and to take such other action as the arbitrator deems necessary to the same extent a judge could pursuant to the Federal Rules of Civil Procedure, the Texas Rules
of Civil Procedure or other applicable law. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction. The institution and maintenance of an action for judicial relief or pursuit of a provisional or ancillary
remedy shall not constitute a waiver of the right of any party, including the plaintiff, to submit the controversy or claim to arbitration if any other party contests such action for judicial relief. 
 (e) Discovery. In any arbitration proceeding, discovery will be permitted in accordance with the Rules. All discovery shall be
expressly limited to matters directly relevant

  

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to the dispute being arbitrated and must be completed no later than twenty (20) days before the hearing date. Any requests for an extension of the discovery periods, or any discovery
disputes, will be subject to final determination by the arbitrator upon a showing that the request for discovery is essential for the party’s presentation and that no alternative means for obtaining information is available. 
 (f) Class Proceeding and Consolidations. No party hereto shall be entitled to join or consolidate disputes by or against others in
any arbitration, except parties who have executed any Loan Document, or to include in any arbitration any dispute as a representative or member of a class, or to act in any arbitration in the interest of the general public or in a private attorney
general capacity. 
 (g) Payment of Arbitration Costs and Fees. The arbitrator shall award all costs and expenses of the
arbitration proceeding. 
 (h) Miscellaneous. To the maximum extent practicable, the AAA, the arbitrators and the parties
shall take all action required to conclude any arbitration proceeding within one hundred eighty (180) days of the filing of the dispute with the AAA. No arbitrator or other party to an arbitration proceeding may disclose the existence, content
or results thereof, except for disclosures of information by a party required in the ordinary course of its business or by applicable law or regulation. If more than one agreement for arbitration by or between the parties potentially applies to a
dispute, the arbitration provision most directly related to the Loan Documents or the subject matter of the dispute shall control. This arbitration provision shall survive termination, amendment or expiration of any of the Loan Documents or any
relationship between the parties. 
 Section 6.13 WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, EACH GUARANTOR HEREBY IRREVOCABLY AND EXPRESSLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS GUARANTY AGREEMENT OR
ANY OF THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY OR THE ACTIONS OF LENDER IN THE NEGOTIATION, ADMINISTRATION, OR ENFORCEMENT HEREOF OR THEREOF. 
 [Remainder of page blank. Signatures appear on next page.] 
  

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 IN WITNESS WHEREOF, Guarantor has executed this Guaranty Agreement, as of the date first
above written. 
  

			
	 GUARANTOR:

	
	PROTEIN FINANCE COMPANY
		
	 By:
	 	 /s/ Robert W. Stockton

		 	Robert W. Stockton
		 	Vice President and Treasurer
	
	OMEGA INTERNATIONAL MARKETING COMPANY
		
	 By:
	 	 /s/ Robert W. Stockton

		 	Robert W. Stockton
		 	Vice President and Treasurer
	
	OMEGA INTERNATIONAL DISTRIBUTION COMPANY
		
	 By:
	 	 /s/ Robert W. Stockton

		 	Robert W. Stockton
		 	Vice President and Treasurer
	
	OMEGA SHIPYARD, INC.
		
	 By:
	 	 /s/ Robert W. Stockton

		 	Robert W. Stockton
		 	Vice President and Treasurer
	
	PROTEIN INDUSTRIES, INC.
		
	 By:
	 	 /s/ Robert W. Stockton

		 	Robert W. Stockton
		 	Vice President and Treasurer

  

 Page 11Security and Pledge Agreement

 Exhibit 10.4 
 SECURITY AND PLEDGE AGREEMENT 
 THIS
SECURITY AND PLEDGE AGREEMENT (this “Agreement”) is entered into as of October 21, 2009 among OMEGA PROTEIN CORPORATION, a Nevada corporation (the “Company”), OMEGA PROTEIN, INC., a Virginia
corporation (“OPI” and, together with the Company, the “Borrowers” and each a “Borrower”), together with the other parties identified as “Obligors” on the signature page hereto and such
other parties that may become Obligors hereunder after the date hereof (together with the Borrowers, individually an “Obligor”, and collectively the “Obligors”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a
national banking association (the “Lender”). 
 RECITALS 
 A. Pursuant to that certain Loan Agreement dated as of the date hereof (as amended, modified, extended, renewed or replaced from time to
time, the “Loan Agreement”) among the Borrowers and the Lender, the Lender has agreed to make Loans, issue Standby Letters of Credit, and provide services pursuant to the Swap Agreements and Treasury Management Agreements, upon the
terms and subject to the conditions set forth therein, and the Guarantors have agreed to guarantee the same; and 
 B. This
Agreement is required by the terms of the Loan Agreement. 
 NOW, THEREFORE, in consideration of these premises and other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Definitions. 
 (a) Capitalized terms used and not otherwise defined herein shall have the
meanings ascribed to such terms in the Loan Agreement. Such terms include, without limitation, “Closing Date,” “Event of Default,” “Excluded Property,” “Guarantors,”
“Lien,” “Loan Documents,” “Obligations,” “Permitted Liens,” “Person,” and “Subsidiary”, “Swap Agreement,” and “Treasury
Management Agreement.” 
 (b) The following terms shall have the meanings set forth in the UCC (defined below):
Accession, Account, Adverse Claim, As-Extracted Collateral, Chattel Paper, Commercial Tort Claim, Consumer Goods, Deposit Account, Document, Electronic Chattel Paper, Equipment, Farm Products, Financial Asset, Fixtures, General Intangible, Goods,
Instrument, Inventory, Investment Company Security, Investment Property, Letter-of-Credit Right, Manufactured Home, Money, Proceeds, Securities Account, Security Entitlement, Security, Software, Supporting Obligation and Tangible Chattel Paper.

 (c) The following terms shall have the meanings set forth below: 
 “Collateral” has the meaning provided in Section 2 hereof. 

