Exhibit 10.2

NOTE PURCHASE AGREEMENT

This Note Purchase Agreement (this “Agreement”) is made and entered into as of
the 1st day of September, 2005, between Streicher Mobile Fueling, Inc., a
Florida corporation (the “Company”) and the investors listed on Exhibit A (each,
a “Purchaser” and collectively, the “Purchasers” and, together with the Company,
the “Parties”) and is delivered and executed in connection with the Company’s
sale of Units (as defined below).
 
1. DESCRIPTION OF UNITS.

(a) This Agreement sets forth the terms and conditions under which each
Purchaser will purchase such number of Units as set forth opposite such
Purchaser’s name on Exhibit A (the “Transaction”). The purchase price for each
Unit is $500,000. Each Unit shall consist of: (i) a $500,000 aggregate principal
amount 10% promissory note due August 31, 2010 in the form attached as Exhibit B
(the “Note”), to be collateralized by a first priority security interest on the
collateral described in the next sentence (the “Collateral”) and (ii) a warrant
to purchase 50,000 shares of the Company’s common stock, $.01 par value (“Common
Stock”), in the form attached as Exhibit C (the “Warrant”). The exercise price
of the Warrant shall be a per share price equal to the closing bid price of the
Common Stock on Nasdaq on the business day preceding the Closing Date; provided,
however, that under no circumstances shall such price be less than the fair
market value of the Common Stock on such date as determined by Nasdaq Stock
Market Rule 4350(i)(1)(D)(i) or any successor rule. The Collateral will consist
of specified physical assets (excluding any form of inventory) to be owned by
the Company or a wholly owned subsidiary of the Company upon consummation of the
Company’s next material acquisition (the “Acquisition”) to the extent such
assets are not subject to the first priority security interest on the Company’s
assets held by Wachovia Bank, National Association, successor by merger to
Congress Financial Corporation (Florida) (“Wachovia”).

(b)  The offer and sale of Units by the Company is limited to “accredited
investors” as defined in Rule 501(a) of Regulation D promulgated under the
Securities Act of 1933, as amended.

(c) Except with respect to the Collateral, each Purchaser acknowledges that the
payment of principal and interest on the Note will be subordinated (i) to the
rights and interests of Wachovia pursuant to and in connection with, and the
payment of all existing and future amounts owed by the Company to Wachovia
under, the Loan and Security Agreement by and between Wachovia and the Company
dated September 26, 2002, as amended (the “Loan Agreement”) and (ii) to any
other credit facility into which the Company may subsequently enter to replace
the Loan Agreement requiring that the lender rank in a senior position to other
debt of the Company (the “Replacement Facility” and, together with the Loan
Agreement, the “Permitted Debt”). The Purchasers and the Company acknowledge
that the Note will be expressly subject to the terms and conditions of that
certain Subordination Agreement effective as of January 21, 2003, by and among
Wachovia, the Company and certain other parties as if Purchaser were a
subordinating party thereto. Upon request, each Purchaser will execute and
deliver such other documents and instruments as Wachovia or any current or
subsequent commercial lender may reasonably request to acknowledge and effect
the foregoing subordination.

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2. OFFER.

(a) Each Purchaser, by signing this Agreement, (i) agrees to abide by, and be
subject to, all applicable terms and conditions of the Note and the Warrant and
(ii) offers to purchase the aggregate principal amount of Units, and for the
aggregate purchase price, as set forth opposite such Purchaser’s name on Exhibit
A (each such purchase price, an “Investment Amount” and collectively the
“Investment Amounts”).

(b) The Company shall have the right, in its sole and absolute discretion, to
reject or accept each Purchaser’s offer to purchase Units pursuant to this
Agreement. If the Company accepts Purchaser’s offer, the Company shall execute
this Agreement and return a copy of the Agreement, and issue an original Note
and an original Warrant, to Purchaser. If the Company rejects Purchaser’s offer,
the Company shall return to Purchaser this Agreement, together with any payment
made by Purchaser to the Company, without interest or deduction.

