Document:

Exhibit 10.1

 

UMAMI SUSTAINABLE SEAFOOD INC.

and

BAJA AQUA-FARMS, S.A. DE C.V.,

 

as Borrowers

 

 

 

AMENDMENT NO. 3

 

Dated as of June 25, 2012

 

to

 

CREDIT AGREEMENT

 

Dated as of August 26, 2011

 

 

 

AMERRA CAPITAL MANAGEMENT, LLC,

as Administrative Agent

 

AMENDMENT NO. 3

 

    	 

    	 

    

 

AMENDMENT NO. 3

 

AMENDMENT NO. 3 dated
as of June 25, 2012 by and among UMAMI SUSTAINABLE SEAFOOD INC., a Nevada corporation (the “US Borrower”); BAJA
AQUA-FARMS, S.A. DE C.V., a Mexican corporation (the “Mexican Borrower” and, together with the US Borrower,
the “Borrowers”); and AMERRA CAPITAL MANAGEMENT, LLC, as Administrative Agent for the Lenders (as hereinafter
defined).

 

The Borrowers, the Lenders
and the Administrative Agent are parties to a certain Credit Agreement dated as of August 26, 2011 (as heretofore amended, supplemented
or otherwise modified and in effect on the date hereof, the “Credit Agreement”), providing, subject to the respective
terms and conditions thereof, for extensions of credit (by making Loans) by the Lenders to the Borrowers; and

 

The Borrowers have requested
(i) an increase in the amount of credit available under the Credit Agreement and (ii) that certain provisions of the Credit Agreement
be modified, and the Lenders have indicated their willingness to effect such amendments, pursuant to which the parties hereto wish
to amend the Credit Agreement to evidence such changes. Accordingly, the parties hereto hereby agree as follows:

 

Section 1.          Definitions.
Terms defined in the Credit Agreement are used herein as defined therein.

 

Section 2.          Amendments.
Subject to the satisfaction of the conditions precedent specified in Section 4 below, but effective as of the date hereof, the
Credit Agreement shall be amended as follows:

 

A.          References
in the Credit Agreement to “this Agreement” shall be deemed to be references to the Credit Agreement as amended hereby.

 

B.          The
following definitions are hereby added to Section 1.01 of the Credit Agreement in the appropriate alphabetical order to read as
follows:

 

“Amendment
No. 2” means Amendment No. 2 to this Agreement dated as of April 16, 2012.

 

“Amendment
No. 3” means Amendment No. 3 to this Agreement dated as of June 25, 2012.

 

“EC
Assignment” means an assignment by the Mexican Borrower with respect to its right, title and interest in and to each
Export Contract made in favor of the Administrative Agent for the benefit of the Lenders, together with the proceeds thereof, in
the form of Exhibit C to Amendment No. 3 or as may otherwise be satisfactory to the Administrative Agent.

 

AMENDMENT NO. 3

 

    	 

    	 

    

 

“First
IE Loan” means the extension of credit made by the Lenders to the Borrowers under Amendment No. 2 in the original principal
amount equal to $4,000,000.

 

C.          The
following definitions in Section 1.01 of the Credit Agreement are hereby amended to read in their respective entirety as follows:

 

“Applicable
Advance Rate” means, at any time, eighty percent (80%) of the Insured Value of the Eligible Inventory or the Eligible
Catch, as the case may be, and as determined in the sole discretion of the Administrative Agent.

 

“Commitment”
means, with respect to each Lender, the obligation of such Lender to make Loans hereunder, as such commitment may be (a) reduced
from time to time pursuant to Section 2.05, and (b) reduced or increased from time to time pursuant to assignments by or to such
Lender pursuant to Section 9.04. The amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment
and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable. The aggregate amount of the Lenders’
Commitments is $30,000,000.

 

“Commitment
Termination Date” means the day falling thirty (30) days prior to the Maturity Date.

 

“Export
Contracts” means, collectively, those purchase or sale contracts between the purchaser therein described and the Mexican
Borrower, pursuant to which the Mexican Borrower shall agree to supply the Product to such purchaser.

 

“Insured
Value” means, at any time with respect to the Eligible Inventory or the Eligible Catch, as the case may be, the stated
value set forth on the insurance coverage relating thereto as such is then maintained by the Loan Parties, net of any deductible
amounts, co-insurance amounts or other amounts evidencing a claim deduction.

 

“IE
Loan” means, collectively, the extensions of credit made by the Lenders to the Borrowers under the Credit Agreement,
including Amendment No. 3 and the First IE Loan, in the principal amount equal to the Inter-Harvest Excess as determined by
the Administrative Agent, which outstanding principal amount in the aggregate shall be no greater than $10,000,000.

 

“Loan”
means an extension of credit made by the Lenders to either Borrower pursuant to this Agreement, including the IE Loan.

 

“Maturity
Date” means December 31, 2012.

 

“Maximum
IE” means, with respect to any calendar year, (a) $10,000,000 from April 1 to July 31 thereof, (b) $6,000,000 from August
1 to August 31 thereof, (c) $3,000,000 from September 1 to September 30 thereof, and (d) $0 from October 1 thereof to March 31
of the immediately succeeding calendar year.

 

AMENDMENT NO. 3
 

 

    	2

    	 

    

 

“Total
Facility” means, as to all Loans hereunder at any time, the lesser of (a) $30,000,000 and (b) the Borrowing Base then
in effect.

 

D.          Section
2.01 of the Credit Agreement is hereby amended to read in its entirety as follows:

 

Commitment.
Subject to the terms and conditions set forth herein, each Lender severally agrees (i) to make Loans to the Borrowers on or after
the date hereof, but prior to the Commitment Termination Date, in an aggregate principal amount that will not result in such Lender’s
Credit Exposure exceeding such Lender’s Commitment; and (ii) to make the IE Loan to the Borrowers on or after the date hereof,
but prior to July 9, 2012, in an aggregate principal amount of no more than $10,000,000; provided, however, the aggregate
principal amount of the Loans shall not at any time exceed the Total Facility in effect at such time; and provided further,
that until the covenants set forth in Section 5 (A) and (C) of Amendment No. 3 have been satisfied, the aggregate amount of
the IE Loan outstanding at any time shall not exceed $6,000,000. Amounts borrowed under this Section and repaid or prepaid may
not be re-borrowed.