 “Copyright License” means any written agreement, naming any Obligor as
licensor, granting any right under any Copyright. 
 “Copyrights” means (a) all registered United States
copyrights in all Works, now existing or hereafter created or acquired, all registrations and recordings thereof, and all applications in connection therewith, including, without limitation, registrations, recordings and applications in the United
States Copyright Office, and (b) all renewals thereof. 
 “Patent License” means any agreement, whether
written or oral, providing for the grant by or to a Obligor of any right to manufacture, use or sell any invention covered by a Patent. 
 “Patents” means (a) all letters patent of the United States or any other country and all reissues and extensions thereof, and (b) all applications for letters patent of the
United States or any other country and all divisions, continuations and continuations-in-part thereof. 
 “Pledged
Equity” means, with respect to each Obligor, (i) one hundred percent (100%) of the issued and outstanding Equity Interests of each Domestic Subsidiary of the Borrowers that is directly owned by such Obligor and (ii) sixty-six
percent (66%) (or such greater percentage that, due to a change in an applicable Law after the date hereof, (A) could not reasonably be expected to cause the undistributed earnings of such Foreign Subsidiary as determined for United States
federal income tax purposes to be treated as a deemed dividend to such Foreign Subsidiary’s United States parent and (B) could not reasonably be expected to cause any material adverse tax consequences) of the issued and outstanding Equity
Interests entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) and one hundred percent (100%) of the issued and outstanding Equity Interests not entitled to vote (within the meaning of Treas. Reg.
Section 1.956-2(c)(2)) in each Foreign Subsidiary (that is not an Inactive Subsidiary) of the Borrowers that is directly owned by such Obligor, including the Equity Interests of the Subsidiaries owned by such Obligor as set forth on
Schedule 1(b) hereto, in each case together with the certificates (or other agreements or instruments), if any, representing such shares, and all options and other rights, contractual or otherwise, with respect thereto, including, but
not limited to, the following: 
 (i) all Equity Interests representing a dividend thereon, or representing a distribution or
return of capital upon or in respect thereof, or resulting from a stock split, revision, reclassification or other exchange therefor, and any subscriptions, warrants, rights or options issued to the holder thereof, or otherwise in respect thereof;
and 
 (ii) in the event of any consolidation or merger involving the issuer thereof and in which such issuer is not the
surviving Person, all shares of each class of the Equity Interests of the successor Person formed by or resulting from such consolidation or merger, to the extent that such successor Person is a direct Subsidiary of an Obligor. 
 “Real Estate Leases” means all leases, licenses and other agreements granting any Obligor any rights in real property other
than ownership. 
 “Secured Obligations” means, without duplication, (a) all Obligations and (b) all
costs and expenses incurred in connection with enforcement and collection of the Obligations, including the fees, charges and disbursements of counsel. 
  

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 “Trademark License” means any agreement, written or oral, providing for the
grant by or to an Obligor of any right to use any Trademark. 
 “Trademarks” means (a) all trademarks,
trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos and other source or business identifiers, and the goodwill associated therewith, now existing or hereafter adopted or
acquired, all registrations and recordings thereof, and all applications in connection therewith, whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any state thereof or any other
country or any political subdivision thereof, or otherwise and (b) all renewals thereof. 
 “UCC” means
the Uniform Commercial Code as in effect from time to time in the state of Texas except as such term may be used in connection with the perfection of the Collateral and then the applicable jurisdiction with respect to such affected Collateral shall
apply. 
 “Work” means any work that is subject to copyright protection pursuant to Title 17 of the United
States Code. 
 Section 2. Grant of Security Interest in the Collateral. To secure the prompt payment and
performance in full when due, whether by lapse of time, acceleration, mandatory prepayment or otherwise, of the Secured Obligations, each Obligor hereby grants to the Lender, for the benefit of the holders of the Secured Obligations, a continuing
lien on and security interest in, and a right to set off against, any and all right, title and interest of such Obligor in and to all of the following, whether now owned or existing or owned, acquired, or arising hereafter (collectively, the
“Collateral”): (a) all Accounts; (b) all Chattel Paper; (c) those certain Commercial Tort Claims set forth on Schedule 2(c) hereto; (d) all Copyrights; (e) all Copyright Licenses; (f) all
Deposit Accounts; (g) all Documents; (h) all Equipment; (i) all Fixtures; (j) all General Intangibles (including, without limitation, fishing permits); (k) all Instruments; (l) all Inventory; (m) all Investment
Property; (n) all Letter-of-Credit Rights; (o) all Money; (p) all Patents; (q) all Patent Licenses; (r) all Pledged Equity; (s) all Real Estate Leases; (t) all Software; (u) all Supporting Obligations;
(v) all Trademarks; (w) all Trademark Licenses; and (x) all Accessions and all Proceeds of any and all of the foregoing. 
 Notwithstanding anything to the contrary contained herein, the security interests granted under this Agreement shall not extend to (i) Excluded Property and (ii) any General Intangible, permit,
lease, license, contract or other Instrument of an Obligor if the grant of a security interest in such General Intangible, permit, lease, license, contract or other Instrument in the manner contemplated by this Agreement, under the terms thereof or
under applicable Law, is prohibited and would result in the termination thereof or give the other parties thereto the right to terminate, accelerate or otherwise alter such Obligor’s rights, titles and interests thereunder (including upon the
giving of notice or the lapse of time or both); provided that (a) any such limitation described in the foregoing clause (ii) on the security interests granted hereunder shall only apply to the extent that any such prohibition could
not be rendered ineffective pursuant to the UCC or any other applicable Law (including Debtor Relief Laws) or principles of equity and (b) in the event of the termination or elimination of any such prohibition or the requirement for any consent
contained in any applicable Law, General Intangible, permit, lease, license, contract or other Instrument, to the extent sufficient to permit any such item to become Collateral hereunder, or upon the granting of any such consent,

  

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or waiving or terminating any requirement for such consent, a security interest in such General Intangible, permit, lease, license, contract or other Instrument shall be automatically and
simultaneously granted hereunder and shall be included as Collateral hereunder. 
 The Obligors hereby acknowledge and agree
that the security interest created hereby in the Collateral (i) constitutes continuing collateral security for all of the Secured Obligations, whether now existing or hereafter arising and (ii) is not to be construed as an assignment of
any Copyrights, Copyright Licenses, Patents, Patent Licenses, Trademarks or Trademark Licenses. 
 Section 3.
Representations and Warranties. Each Obligor hereby represents and warrants to the Lender, that: 
 (a) Ownership.
Each Obligor is the legal and beneficial owner of its Collateral and has the right to pledge, sell, assign or transfer the same. There exists no Adverse Claim with respect to the Pledged Equity of such Obligor. 
 (b) Security Interest/Priority. This Agreement creates a valid security interest in favor of the Lender, for the benefit of the
holders of the Secured Obligations, in the Collateral of such Obligor and, when properly perfected by filing, shall constitute a valid and perfected, first priority security interest in such Collateral (including all uncertificated Pledged Equity
consisting of partnership or limited liability company interests that do not constitute Securities), to the extent such security interest can be perfected by filing under the UCC, free and clear of all Liens except for Permitted Liens. The taking
possession by the Lender of the certificated securities (if any) evidencing the Pledged Equity and all other Instruments constituting Collateral will perfect and establish the first priority of the Lender’s security interest in all the Pledged
Equity evidenced by such certificated securities and such Instruments. With respect to any Collateral consisting of a Deposit Account, Securities Entitlement or held in a Securities Account, upon execution and delivery by the applicable Obligor, the
applicable Securities Intermediary and the Lender of an agreement granting control to the Lender over such Collateral, the Lender shall have a valid and perfected, first priority security interest in such Collateral. 
 (c) Types of Collateral. None of the Collateral consists of, or is the Proceeds of, As-Extracted Collateral, Consumer Goods, Farm
Products, Manufactured Homes or standing timber. 
 (d) Accounts. (i) Each Account of the Obligors and the papers
and documents relating thereto are genuine and in all material respects what they purport to be, (ii) each Account arises out of (A) a bona fide sale of goods sold and delivered by such Obligor (or is in the process of being delivered) or
(B) services theretofore actually rendered by such Obligor to, the account debtor named therein, (iii) no Account of an Obligor is evidenced by any Instrument or Chattel Paper unless such Instrument or Chattel Paper, to the extent
requested by the Lender, has been endorsed over and delivered to, or submitted to the control of, the Lender, (iv) no surety bond was required or given in connection with any Account of an Obligor or the contracts or purchase orders out of
which they arose and (v) the right to receive payment under each Account is assignable. 
 (e) Equipment and
Inventory. With respect to any Equipment and/or Inventory of an Obligor, each such Obligor has exclusive possession and control of such Equipment and

