Document:

COMMON
STOCK PURCHASE AGREEMENT

      

      Private
and Confidential

      

      THIS COMMON STOCK PURCHASE AGREEMENT,
(the “Agreement”) made as of the last executed date below (the “Effective
Date”), by and among Liberator, Inc. an entity with a principle
address of 2745 Bankers Industrial Drive, Doraville, GA (the “Buyer”) and
Belmont Partners, LLC a Virginia limited liability company with a principal
address of 360 Main Street, Washington Virginia 22747 (“Seller”), and WES
Consulting, Inc., a public vehicle organized in the state of Florida and traded
under the symbol “WSCU” (the “Company”).

      

      W I T N E
S S E T H:

      

      WHEREAS,
the Seller owns a majority of the issued and outstanding capital stock of the
Company; and

      

      WHEREAS,
the Buyer wishes to purchase a control block of stock consisting of 972,000
shares of common stock of the Company (the “Stock”) which represents eighty-one
percent (81%) of the total issued and outstanding voting equity of the
Company;

      

      NOW, THEREFORE, in consideration of the
mutual promises, covenants, and representations contained herein, and subject to
the terms and conditions hereof, the Parties agree as follows:

      

      1.           Agreement to Purchase and
Sell.  Seller will sell to Buyer and Buyer agrees to purchase
the Stock in exchange for:

      

      a)           two
hundred forty thousand five hundred U.S. dollars ($240,500.00) (the “Purchase
Price”), to be paid to Seller according to the terms and conditions set forth in
Section 3 herein; and,

      

      b)           two
hundred fifty thousand (250,000) warrants to purchase an equal number of shares
of the Company’s common stock with an exercise price of twenty five cents
($0.25), a term of three (3) years and a cashless exercise option;
and,

      

      c)           seven
hundred fifty thousand (750,000) shares of the Company’s common stock delivered
at closing; and,

      

      d)           seven
hundred fifty thousand (750,000) shares of the Company’s common stock delivered
one (1) year from the date of closing (the “Anniverary Stock”), provided,
however, that in the event that the Company or the Buyer makes a claim for
indemnification pursuant to Section 7(a) prior to the one (1) year anniversary,
in addition to any other remedies available to the Company and the Buyer set
forth herein, the number of shares of the Anniverary Stock shall be reduced by
the result of the following amount: (a) the amount of the indemnity claim
pursuant to Section 7(a); divided by (b) the five (5) day average price per
share as quoted on the OTCBB or other electronic quotation system.

       

      
        
          	
                  Buyer:
      _____

                
	
                  Seller:
      _____

                
	
                  Company:
      _____

                

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      2.           Closing.  On
or about five (5) business days from the Effective Date (the “Closing”, with
such date referred to herein as the “Closing Date”):

      

      a)           Buyer
shall deliver to Seller a copy of this Agreement executed by Buyer;

      

      b)           Seller
shall deliver a fully executed copy of this Agreement to Buyer;

      

      c)           Seller
shall deliver to Buyer prior to the disbursement of the Purchase Price, to the
extent reasonably available to Seller, true and correct copies of the Company’s
business, financial and corporate records including but not limited to:
documents requested on the due diligence checklist, correspondence files, bank
statements, checkbooks, minutes of shareholder and directors meetings, financial
statements, shareholder listings, stock transfer records, agreements and
contracts; and,

      

      d)           Buyer
shall deliver the Purchase Price (defined in Section 3(a) herein) to
Seller;

      

      e)           Buyer
shall deliver to Seller a resolution of the board of directors of the Company
and Irrevocable Transfer Agent Instructions to effectuate performance of
Sections 1(b) and 3(e) of this Agreement (attached hereto as Exhibit 1 and
2)(the “Board Resolution”);

      

      f)           Buyer
shall deliver to Seller a resolution of the majority shareholders of the Company
to effectuate performance of Section 1(b) of this Agreement (attached hereto as
Exhibit 3) (the “Shareholder Resolution”);

      

      g)           Seller
shall deliver to Buyer the stock certificate(s) evidencing the
Stock.

      

      3.           Payment
Terms.

      

      a)           Buyer
shall wire the Purchase Price to Seller on the Closing Date.