 

E.          A
new Section 3.13 is hereby added to the Credit Agreement to read in its entirety as follows:

 

Sunderland
Marine Policy. The biomass insurance policy maintained by the Borrowers with Sunderland Marine Mutual Insurance Company Limited
is valid, in effect and otherwise in good standing, with all premiums, deductibles or co-insured amounts being paid thereon in
a timely fashion, and no endorsements relating thereto other than those which have been provided to the Administrative Agent.

 

F.          Section
5.01(d) of the Credit Agreement is hereby amended to read in its entirety as follows:

 

(1)       within
five (5) days after the end of each month of each fiscal year of the Borrowers, then current Borrowing Base Certificate of the
Borrowers, then current fish reports maintained by the Borrowers, reports as to the Eligible Inventory or the Eligible Catch, as
the case may be, for each of the related Loan Parties, a schedule as to secured Indebtedness then owed by the Loan Parties, any
written communication with insurance carriers with respect to the Eligible Inventory or the Eligible Catch, as the case may be,
any written communication with fish insurance brokers and underwriters and a Compliance Certificate of the Borrowers with respect
to such month; (2) on the last Business Day of each week during the Current Catch Period, then current catch reports maintained
by the Borrowers; and (3) within two (2) days of its filing thereof by the Borrowers, a copy of each report submitted by the Borrowers
to the Inter-American Tropical Tuna Commission.

 

AMENDMENT NO. 3 

 

    	3

    	 

    

 

G.          Section
5.09 of the Credit Agreement is hereby amended to read in its entirety as follows:

 

The Mexican
Borrower will assign to the Administrative Agent for the benefit of the Lenders from time to time all of its right, title and interest
to the Export Contracts, together with the proceeds thereof, in each case pursuant to an EC Assignment.

 

H.          A
new Section 5.14 is hereby added to the Credit Agreement to read in its entirety as follows:

 

Additional
Collateral Security. The Mexican Borrower and/or its Subsidiaries, as applicable, shall grant in favor of the Administrative
Agent and the Lenders a first-priority Lien with respect to all licenses, concessions or fishing vessels of the Mexican Borrower
which are not pledged or mortgaged as collateral security in connection with its Indebtedness owed to Persons other than the Lenders,
each of which pledge or mortgage instrument, as the case may be, shall constitute a Mexican Security Agreement. For such purposes,
the Mexican Borrower shall cause its Subsidiaries (including, but not limited to, Marpesca) to enter into any necessary Security
Agreements and perform any and all corporate actions that are required in order to comply with this Section.

 

I.           A
new Section 6.09 is hereby added to the Credit Agreement to read in its entirety as follows:

 

Inventory
Allocation. The Borrowers shall not permit at any time the Insured Value of the Pledged Inventory to exceed $20,000,000 at
any single location of the Borrowers, in accordance with the maximum coverage limitations set forth in the underlying insurance
policies of the Borrowers.

 

J.           Schedule
2.01 of the Credit Agreement is hereby amended to read in its entirety as set forth on Exhibit B to this Amendment No. 3.

 

Section 3.         Representations
and Warranties. Each Borrower represents and warrants to the Administrative Agent and the Lenders that the representations
and warranties set forth in Article III of the Credit Agreement are true and complete on the date hereof as if made on and as of
the date hereof and as if each reference in said Article III to “this Agreement” included reference to this Amendment
No. 3.

 

Section 4.         Conditions
Precedent. As provided in Section 2 above, the amendments to the Credit Agreement set forth in said Section 2 shall become
effective, as of the date hereof, upon the satisfaction of the following conditions precedent:

 

A.         Execution
by all Parties. This Amendment No. 3 shall have been executed and delivered by each of the parties hereto.

 

AMENDMENT NO. 3 

 

    	4

    	 

    

 

B.          Execution
by the Borrowers. The Borrowers shall have executed and delivered to the Administrative Agent a promissory note in the principal
amount of $30,000,000, substantially in the form of Exhibit A to this Amendment No. 3, which promissory note shall replace
any existing Note issued by the Borrowers in connection with the Credit Agreement.

 

C.          Corporate
Action. The Administrative Agent shall have received evidence of the formalization before a Notary Public of any and all amendments
of the Mexican Security Documents that are required to effect on behalf of the Administrative Agent any updates to the public registries
relating to them so as to specify that the Indebtedness of the Mexican Borrower under the Credit Agreement has been increased as
set forth in this Amendment No. 3 and that the collateral described therein shall secure such increase in Indebtedness. This
condition precedent shall also apply to any of the Subsidiaries of the Mexican Borrower, if applicable, and therefore shall oblige
the Mexican Borrower to cause any of its Subsidiaries to execute any corporate action (or its equivalent) that is required to be
taken approving this Amendment No. 3, the Credit Agreement as amended hereby and the borrowings by the Borrower under the Credit
Agreement as amended hereby, in each case to the satisfaction of the Administrative Agent.

 

D.          Valuation.
The Administrative Agent shall have received from the Mexican Borrower documents relating to the licenses, concessions and fishing
vessels on which Liens are to be granted by the Mexican Borrower in connection herewith, including evidence of clean and marketable
title, and appraisal or valuation reports, and the Administrative Agent shall be satisfied with the form and content thereof.

 

E.          Insurance.
The Administrative Agent shall have received evidence of the maintenance of all insurance required to be maintained by the Loan
Parties pursuant to the Credit Agreement and evidence that the Administrative Agent (on behalf of the Lenders) has been named an
additional insured or loss payee under such insurance, and copies of all policies relating to such insurance.

 

F.          Examination
and Review. The Administrative Agent shall have completed to its satisfaction the following: (i) a collateral security and
operational examination of the Borrowers, including a review by its counsel of the insurance coverage maintained by the Borrowers
with respect to the Pledged Inventory and its operating businesses; (ii) a review of all budgets, economic models and forecasts,
and such other related financial materials provided by the Borrowers; and (iii) a review of an on-site collateral report prepared
by a consulting firm and independent diver retained by the Administrative Agent (the cost of which shall be borne by the Borrowers)
as to the condition and quantity of the Pledged Inventory.