  

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Inventory of such Obligor except for (i) Equipment leased by such Obligor as a lessee or (ii) Equipment or Inventory in transit with common carriers. No Inventory of an Obligor is held
by a Person other than an Obligor pursuant to consignment, sale or return, sale on approval or similar arrangement. 
 (f)
Authorization of Pledged Equity. All Pledged Equity is duly authorized and validly issued, is fully paid and, to the extent applicable, nonassessable and is not subject to the preemptive rights of any Person. 
 (g) No Other Equity Interests, Instruments, Etc. As of the Closing Date, (i) no Obligor owns any certificated Equity Interests
in any Subsidiary that are required to be pledged and delivered to the Lender hereunder except as set forth on Schedule 1(b) hereto, and (ii) no Obligor holds any Instruments, Documents or Tangible Chattel Paper required to be
pledged and delivered to the Lender pursuant to Section 4(a)(i) of this Agreement other than as set forth on Schedule 3(g) hereto. All such certificated securities, Instruments, Documents and Tangible Chattel Paper have been
delivered to the Lender. 
 (h) Partnership and Limited Liability Company Interests. Except as previously disclosed to
the Lender, none of the Pledged Equity (i) is dealt in or traded on a securities exchange or in a securities market, (ii) by its terms expressly provides that it is a Security governed by Article 8 of the UCC, (iii) is an Investment
Company Security, (iv) is held in a Securities Account or (v) constitutes a Security or a Financial Asset. 
 (i)
Reserved. 
 (j) Consents; Etc. There are no restrictions in any Organization Document governing any Pledged
Equity or any other document related thereto which would limit or restrict (i) the grant of a Lien pursuant to this Agreement on such Pledged Equity, (ii) the perfection of such Lien or (iii) the exercise of remedies in respect of
such perfected Lien in the Pledged Equity as contemplated by this Agreement. Except for (i) the filing or recording of UCC financing statements, (ii) the filing of appropriate notices with the United States Patent and Trademark Office and
the United States Copyright Office, (iii) obtaining control to perfect the Liens created by this Agreement (to the extent required under Section 4(a) hereof), (iv) such actions as may be required by Laws affecting the offering
and sale of securities, (v) such actions as may be required by applicable foreign Laws affecting the pledge of the Pledged Equity of Foreign Subsidiaries and (vi) consents, authorizations, filings or other actions which have been obtained
or made, no consent or authorization of, filing with, or other act by or in respect of, any arbitrator or Governmental Authority and no consent of any other Person (including, without limitation, any stockholder, member or creditor of such Obligor),
is required for (A) the grant by such Obligor of the security interest in the Collateral granted hereby or for the execution, delivery or performance of this Agreement by such Obligor, (B) the perfection of such security interest (to the
extent such security interest can be perfected by filing under the UCC, the granting of control (to the extent required under Section 4(a) hereof) or by filing an appropriate notice with the United States Patent and Trademark Office or
the United States Copyright Office) or (C) the exercise by the Lender or the holders of the Secured Obligations of the rights and remedies provided for in this Agreement. 
  

 5 

 (k) Commercial Tort Claims. As of the Closing Date, no Obligor has any Commercial
Tort Claims seeking damages in excess of $250,000.00 other than as set forth on Schedule 2(c) hereto. 
 (l) Copyrights,
Patents and Trademarks. 
 (i) To the best of each Obligor’s knowledge, each Copyright, Patent and Trademark of such
Obligor is valid, subsisting, unexpired, enforceable and has not been abandoned. 
 (ii) To the best of each Obligor’s
knowledge, no holding, decision or judgment has been rendered by any Governmental Authority that would limit, cancel or question the validity of any Copyright, Patent or Trademark of any Obligor. 
 (iii) No action or proceeding is pending seeking to limit, cancel or question the validity of any Copyright, Patent or Trademark of any
Obligor, or that, if adversely determined, could reasonably be expected to have a material adverse effect on the value of any Copyright, Patent or Trademark of any Obligor. 
 (iv) All applications pertaining to the Copyrights, Patents and Trademarks of each Obligor have been duly and properly filed, and all
registrations or letters pertaining to such Copyrights, Patents and Trademarks have been duly and properly filed and issued. 
 (v) No Obligor has made any assignment or agreement in conflict with the security interest in the Copyrights, Patents or Trademarks of any Obligor hereunder. 
 Section 4. Covenants. Each Obligor covenants that until such time as the Secured Obligations arising under the Loan Documents have been paid in full and the Commitments have expired or been
terminated, such Obligor shall: 
 (a) Instruments/Chattel Paper/Pledged Equity/Control. 
 (i) If any amount in excess of $250,000.00 payable under or in connection with any of the Collateral shall be or become evidenced by any
Instrument or Tangible Chattel Paper, or if any property constituting Collateral shall be stored or shipped subject to a Document, ensure that such Instrument, Tangible Chattel Paper or Document is either in the possession of such Obligor at all
times or, if requested by the Lender to perfect its security interest in such Collateral, is delivered to the Lender duly endorsed in a manner satisfactory to the Lender. Such Obligor shall ensure that any Collateral consisting of Tangible Chattel
Paper is marked with a legend acceptable to the Lender indicating the Lender’s security interest in such Tangible Chattel Paper. 
 (ii) Deliver to the Lender promptly upon the receipt thereof by or on behalf of an Obligor, all certificates and instruments constituting Pledged Equity. Prior to delivery to the Lender, all such certificates constituting Pledged Equity
shall be held in trust by such Obligor for the benefit of the Lender pursuant hereto. All such certificates representing Pledged Equity shall be delivered in suitable form for transfer by delivery or shall be accompanied by duly executed instruments
of transfer or assignment in blank, substantially in the form provided in Exhibit 4(a)(ii) hereto. 
  

