Document:

Correction Deed of Trust made by Omega Protein, Inc

 Exhibit 10.2 

CORRECTION 

DEED OF TRUST 

DATED AS OF MARCH 11, 2010 

MADE BY 

OMEGA PROTEIN, INC. 

TO 

MATSON C. TERRY, II, OF 

NORTHUMBERLAND COUNTY, VIRGINIA 

AND 

B.H.B. HUBBARD, III, OF 

LANCASTER COUNTY, VIRGINIA, TRUSTEES 

FOR THE BENEFIT OF 

THE UNITED STATES OF AMERICA 
  

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 DEED OF TRUST AND SECURITY AGREEMENT 

COMMONWEALTH OF VIRGINIA 
 COUNTY OF
NORTHUMBERLAND 
 1. PARTIES: WHEREAS, OMEGA PROTEIN, INC., a Virginia corporation, hereinafter “Grantor”, whether one
or more, is indebted to the UNITED STATES OF AMERICA acting by and through the Secretary of Commerce, Office of the Financial Services Division, National Marine Fisheries Service, National Oceanic and Atmospheric Administration, hereinafter
“Beneficiary”, in the aggregate amount of Ten Million and No/100 Dollars ($10,000,000.00), together with interest thereon, as evidenced by a certain promissory note, payable to the order of the United States of America, acting by and
through the Secretary of Commerce, Office of the Financial Services Division, National Marine Fisheries Service, National Oceanic and Atmospheric Administration, which bears interest and is payable according to the terms of said note and which has a
final maturity date of May 25, 2025. 
 2. THE PROMISSORY NOTE TO THE UNITED STATES OF AMERICA: NOW, THEREFORE, in consideration
of the premises and in order to secure the prompt and full payment of said indebtedness, and any future advance(s), additional advance(s), and/or readvance(s), and/or any renewal(s), extension(s), restructuring(s), reamortization(s), any other sums
provided for in any loan document, and/or any other loan treatment(s) thereof, or any part thereof, and the interest thereon and any and all other indebtedness(es) (including future advance(s) now or hereafter owed by any of the undersigned to the
Beneficiary), whether such indebtedness(es) is primary or secondary, direct or indirect, contingent or absolute, matured or unmatured, joint or several, and otherwise secured or not, and the faithful performance of and compliance with all the terms,
agreements, provisions, obligations, covenants, conditions, warrants, representations, and stipulations herein made, or made in any Loan Agreement or in any other document related to the promissory note described as follows: 

(a.) The Promissory Note to the United States of America executed by Grantor in the principal amount of Ten
Million & No/100 Dollars, ($10,000,000.00), with interest on the unpaid principal computed from the 25th
 day of May, 2010, at the 
  

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rate of 5.73% per year, payment to be made in installments of Two hundred forty nine thousand five hundred forty nine ($249,549.00) each, including principal and interest, payable quarterly.
Payments shall be due on August 25, November 25, February 25, and May 25 of each year until sixty (60) quarterly payments are made with the balance of principal and interest due on May 25, 2025. 

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

5. PLEDGE OF PERSONAL PROPERTY: AND FOR THE CONSIDERATION AFORESAID, and as further security for any and all debt(s) and obligation(s)
described above, said Grantor does hereby assign, pledge and transfer to the Beneficiary, and grant to the Beneficiary a security interest in and to the following described property and interests, to-wit: (1) all timber of all

  

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

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 Additionally, Grantor does hereby assign, pledge and transfer to the Beneficiary, and grant
to the Beneficiary a security interest in any transferable fishing conservation and management allocation (including, but not limited to, allocations, permits, quotas, licenses, cage tags, or any other fisheries access restriction or right, however
characterized, of whatsoever nature) affecting, necessary for, or in any other way, however characterized, associated with any of the property included in the collateral, the Grantor agrees to grant to the Beneficiary a full senior security interest
in such allocation by whatsoever means deemed by the Beneficiary to be appropriate (including, but not limited to, the Grantor’s execution of security agreements and the filing of financing statements under the UCC), presently owned or acquired
at any time in the future. Further, if the Grantor fails to do so, the Grantor agrees that the Beneficiary may use, for the purpose of executing and otherwise perfecting whatever documents may be required to effect the grant to the Beneficiary of
such a full security interest in such fisheries conservation and management allocation, the attorney-in-fact authority conferred upon the Beneficiary by Article XI of the Title XI Financial Agreement. 