3. CLOSING. The purchase and sale of the Units shall take place immediately upon
execution of this Agreement and tender of the Investment Amounts (the
“Closing”). Purchasers’ tender of the Investment Amounts shall constitute an
agreement by the Purchasers to close.

4. RECEIPT OF DOCUMENTS. Purchaser acknowledges receipt of a copy of: (a) this
Agreement; (b) the Note; (c) the Warrant; (d) the form of Indenture attached as
Exhibit D by and between the Company and indenture trustee for the holders of
the Notes (the “Trustee”), dated of even date herewith (the “Indenture”); (e)
the Company’s Annual Report on Form 10-K for the year ended June 30, 2004 (the
“10-K”); (f) the Company’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2005 (the “10-Q”); and (g) the form of Security Agreement attached as
Exhibit E by and between the Company and Trustee, to be executed upon
consummation of the Acquisition (the “Security Agreement”); (collectively, the
“Documents”). The 10-K, 10-Q and Proxy were furnished to the Purchasers via
EDGAR.

5. USE OF PROCEEDS; NO REFUNDS. The Investment Amounts shall be used by the
Company: (a) to pay some or all of the cash portion of the Acquisition; and to
the extent there are any remaining Investment Amounts, (b) for general working
capital purposes. Upon execution and delivery of this Agreement by the Company
to each Purchaser, the Investment Amounts shall not, under any circumstances, be
refunded to such Purchaser.

6. ADDITIONAL DEBT. The Company agrees that, after the Closing, it shall not
issue any new or replacement debt, except for Permitted Debt, which ranks senior
in any respect to the Notes, without the prior written approval of the holders
of at least sixty-six and 2/3 percent (662/3%) of the principal amount of the
Notes. Nothing herein shall be deemed to impair or prevent the Company from
incurring additional debt after the Closing, provided, however, that all such
future debt must be expressly subordinated to the Permitted Debt.

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7. CONDITIONS PRECEDENT. Notwithstanding anything to the contrary contained in
this Agreement, the obligations of the Company to close the Transaction shall be
contingent upon the following:

(a) consent of Wachovia to the offering and the issuance of the Notes and the
Warrants; and

(b) consent of the holders of a majority of the principal amount outstanding of
the Company’s 10% Senior Secured Notes due August 28, 2008 and the Company’s 10%
Senior Secured Notes due January 24, 2010, to the offering and the issuance of
the Notes and the Warrants.

8. BOUND BY INDENTURE AND SECURITY AGREEMENT. By execution of this Agreement,
Purchaser agrees that it will execute and be bound by the terms and conditions
of the Indenture and the Security Agreement upon consummation of the
Acquisition.

9. REPRESENTATIONS AND WARRANTIES OF PURCHASER. Each Purchaser represents and
warrants to the Company as follows:

(a) Purchaser, either alone or through Purchaser’s representative, as that term
is defined under Rule 501(h) of Regulation D under the Securities Act (the
“Purchaser’s Representative”), if any, has had an opportunity to ask questions
of, and receive answers from, duly designated representatives of the Company
concerning the terms and conditions of this Agreement and has been afforded an
opportunity to examine such documents and other information which Purchaser or
Purchaser’s Representative, if any, has requested for the purpose of answering
any question Purchaser or Purchaser’s Representative, if any, may have
concerning the business and affairs of the Company.

(b) Purchaser’s principal residence or domicile is located in the State set
forth opposite such Purchaser’s name on Exhibit A. Purchaser has received and
reviewed this Agreement and the Documents and acknowledges the Company made
available to Purchaser and Purchaser’s Representative, if any, at a reasonable
time prior to the execution of this Agreement, the opportunity to ask questions
and receive answers concerning the business and affairs of the Company and the
terms and conditions of the sale of the Units, the Notes, the Warrants and the
shares of Common Stock which may be obtained by exercise of the Warrants
(collectively, the “Securities”) as contemplated by this Agreement and to obtain
any additional information (which the Company possesses or can acquire without
unreasonable effort or expense) as may be necessary to verify the accuracy of
information furnished to Purchaser or Purchaser’s Representative, if any.
Purchaser (i) is able to bear the loss of its entire investment without any
material adverse effect on its economic stability, and (ii) has such knowledge
and experience in financial and business matters that it is capable of
evaluating the merits and risks of the investment to be made by Purchaser
pursuant to this Agreement.