 

G.          Other
Documents. The Administrative Agent shall have received such other documents as the Administrative Agent or its counsel may
reasonably request.

 

Section 5.         Additional
Affirmative Covenants. The Borrowers shall deliver to the Administrative Agent the following documents and comply with the
following covenants:

 

AMENDMENT NO. 3 

 

    	5

    	 

    

 

A.         Additional
Mexican Security Documents. Within the next ten (10) Business Days after execution of this Amendment No. 3, the Administrative
Agent shall have received: (i) if applicable, a pledge instrument (or its equivalent) with respect to all licenses and concessions
to be pledged by the Mexican Borrower in connection herewith, pursuant to which the Mexican Borrower and/or its Subsidiaries shall
grant a first-priority Lien thereon in favor of the Administrative Agent and the Lenders, which instrument shall constitute a Mexican
Security Agreement, along with evidence satisfactory to the Administrative Agent that is has been filed before the relevant public
registries: and (ii) a mortgage instrument (or its equivalent) with respect to any and all vessels that are to be considered as
Additional Collateral Security to be mortgaged by the Mexican Borrower and/or its Subsidiaries in connection herewith, pursuant
to which the Mexican Borrower and/or its Subsidiaries shall grant a first-priority Lien thereon in favor of the Administrative
Agent and the Lenders, which instrument shall also constitute a Mexican Security Agreement, along with evidence satisfactory to
the Administrative Agent that it has been filed before the relevant public registries.

 

B.         Registrations.
(i) Within the next thirty five (35) days after the date first set forth above, the Administrative Agent shall have received true
copies of any and all amendments made to the Mexican Security Agreements duly registered under the relevant public registries;
and (ii) within the next thirty (30) days after execution of the Additional Mexican Security Documents, the Administrative Agent
shall have received first true copies of such documents duly registered under the relevant public registries.

 

C.         Certain
Payments. The Borrower shall pay to the Administrative Agent an amendment issuance discount fee in the amount of $450,000 the
earlier of (i) thirty (30) days after the date first set forth above and (ii) the date that the covenants set forth in Section
5(A) are satisfied.

 

The failure of the Borrowers
to comply with this Section 5 will constitute an Event of Default under the Credit Agreement.

 

Section 6.         No
Other Effect on Loan Documents. The Credit Agreement and each of the other Loan Documents, including the Security Documents,
as specifically modified by this Amendment No. 3, are and shall continue to be in full force and effect and are hereby in all respects
ratified and confirmed. This Amendment No. 3 is a Loan Document.

 

Section 7.         No
Waiver. The execution, delivery and effectiveness of this Amendment No. 3 shall not, except as expressly provided herein, operate
as a waiver of any right, power, or remedy of the Lenders under any of the Loan Documents, nor constitute a waiver of any provision
of the Loan Documents.

 

Section 8.         Governing
Law. THIS AMENDMENT NO. 3 SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK

 

Section 9.         Severability.
If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest extent permitted by law, (i) the
other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in favor of
the Administrative Agent and the Lenders in order to carry out the intentions of the parties hereto as nearly as may be possible
and (ii) the invalidity or unenforceability of any provision hereof in any jurisdiction shall not affect the validity or enforceability
of such provision in any other jurisdiction.

 

AMENDMENT NO. 3 

 

    	6

    	 

    

 

Section 10.       Miscellaneous.
This Amendment No. 3 may be executed in any number of counterparts, all of which taken together shall constitute one and the same
instrument and any of the parties hereto may execute this Amendment No. 3 by signing any such counterpart. The captions and
section headings appearing herein are included solely for convenience of reference and are not intended to affect the interpretation
of any provision of this Amendment No. 3.

 

[SIGNATURE PAGES FOLLOW]

 

AMENDMENT NO. 3

 

    	7

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment No. 3 to be duly executed as of the day and year first above written. 

 

	 	UMAMI SUSTAINABLE SEAFOOD INC.,
	 	as US Borrower
	 	 
	 	By	/S/ Oli Valur Steindorsson
	 	 	Name:  Oli Valur Steindorsson
	 	 	Title:  C.E.O.
	 	 
	 	BAJA AQUA-FARMS, S.A. DE C.V.,
	 	as Mexican Borrower
	 	 
	 	By	/S/ Oli Valur Steindorsson
	 	 	Name:  Oli Valur Steindorsson
	 	 	Title:  President
	 	 
	 	AMERRA CAPITAL MANAGEMENT, LLC,
	 	as Administrative Agent
	 	 
	 	By	/S/ Craig A. Tashjian
	 	 	Name:  Craig A. Tashjian
	 	 	Title:  Managing Director

 

AMENDMENT NO. 3

 

    	 

    	 

    

 

	 	LENDERS
	 	 
	 	AMERRA AGRI FUND, LP,
	 	as Lender
	 	 
	 	By:	AMERRA Capital Management, LLC,
	 	 	 
	 	By	/S/ Craig A. Tashjian
	 	 	Name:  Craig A. Tashjian
	 	 	Title:  Managing Director
	 	 
	 	AMERRA AGRI FUND II, LP,
	 	as Lender
	 	 
	 	By:	AMERRA Capital Management, LLC,
	 	 	Investment Manager
	 	 
	 	By	/S/ Craig A. Tashjian
	 	 	Name:  Craig A. Tashjian
	 	 	Title:  Managing Director
	 	 
	 	AMERRA AGRI OFFSHORE FUND, LP,
	 	as Lender
	 	 
	 	By:	AMERRA Capital Management, LLC,
	 	 	Investment Manager
	 	 
	 	By	/S/ Craig A. Tashjian
	 	 	Name:  Craig A. Tashjian
	 	 	Title:  Managing Director

 

AMENDMENT NO. 3 

 

    	 

    	 

    

 