IN TRUST, however, to secure and enforce the repayment of all of Grantor’s obligations under the promissory note set forth above and
to secure Grantor’s promises contained hereinafter. GRANTOR FURTHER COVENANTS, WARRANTS AND AGREES: 
 7. TAXES, FEES: To
pay when due all taxes, liens, judgments, assessments or fees assessed against said property and to promptly furnish Beneficiary with tax receipts or like documents evidencing payment of or release from all taxes, liens, judgments, assessments or
fees. By execution hereof, Grantor agrees to pay when due all community water system assessment and meter fees, if any, applicable to said property, and in the event of foreclosure, hereby does transfer and assign to the purchaser all of
Grantor’s interest and membership, if any, in said community water system applicable to said property, and agrees to execute such documents as are necessary to effectuate such transfer. 

8. INSURANCE REQUIREMENT: To insure and keep insured buildings and other improvements now on or which may hereafter be placed on said
premises, against loss or damage by fire, water windstorm and/or all hazards included within “extended coverage”, as well as loss or damage by flood in areas designated by the U.S. Department of Housing and Urban Development

  

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

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

11. COMPLIANCE WITH ALL REGULATIONS: With respect to the Property, Grantor covenants with Beneficiary, that Grantor has complied, is in
compliance, and will at all times comply in all respects with all applicable laws (whether statutory, common law or otherwise), rules, regulations, orders, permits, licenses, ordinances, judgments, or decrees of all governmental authorities (whether
federal, state, local or otherwise), including, without limitation, all laws regarding public health or welfare, environmental protection, water and air pollution, composition 

 

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of product, underground storage tanks, toxic substances, hazardous substances, hazardous materials, hazardous wastes, other wastes or used oil, asbestos, occupational health and safety,
nuisances, trespass, and negligence. 
 12. HOLD HARMLESS AGREEMENT: Grantor agrees to indemnify and hold Beneficiary, its
directors, employees, agents, and its successors and assigns, harmless from and against any and all claims, losses, damages, liabilities, fees, penalties, charges, judgments, administrative orders, remedial action requirements, enforcement actions
of any kind, and all costs and expenses incurred in connection therewith (including but not limited to, attorney’s fees and expenses, including all attorney’s fees and expenses incurred by Beneficiary in and for this indemnity), arising
directly or indirectly, in whole or in part out of any failure of Grantor to comply with the environmental representations, warranties and covenants contained herein. 

13. SURVIVAL OF GRANTOR’S LIABILITY: Grantor’s representations, warranties, covenants and indemnities contained herein shall
survive the occurrence of any event whatsoever, including without limitation, the satisfaction of the promissory note secured hereby, the reconveyance or foreclosure of the mortgage, the acceptance by Beneficiary of a deed in lieu of foreclosure, or
any transfer or abandonment of the property, failure to comply strictly with the representations, warranties, covenants and indemnities commenced herein shall constitute a default under this deed of trust. 

14. VALID EIGHTH LIEN: That this deed of trust and security agreement is a valid eighth lien against all the land, interests and
improvements offered and/or appraised as security for this loan and that the property and interests described herein is now free and clear of any and all other liens and encumbrances except as otherwise set forth herein. If the validity of this deed
of trust, or if Grantor’s title to any of said land, interests or improvements is questioned in any manner, or if any part of such land, interests or improvements is not properly described herein, Beneficiary may, in its discretion, investigate
and take such action as it considers necessary or desirable for the protection of its interests and for this purpose may employ legal counsel or expert assistance and the Grantor will promptly pay all expenses so incurred by Beneficiary. 

The lien of this deed of trust is subordinate and of inferior dignity to the lien of that certain prior deed of trust dated July 18,
1989, from Zapata Haynie Corporation to Michael T. Bradshaw, 
  

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et al, Trustees, securing the United States of America in the original amount of $4,675,000.00, recorded in Deed Book 298, at Page 80, in the Clerk’s Office of the Circuit Court
of Northumberland County, Virginia, as amended by that certain Amendment dated March 31, 1993, recorded in Deed Book 348, at Page 130, in the Clerk’s Office aforesaid. 