 6 

 (iii) Execute and deliver all agreements, assignments, instruments or other documents as
reasonably requested by the Lender for the purpose of obtaining and maintaining control with respect to any Collateral consisting of (i) Deposit Accounts, (ii) Investment Property, (iii) Letter-of-Credit Rights and
(iv) Electronic Chattel Paper. 
 (b) Filing of Financing Statements, Notices, etc. Each Obligor shall execute and
deliver to the Lender such agreements, assignments or instruments (including affidavits, notices, reaffirmations and amendments and restatements of existing documents, as the Lender may reasonably request) and do all such other things as the Lender
may reasonably deem necessary or appropriate (i) to assure to the Lender its security interests hereunder, including (A) such instruments as the Lender may from time to time reasonably request in order to perfect and maintain the security
interests granted hereunder in accordance with the UCC, (B) with regard to Copyrights, a Notice of Grant of Security Interest in Copyrights in the form of Exhibit 4(b)(i), (C) with regard to Patents, a Notice of Grant of
Security Interest in Patents for filing with the United States Patent and Trademark Office in the form of Exhibit 4(b)(ii) hereto and (D) with regard to Trademarks, a Notice of Grant of Security Interest in Trademarks for filing
with the United States Patent and Trademark Office in the form of Exhibit 4(b)(iii) hereto, (ii) to consummate the transactions contemplated hereby and (iii) to otherwise protect and assure the Lender of its rights and
interests hereunder. Furthermore, each Obligor also hereby irrevocably makes, constitutes and appoints the Lender, its nominee or any other person whom the Lender may designate, as such Obligor’s attorney in fact with full power and for the
limited purpose to sign in the name of such Obligor any financing statements, or amendments and supplements to financing statements, renewal financing statements, notices or any similar documents which in the Lender’s reasonable discretion
would be necessary or appropriate in order to perfect and maintain perfection of the security interests granted hereunder, such power, being coupled with an interest, being and remaining irrevocable until such time as the Secured Obligations arising
under the Loan Documents have been paid in full and the Commitments have expired or been terminated. Each Obligor hereby agrees that a carbon, photographic or other reproduction of this Agreement or any such financing statement is sufficient for
filing as a financing statement by the Lender without notice thereof to such Obligor wherever the Lender may in its sole discretion desire to file the same. 
 (c) Change in Corporate Structure or Location. Not, without providing ten (10) days prior written notice to the Lender, change its registered legal name, change its state of organization, be
party to a merger or consolidation or change its organizational existence. 
 (d) Collateral Held by Warehouseman, Bailee,
etc. If any Collateral is at any time in the possession or control of a warehouseman, bailee or any agent or processor of such Obligor and the Lender so requests (i) notify such Person in writing of the Lender’s security interest
therein, (ii) instruct such Person to hold all such Collateral for the Lender’s account and subject to the Lender’s instructions and (iii) use reasonable best efforts to obtain a written acknowledgment from such Person that it is
holding such Collateral for the benefit of the Lender. 
  

 7 

 (e) Treatment of Accounts. Not grant or extend the time for payment of any Account,
or compromise or settle any Account for less than the full amount thereof, or release any person or property, in whole or in part, from payment thereof, or allow any credit or discount thereon, other than as normal and customary in the ordinary
course of an Obligor’s business. 
 (f) Commercial Tort Claims. (i) Promptly forward to the Lender an updated
Schedule 2(c) listing any and all Commercial Tort Claims by or in favor of such Obligor seeking damages in excess of $250,000.00 and (ii) execute and deliver such statements, documents and notices and do and cause to be done all such
things as may be required by the Lender, or required by Law to create, preserve, perfect and maintain the Lender’s security interest in any Commercial Tort Claims initiated by or in favor of any Obligor. 
 (g) Books and Records. Mark its books and records (and shall cause the issuer of the Pledged Equity of such Obligor to mark its books
and records) to reflect the security interest granted pursuant to this Agreement. 
 (h) Nature of Collateral. At all
times maintain the Collateral as personal property and not affix any of the Collateral to any real property in a manner which would change its nature from personal property to real property or a Fixture to real property, unless the Lender shall have
a perfected Lien on such Fixture or real property. 
 (i) Issuance or Acquisition of Equity Interests. Not without
executing and delivering, or causing to be executed and delivered, to the Lender such agreements, documents and instruments as the Lender may reasonably require, issue or acquire any Pledged Equity consisting of an interest in a partnership or a
limited liability company that (i) is dealt in or traded on a securities exchange or in a securities market, (ii) by its terms expressly provides that it is a Security governed by Article 8 of the UCC, (iii) is an investment company
security, (iv) is held in a Securities Account or (v) constitutes a Security or a Financial Asset. 
 (j)
Intellectual Property. 
 (i) Not do any act or knowingly omit to do any act whereby any material Copyright may become
invalidated and (A) not do any act, or knowingly omit to do any act, whereby any material Copyright may become injected into the public domain; (B) notify the Lender immediately if it knows that any material Copyright may become injected
into the public domain or of any materially adverse determination or development (including, without limitation, the institution of, or any such determination or development in, any court or tribunal in the United States or any other country)
regarding an Obligor’s ownership of any such Copyright or its validity; (C) take all necessary steps as it shall deem appropriate under the circumstances, to maintain and pursue each application (and to obtain the relevant registration) of
each material Copyright owned by an Obligor and to maintain each registration of each material Copyright owned by an Obligor including, without limitation, filing of applications for renewal where necessary; and (D) promptly notify the Lender
of any material infringement of any material Copyright of an Obligor of which it becomes aware and take such actions as it shall reasonably deem appropriate under the circumstances to protect such Copyright, including, where appropriate, the
bringing of suit for infringement, seeking injunctive relief and seeking to recover any and all damages for such infringement. 
  