	 	AMERRA AGRI OPPORTUNITY FUND, LP,
	 	as Lender
	 	 
	 	By:	AMERRA Capital Management, LLC,
	 	 	Investment Manager
	 	 
	 	By	/S/ Craig A. Tashjian
	 	 	Name:  Craig A. Tashjian
	 	 	Title:  Managing Director
	 	 
	 	JPMORGAN CHASE RETIREMENT PLAN,
	 	as Lender
	 	 
	 	By:	AMERRA Capital Management, LLC,
	 	 	Investment Manager
	 	 
	 	By	/S/ Craig A. Tashjian
	 	 	Name:  Craig A. Tashjian
	 	 	Title:  Managing Director

 

AMENDMENT NO. 3 

 

    	 

    	 

    

 

EXHIBIT A

TO AMENDMENT NO. 3

 

Form of Promissory Note

 

PROMISSORY
NOTE

 

PRINCIPAL AMOUNT: US$30,000,000.00

 

FOR VALUE RECEIVED, BAJA AQUA-FARMS,
S.A. DE C.V., a company duly organized and validly existing under the laws of the United Mexican States (“Mexico”)
and UMAMI SUSTAINABLE SEAFOOD, INC, a company duly organized and validly existing under the laws of Nevada, United States
of America, both entities jointly (the “Borrowers”) hereby unconditionally promise to pay on demand to
the order of AMERRA CAPITAL MANAGEMENT, LLC. (the “Lender”) in the City of New York, NY, United States of America,
in account number 30838162 maintained with Citibank, New York: branch (399 Park Avenue, Nueva York, Nueva York, 10043) (ABA # 021000089),
or at such other place as the Lender or the holder of this PROMISSORY NOTE designates in writing, the principal amount of US$30,000,000.00
(THIRTY MILLION DOLLARS), in lawful currency of the United States of America (“Dollars”) and in immediately
available and freely transferable funds (or such other funds as may at the time of payment be customary in the place of payment
for settlement of international payments) on demand; provided, however, that pursuant to article 128 of the General
Law of Negotiable Instruments and Credit Transactions (Ley General de Titulos y Operaciones de Credito), the Borrowers agree
that presentment of this PROMISSORY NOTE is extended until June 30, 2013.

 

The principal amount of the PROMISSORY
NOTE shall be payable in one single payment due on December 31, 2012 (the “Loan Payment Date”), except for the
IE Amount (as defined below), which shall be payable on or prior to September 30, 2012 (the “IE Payment Date”, and
together with the Loan Payment Date, each a “Payment Date”).

 

The unpaid principal amount of this PROMISSORY
NOTE shall accrue interest, from the date hereof, and the Borrowers agree to pay interest on the outstanding principal amount
of this PROMISSORY NOTE from the date hereof until payment in full hereof, at an annual rate equal to the LIBO Rate plus 9% (nine
percent) per annum for the entire principal amount of US$30,000,000.00 (THIRTY MILLION DOLLARS) (the “Ordinary Rate”),
with the understanding that the sum of US$10,000,000.00 (TEN MILLION DOLLARS) of such principal amount (the “IE Amount”)
will be subject to an annual rate equal to the LIBO Rate plus 11.75% (eleven point seventy five percent) per annum (the “IE
Rate”, and jointly with the Ordinary Rate, the “Interest Rates”) from the date this PROMISSORY NOTE
is issued until the earlier of repayment thereof or September 30, 2012. If the 1E Amount has not been paid in full and is duly
documented by means of a payment receipt under Article 130 of the General Law of Negotiable instruments and Credit Transactions
(Ley General de Titulos y Operacione de Credito) by September 30, 2012, any outstanding amounts of the IE Amount will bear
interests equal to the Ordinary Rate.

 

AMENDMENT NO. 3 

 

    	 

    	 

    

 

The interests that are payable in observance
of the interest Rates, as applicable, shall be payable monthly, on demand, in arrears on the last Business Day (as such term is
hereinafter defined) of each month during the term of this PROMISSORY NOTE, beginning on its date of signature and ending on December
31, 2012 or September 30, 2012, as applicable, or shall be payable jointly with the consecutive installments in their respective
Payment Date, set above. Interest shall be computed on the basis of a 360-day year and the actual number of days elapsed (including
the first day but excluding the last day).

 

For purposes hereof, (i) “Business
Day” means a day that is not a Saturday, Sunday or other day on which registered broker-dealers or commercial banks
in New York, United States of America are authorized or required by law to remain closed, and (ii) “LIBO Rate”
means the London InterBank Offered Rate published by Reuters (or other commercially available source providing quotations of British
bankers Association LIBO Rate as designated by the Lender from time to time) at approximately 11:00 A.M., London time, on the
corresponding Payment Date, applicable to Dollar deposits in the approximate amount of the aggregate principal amount owed under
this PROMISSORY NOTE and having a maturity of l (one) year.

 

In the event that any amount payable hereunder,
including interest to the extent permitted by law, is not paid in full on maturity, the Borrowers additionally and unconditionally
promise to pay delinquent interest on such unpaid amount, in the same place and in like currency and funds as the principal amount
hereof, at the Interest Rates, plus 2% (two percent) per annum. Such delinquent interest shall be computed on the basis of the
actual number of days elapsed in a year of 360 days and shall be
payable on demand.

 

The principal amount of this PROMISSORY
NOTE and the interest thereon, shall be paid free and clear of and without deduction of any and all present or future taxes, levies,
imposts, deductions, charges, withholdings, any interest, surcharges, fines, penalties or other assessments of any kind whatsoever
with respect thereto, imposed by the Government of Mexico or any political subdivision .thereof, with the exception of (a) franchise
taxes that are measured on net income, and (b) any taxes imposed pursuant to the Foreign Account Tax Compliance Act (“Taxes”).
If the Borrowers shall be required by law to withhold or deduct any Taxes from or in respect of any sum payable hereunder, the
Borrowers shall make such withholding or deduction and shall pay the full amount so withheld or deducted to relevant taxation authority
in accordance with applicable law, and the Borrowers hereby agree to deliver to the Lender true and correct copies of the documents
evidencing the due payment of such Taxes within thirty (30) calendar days following the date on which such Taxes shall have been
payable; provided, however, that the Borrowers hereby unconditionally promise to pay to the holder of this PROMISSORY
NOTE such additional amounts as may be necessary so that the net amount actually received by the holder of this PROMISSORY NOTE
in respect of any payment hereunder, after such withholding or deduction with respect to Taxes, is equal to the amount which the
holder of this PROMISSORY NOTE would have received if such withholding or deduction had not existed. The obligations of the Borrowers
pursuant to this paragraph shall survive the payment in full of principal and interest hereunder.