The lien of this deed of trust further is subordinate and of inferior dignity to the lien of that certain prior deed of trust dated
October 30, 1996, from Zapata Protein (USA), Inc., to James C. Breeden, et al, Trustees, securing the United States of America in the original amount of $1,848,562.00, recorded in Deed Book 407, at Page 706, in the Clerk’s
Office of the Circuit Court of Northumberland County, Virginia. 
 The lien of this deed of trust further is subordinate and of
inferior dignity to the lien of that certain prior deed of trust dated May 12, 1998, from Omega Protein, Inc., to Matson C. Terry, II, et al, Trustees, securing the United States of America in the original amount of $2,593,761.00,
recorded in Deed Book 431, at Page 200, in the Clerk’s Office of the Circuit Court of Northumberland County, Virginia. 

The lien of this deed of trust further is subordinate and of inferior dignity to the lien of that certain prior deed of trust dated
December 21, 1999, from Omega Protein, Inc., to Matson C. Terry, II, et al, Trustees, securing the United States of America in the original amount of $2,030,661.00, recorded in Deed Book 460, at Page 721, in the Clerk’s
Office of the Circuit Court of Northumberland County, Virginia. 
 The lien of this deed of trust further is subordinate and of
inferior dignity to the lien of that certain prior deed of trust dated October 19, 2001, from Omega Protein, Inc., to Matson C. Terry, II, et al, Trustees, securing the United States of America in the original amount of
$1,900,000.00, recorded in Deed Book 495, at Page 338, in the Clerk’s Office of the Circuit Court of Northumberland County, Virginia. 

The lien of this deed of trust further is subordinate and of inferior dignity to the lien of that certain prior deed of trust dated
December 29, 2003, from Omega Protein, Inc., to Matson C. Terry, II, et al, Trustees, securing the United States of America in the original amount of $5,300,000.00, recorded in Deed Book 564, at Page 674, in the Clerk’s
Office of the Circuit Court of Northumberland County, Virginia. 
  

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 The lien of this deed of trust further is subordinate and of inferior dignity to the lien of
that certain prior deed of trust dated October 17, 2005, from Omega Protein, Inc., to Matson C. Terry, II, et al, Trustees, securing the United States of America in the original amount of $14,000,000.00, recorded in Deed Book 621,
at Page 556, in the Clerk’s Office of the Circuit Court of Northumberland County, Virginia. 
 15. GRANTOR TO PAY EXPENSES:
That if Grantor defaults in any of the provisions of this Deed of Trust and Security Agreement, particularly, but not limited to, 7, 8, 9 or 14, then Beneficiary may pay such taxes, liens, judgments or assessments, obtain and pay for such insurance,
advance such attorney’s fees, expenses and costs, or take any other action or incur any other expenditures that Beneficiary determines are necessary to protect Beneficiary’s interests and Grantor agrees to immediately pay Beneficiary all
amounts so advanced and that all amounts so advanced shall be secured hereby. 
 16. USE OF PROCEEDS: That all representations
and statements made in the application for this loan are true and correct, that the proceeds of this loan will be used solely for the purposes specified in said application and that Grantor will comply with all requirements and conditions imposed by
Beneficiary in making this loan. 
 17. NON-ALIENATION CLAUSE: To not sell, assign or convey any part or all of the mortgaged
premises (regardless of whether the buyer or assignee “assumes” the note or takes the mortgage premises “subject to” such note, or whether by contract for deed or sale) without first obtaining the Beneficiary’s prior written
consent as long as the above note, or any part, or any other sum owed to the Beneficiary, remain unpaid. If Grantor is a corporation, not to change the substantial ownership and/or control of said corporation without first obtaining the
Beneficiary’s prior written consent as long as the above note, or any part, or any other sums owed to the Beneficiary, remain unpaid. 

18. PROMPT PAYMENT PROVISION: That all payments of principal and interest (or any part thereof) not made when due shall bear interest
from due date to the date of payment thereof by maker or assumptor at the default rate which is equal to eighteen percent (18%) per annum. All advances made by the holder hereof shall be secured by and under this Deed of Trust and Security
Agreement and shall be payable with interest from the date each advance is made until paid by maker or assumptor at the default rate. 
  