(c) Purchaser and Purchaser’s Representative, if any, understand that the
Securities are being offered and sold only to “accredited investors” (as that
term is defined under Rule 501(a) of Regulation D), and Purchaser represents
that Purchaser is an accredited investor. Purchaser and Purchaser’s
Representative, if any understand the Company is relying on Purchaser with
respect to the accuracy of this representation. Purchaser has completed and
returned a copy of Schedule A and Purchaser represents that the statements made
therein are complete and accurate.

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(d) Purchaser and Purchaser’s Representative, if any, understand that this
Agreement may not comply with the information requirements of Regulation D for
offers and sales to non-accredited investors (see Regulation D, Rule 502(b)),
and, consequently, Purchaser understands the significance of its representation
to the Company that Purchaser is an accredited investor. Purchaser and
Purchaser’s Representative, if any, acknowledge that they were encouraged by the
Company to request all additional information which might be material or
important in order for Purchaser to make an informed investment decision with
respect to the Company.

(e) The Securities are being purchased for investment purposes only for such
Purchaser’s own account and not with the view to, or for resale in connection
with, any distribution or public offering. Purchaser and Purchaser’s
Representative, if any, understand that the Securities have not been registered
under the Securities Act or any state securities laws by reason of their
contemplated issuance in transactions exempt from the registration requirements
of the Securities Act and applicable state securities laws, and that the
reliance of the Company and others upon these exemptions is predicated in part
upon the representation by Purchaser. Purchaser and Purchaser’s Representative,
if any, understands that the Securities may not be transferred or resold without
the prior approval of the Company, which approval shall be granted so long as
the proposed transfer or resale does not violate state or federal securities
laws or this Agreement.

(f) Purchaser and Purchaser’s Representative, if any, have carefully read this
Agreement, the Documents and the other information furnished to Purchaser by the
Company in connection with this Agreement.

(g) Purchaser was not solicited to purchase the Securities by any means of
general solicitation, including, but not limited to, the following: (i) any
advertisement, article, notice or other communication published in any
newspaper, magazine, or similar media, or broadcast over television or radio; or
(ii) any meeting where attendees were invited by any general solicitation or
general advertising.
 
(h) Purchaser and Purchaser’s Representative, if any, are aware that the
placement agent for the Transaction, Philadelphia Brokerage Corporation, will
receive (i) a cash commission equal to four percent (4%) of the aggregate
Investment Amounts and (ii) Warrants to purchase 10,000 shares of Common Stock
for every Unit ($500,000) sold in the Transaction as compensation for its
efforts in advising the Company with respect to the Transaction.

(i) Purchaser and Purchaser’s Representative, if any, are aware that the Units,
including the shares of Common Stock issuable upon exercise of the Warrant (“the
Warrant Stock”), are and will be, when issued, “restricted securities,” as that
term is defined in Rule 144 of the rules and regulations promulgated under the
Securities Act. Purchaser and Purchaser’s Representative, if any, are aware of
the applicable limitations on the resale of the Warrant Stock. Rule 144 only
permits sales of “restricted securities” held for at least one year and in
transactions which otherwise comply with the requirements of such Rule.
Purchaser and Purchaser’s Representative, if any, acknowledge that, if Rule 144
is available to Purchaser for the sale of the Warrant Stock, Purchaser may make
only routine sales of the Warrant Stock in limited amounts in accordance with
the terms and conditions of Rule 144. Purchaser and Purchaser’s Representative,
if any, are aware that while there is a trading market for the Common Stock on
the Nasdaq Small Cap Market, the trading price for the Common Stock has been
highly volatile, the Common Stock has sometimes been thinly traded and, while
the Company currently meets the public information requirements of Rule 144,
there is no guarantee that it will do so at any time in the future.

