This Extension Agreement(the "Extension Agreement") made as of the 31 day of May, 2003 between Regions
Bank, an Alabama state bank with a principal office located at Montgomery, Alabama (the "Bank") and Ocean
Bio-Chem, Inc. of 4041 S. W.47th Avenue, Ft. Lauderdale, Florida 33314 and certain affiliated entities
hereinafter referred to.
1. As of July 1, 2002, that certain Credit Agreement (the "Credit Agreement") was executed among the Bank,
Ocean Bio-Chem, Inc. and certain affiliated entitles named therein (collectively, the "Borrowers") providing for a
Revolving Credit Loan (as defined in the Credit Agreement) in the amount of up to $5,000,000 for a period
ended May 31, 2003 at the variable rate of interest therein set forth.
2. The Credit Agreement provides for extension of the Revolving Credit Loan term for successive periods of up
to one year each in such amounts as the Bank may approve, to be effective by execution by the Borrowers and
the Bank of an Extension Agreement in the form hereof.
3. The Bank and the Borrowers, by execution of this Extension Agreement seek to extend the Revolving Credit
Loan for the period and in the amount hereinafter indicated.
1. Definitions. All capitalized terms used herein are as defined in the Loan Agreement unless otherwise stated.
2. Extension of Term and Amount. The Revolving Credit Loan is hereby extended as provided in Section 3.01(b)
of the Credit Agreement, subject to the terms and conditions of the Credit Agreement. The maximum principal
amount of the Revolving Credit Loan outstanding at any time shall not exceed $5,000,000. The Termination Date
of the Revolving Credit Loan pursuant to this Extension Agreement is 06/01/04 , subject to prepayment and
acceleration pursuant to the terms of the Credit Agreement.
3. Ratification of Loan Agreement. The terms and conditions of the Credit Agreement relating to the Revolving
Credit Loan, including the Re