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 19. RELEASE PROVISION: That Beneficiary may at any time, without notice, release any of the
property described herein, grant extensions or deferments of time of payment of the indebtedness secured hereby, or any part thereof, grant subordinations of lien(s) or release from liability any parties who are or may become liable for the payment
of said indebtedness, without affecting the priority of this lien or the personal liability of the Grantor or any other party liable or who may become liable for the indebtedness secured by this instrument. If all or any part of the property
hereinabove described becomes vested in any party other than Grantor, Beneficiary may, without notice to Grantor, deal with such successor in interest with reference to this instrument and the debt(s) and obligation(s) hereby secured in the same
manner as with the Grantor, without in any way releasing, vitiating or discharging the Grantor’s liability hereunder or for the debt(s) and obligation(s) hereby secured and extension(s) of time for payment or other loan treatment(s) described
herein given or permitted by Beneficiary shall not operate to release, vitiate, or discharge the liability of the Grantor herein, either in whole or in part. 

20. BENEFICIARY NON-WAIVER: That the failure of Beneficiary to exercise any option or make any decision or election under any term or
covenant herein expressed shall not be deemed a waiver of the right to exercise such option or to make such decision or election at any time. 

21. SUCCESSORS & ASSIGNS BOUND: That each covenant and agreement herein contained shall inure to the benefit of and bind
the successors and assigns of Beneficiary and Grantor. 
 22. SUBSTITUTE TRUSTEE: Beneficiary may, without notice to any party
to this Deed of Trust and Security Agreement, or to the successors or assigns, and without regard to the willingness or inability of Trustee to act, or to execute this trust, appoint another person or succession of persons to act as Trustee herein,
and such appointee or substitute shall have all the title, authority and powers in the execution of this trust as are vested in Trustee. If Beneficiary be a corporation such appointment may be made by any one of its officers or agents. No single
exercise of this power of appointment, the power of sale, or any other power or right given in this Deed of Trust and Security Agreement shall exhaust the right to exercise such power but all rights and powers herein given may be exercised as often
as may be necessary for the collection of all amounts 
  

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secured by this Deed of Trust and Security Agreement until said amounts are fully paid and discharged. At any sale hereunder, Trustee may from time to time, adjourn said sale to a later date
without re-advertising the sale by giving notice of the time and place of such continued sale at the time Trustee shall make such adjournment. And at any sale made to enforce the trust herein given, Beneficiary or any person in interest may become a
purchaser and upon payment of the purchase price, Trustee shall provide a deed of conveyance by Special Warranty, which conveyance shall vest full and perfect title in such purchaser upon payment of the purchase price. 

23. LIFE INSURANCE: That in the event Grantor purchases life insurance (group, credit or other) in connection with this loan but
subsequently fails to pay the premium to keep same in force, the Beneficiary, at its option, may pay such premium on Grantor’s behalf, charge such payment to the loan, and such advance of premiums shall be secured by this mortgage and bear
interest the same as other advances provided for in this Deed of Trust and Security Agreement. Any policy evidencing such insurance to be deposited with and any loss thereunder to be payable to Beneficiary as its interest may appear. 

24. FINANCIAL STATEMENT: To furnish to the Beneficiary annually a financial statement and income statement attested to by Grantor or
verified by a public accountant. 
 25. DEATH OF SIGNATORY: All parties to this deed of trust or to the note hereby secured
covenant and agree that upon the death of any signatory, maker, or comaker of such note the owner and holder of said note may, at holder’s option, mature or accelerate the entire balance owing on said note whereupon all amounts owing by virtue
thereof shall be immediately due and payable. 
 26. INSPECTION: The Grantor hereby grants and will cause any tenants to grant
to Beneficiary, its agents, attorneys, employees, consultants, contractors, successors and assigns, an irrevocable license and authorization upon reasonable notice to enter upon and inspect the Property and facilities thereon and perform such tests,
including without limitation, subsurface testing soils and groundwater testing and other tests which may physically invade the Property thereon, as the Beneficiary, in its sole discretion, determines is necessary to protect its security interest,
provided however, that under no circumstances shall the Beneficiary be obligated to perform such inspections or tests. Any such inspections or tests shall be at the sole cost of the Grantor. 