 8 

 (ii) Not make any assignment or agreement in conflict with the security interest in the
Copyrights of each Obligor hereunder (except as permitted by the Loan Agreement). 
 (iii) (A) Continue to use each
material Trademark on each and every trademark class of goods applicable to its current line as reflected in its current catalogs, brochures and price lists in order to maintain such Trademark in full force free from any claim of abandonment for
non-use, (B) maintain as in the past the quality of products and services offered under such Trademark, (C) employ such Trademark with the appropriate notice of registration, if applicable, (D) not adopt or use any mark that is
confusingly similar or a colorable imitation of such Trademark unless the Lender, for the ratable benefit of the holders of the Secured Obligations, shall obtain a perfected security interest in such mark pursuant to this Agreement, and (E) not
(and not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby any such Trademark may become invalidated. 
 (iv) Not do any act, or omit to do any act, whereby any material Patent may become abandoned or dedicated. 
 (v) Notify the Lender and the holders of the Secured Obligations immediately if it knows that any application or registration relating to any material Patent or Trademark may become abandoned or
dedicated, or of any materially adverse determination or development (including, without limitation, the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office or any court or
tribunal in any country) regarding such Obligor ownership of any Patent or Trademark or its right to register the same or to keep and maintain the same. 
 (vi) Take all reasonable and necessary steps, including, without limitation, in any proceeding before the United States Patent and Trademark Office, or any similar office or agency in any other country or
any political subdivision thereof, to maintain and pursue each application (and to obtain the relevant registration) and to maintain each registration of each material Patent and Trademark, including, without limitation, filing of applications for
renewal, affidavits of use and affidavits of incontestability. 
 (vii) Promptly notify the Lender and the holders of the
Secured Obligations after it learns that any material Patent or Trademark included in the Collateral is infringed, misappropriated or diluted by a third party and promptly sue for infringement, misappropriation or dilution, to seek injunctive relief
where appropriate and to recover any and all damages for such infringement, misappropriation or dilution, or to take such other actions as it shall reasonably deem appropriate under the circumstances to protect such Patent or Trademark. 

(viii) Not make any assignment or agreement in conflict with the security interest in the Patents or Trademarks of each Obligor hereunder
(except as permitted by the Loan Agreement). 
 Notwithstanding the foregoing, the Obligors may, in their reasonable business
judgment, fail to maintain, pursue, preserve or protect any Copyright, Patent or Trademark which is not material to their businesses. 
  

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 Section 5. Authorization to File Financing Statements. Each Obligor hereby
authorizes the Lender to prepare and file such financing statements (including continuation statements) or amendments thereof or supplements thereto or other instruments as the Lender may from time to time deem necessary or appropriate in order to
perfect and maintain the security interests granted hereunder in accordance with the UCC (including authorization to describe the Collateral as “all personal property”, “all assets” or words of similar meaning). 
 Section 6. Advances. On failure of any Obligor to perform any of the covenants and agreements contained herein, the Lender may,
at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Lender may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the
payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures which the Lender may make for the protection of the security hereof or which may be
compelled to make by operation of Law. All such sums and amounts so expended shall be repayable by the Obligors on a joint and several basis promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and
shall bear interest from the date said amounts are expended at the Default Rate. No such performance of any covenant or agreement by the Lender on behalf of any Obligor, and no such advance or expenditure therefor, shall relieve the Obligors of any
Default or Event of Default. The Lender may make any payment hereby authorized in accordance with any bill, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy
of such bill, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by an Obligor in appropriate proceedings and against which
adequate reserves are being maintained in accordance with GAAP. 
 Section 7. Remedies. 
 (a) General Remedies. During the existence of an Event of Default, the Lender shall have, in addition to the rights and remedies
provided herein, in the Loan Documents, in any other documents relating to the Secured Obligations, or by Law (including, but not limited to, levy of attachment, garnishment and the rights and remedies set forth in the UCC of the jurisdiction
applicable to the affected Collateral), the rights and remedies of a secured party under the UCC (regardless of whether the UCC is the law of the jurisdiction where the rights and remedies are asserted and regardless of whether the UCC applies to
the affected Collateral), and further, the Lender may, with or without judicial process or the aid and assistance of others, (i) enter on any premises on which any of the Collateral may be located and, without resistance or interference by the
Obligors, take possession of the Collateral, (ii) dispose of any Collateral on any such premises, (iii) require the Obligors to assemble and make available to the Lender at the expense of the Obligors any Collateral at any place and time
designated by the Lender which is reasonably convenient to both parties, (iv) remove any Collateral from any such premises for the purpose of effecting sale or other disposition thereof, and/or (v) without demand and without advertisement,
notice, hearing or process of law, all of which each of the Obligors hereby waives to the fullest extent permitted by Law, at any place and time or times, sell and deliver any or all Collateral held by or for it at public or private sale (which in
the case of a private sale of Pledged Equity, shall be to a restricted group of purchasers who will be obligated to agree, among other

  

 10 

 
things, to acquire such securities for their own account, for investment and not with a view to the distribution or resale thereof), at any exchange or broker’s board or elsewhere, by one or
more contracts, in one or more parcels, for Money, upon credit or otherwise, at such prices and upon such terms as the Lender deems advisable, in its sole discretion (subject to any and all mandatory legal requirements). Each Obligor acknowledges
that any such private sale may be at prices and on terms less favorable to the seller than the prices and other terms which might have been obtained at a public sale and, notwithstanding the foregoing, agrees that such private sale shall be deemed
to have been made in a commercially reasonable manner and, in the case of a sale of Pledged Equity, that the Lender shall have no obligation to delay sale of any such securities for the period of time necessary to permit the issuer of such
securities to register such securities for public sale under the Securities Act of 1933. Neither the Lender’s compliance with applicable Law nor its disclaimer of warranties relating to the Collateral shall be considered to adversely affect the
commercial reasonableness of any sale. To the extent the rights of notice cannot be legally waived hereunder, each Obligor agrees that any requirement of reasonable notice shall be met if such notice, specifying the place of any public sale or the
time after which any private sale is to be made, is personally served on or mailed, postage prepaid, to the Borrower in accordance with the notice provisions of Section 10.07 of the Loan Agreement at least ten (10) days before the
time of sale or other event giving rise to the requirement of such notice. The Lender may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made
at the time and place to which it was so adjourned. Any sale hereunder may be conducted by an auctioneer or any officer or agent of Secured Party. The Collateral need not be present at any such sale. 
 (b) Remedies relating to Pledged Equity. Each Obligor further acknowledges and agrees that any offer to sell any Pledged Equity which
has been (i) publicly advertised on a bona fide basis in a newspaper or other publication of general circulation in the financial community of New York, New York or Houston, Texas (to the extent that such offer may be advertised without prior
registration under the Securities Act of 1933), or (ii) made privately in the manner described above shall be deemed to involve a “public sale” under the UCC, notwithstanding that such sale may not constitute a “public
offering” under the Securities Act of 1933, and the Lender may, in such event, bid for the purchase of such securities. The Lender shall not be obligated to make any sale or other disposition of the Collateral regardless of notice having been
given. To the extent permitted by applicable Law, any holder of Secured Obligations may be a purchaser at any such sale. To the extent permitted by applicable Law, each of the Obligors hereby waives all of its rights of redemption with respect to
any such sale. Subject to the provisions of applicable Law, the Lender may postpone or cause the postponement of the sale of all or any portion of the Collateral by announcement at the time and place of such sale, and such sale may, without further
notice, to the extent permitted by Law, be made at the time and place to which the sale was postponed, or the Lender may further postpone such sale by announcement made at such time and place. 
 (c) Remedies relating to Accounts. During the existence of an Event of Default, whether or not the Lender has exercised any or all of
its rights and remedies hereunder, (i) each Obligor will promptly upon request of the Lender instruct all account debtors to remit all payments in respect of Accounts to a mailing location selected by the Lender and (ii) the Lender shall
have the right to enforce any Obligor’s rights against its customers and account debtors, and the Lender or its designee may notify any Obligor’s customers and account debtors that the Accounts of such

