SEC Contract Filing

Filing Date: 2016-03-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>f8k031516ex10ii_omagineinc.htm
<DESCRIPTION>PROMISSORY NOTE
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.2</B></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify">THIS NOTE HAS NOT BEEN REGISTERED
WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE. THIS NOTE HAS BEEN SOLD IN RELIANCE UPON
AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;<U>SECURITIES ACT</U>&rdquo;), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-variant: small-caps"><B>OMAGINE,
INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><B>Promissory Note</B></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
 <td style="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">No. Omagine-PN4</td>
 <td style="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">Original Principal Amount:&#9;$600,000</td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><B>FOR VALUE RECEIVED,</B>
Omagine, Inc., a corporation organized and existing under the laws of the State of Delaware (the &ldquo;<U>Company</U>&rdquo;),
hereby promises to pay to the order of YA II PN, Ltd. (p/k/a YA<B> </B>Global Master SPV, Ltd.) or its registered assigns (the
&ldquo;<U>Holder</U>&rdquo;) (i) the outstanding portion of the amount set out above as the Original Principal Amount (as reduced
pursuant to the terms hereof pursuant to scheduled payment, redemption or otherwise, the &ldquo;<U>Principal</U>&rdquo;) when due,
whether a regularly scheduled principal payment or upon the Maturity Date (as defined below), acceleration, redemption or otherwise
(in each case in accordance with the terms hereof) and (ii) to pay interest (&ldquo;<U>Interest</U>&rdquo;) on any outstanding
Principal at the applicable Interest Rate (as defined below) from the date defined in Section 17 hereof as the Issuance Date (the
&ldquo;<U>Issuance Date</U>&rdquo;) until the same is paid, whether a regularly scheduled interest payment or upon the Maturity
Date or acceleration, redemption or otherwise (in each case in accordance with the terms hereof) pursuant to the terms of this
Promissory Note (the &ldquo;<U>Note</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Note is being
issued pursuant to that certain Note Purchase Agreement dated as of March 15, 2016 (the &ldquo;<U>Note Purchase Agreement</U>&ldquo;)
between the Company and the Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Certain capitalized terms
used herein but otherwise not defined herein are defined in Section 17 or in the Note Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>GENERAL TERMS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Advance of Original Principal Amount</U>. In consideration for the issuance of this Note on the Issuance Date by the
Company, the Holder shall advance and make available to the Company on the Issuance Date the Original Principal Amount by wire
transfer of immediately available funds to the account indicated by the Company on <B><I>Schedule I</I></B> attached hereto in
accordance with the Note Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"></P>

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