 

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 27. NONTRANSFERABILITY: Except as provided by regulations of the Beneficiary neither the
property or any portion thereof or interest therein shall be leased, assigned, sold, transferred, or encumbered, voluntarily or otherwise, without the prior written consent of the Beneficiary. The Beneficiary shall have the sole and exclusive rights
as Beneficiary hereunder, including but not limited to the power to grant consents, partial releases, subordinations and satisfaction, and no insured holder shall have any right, title and interest in or to the lien or any benefits hereof.

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

30. FORECLOSURE AND SALE OF THE PROPERTY: This deed of trust shall be construed to impose and confer upon the parties hereto, and the
Beneficiaries hereunder, all duties, 
  

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rights and obligations as set forth in Section 55-59, and 55-59.1 through 55-59.4 and 55-60 of the Code of Virginia as now in force and (to the extent that any amendment thereof shall not
limit the rights of the Trustees or Beneficiaries hereunder or the obligations of the Grantor) as hereafter amended; and further to incorporate herein the following provisions by the short form references below, of Sections 55-59 and 55-59.1 through
55-59.4 and 55-60 of the Code of Virginia: 
 ADVERTISEMENT REQUIRED: Four times in a newspaper 

published or having general circulation in Northumberland County 

BIDDER’S DEPOSIT: of Ten Percent (10%) may be required. 

EXEMPTIONS WAIVED. 

SUBJECT TO CALL UPON DEFAULT. 

RENEWAL OR EXTENSIONS PERMITTED. 

Grantor acknowledges that Beneficiary will have the right to seek a deficiency judgment in the event of default, sale of the property and
Beneficiary not being made whole from the proceeds of such sale. 
 31. MULTIPLE COUNTIES: In case the real estate herein
described is situated in more than one county or in more than one judicial district of a county or counties, a foreclosure sale of all of said real estate may be made in any one of the counties or judicial districts in which any part thereof is
situated, after giving notice of the time, place and terms of sale in the manner above described in each county and judicial district in which any part of said land lies. 

32. SURRENDER OF POSSESSION: It is further stipulated and agreed that in case of any sale hereunder Grantor shall immediately surrender
possession to the purchaser. If Grantor fails to do so, Grantor shall become a tenant at sufferance of the purchaser, subject to an action for unlawful entry and detainer. 

33. BENEFICIARY’S RIGHT TO BID: It is expressly agreed between the parties hereto, that in the event of foreclosure and sale, that
the Beneficiary hereunder, or its successors and assigns, may bid at any such sale or sales and may purchase the property secured hereunder if the high bidder therefor, as if Beneficiary were a stranger to this conveyance. 

34. MAILING ADDRESS: For purposes of giving any notice that may be required by the terms of this deed of trust, Grantor hereby stipulates
and agrees that his mailing address is P.O. 
  

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Box 2866, Hammond, La 70404 and Beneficiary may rely upon this stipulation until such time as Beneficiary has been advised in writing by Grantor of a change of address. 

35. SEVERABILITY: The unenforeceability or invalidity of any provision(s) of this Deed of Trust and Security Agreement shall not render
any other provision(s) herein unenforceable or invalid. This Deed of Trust and Security Agreement may be amended only by an instrument in writing, signed by Grantor and Beneficiary, and may not be amended orally or by any course of conduct or
otherwise than by written instrument. 
 All riders, appendages, exhibits, erasures, corrections and interlineations, if any,
have been made and approved before signing hereof. 
 IN WITNESS WHEREOF, the Grantor has caused its name to be signed hereto
and its corporate seal affixed and attested pursuant to corporate resolutions, which resolutions have not been rescinded, revoked or modified. 
  

			
	Omega Protein, Inc.
		
	By:	 	 /s/ Robert Stockton

		 	Robert Stockton, Its Controller/ Treasurer

  

	
	AFFIX SEAL HERE.
	