      

      b)           The
Purchase Price shall be made by wire transfer of immediately available funds to
Seller’s account as follows:

      

      
        	
                Bank
      Name:

              	 
      	
                Rappahannock
      National Bank

              
	 
      	 
      	
                7
      Bank Road

              
	 
      	 
      	
                Washington,
      Virginia 22747

              
	
                Account
      Name:

              	 
      	
                Belmont
      Partners, LLC

              
	
                Account
      Number:

              	 
      	
                1089129

              
	
                Routing
      Number:

              	 
      	
                051402974

              

      

       

       

      
        
          	
                  Buyer:
      _____

                
	
                  Seller:
      _____

                
	
                  Company:
      _____

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

       

      c)           Stock
Position.

      

      (i)           In
consideration of the benefits provided to the Company hereby, Company shall on
the Closing Date issue and deliver to Seller two hundred fifty thousand
(250,000) warrants of the Company which are immediately exercisable at an
exercise price of twenty five cents ($0.25) with a term of three (3) years, and
a cashless exercise option; seven hundred fifty thousand (750,000) fully paid,
non-assessable restricted shares of the Company’s common stock and one year from
the date of closing the Company shall issue an additional seven hundred fifty
thousand (750,000) fully paid, non-assessable restricted shares of the Company’s
common stock (collectively the “Position”). Buyer shall take all steps necessary
to fully effectuate the provisions of this Section 3.

      

      (ii)           Certificate(s)
evidencing the Position shall be issued and delivered to the Seller no later
than twelve (12) months following the Effective Date hereof.

      

      (iii)           The
effective date of all Shares transferred pursuant to this Section 3 shall be the
Effective Date of this Agreement and shall be memorialized on the face of the
certificates evidencing such shares.

      

      (iv)           Notwithstanding
anything contained herein to the contrary, the Anniverary Stock shall be issued
to the  Seller on the one (1) year anniversary of the closign date,
provided, however, that in the event that the Company or the Buyer makes a claim
for indemnification pursuant to Section 7(a) prior to the one (1) year
anniversary, in addition to any other remedies available to the Company and the
Buyer set forth herein, the number of shares of the Anniverary Stock shall be
reduced by the result of the following amount: (a) the amount of the indemnity
claim pursuant to Section 7(a); divided by (b) the five (5) day average price
per share as quoted on the OTCBB or other electronic quotation
system.

      

      d)           The
Parties acknowledge and agree that the Position shall be newly issued,
restricted common shares of the Company.   In the event that, in
one year from the date of the execution of this Agreement, the Position cannot
be sold in accordance with Rule 144 of the Securities Act of 1933, the Seller
shall have demand registration rights on such Position at such time. In the
event that Buyer does not provide for the removal of restrictions from the
shares comprising the Position in accordance with Rule 144, or does not register
such shares, the Company and the Buyer, jointly and severally, shall pay to
Seller liquidated damages in the amount of the bid price per share as of the one
year anniversary of this Agreement (as reported by the national market on which
the shares trade) multiplied by the number of shares in the
Position.  The Parties agree that the liquidated damages hereunder are
not a penalty.

      

      e)           In
consideration of the benefits provided to the Company hereby, Company and Buyer
agree to be jointly and severally liable for all amounts due hereunder and all
other obligations of this Stock Purchase Agreement.

      

      4.           Transfer
Agent.  Buyer agrees that Pacific Stock Transfer, LLC (the
“Transfer Agent”) shall act as the Company’s sole transfer agency, and Transfer
Agent shall have full power and authority to act on behalf of the Company in
connection with the issuance, transfer, exchange and replacement of all of the
Company’s stock certificates.  Such appointment will be for a minimum
of one year from Closing, and extended thereafter in the sole discretion of the
Buyer.

       

      
        
          	
                  Buyer:
      _____

                
	
                  Seller:
      _____

                
	
                  Company:
      _____

                

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      5.           Representations and
Warranties of Seller.  Seller and the Company, jointly and
severally,  represent and warrant to Buyer as follows:

      

      a)           Title to
Stock.  Seller is the record and beneficial owner and has sole
managerial and dispositive authority with respect to the Stock and has not
granted any person a proxy that has not expired or been validly
withdrawn.  The sale and delivery of the Stock to Buyer pursuant to
this Agreement will vest in Buyer the legal and valid title to the Stock, free
and clear of all liens, security interests, adverse claims or other encumbrances
of any character whatsoever (“Encumbrances”) (other than Encumbrances created by
Buyer and restrictions on resales of the Stock under applicable securities
laws).