 

The Borrowers hereby expressly waive any
diligence, requirement for submittance, protest, demand, notice of default or any other notice or similar formality of any kind
with respect to this PROMISSORY NOTE.

AMENDMENT NO. 3 

 

    	 

    	 

    

 

The delay or failure of the holder of this
PROMISSORY NOTE in exercising any of its rights hereunder shall not in any event operate as a waiver of such right or any other
right hereunder.

 

The Borrowers shall be bound to pay on
demand, in the same place and in like currency and funds as the principal amount hereof, all costs and expenses of the holder of
this PROMISSORY NOTE, if any, in connection with its enforcement, including, without limitation, reasonable attorneys’ fees
and expenses with respect thereto and all costs and expenses incurred by the holder as a result of the default by the Borrowers
to perform their obligations hereunder, including that of payment.

 

The Borrowers agree to indemnify the holder
of this instrument against any loss incurred by it as a result of any judgmen. or order rendered in connection with the payment
of any amount due hereunder which is expressed and paid in a currency (the “Judgment Currency”) other than the
currency in which such amount was to be paid (the “Obligation Currency”) and as a result of any variation between
(a) the exchange rate at which the Obligation Currency is converted into Judgment Currency for the purposes of such judgment or
order, and (b) the exchange rate at which the holder may purchase the Obligation Currency with the amount in the Judgment Currency
actually received by the holder. The foregoing indemnity shall constitute a separate and independent obligation of the Borrowers
and shall continue in full force and effect notwithstanding any such judgment or order. The term “exchange rate” shall
include any premiums and costs of exchange payable in connection with the purchase of, or conversions into, the relevant currency.

 

The Borrowers expressly waive any right
to set-off any amount payable to them against the amounts payable by the Borrower hereunder.

 

This PROMISSORY NOTE shall be governed
by, and construed in accordance with the laws of Mexico.

 

The Borrowers expressly and irrevocably
submit to the jurisdiction of the competent courts sitting in the State of Baja California, Mexico, in any action or proceeding
arising out of or relating to this PROMISSORY NOTE, and the Borrowers irrevocably agree that all claims in respect of such action
or proceeding may be heard and determined in such court and expressly waives any other preferential jurisdiction to which the Borrowers
may be entitled by reason of their present or future domiciles or by reason of the place of payment of this PROMISSORY NOTE.

 

This PROMISSORY NOTE is executed in both
English and Spanish versions, both of which shall bind the Borrowers and shall constitute one and the same instrument. In the case
of any conflict or doubt as to the proper interpretation of this PROMISSORY NOTE, the Spanish version shall govern.

 

This PROMISSORY NOTE was issued with original
issue discount (“OID”) for United States Federal Income Tax Purposes. Upon request, the Borrowers will promptly
make available to a holder of this note information regarding the issue price, the amount of OID, the issue date and the yield
to maturity of this note, holders should contact the Chief Financial Officer of UMAMI SUSTAINABLE SEAFOOD, INC., at 1230 Columbia
Street, San Diego, California 92101.

 

AMENDMENT NO. 3 

 

    	 

    	 

    

 

This PROMISSORY NOTE, consisting of 7 (seven)
pages, is made and delivered in Ensenada, Baja California, Mexico, on June 25, 2012.

 

	BORROWER:	
        BAJA AQUA-FARMS, S.A. DE C.V.

         

By (For):

        Name (Nombre): Oh Valur Steindorsson.

        Title (Cargo): Attorney-in-fact / Apoderado

Domicile/Dornicilio: Calle 12, N°211 Parque

Industrial FondePort. El Sauzal, Ensenada,

        Baja California

         

	BORROWER:	
        UMAMI SUSTAINABLE SEAFOOD, INC

         

        By (Por):

         

Name (Nombre): Oh Valur Steindorsson.

        Title (Cargo): Attorney-in-fact./ Apoderado

Domicile/Dornicilio: 1230 Columbia Street,

Suite 440, San Diego, California 92101.

 

AMENDMENT NO. 3 

 

    	 

    	 

    

 

EXHIBIT B

TO AMENDMENT NO. 3

 

Commitments

 

	Lender	 	Commitments	 
	AMERRA Agri Fund, LP	 	$	7,380,000.00	 
	AMERRA Agri Fund II, LP	 	$	7,500,000.00	 
	AMERRA Agri Offshore Fund, LP	 	$	1,740,000.00	 
	AMERRA Agri Opportunity Fund, LP	 	$	7,380,000.00	 
	JP Morgan Chase Retirement Plan	 	$	6,000,000.00	 
	TOTAL	 	$	30,000,000.00	 

 

AMENDMENT NO. 3 

 

    	 

    	 

    

 

EXHIBIT C

TO AMENDMENT NO. 3

 

Form of EC Assignment by Mexican Borrower

 

AMENDMENT NO. 3Exhibit 10.2

 

UMAMI SUSTAINABLE SEAFOOD, INC.

NON-PLAN STOCK OPTION AGREEMENT

 

THIS NON-PLAN STOCK OPTION AGREEMENT
(this “Option Agreement”) dated as of June 30, 2010 by and between Umami Sustainable Seafood, Inc., a Nevada
corporation (the “Corporation”), and ___________________________ (the “Grantee”) evidences
the nonqualified stock option (the “Option”) granted by the Corporation to the Grantee as to the number of shares
of the Corporation’s common stock (“Common Stock”) first set forth below.