	ATTEST:
	
	 /s/ John D. Held

	John D. Held, Vice President & Secretary

STATE OF TEXAS, 
 CITY/COUNTY OF
HARRIS, 
 Personally appeared before me, the undersigned authority in and for said County and State the within named
Robert Stockton, the Controller/ Treasurer, and John D. Held, the Vice President and Secretary, of Omega Protein, Inc., who acknowledged that they signed and delivered the above and foregoing instrument on the day and year and for the purposes
therein mentioned as their own voluntary acts and deeds. 
  

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 WITNESS my hand and official seal this
25th day of May, 2010. 

 

	
	 /s/ Michelle Morton Reese

	Notary Public

  

							
	My commission expires:	 	
				
	Registration #	 	  
	    	

	 	

 NOTARY AFFIX SEAL HERE! 
  

 16Corrected Promissory Note of Omega Protein, Inc

 Exhibit 10.3 

Case No. FF-G-017B 

CORRECTED PROMISSORY NOTE TO THE UNITED STATES OF AMERICA 

 

					
		 		 	 City and State: Houston, Texas

May 25, 2010

 All terms
contained herein are defined in the Acknowledgment of Definitions executed by all parties to this transaction. 
 FOR VALUE
RECEIVED, the undersigned, Omega Protein, Inc., (hereinafter, the “Borrower”), promises to pay to the order of the UNITED STATES OF AMERICA, acting by and through the Secretary of Commerce, National Oceanic and Atmospheric Administration,
National Marine Fisheries Service, Financial Services Division (hereinafter, the “Government”), P.O. Box 979008, St. Louis, Missouri 63197-9000, or at the Government’s option, at such other place as may be designated from time to time
by the Government, the principal amount of Ten Million and
 00/100 Dollars ($10,000,000.00) with
interest on the unpaid principal computed from the date of funding at the rate of 5.73% per year, payments, in lawful currency of the United States of America, to be made in installments as follows: 

Payments of $249,549, including principal and interest, payable quarterly. Payments will be due on August 25, November
25, February 25 and May 25, of each year until sixty (60) quarterly payments are made with the balance of principal and interest due on May 25, 2025. 

This Note is given pursuant to the provisions of Title XI of the Merchant Marine Act, 1936, as amended, found at 46 USC §1271 et seq., and 50 CFR
253, as amended by Public Law 104-297 on October 11, 1996, known as the Fisheries Finance Program. 
 The Borrower may prepay principal at any
time, and from time to time, without penalty. However, the Government may require that any partial prepayments (a) be made on the date regular installments are due and (b) be in the amount of one or more installments which would be
applicable to principal. Any partial prepayment shall be applied against the principal amount outstanding and shall not postpone the due date of any subsequent installments or change the amount of such installments, unless the Government shall
otherwise agree in writing. 
  

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 Time is of the essence hereof. In the event that the Borrower fails to pay any installment of principal or
interest within fifteen (15) days after its due date, then, at the option of the Government or other holder of the Note, the entire principal sum, plus all accrued interest, shall be immediately due and payable, without presentment, notice of
dishonor, protest, opportunity to cure, or any other demand or notice, said demands and notices being hereby expressly waived. The Government or other holder of this Note may exercise this option to accelerate the entire amount due following any
default by the Borrower which is not cured within fifteen (15) days from the occurrence thereof, regardless of any prior forbearance. 
 If
the Government elects to accept a late payment, the Borrower shall pay an additional sum of five percent (5%) of the overdue amount or one thousand dollars ($1,000.00), whichever is less, as a late charge and said amount will be added to total
indebtedness until paid. Acceptance of any late charge or the election not to assess a late charge, shall not constitute a waiver of the default with respect to the overdue amount, and shall not prevent the Government from exercising any of the
other rights and remedies available to it. 
 Payments shall be made payable in lawful money of the United States of America to the United
States Department of Commerce/NOAA/NMFS/ FSFF, or as the Government, or other holder of the Note, may, from time-to-time designate in writing to the Borrower. Payments shall be applied first to accrued interest and the balance, if any, shall be
applied to principal. The Borrower shall identify each payment by the designation FF-G-017B. 
 The accelerated interest rate shall be
eighteen percent (18%) per annum, and shall apply to all sums due and accruing hereunder or under the Mortgage or Security Agreement, as defined below, unless such would violate applicable usury laws, if any, in which case, the maximum legal
rate permitted by applicable law shall prevail. 
 This Note shall be construed and interpreted in accordance with the laws of the United States
of America. 
 This Note is secured by a certain first preferred ship mortgage (hereinafter, the “Ship Mortgage”) dated the date
hereof, from the Borrower to the Government relating to that certain F/V GRAND CHENIERE, Official number 590692, (hereinafter, the “Vessel”), 