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(j) Purchaser and Purchaser’s Representative, if any, understand that, in the
absence of an effective registration statement covering the shares at the time
of issuance, any and all certificates representing the Warrant Stock shall bear
a legend substantially as follows, which legend Purchaser has read and
understands:

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 (THE “ACT”) OR THE SECURITIES LAWS OF ANY STATE AND ARE
“RESTRICTED SECURITIES” AS THAT TERM IS DEFINED IN RULE 144 UNDER THE ACT. SUCH
SHARES MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND THE APPLICABLE
STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER,
THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE SATISFACTION OF COUNSEL TO
THE ISSUER.

(k) Purchaser and Purchaser’s Representative, if any, acknowledge and warrant
that, in making this investment decision, they have made their own independent
assessment of the merits and risks of an investment in the Securities based on
their examination and evaluation of the Company, its business, operations,
financial condition, future prospects and the skills and qualifications of its
officers, directors and employees. Purchaser and Purchaser’s Representative, if
any, have consulted Purchaser’s own attorney, business or tax advisors for
legal, business or tax advice concerning an investment in the Securities and
have not relied on the Company.

(l) Purchaser and Purchaser’s Representative, if any, represent and warrant
that, except as set forth in this Agreement and in the Documents, no
representations or warranties have been made to the Purchaser or Purchaser’s
Representative, if any, by the Company or any agent, employee, representative or
affiliate of the Company and that, in entering into this transaction and
subscribing for Units, neither the Purchaser nor the Purchaser’s Representative,
if any, is relying on any information other than that contained in this
Agreement, the Documents, and other written information obtained from the
Company in the course of the independent investigation by Purchaser or
Purchaser’s Representative, if any.

(m)  Purchaser and Purchaser’s Representative, if any, acknowledge that at such
time, if ever, as the Warrant Stock is registered with the Securities and
Exchange Commission, sales of such securities will still be subject to federal
and state securities laws which may require, among other things, Purchaser’s
Warrant Stock to be sold through a registered broker-dealer or in reliance upon
an exemption from state registration.

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(n) Purchaser and Purchaser’s Representative, if any, represent and warrant that
Purchaser can bear the economic risk of loss of Purchaser’s entire investment in
the Company. Purchaser and Purchaser’s Representative, if any, understand that
an investment in the Company involves substantial risks, including, without
limitation, those described in the Documents, including but not limited to the
PPM, the 10-K and the 10-Q.

10. INDEMNIFICATION BY PURCHASER. Purchaser agrees that it shall indemnify and
hold harmless the Company and its officers, directors, employees, agents and
professional advisors from and against any and all loss, damage, liability, or
expense, including costs and reasonable attorneys’ fees, that any one or more of
the foregoing may incur by reason of, or in connection with, any (i)
misrepresentation, inaccurate statement or material omission or (ii) breach of
any warranties or failure to fulfill any covenants, agreements or obligations,
by Purchaser or Purchaser’s Representative, if any, in this Agreement.

11. AUTHORIZATION. Purchaser authorizes the Company and its officers, employees
and agents to investigate Purchaser’s personal and business background
including, without limitation, communication with any employer, former employer,
business associate, government agency, bank or other credit reference. Purchaser
authorizes any person, organization or entity that may have any knowledge or
information concerning Purchaser’s personal or business background to provide
such information to the Company as the Company may request.

12. NO BROKERS OR FINDERS. Other than the compensation to be paid to
Philadelphia Brokerage Corporation, no person, firm or corporation has or will
have, as a result of any act or omission by such Purchaser, any right, interest
or valid claim against Purchaser or the Company for any commission, fee or other
compensation as a finder or broker, or in any similar capacity, in connection
with the transactions contemplated by this Agreement.

13. MISCELLANEOUS.

(a) This Agreement shall be governed by, and construed in accordance with, the
laws of the State of Florida. The Parties submit to the exclusive jurisdiction
of the courts located in Broward County, Florida, with respect to any dispute
arising under this Agreement and the transactions contemplated hereby.
 
(b) This Agreement, the Note and the Warrant, together with the executed
Indenture and the Security Agreement, will contain the entire agreement between
the Company and Purchaser with regard to the subject matter hereof and may not
be modified or waived except in a writing signed by both the Company and all
parties to each such agreement; provided, however, that Trustee shall not
consent to any such amendment without the prior written consent of the holders
of at least sixty-six and 2/3 percent (662/3%) of the principal amount of the
Notes.