      

      b)           Liabilities of the
Company. To the best knowledge of Seller after reasonable investigation,
there are no liabilities of the Company.  To the best knowledge of
Seller after reasonable investigation, no person has made any claim of ownership
to any asset of the Company.

      

      b)           Full Power and
Authority. Seller and Company each has full power and authority to enter
into and perform under this Agreement.  This Agreement has been duly
and validly executed and delivered by Seller and the Company, and upon the
execution and delivery by Buyer of this Agreement and the performance by Buyer
of Buyer’s obligations herein, this Agreement will constitute, a legal, valid
and binding obligation of each of Seller and the Company, enforceable against
Seller and/or the Company in accordance with its terms.

      

      c)           Organization.

      

      (i)           The
Company is a corporation organized, validly existing and in good standing under
the laws of Florida.  The Company has the power and authority:
(i) to conduct its business in the manner in which its business is
currently being conducted; and (ii) to own and use its assets in the manner
in which its assets are currently owned and used.

      

      (ii)           Seller
is a limited liability company organized, validly existing and in good standing
under the laws of Virginia.  Seller has the power and authority:
(i) to conduct its business in the manner in which its business is
currently being conducted; and (ii) to own and use its assets in the manner
in which its assets are currently owned and used.

      

      d)           No Litigation or
Liens.  The Company is not a party to any action, proceeding,
arbitration or lawsuit which is pending before or by any court, commission,
governmental agency or other administrative or regulatory body or authority or
which, to Seller’s knowledge after reasonable investigation, is threatened
against the Company, and there is no lien or judgment against any of the
Company’s assets or capital stock.

       

       

      
        
          	
                  Buyer:
      _____

                
	
                  Seller:
      _____

                
	
                  Company:
      _____

                

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      e)           Capitalization,
Etc.    The authorized capital stock of the Company
consists of one hundred seventy five million (175,000,000) shares of common
stock, par value $0.01 per share, of which one million two hundred thousand
shares (1,200,000) have been issued and are outstanding as of the date of this
Agreement.  There are no preferred shares authorized.  All
of the outstanding shares of the Company’s common stock have been duly
authorized and validly issued and are fully paid and
non-assessable.  The Company has not consummated any financings (debt
or equity) within the eighteen months prior to the date of Closing.

      

      f)           Options.  The
Company does not have any stock option plan or any other plan, program,
agreement or arrangement providing for granting any equity or equity-based
compensation to any Person, and there are no: (i) outstanding
subscriptions, options, calls, warrants, rights or other agreements to acquire
any of the Company’s equity, including but not limited any preemptive rights,
(whether or not currently exercisable) to acquire any shares of the capital
stock or other securities of the Company; (ii) outstanding security,
instrument or obligation that is or may become convertible into or exchangeable
for any shares of the capital stock or other securities of the Company;
(iii) stockholder rights plan (or similar plan commonly referred to as a
"poison pill") or Contract under which the Company is or may become obligated to
sell or otherwise issue any shares of its capital stock or any other securities;
or (iv) condition or circumstance that may give rise to or provide a basis
for the assertion of a claim by any Person to the effect that such Person is
entitled to acquire or receive any shares of capital stock or other securities
of any the Company.

      

      g)           Employees;
Plans.  The Company has no employees, and no employee benefits
plans whether subject to ERISA or otherwise.  The Company does not
have any unpaid obligations to former employees whether for wages, salaries,
benefits, expense reimbursement, or any other form of compensation or
payment.

      

      h)           Taxes.  The
Company does not owe any taxes or tax or withholding payments to the federal
government or any state or local government.  The Company has made all
required tax filings with the federal government and any applicable state or
local government.  To the knowledge of Seller after reasonable
investigation, the Company is not the subject of any current tax
audit.

      

      i)           Conflicts.

      

      (i)           This
Agreement and the Company’s obligations hereunder do not and will not violated
the terms of its charter or its bylaws or any Contract by which it is bound or
violate any law or judgment or order by which the Company or any of its assets
are bound.

      

      (ii)           This
Agreement and Seller’s obligations hereunder do not and will not violate the
terms of its charter or its bylaws or any Contract by which it is bound or
violate any law or judgment or order by which Seller or any of its assets are
bound.

       

       

      
        
          	
                  Buyer:
      _____

                
	
                  Seller:
      _____

                
	
                  Company:
      _____

                

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      j)           Contracts.  The
Company is not a party to or bound by any agreement or contract (collectively,
“Contract”).