 

	
        Number of Shares of Common Stock:1 _______Award
        Date: June 30, 2010

         

        Exercise Price per Share:1               $1.00           Expiration
        Date:1,2 June 30, 2015

         

        Vesting1,2  The Option shall be vested
        as to one-sixth (1/6) of the total number of shares of Common Stock subject to the Option on the Award Date. The Option shall become
        vested as to (i) one-sixth (1/6) of the total number of shares of Common Stock subject to the Option on the first anniversary of
        the Award Date (ii) one-third (1/3) of the total number of shares of Common Stock subject to the Option on the second anniversary
        of the Award Date, and (iii) one-third (1/3) of the total number of shares of Common Stock subject to the Option on the third anniversary
        of the Award Date.

 

The Option is subject to the Terms and Conditions
of Non-Plan Stock Option (the “Terms”) attached to this Option Agreement (incorporated herein by this reference).
The Option has been granted to the Grantee in addition to, and not in lieu of, any other form of compensation otherwise payable
or to be paid to the Grantee. The parties agree to the terms of the Option set forth herein. The Grantee acknowledges receipt of
a copy of the Terms.

 

The Option is the stock option referred
to in Section 3(a) of the Employment Agreement dated as of July 1, 2010 between the Corporation and the Grantee (the “Employment
Agreement”). The Option is a stand-alone option grant and was not granted under any of the Corporation’s equity
incentive plans. Any shares issued in respect of the Option shall not count against the share limits of any such plan.

 

	“GRANTEE”	 	UMAMI SUSTAINABLE SEAFOOD, INC.
	 	 	a Nevada corporation
	 	 	 
	 	 	 
	Signature 	 	By:	 
		 	 	 

 

	 	 	Print Name:	 
	Print Name	 	 	 

 

	 	 	Title:	 

 

 

		1	Subject to adjustment under Section 6.1 of the Terms.

		2	Subject to early termination under Section 4 of the Terms and Section 6.2 of the Terms.

  

    	 

    	 

    

 

 

UMAMI SUSTAINABLE SEAFOOD, INC.

TERMS AND CONDITIONS OF NON-PLAN STOCK OPTION 

 

		1.	Vesting; Limits on Exercise; Incentive Stock Option Status.

 

The Option shall vest and become exercisable
in percentage installments of the aggregate number of shares subject to the Option as set forth on the Grant Notice. The Option
may be exercised only to the extent the Option is vested and exercisable.

 

		·	Cumulative Exercisability. To the extent that the Option is
vested and exercisable, the Grantee has the right to exercise the Option (to the extent not previously exercised), and such right
shall continue, until the expiration or earlier termination of the Option.

 

		·	No Fractional Shares. Fractional share interests shall be disregarded,
but may be cumulated.

 

		·	Nonqualified Stock Option. The Option is a nonqualified stock
option and is not, and shall not be, an incentive stock option within the meaning of Section 422 of the U.S. Internal Revenue Code
(the “Code”).

 

		2.	Continuance of Employment/Service Required; No Employment/Service Commitment.

 

The vesting schedule applicable to the Option
requires continued employment or service through each applicable vesting date as a condition to the vesting of the applicable installment
of the Option and the rights and benefits under this Option Agreement. Employment or service for only a portion of the vesting
period, even if a substantial portion, will not entitle the Grantee to any proportionate vesting or avoid or mitigate a termination
of rights and benefits upon or following a termination of employment or services as provided in Section 4 below.

 

Nothing contained in this Option Agreement
constitutes a continued employment or service commitment by the Corporation or any corporation or other entity a majority of whose
outstanding voting stock or voting power is beneficially owned directly or indirectly by the Corporation (a “Subsidiary”),
affects the Grantee’s status, if he or she is an employee, as an employee at will who is subject to termination without cause,
confers upon the Grantee any right to remain employed by or in service to the Corporation or any Subsidiary, interferes in any
way with the right of the Corporation or any Subsidiary at any time to terminate such employment or service, or affects the right
of the Corporation or any Subsidiary to increase or decrease the Grantee’s other compensation.

 

		3.	Method of Exercise of Option.

 

The Option shall be exercisable by the delivery
to the Secretary of the Corporation (or such other person as the Administrator may require pursuant to such administrative exercise
procedures as the Administrator may implement from time to time) of:

 

    	 

    	 

    

 

 

		·	a written notice stating the number of shares of Common Stock to be
purchased pursuant to the Option or by the completion of such other administrative exercise procedures as the Administrator may
require from time to time,

 

		·	payment in full for the Exercise Price of the shares to be purchased
in cash, check or by electronic funds transfer to the Corporation, or (subject to compliance with all applicable laws, rules, regulations
and listing requirements and further subject to such rules as the Administrator may adopt as to any non-cash payment) in shares
of Common Stock already owned by the Grantee, valued at their fair market value (as determined by the Administrator) on the exercise
date;

 

		·	any written statements or agreements as the Administrator may deem
necessary or desirable to assure compliance with all applicable legal and accounting requirements; and

 

		·	satisfaction of the tax withholding provisions of Section 7 below.

 

The Administrator also may, but is not required to, authorize
a non-cash payment alternative by notice and third party payment in such manner as may be authorized by the Administrator, or,
subject to such procedures as the Administrator may adopt, authorize a “cashless exercise” with a third party who provides
simultaneous financing for the purposes of (or who otherwise facilitates) the exercise of the Option. As used herein, the “Administrator”
means the Board of Directors of the Corporation (the “Board”) or one or more committees appointed by the Board
or another committee (within its delegated authority) to administer all or certain aspects of this Option Agreement.

 

		4.	Early Termination of Option.

 

4.1      Expiration Date. Subject to
earlier termination as provided below in this Section 4, the Option will terminate on the “Expiration Date” set forth
in the cover page of this Option Agreement (the “Expiration Date”).

 

4.2      Possible Termination of Option
upon Certain Corporate Events. The Option is subject to early termination in connection with certain corporate events as described
in Section 6.2 of the Terms below.