  

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Obligor have been assigned to the Lender or of the Lender’s security interest therein, and may (either in its own name or in the name of an Obligor or both) demand, collect (including
without limitation by way of a lockbox arrangement), receive, take receipt for, sell, sue for, compound, settle, compromise and give acquittance for any and all amounts due or to become due on any Account, and, in the Lender’s discretion, file
any claim or take any other action or proceeding to protect and realize upon the security interest of the holders of the Secured Obligations in the Accounts. Each Obligor acknowledges and agrees that the Proceeds of its Accounts remitted to or on
behalf of the Lender in accordance with the provisions hereof shall be solely for the Lender’s own convenience and that such Obligor shall not have any right, title or interest in such Accounts or in any such other amounts except as expressly
provided herein. The Lender shall have no liability or responsibility to any Obligor for acceptance of a check, draft or other order for payment of money bearing the legend “payment in full” or words of similar import or any other
restrictive legend or endorsement or be responsible for determining the correctness of any remittance. Furthermore, during the existence of an Event of Default, (i) the Lender shall have the right, but not the obligation, to make test
verifications of the Accounts in any manner and through any medium that it reasonably considers advisable, and the Obligors shall furnish all such assistance and information as the Lender may require in connection with such test verifications,
(ii) upon the Lender’s request and at the expense of the Obligors, the Obligors shall cause independent public accountants or others satisfactory to the Lender to furnish to the Lender reports showing reconciliations, aging and test
verifications of, and trial balances for, the Accounts and (iii) the Lender in its own name or in the name of others may communicate with account debtors on the Accounts to verify with them to the Lender’s satisfaction the existence,
amount and terms of any Accounts. 
 (d) Access. In addition to the rights and remedies hereunder, during the existence
of an Event of Default, the Lender shall have the right to enter and remain upon the various premises of the Obligors without cost or charge to the Lender, and use the same, together with materials, supplies, books and records of the Obligors for
the purpose of collecting and liquidating the Collateral, or for preparing for sale and conducting the sale of the Collateral, whether by foreclosure, auction or otherwise. In addition, the Lender may remove Collateral, or any part thereof, from
such premises and/or any records with respect thereto, in order to effectively collect or liquidate such Collateral. 
 (e)
Nonexclusive Nature of Remedies. Failure by the Lender to exercise any right, remedy or option under this Agreement, any other Loan Document, any other document relating to the Secured Obligations, or as provided by Law, or any delay by the
Lender in exercising the same, shall not operate as a waiver of any such right, remedy or option. No waiver hereunder shall be effective unless it is in writing, signed by the party against whom such waiver is sought to be enforced and then only to
the extent specifically stated, which in the case of the Lender shall only be granted as provided herein. To the extent permitted by Law, neither the Lender, nor any party acting as attorney for the Lender shall be liable hereunder for any acts or
omissions or for any error of judgment or mistake of fact or law other than their gross negligence or willful misconduct hereunder. The rights, powers and remedies of Lender hereunder shall be in addition to all rights, powers and remedies given by
statute, rule of law or any other Loan Document and are cumulative. The exercise of any one or more of the rights, powers and remedies provided herein shall not be construed as a waiver of any of the other rights, powers and remedies of Lender.
Furthermore, regardless of whether or not the UCC is in effect in the jurisdiction where such rights, powers and remedies are asserted, Lender shall have the rights, powers and remedies of a secured party under the UCC, as amended from time to time.

  

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 (f) Retention of Collateral. In addition to the rights and remedies hereunder, the
Lender may, in compliance with Sections 9.620 and 9.621 of the UCC or otherwise complying with the requirements of applicable Law of the relevant jurisdiction, accept or retain the Collateral in satisfaction of the Secured Obligations. Unless
and until the Lender shall have provided such notices, however, the Lender shall not be deemed to have retained any Collateral in satisfaction of any Secured Obligations for any reason. 
 (g) Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which
the Lender or the holders of the Secured Obligations are legally entitled, the Obligors shall be jointly and severally liable for the deficiency, together with interest thereon at the Default Rate, together with the costs of collection and the fees,
charges and disbursements of counsel. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors or to whomsoever a court of competent jurisdiction shall determine to be entitled
thereto. 
 Section 8. Rights of the Lender. 
 (a) Power of Attorney. In addition to other powers of attorney contained herein, each Obligor hereby designates and appoints the
Lender and each of its designees or agents, as attorney-in-fact of such Obligor, irrevocably and with power of substitution, with authority to take any or all of the following actions during the existence of an Event of Default: 
 (i) to demand, collect, settle, compromise, adjust, give discharges and releases, all as the Lender may reasonably determine; 
 (ii) to commence and prosecute any actions at any court for the purposes of collecting any Collateral and enforcing any other right in
respect thereof; 
 (iii) to defend, settle or compromise any action brought and, in connection therewith, give such discharge
or release as the Lender may deem reasonably appropriate; 
 (iv) to receive, open and dispose of mail addressed to an Obligor
and endorse checks, notes, drafts, acceptances, money orders, bills of lading, warehouse receipts or other instruments or documents evidencing payment, shipment or storage of the goods giving rise to the Collateral of such Obligor on behalf of and
in the name of such Obligor, or securing, or relating to such Collateral; 
 (v) to sell, assign, transfer, make any agreement
in respect of, or otherwise deal with or exercise rights in respect of, any Collateral or the goods or services which have given rise thereto, as fully and completely as though the Lender were the absolute owner thereof for all purposes; 