      

      k)           Subsidiaries.  The
Company does not have any subsidiaries (whether held directly or indirectly) or
any equity investment in any corporation, partnership, joint venture or other
business.

      

      l)           Real
Estate.  The Company does not own any real estate or any
interest in any real estate.

      

      m)           Full
Disclosure.  To the Seller’s knowledge after reasonable
investigation, none of the representations and warranties made by the Seller
herein, or in any document furnished prior to Closing or to be furnished by them
hereunder contain or will contain as of the Closing Date, any untrue statement
of material fact, or omits any material fact, the omission of which would be
misleading.

      

      n)           Exchange Act
Filings.  To the Seller’s knowledge after reasonable
investigation, the Company has filed with the SEC all forms, reports, schedules,
and statements that were required to be filed by it with the SEC within the
period beginning on the date of inception of the Company and ending on the
Effective Time, and previously has furnished or made available to Buyer accurate
and complete copies of all the SEC Documents. As of their respective dates, the
SEC Documents were prepared in accordance with the Exchange Act of 1934, as
amended, (the "Exchange Act") and the Securities Act and did not contain any
untrue statement of a material fact or omit to state a material fact required to
be stated in those documents or necessary to make the statements in those
documents not misleading, in light of the circumstances under which they were
made. As of their respective dates, these reports and statements will not
contain any untrue statement of a material fact or omit to state a material fact
required to be stated in them or necessary to make the statements in them not
misleading, in light of the circumstances under which they are made and these
reports and statements will comply in all material respects with all applicable
requirements of the Exchange Act and the Securities Act.

      

      

      

      6.           Representations and
Warranties of Buyer: Buyer hereby
represents and warrants to Seller that the statements in the following
paragraphs of this Section 7 are all true and complete as of the date
hereof:

      

      a)           Affidavit of Source of
Funds. Prior to any transfer of funds to
Seller,  Buyer shall execute an Affidavit of Source of Funds (attached
hereto as Exhibit 8), which attests that the funds to be transferred are not the
proceeds of nor are intended for or being transferred in the furtherance of any
illegal activity or activity prohibited by federal or state laws. Such activity
may include, but is not limited to: tax evasion; financial misconduct;
environmental crimes; activity involving drugs and other controlled substances;
counterfeiting; espionage; kidnapping; smuggling; copyright infringement; entry
of goods into the United States by means of false statements; terrorism;
terrorist financing or other material support of terrorists or terrorism; arms
dealing; bank fraud; wire fraud; mail fraud; concealment of assets or any effort
by conspiracy or otherwise to defeat, defraud or otherwise evade, any party or
the Court in a bankruptcy proceeding, a receiver, a custodian, a trustee, a
marshal, or any other officer of the court or government or regulatory official;
bribery or any violation of the Foreign Corrupt Practices Act; trading with
enemies of the United States; forgery; or fraud of any kind.  Buyer
further warrants that all transfers of monies will be in accordance with the
Money Laundering Control Act of 1986 as amended.

       

       

      
        
          	
                  Buyer:
      _____

                
	
                  Seller:
      _____

                
	
                  Company:
      _____

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      b)           Exempt
Transaction.  Buyer understands that the offering and sale of
the Stock is intended to be exempt from registration under the Securities Act of
1933, as amended (the “Act”) and exempt from registration or qualification under
any state law.

      

      c)           Full Power and
Authority.  Buyer represents that it has full power and
authority to enter into this Agreement.

      

      d)           
Stock.  The
Stock to be purchased by Buyer hereunder will be acquired for investment for
Buyer’s own account, not as a nominee or agent, and not with a view to the
public resale or distribution thereof, and Buyer has no present intention of
selling, granting any participation in, or otherwise distributing the
same.

      

      e)           Information Concerning the
Company.  Buyer has conducted its own due diligence with
respect to the Company and its liabilities and believes it has enough
information upon which to base an investment decision in the
Stock.  Buyer acknowledges that Seller has made no representations
with respect to the Company, its status, or the existence or non-existence of
liabilities in the Company except as explicitly stated in this
Agreement.  .

      

      f)           Investment
Experience.  The Buyer understands that purchase of the Stock
involves substantial risk.  The Buyer:

      

      (i)           has
experience as a purchaser in securities of companies in the development stage
and acknowledges that he can bear the economic risk of Buyer’s investment in the
Stock; and,

      

      (ii)           has
such knowledge and experience in financial, tax, and business matters so as to
enable Buyer to evaluate the merits and risks of an investment in the Stock, to
protect Buyer’s own interests in connection with the investment and to make an
informed investment decision with respect thereto.