 

4.3      Termination of Option upon a Termination
of Grantee’s Employment or Services. Subject to earlier termination on the Expiration Date of the Option or pursuant
to Section 4.2 above, if the Grantee ceases to be employed by or ceases to provide services to the Corporation or a Subsidiary,
the following rules shall apply (the last day that the Grantee is employed by or provides services to the Corporation or a Subsidiary
is referred to as the Grantee’s “Severance Date”):

 

		·	other than as expressly provided below in this Section 4.3, (a) the
Grantee will have until the date that is 3 months after his or her Severance Date to exercise the Option (or portion thereof) to
the extent that it was vested on the Severance Date, (b) the Option, to the extent not vested on the Severance Date, shall terminate
on the Severance Date, and (c) the Option, to the extent exercisable for the 3-month period following the Severance Date and not
exercised during such period, shall terminate at the close of business on the last day of the 3-month period;

    	 

    	 

    

 

 

 

		·	if the termination of the Grantee’s employment or services is
the result of the Grantee’s death or Disability (as defined in the Employment Agreement), (a) the Option, to the extent outstanding
and not vested on the Severance Date, shall become fully vested as of the Severance Date, (b) the Grantee (or his beneficiary or
personal representative, as the case may be) will have until the date that is 12 months after the Grantee’s Severance Date
to exercise the Option, and (c) the Option, to the extent exercisable for the 12-month period following the Severance Date and
not exercised during such period, shall terminate at the close of business on the last day of the 12-month period;

 

		·	if the Grantee’s employment or services are terminated by the
Corporation or a Subsidiary for Cause (as defined in the Employment Agreement), the Option (whether vested or not) shall terminate
on the Severance Date.

 

In the event the Grantee is providing services
to the Corporation (other than as an employee), the Administrator shall be the sole judge of whether the Grantee continues to render
services for purposes of this Option Agreement.

 

		5.	Transfer Restrictions.

 

5.1      Limitations on Exercise and Transfer.
Unless otherwise expressly provided in (or pursuant to) Section 5.2 or required by applicable law: (a) the Option is non-transferable
and shall not be subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge;
(b) the Option shall be exercised only by the Grantee; and (c) amounts payable or shares issuable pursuant to the Option shall
be delivered only to (or for the account of) the Grantee.

 

5.2      Exceptions to Limits on Transfer.
The Administrator may permit the Option to be exercised by and paid to, or otherwise transferred to, other persons or entities
pursuant to such conditions and procedures, including limitations on subsequent transfers, as the Administrator may, in its sole
discretion, establish in writing. Any permitted transfer shall be subject to compliance with applicable federal and state securities
laws and shall not be for value (other than nominal consideration, settlement of marital property rights, or for interests in an
entity in which more than 50% of the voting interests are held by the Grantee or by the Grantee’s family members). In addition,
the exercise and transfer restrictions in Section 5.1 shall not apply to:

 

		·	transfers to the Corporation (for example, in connection with the
expiration or termination of the Option),

 

		·	the designation of a beneficiary to receive benefits in the event
of the Grantee’s death or, if the Grantee has died, transfers to or exercise by the Grantee’s beneficiary, or, in the
absence of a validly designated beneficiary, transfers by will or the laws of descent and distribution,

 

    	 

    	 

    

 

  

		·	transfers to a family member (or former family member) pursuant to
a domestic relations order if approved or ratified by the Administrator,

 

		·	if the Grantee has suffered a disability, permitted transfers or exercises
on behalf of the Grantee by his or her legal representative, or

 

		·	the authorization by the Administrator of “cashless exercise”
procedures with third parties who provide financing for the purpose of (or who otherwise facilitate) the exercise of the Option
consistent with applicable laws and the express authorization of the Administrator.

 

		6.	Adjustments; Corporate Transactions.

 

6.1      Adjustments. Subject to Section
6.2, upon (or, as may be necessary to effect the adjustment, immediately prior to): any reclassification, recapitalization, stock
split (including a stock split in the form of a stock dividend) or reverse stock split; any merger, combination, consolidation,
or other reorganization; any spin-off, split-up, or similar extraordinary dividend distribution in respect of the Common Stock;
or any exchange of Common Stock or other securities of the Corporation, or any similar, unusual or extraordinary corporate transaction
in respect of the Common Stock; then the Administrator shall equitably and proportionately adjust (1) the number, amount and type
of shares of Common Stock (or other securities or property) subject to the Option, (2) the Exercise Price of the Option, and/or
(3) the securities, cash or other property deliverable upon exercise or payment of the Option, in each case to the extent necessary
to preserve (but not increase) the level of incentives intended by the Option and this Option Agreement.

 

It is intended that, if possible, any adjustments
contemplated by the preceding paragraph be made in a manner that satisfies applicable U.S. legal, tax (including, without limitation
and as applicable in the circumstances, Section 424 of the Code, Section 409A of the Code and Section 162(m) of the Code) and accounting
(so as to not trigger any charge to earnings with respect to such adjustment) requirements.

 

Any good faith determination by the Administrator
as to whether an adjustment is required in the circumstances pursuant to this Section 6.1, and the extent and nature of any such
adjustment, shall be conclusive and binding on all persons.

 

    	 

    	 

    

 

 

6.2      Corporate Transactions - Assumption
and Termination of Awards. Upon the occurrence of any of the following: any merger, combination, consolidation, or other reorganization
in connection with which the Corporation does not survive (or does not survive as a public company in respect of its Common Stock);
any exchange of Common Stock or other securities of the Corporation in connection with which the Corporation does not survive (or
does not survive as a public company in respect of its Common Stock); a sale of all or substantially all the business, stock or
assets of the Corporation in connection with which the Corporation does not survive (or does not survive as a public company in
respect of its Common Stock); a dissolution of the Corporation; or any other event in which the Corporation does not survive (or
does not survive as a public company in respect of its Common Stock); then the Administrator may make provision for a cash payment
in settlement of, or for the termination, assumption, substitution or exchange of the Option or the cash, securities or property
deliverable to the holder of the Option, based upon, to the extent relevant under the circumstances, the distribution or consideration
payable to holders of the Common Stock upon or in respect of such event. Upon the occurrence of any event described in the preceding
sentence, then, unless the Administrator has made a provision for the substitution, assumption, exchange or other continuation
or settlement of the Option or the Option would otherwise continue in accordance with its terms in the circumstances, (1) the Option,
to the extent then outstanding and unvested, shall become fully vested, and (2) the Option shall terminate upon the related event;
provided that the holder of the Option shall be given reasonable advance notice of the impending termination and a reasonable opportunity
to exercise the Option (after giving effect to any accelerated vesting required in the circumstances) in accordance with the terms
hereof before the termination of the Option (except that in no case shall more than ten days’ notice of the impending termination
be required and any acceleration of vesting and any exercise of any portion of the Option that is so accelerated may be made contingent
upon the actual occurrence of the event).