This Note is also secured by a certain deed of trust and security agreement (hereinafter, the “Deed”) dated the date hereof, from

  

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the Borrower to the Government relating to certain property located in Northumberland County, Commonwealth of Virginia. This Note has been negotiated and received by the Government subject to and
secured by the terms of the Approval Letter dated November 5, 2009, all Mortgages, Deeds, Security Agreements, and any other loan documents. 

The aforesaid payments shall constitute payment of the principal of, and the interest on this Note as of the date on which and to the extent such payment
is made, and this Note shall be discharged to the extent of such payment of principal. 
 This Note is not negotiable, assignable, or
transferable by the Borrower without the prior written consent of the Government. This Note shall be canceled by the Government and surrendered to the Borrower if all outstanding obligations accruing hereunder or under the Loan documents are fully
paid and performed. 
 The undersigned agrees to pay and shall pay all reasonable expenses of any nature, whether incurred in or out of court,
and whether incurred before or after this Note shall become due at its maturity date or otherwise, including but not limited to reasonable attorney’s fees and costs, which the Government may deem necessary or proper in connection with the
collection of sums due under the Note, or in the administration, supervision, preservation, protection and costs of care and preservation of any Collateral. The Government is authorized to pay, and add to the indebtedness of the Borrower at any
time, and from time to time, any and all of such expenses, add the amount of such expenses to the principal amount of the Note and Mortgages, and charge interest thereon at the rate of eighteen percent (18%) per annum, or such lesser rate as
determined by the Government. In connection with said expenses, and notwithstanding the Government’s election to fix an interest rate of less than 18%, acceleration of sums due under the Note and any other loan documents will result in
application of the accelerated interest rate of 18% (unless limited by applicable law) to all sums due hereunder, whether said sums constitute principal, interest or expenses. 

The term “Collateral” as used in this Note shall have the same meaning as used in the Security Agreement and in the Acknowledgment of
Definitions and shall further mean any funds, guaranties, or other property or rights therein of any nature whatsoever or the proceeds thereof which may have been, are, or hereafter may be hypothecated, directly or indirectly by the undersigned or
others, in connection with, or as security for, this Note or any part hereof. 
  

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 The obligation of the undersigned hereunder shall not be impaired by the Government’s indulgence,
including, but not limited to (a) any renewal, extension, or modification which the Government may grant with respect to the Note or any part hereof, (b) any surrender, compromise, release, renewal, extension, exchange, or substitution,
which the Government may grant in respect of the said Mortgage, as amended, or other Collateral, or (c) any indulgence granted in respect of any endorser, grantor, or insurer. 

With respect to any claim or proceeding relating to the Borrower’s assets which are registered in federal registries, all provisions of this Note
shall be construed, given effect, and enforced according to the laws of the United States. The Borrower hereby consents to and subjects itself to the jurisdiction of the federal court of competent jurisdiction, which we, in our sole discretion, may
choose. 
 With respect to any claim or proceeding relating to the Borrower’s real property secured in state or local registries, the
Borrower hereby consents to subject itself to the jurisdiction of the court of competent jurisdiction of the state where said real property may be found and all provisions of this Note shall be construed, given effect, and enforced according to the
laws of said state. The Borrower hereby consents to and subjects itself to the jurisdiction of the state court of competent jurisdiction. We, in our sole discretion, will select the venue, where there is a choice of venue. 

This Note is severable, and in the event that any of its terms are declared invalid, the remaining terms shall be severed and remain in full force and
effect. 
 When applicable, the obligation of the undersigned hereunder shall be joint and several. 

 

			
	BORROWER: Omega Protein, Inc.
		
	BY:	 	 /s/ Robert Stockton

	TITLE:	 	Vice President and Treasurer
	DATE:	 	May 25, 2010

  

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