      

      g)           No Oral
Representations.  No oral or written representations have been
made other than or in addition to those stated in this Agreement. Buyer is not
relying on any oral statements made by Seller, Seller's representatives,
employee’s or affiliates in purchasing the Stock.

       

       

      
        
          	
                  Buyer:
      _____

                
	
                  Seller:
      _____

                
	
                  Company:
      _____

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      
 

      h)           Restricted
Securities.                                                      Buyer
understands that the Stock is characterized as “restricted securities” under the
Act inasmuch as they were acquired from the Company in a transaction not
involving a public offering.

      

      i)           Opinion
Necessary.                                           Buyer
acknowledges that if any transfer of the Stock is proposed to be made in
reliance upon an exemption under the Act, the Company may require an opinion of
counsel satisfactory to the Company that such transfer may be made pursuant to
an applicable exemption under the Act.  Buyer acknowledges that a
restrictive legend appears on the Stock and must remain on the Stock until such
time as it may be removed under the Act.

      

      j)           Shareholder
Value.  Buyer represents that Buyer intends to implement a
business plan designed to return value to the shareholders of the
Company.

      

      k)           Compliance.  Buyer
shall comply with all applicable securities laws, rules and regulations
regarding this Agreement, the Merger and all related transactions, including but
not limited to filing any forms required by the U.S. Securities and Exchange
Commission.

      

      7.           Indemnification.

      

      a)           Seller
and Company, jointly and severally, each hereby covenants and agrees, for
themselves and for their agents, employees, legal representatives, heirs,
executors or assigns (collectively the “Seller Covenantors”) to indemnify Buyer
and their agents, employees, legal representatives, heirs, executors or assigns
(the “Buyer Covenantors”) as of the Closing Date against any loss, liability,
claim, damage or expense (including, but not limited to, any and all expense
whatsoever reasonably incurred in investigating, preparing or defending against
any litigation, commenced or threatened or any claim whatsoever), to which it or
they may become subject to or rising out of or based on any inaccuracy appearing
in. breach of covenant or misrepresentation made in this Agreement or any other
document which has been provided by any of the Seller Covenantors to any of the
Buyer Covenantors in connection with this Agreement.  In no case shall
Seller’s obligations under this section 7 exceed in the aggregate $250,000;
and

      

      b)           Buyer
hereby covenants and agrees, for themselves and for the Buyer Covenantors to
indemnify Seller and the Seller Covenantors as of the Closing Date against any
loss, liability, claim, damage or expense (including, but not limited to, any
and all expense whatsoever reasonably incurred in investigating, preparing or
defending against any litigation, commenced or threatened or any claim
whatsoever), to which it or they may become subject to or rising out of or based
on any inaccuracy appearing in. breach of covenant or misrepresentation made in
this Agreement or any other document which has been provided by any of the Buyer
Covenantors to any of the Seller Covenantors in connection with this
Agreement.  In no case shall Buyer’s obligations under this section 7
exceed in the aggregate $250,000.

       

       

      
        
          	
                  Buyer:
      _____

                
	
                  Seller:
      _____

                
	
                  Company:
      _____

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      8.           Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the state of Georgia without giving effect to any
other choice or conflict of law provision that would cause the application of
the laws of any other jurisdiction other than the state of Georgia.

      

      9.           Merger and Exchange of
Stock.  Buyer shall, as soon as practicable, and in no case
later than twenty (20) days from the Closing, effect a merger (the “Merger”)
between the Company and a target corporation (the “Sub”).  The Company
shall be the surviving corporation of the Merger, and shall continue unimpaired
by the Merger.  Upon Merger, the Company shall succeed to and shall
possess all the assets, properties, rights, privileges, powers, franchises,
immunities and purposes, and be subject to all the debts, liabilities,
obligations, restrictions and duties of the Sub.  If, in Buyer’s sole
opinion, it is necessary or prudent to delay the Merger so as to comply with
state or federal law or regulatory requirements, Buyer may delay the
Merger.