 

Without limiting the preceding paragraph,
in connection with any event referred to in the preceding paragraph, the Administrator may, in its discretion, provide for the
accelerated vesting of the Option as and to the extent determined by the Administrator in the circumstances. In the event of a
cash or property settlement of the Option, the Administrator shall base such settlement solely upon the excess if any of the per
share amount payable upon or in respect of such event over the Exercise Price. In any of the events
referred to in this Section 6.2, the Administrator may take such action contemplated by this Section 6.2 prior to such event (as
opposed to on the occurrence of such event) to the extent that the Administrator deems the action necessary to permit the Grantee
to realize the benefits intended to be conveyed with respect to the underlying shares. Without limiting the generality of
the foregoing, the Administrator may deem an acceleration and termination to occur immediately prior to the applicable event and,
in such circumstances, will reinstate the original terms of the Option if an event giving rise to an acceleration and termination
does not occur.

 

Any good faith determination by the Administrator
pursuant to its authority under this Section 6.2 shall be conclusive and binding on all persons.

 

		7.	Tax Withholding.

 

Upon any exercise or payment of the Option,
the Corporation or one of its Subsidiaries shall have the right at its option to:

 

		(1)	require the Grantee (or the Grantee’s personal representative or beneficiary, as the case may be) to pay or provide for
payment of at least the minimum amount of any taxes which the Corporation or one of its Subsidiaries may be required to withhold
with respect to such exercise or payment; or

 

		(2)	deduct from any amount otherwise payable in cash (whether related to the Option or otherwise) to the Grantee (or the Grantee’s
personal representative or beneficiary, as the case may be) the minimum amount of any taxes which the Corporation or one of its
Subsidiaries may be required to withhold with respect to such exercise or payment.

    	 

    	 

    

 

 

 

In any case where a tax is required to be
withheld in connection with the delivery of shares of Common Stock under the Option, the Administrator may in its sole discretion
(subject to compliance with all applicable laws and regulations) require or grant to the Grantee the right to elect, pursuant to
such rules and subject to such conditions as the Administrator may establish, that the Corporation reduce the number of shares
to be delivered by (or otherwise reacquire) the appropriate number of shares, valued in a consistent manner at their fair market
value or at the sales price in accordance with authorized procedures for cashless exercises, necessary to satisfy the minimum applicable
withholding obligation on exercise, vesting or payment. In no event shall the shares withheld exceed the minimum whole number of
shares required for tax withholding under applicable law.

 

		8.	Notices.

 

Any notice to be given under the terms of
this Option Agreement shall be in writing and addressed to the Corporation at its principal office to the attention of the Secretary,
and to the Grantee at the address last reflected on the Corporation’s payroll records, or at such other address as either
party may hereafter designate in writing to the other. Any such notice shall be delivered in person or shall be enclosed in a properly
sealed envelope addressed as aforesaid, registered or certified, and deposited (postage and registry or certification fee prepaid)
in a post office or branch post office regularly maintained by the United States Government. Any such notice shall be given only
when received, but if the Grantee is no longer employed by the Corporation or a Subsidiary, shall be deemed to have been duly given
five business days after the date mailed in accordance with the foregoing provisions of this Section 8.

 

		9.	Entire Agreement.

 

This Option Agreement constitutes the entire
agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject
matter hereof. Any amendment of this Option Agreement must be in writing and signed by the Corporation, provided that no such amendment
shall, without written consent of the Grantee, affect in any manner materially adverse to the Grantee any rights or benefits of
the Grantee or obligations of the Corporation under the Option. Changes, settlements and other actions contemplated by Section
6 of these Terms shall not be deemed to constitute changes or amendments for purposes of this Section 9. The Corporation may unilaterally
waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Grantee hereunder,
but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision
hereof. For avoidance of doubt, the Employment Agreement is outside the scope of this integration provision, and nothing contained
herein is intended to adversely affect any independent contractual right of the Grantee under the Employment Agreement.

 

		10.	Governing Law.

 

This Option Agreement shall be governed
by and construed and enforced in accordance with the laws of the State of Nevada without regard to conflict of law principles thereunder.

 

    	 

    	 

    

 

  

		11.	Effect of this Agreement.

 

Subject to the Corporation’s right
to terminate the Option pursuant to Section 6.2 of these Terms, this Option Agreement shall be assumed by, be binding upon and
inure to the benefit of any successor or successors to the Corporation.

 

		12.	Counterparts.

 

This Option Agreement may be executed simultaneously
in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the
same instrument.

 

		13.	Section Headings.

 

The section headings of this Option Agreement
are for convenience of reference only and shall not be deemed to alter or affect any provision hereof.

 

		14.	Clawback Policy.

 

The Option is subject to the terms of the
Corporation’s recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions
of applicable law, any of which could in certain circumstances require forfeiture of the Option and repayment or forfeiture of
any shares of Common Stock or other cash or property received with respect to the Option (including any value received from a disposition
of the shares acquired upon exercise of the Option).

 

		15.	No Advice Regarding Grant. 

 

The Grantee is hereby advised to consult
with his or her own tax, legal and/or investment advisors with respect to any advice the Grantee may determine is needed or appropriate
with respect to the Option (including, without limitation, to determine the foreign, state, local, estate and/or gift tax consequences
with respect to the Option and any shares that may be acquired upon exercise of the Option). Neither the Corporation nor any of
its officers, directors, affiliates or advisors makes any representation (except for the terms and conditions expressly set forth
in this Option Agreement) or recommendation with respect to the Option. Except for the withholding rights contemplated by Section
7 above, the Grantee is solely responsible for any and all tax liability that may arise with respect to the Option and any shares
that may be acquired upon exercise of the Option.

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