(vi) to adjust and settle claims under any insurance policy relating thereto; 
  

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 (vii) to execute and deliver all assignments, conveyances, statements, financing statements,
renewal financing statements, security agreements, affidavits, notices and other agreements, instruments and documents that the Lender may determine necessary in order to perfect and maintain the security interests and Liens granted in this
Agreement and in order to fully consummate all of the transactions contemplated therein; 
 (viii) to institute any foreclosure
proceedings that the Lender may deem appropriate; 
 (ix) to sign and endorse any drafts, assignments, proxies, stock powers,
verifications, notices and other documents relating to the Collateral; 
 (x) to exchange any of the Pledged Equity or other
property upon any merger, consolidation, reorganization, recapitalization or other readjustment of the issuer thereof and, in connection therewith, deposit any of the Pledged Equity with any committee, depository, transfer agent, registrar or other
designated agency upon such terms as the Lender may reasonably deem appropriate; 
 (xi) to vote for a shareholder resolution,
or to sign an instrument in writing, sanctioning the transfer of any or all of the Pledged Equity into the name of the Lender or one or more of the holders of the Secured Obligations or into the name of any transferee to whom the Pledged Equity or
any part thereof may be sold pursuant to Section 7 hereof; 
 (xii) to pay or discharge taxes, Liens, security
interests or other encumbrances levied or placed on or threatened against the Collateral; 
 (xiii) to direct any parties liable
for any payment in connection with any of the Collateral to make payment of any and all monies due and to become due thereunder directly to the Lender or as the Lender shall direct; 
 (xiv) to receive payment of and receipt for any and all monies, claims, and other amounts due and to become due at any time in respect of or
arising out of any Collateral; and 
 (xv) do and perform all such other acts and things as the Lender may reasonably deem to be
necessary, proper or convenient in connection with the Collateral. 
 This power of attorney is a power coupled with an interest and shall be
irrevocable until such time as the Secured Obligations arising under the Loan Documents have been paid in full and the Commitments have expired or been terminated. The Lender shall be under no duty to exercise or withhold the exercise of any of the
rights, powers, privileges and options expressly or implicitly granted to the Lender in this Agreement, and shall not be liable for any failure to do so or any delay in doing so. The Lender shall not be liable for any act or omission or for any
error of judgment or any mistake of fact or law in its individual capacity or its capacity as attorney-in-fact except acts or omissions resulting from its gross negligence or willful misconduct. This power of attorney is conferred on the Lender
solely to protect, preserve and realize upon its security interest in the Collateral. This power of attorney shall not create any fiduciary obligations or relationship on the part of the Lender for the benefit of any Obligor. 
  

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 (b) The Lender’s Duty of Care. Other than the exercise of reasonable care to
assure the safe custody of the Collateral while being held by the Lender hereunder, the Lender shall have no duty or liability to preserve rights pertaining thereto, it being understood and agreed that the Obligors shall be responsible for
preservation of all rights in the Collateral, and the Lender shall be relieved of all responsibility for the Collateral upon surrendering it or tendering the surrender of it to the Obligors. The Lender shall be deemed to have exercised reasonable
care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Lender accords its own property, which shall be no less than the treatment employed by a
reasonable and prudent agent in the industry, it being understood that the Lender shall not have responsibility for taking any necessary steps to preserve rights against any parties with respect to any of the Collateral. In the event of a public or
private sale of Collateral pursuant to Section 7 hereof, the Lender shall have no responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to
any Collateral, whether or not the Lender has or is deemed to have knowledge of such matters, or (ii) taking any steps clean, repair or otherwise prepare the Collateral for sale. 
 (c) Liability with Respect to Accounts. Anything herein to the contrary notwithstanding, each of the Obligors shall remain liable
under each of the Accounts to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise to each such Account. Neither the Lender nor any holder
of Secured Obligations shall have any obligation or liability under any Account (or any agreement giving rise thereto) by reason of or arising out of this Agreement or the receipt by the Lender or any holder of Secured Obligations of any payment
relating to such Account pursuant hereto, nor shall the Lender or any holder of Secured Obligations be obligated in any manner to perform any of the obligations of an Obligor under or pursuant to any Account (or any agreement giving rise thereto),
to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party under any Account (or any agreement giving rise thereto), to present or file any
claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 
 (d) Voting and Payment Rights in Respect of the Pledged Equity. 
 (i) So long as no Event of Default shall exist, each Obligor may (A) exercise any and all voting and other consensual rights pertaining
to the Pledged Equity of such Obligor or any part thereof for any purpose not inconsistent with the terms of this Agreement or the Loan Agreement and (B) receive and retain any and all dividends (other than stock dividends and other dividends
constituting Collateral which are addressed hereinabove), principal or interest paid in respect of the Pledged Equity to the extent they are allowed under the Loan Agreement; and 
 (ii) During the existence of an Event of Default, (A) all rights of an Obligor to exercise the voting and other consensual rights which
it would otherwise be entitled to exercise pursuant to clause (i)(A) above shall cease and all such rights shall thereupon become vested in the Lender which shall then have the sole right to exercise such voting and other consensual rights,
(B) all rights of an Obligor to receive the dividends, principal and interest payments which it would otherwise be authorized to receive and retain pursuant to clause (i)(B) above shall

  

