One new meroterpene, arisugacin K (1), and four known ones, arisugacin J (2), arisugacin G (3), arisugacin C (4), and territrem C (5), were isolated from the culture of Penicillium echinulatum pt-4, an endophytic fungus isolated from the marine red alga Chondrus ocellatus. The structure and the absolute configuration of 1 were unambiguously elucidated by spectroscopic analyses and quantum chemical calculations, which further resulted in the assignments of absolute configurations for the other arisugacins and territrems. Compound 1 showed inhibitory activity against Escherichia coli with an inhibition diameter 8 mm at 30 µg/disk and 4 exhibited lethality against Artemia salina with an LC50 of 48.6 µg/ml.