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(c) The headings of this Agreement are for convenience and reference only, and
shall not limit or otherwise affect the interpretation of any term or provision
hereof.

(d) This Agreement and the rights, powers, and duties set forth herein shall,
except as otherwise expressly provided, be binding upon and inure to the benefit
of, the heirs, executors, administrators, legal representatives, successors, and
assigns of the Parties.

(e) This Agreement and the rights and obligations hereunder shall not be
assignable or transferable by the Purchaser or the Company without the prior
written consent of the other Parties, except (i) in the case of the Company, by
operation of law in connection with a merger, consolidation or sale of
substantially all of its assets or (ii) in the case of a Purchaser, (1) to any
Affiliates (as defined below) of the Purchaser or (2) to partners, members,
beneficiaries or other equity interest holders of the Purchaser; provided, that
in each case referred to in (1) and (2) above, the third party transferee would
have been eligible to be an original purchaser of Units pursuant to this
Agreement and executes a counterpart signature page hereto becoming a
“Purchaser” hereunder, subject to all of the rights and obligations of this
Agreement. Subject to the preceding sentence, this Agreement shall be binding
upon, inure to the benefit of and be enforceable by the Parties and their
respective successors and assigns. “Person” means an individual, corporation,
partnership, association, trust or other entity or organization, including a
government or political subdivision or agency or instrumentality thereof.
“Affiliate” means, with respect to any Person, any other Person who, directly or
indirectly, owns or controls, is under common ownership or control with, or is
owned or controlled by, such Person.

(f) This Agreement is for the sole benefit of the Parties and their permitted
assigns and nothing expressed or implied in this Agreement shall give or be
construed to give to any Person, other than the Parties and such assigns, any
legal or equitable rights hereunder.

(g) If any legal action or any arbitration or other proceeding is brought for
the enforcement of this Agreement, or because of an alleged dispute, breach,
default, or misrepresentation in connection with any of the provisions of this
Agreement, the successful or prevailing party or parties shall be entitled to
recover reasonable attorneys’ fees and other costs incurred in that action or
proceeding, in addition to any other relief to which it may be entitled.

(h) This Agreement shall be construed in accordance with its intent and without
regard to any presumption or any other rule requiring construction against the
party causing the same to be drafted.

(i) If any provision of this Agreement, or any portion of any provision, shall
be deemed invalid or unenforceable for any reason whatsoever, such invalidity or
unenforceability shall not affect the enforceability and validity of the
remaining provisions.

(j) This Agreement may be executed in two or more counterparts, each of which
shall be deemed to be an original but all of which taken together shall
constitute one agreement. Signatures to this Agreement may be transmitted by
facsimile and such transmission shall be deemed to be an original.

[Signature page follows.]

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In Witness Whereof, the Parties have caused this Agreement to be executed by
their respective duly authorized officers or persons as of the date first set
forth above.

 
Streicher Mobile Fueling, Inc.

By: ___________________________________
Richard E. Gathright,
President and Chief Executive Officer

Purchasers

_________________________________________

Print Name: ______________________________
Address:     ______________________________
                     ______________________________
Phone:         ______________________________

Fax:              ______________________________

SSN/EIN:     ______________________________

_________________________________________

Print Name: ______________________________
Address:     ______________________________
                     ______________________________
Phone:         ______________________________

Fax:              ______________________________

SSN/EIN:    ______________________________

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Purchasers (Continued)

 
_________________________________________

Print Name: ______________________________
Address:     ______________________________
                     ______________________________
Phone:         ______________________________

Fax:              ______________________________

SSN/EIN:     ______________________________

_________________________________________

Print Name: ______________________________
Address:     ______________________________
                     ______________________________
Phone:         ______________________________

Fax:              ______________________________

SSN/EIN:    ______________________________
 
 
 
 
_________________________________________

Print Name: ______________________________
Address:     ______________________________
                     ______________________________
Phone:         ______________________________

Fax:              ______________________________

SSN/EIN:    ______________________________

 
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