 15 

 
cease and all such rights shall thereupon be vested in the Lender which shall then have the sole right to receive and hold as Collateral such dividends, principal and interest payments, and
(C) all dividends, principal and interest payments which are received by an Obligor contrary to the provisions of clause (ii)(B) above shall be received in trust for the benefit of the Lender, shall be segregated from other property or
funds of such Obligor, and shall be forthwith paid over to the Lender as Collateral in the exact form received, to be held by the Lender as Collateral and as further collateral security for the Secured Obligations. 
 (e) Releases of Collateral. (i) If any Collateral shall be sold, transferred or otherwise disposed of by any Obligor in a
transaction permitted by the Loan Agreement, then the Lender, at the request and sole expense of such Obligor, shall promptly execute and deliver to such Obligor all releases and other documents, and take such other action, reasonably necessary for
the release of the Liens created hereby or by any other Collateral Document on such Collateral. (ii) The Lender may release any of the Pledged Equity from this Agreement or may substitute any of the Pledged Equity for other Pledged Equity
without altering, varying or diminishing in any way the force, effect, lien, pledge or security interest of this Agreement as to any Pledged Equity not expressly released or substituted, and this Agreement shall continue as a first priority lien on
all Pledged Equity not expressly released or substituted. 
 Section 9. Application of Proceeds. Upon the
acceleration of the Obligations pursuant to Section 8.02 of the Loan Agreement, any payments in respect of the Secured Obligations and any proceeds of the Collateral, when received by the Lender or any holder of the Secured Obligations
in Money, will be applied in reduction of the Secured Obligations in the order set forth in Section 8.03 of the Loan Agreement. 
 Section 10. Continuing Agreement. 
 (a) This Agreement shall remain in
full force and effect until such time as the Secured Obligations arising under the Loan Documents have been paid in full and the Commitments have expired or been terminated, at which time this Agreement shall be automatically terminated and the
Lender shall, upon the request and at the expense of the Obligors, forthwith release all of its Liens and security interests hereunder and shall execute and deliver all UCC termination statements and/or other documents reasonably requested by the
Obligors evidencing such termination. 
 (b) This Agreement shall continue to be effective or be automatically reinstated, as
the case may be, if at any time payment, in whole or in part, of any of the Secured Obligations is rescinded or must otherwise be restored or returned by the Lender or any holder of the Secured Obligations as a preference, fraudulent conveyance or
otherwise under any Debtor Relief Law, all as though such payment had not been made; provided that in the event payment of all or any part of the Secured Obligations is rescinded or must be restored or returned, all reasonable costs and expenses
(including without limitation any reasonable legal fees and disbursements) incurred by the Lender or any holder of the Secured Obligations in defending and enforcing such reinstatement shall be deemed to be included as a part of the Secured
Obligations. 
 Section 11. Amendments; Waivers; Modifications, etc. This Agreement and the provisions hereof may
not be amended, waived, modified, changed, discharged or terminated

  

 16 

 
except as set forth in Section 10.10 of the Loan Agreement; provided that any update or revision to Schedule 2(c) hereof delivered by any Obligor shall not constitute an
amendment for purposes of this Section 11 or Section 10.10 of the Loan Agreement. 
 Section 12.
Successors in Interest. This Agreement shall be binding upon each Obligor, its successors and assigns and shall inure, together with the rights and remedies of the Lender its successors and permitted assigns. 
 Section 13. Notices. All notices required or permitted to be given under this Agreement shall be in conformance with
Section 10.07 of the Loan Agreement. 
 Section 14. Counterparts. This Agreement may be executed in any
number of counterparts, each of which where so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. It shall not be necessary in making proof of this Agreement to produce or account for more
than one such counterpart. 
 Section 15. Headings. The headings of the sections hereof are provided for convenience
only and shall not in any way affect the meaning or construction of any provision of this Agreement. 
 Section 16.
Choice of Law and Venue; Arbitration. The terms of Sections 10.09 and 10.31 of the Loan Agreement with respect to choice of law, venue, and arbitration are incorporated herein by reference, mutatis mutandis, and the
parties hereto agree to such terms. 
 Section 17. Severability. If any provision of any of the Agreement is
determined to be illegal, invalid or unenforceable, such provision shall be fully severable and the remaining provisions shall remain in full force and effect and shall be construed without giving effect to the illegal, invalid or unenforceable
provisions. 
 Section 18. Entirety. This Agreement, the other Loan Documents and the other documents relating to
the Secured Obligations represent the entire agreement of the parties hereto and thereto, and supersede all prior agreements and understandings, oral or written, if any, including any commitment letters or correspondence relating to the Loan
Documents, any other documents relating to the Secured Obligations, or the transactions contemplated herein and therein. 
 Section 19. Other Security. To the extent that any of the Secured Obligations are now or hereafter secured by property other than the Collateral (including, without limitation, real property and securities owned by an Obligor),
or by a guarantee, endorsement or property of any other Person, then the Lender shall have the right to proceed against such other property, guarantee or endorsement during the existence of any Event of Default, and the Lender shall have the right,
in its sole discretion, to determine which rights, security, Liens or remedies the Lender shall at any time pursue, relinquish, subordinate, modify or take with respect thereto, without in any way modifying or affecting any of them or the Secured
Obligations or any of the rights of the Lender or the holders of the Secured Obligations under this Agreement, under any other of the Loan Documents or under any other document relating to the Secured Obligations. 
  

 17 

 Section 20. Joinder. At any time after the date of this Agreement, one or more
additional Persons may become party hereto by executing and delivering to the Lender a Joinder Agreement. Immediately upon such execution and delivery of such Joinder Agreement (and without any further action), each such additional Person will
become a party to this Agreement as an “Obligor” and have all of the rights and obligations of an Obligor hereunder and this Agreement and the schedules hereto shall be deemed amended by such Joinder Agreement. 
 Section 21. Acceptance. This Agreement shall be deemed accepted by the Lender upon its delivery by the Obligors on the Closing
Date. 
 Section 22. Exhibits. All exhibits and schedules to this Agreement are incorporated herein by reference for
all purposes. 
 Section 23. Entire Agreement. THIS AGREEMENT AND THE OTHER RELATED LOAN DOCUMENTS REPRESENT THE
FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 
 [Remainder of page intentionally left blank; signatures appear on following pages.] 
  

 18 

 Each of the parties hereto has caused a counterpart of this Agreement to be duly executed
and delivered as of the date first above written. 
  

					
	OBLIGORS:
	
	OMEGA PROTEIN CORPORATION
			
	By:	 	/s/	 	Robert W. Stockton
		 		 	Robert W. Stockton
		 		 	Executive Vice President and
		 		 	Chief Financial Officer
	
	OMEGA PROTEIN, INC.
			
	By:	 	/s/	 	Robert W. Stockton
		 		 	Robert W. Stockton
		 		 	Vice President and Treasurer
	
	PROTEIN FINANCE COMPANY
			
	By:	 	/s/	 	Robert W. Stockton
		 		 	Robert W. Stockton
		 		 	Vice President and Treasurer
	
	OMEGA INTERNATIONAL
	MARKETING COMPANY
			
	By:	 	/s/	 	Robert W. Stockton
		 		 	Robert W. Stockton
		 		 	Vice President and Treasurer

					
	OMEGA INTERNATIONAL
	DISTRIBUTION COMPANY
			
	By:	 	/s/	 	Robert W. Stockton
		 		 	Robert W. Stockton
		 		 	Vice President and Treasurer
	
	OMEGA SHIPYARD, INC.
			
	By:	 	/s/	 	Robert W. Stockton
		 		 	Robert W. Stockton
		 		 	Vice President and Treasurer
	
	PROTEIN INDUSTRIES, INC.
			
	By:	 	/s/	 	Robert W. Stockton
		 		 	Robert W. Stockton
		 		 	Vice President and Treasurer

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