      

      10.           Term /
Survival.  The terms of this Agreement shall be effective as of
the Effective Date, and continue until such time as the payment of the Purchase
Price and all other amounts due hereunder are fully satisfied, however; the
terms, conditions, and obligations of Sections 11, 14, 19, 20, 21 and 22 hereof
shall survive the termination of this Agreement.  Sections 5, 6 and 7
shall survive the Closing for a period of 24 months from the Closing
Date

      

      11.           Successors and
Assigns.  The terms and conditions of this Agreement shall
inure to the benefit of and be binding upon the respective successors and
assigns of the parties, except that Buyer may not assign or transfer any of its
rights or obligations under this Agreement.

      

      12.           Counterparts.                                This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
agreement.  A telefaxed copy of this Agreement shall be deemed an
original.

      

      13.           Headings.  The
headings used in this Agreement are for convenience of reference only and shall
not be deemed to limit, characterize or in any way affect the interpretation of
any provision of this Agreement.

      

      14.           Costs, Expenses. Each
party hereto shall bear its own costs in connection with the preparation,
execution and delivery of this Agreement.

      

      15.           Modifications and
Waivers.  No change, modification or waiver of any provision of
this Agreement shall be valid or binding unless it is in writing, dated
subsequent to the Effective Date of this Agreement, and signed by both the Buyer
and Seller. No waiver of any breach, term, condition or remedy of this Agreement
by any party shall constitute a subsequent waiver of the same or any other
breach, term, condition or remedy.  All remedies, either under this
agreement, by law, or otherwise afforded the Buyer shall be cumulative and not
alternative.

      

      16.           Severability.  If
one or more provisions of this Agreement are held to be unenforceable under
applicable law, such provision(s) shall be excluded from this Agreement and the
balance of the Agreement shall be interpreted as if such provision(s) were so
excluded and shall be enforceable in accordance with its terms.

       

       

      
        
          	
                  Buyer:
      _____

                
	
                  Seller:
      _____

                
	
                  Company:
      _____

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      17.           Termination.  Buyer
or Seller may, upon written notice to the other party, terminate this Agreement
upon their own discretion prior to any funds being deposited with
Seller.  Upon the release of any funds to Seller, this termination
clause is null and void.

      

      18.           Entire
Agreement.   This Agreement constitutes the entire
agreement and understanding of the Parties with respect to the subject matter
hereof and supersedes any and all prior negotiations, correspondence,
agreements, understandings duties or obligations between the parties with
respect to the subject matter hereof.

      

      19.           Further
Assurances.  From and after the date of this Agreement, upon
the request of the Buyer or Seller, Buyer and Seller shall execute and deliver
such instruments, documents or other writings as may be reasonably necessary or
desirable to confirm and carry out and to effectuate fully the intent and
purposes of this Agreement.

      

      20.           Notices. All notices
or other communications required or permitted by this Agreement shall be in
writing and shall be deemed to have been duly received:

      

      a)           if
given by telecopier, when transmitted and the appropriate telephonic
confirmation received if transmitted on a business day and during normal
business hours of the recipient, and otherwise on the next business day
following transmission,

      

      b)           if
given by certified or registered mail, return receipt requested, postage
prepaid, three business days after being deposited in the U.S. mails
and

      

      c)           if
given by courier or other means, when received or personally delivered, and, in
any such case, addressed as indicated herein, or to such other addresses as may
be specified by any such Person to the other Person pursuant to notice given by
such Person in accordance with the provisions of this Section 20.

      

      21.           Insider
Trading.  Seller and Buyer hereby certify that they have not
themselves, nor through any third parties, purchased nor caused to be purchased
in the public marketplace any publicly traded shares of the
Company.  Seller and Buyer further certify they have not communicated
the nature of the transactions contemplated by the Agreement, are not aware of
any disclosure of non public information concerning said transactions, and are
not a party to any insider trading of Company shares.

      

      22.           Binding
Arbitration.  In the event of any dispute, claim, question, or
disagreement arising from or relating to this agreement or the breach thereof,
the Parties hereto shall use their best efforts to settle the dispute, claim
question, or disagreement. To this effect, they shall consult and negotiate with
each other in good faith and, recognizing their mutual interests, attempt to
reach a just and equitable solution satisfactory to both parties. If they do not
reach such a solution within a period of sixty (60) days, then, upon notice by
either party to the other, all disputes, claims, questions, or disagreements
shall be settled by arbitration administered by the American Arbitration
Association in accordance with its Commercial Arbitration Rules including the
Optional Rules for Emergency Measures of Protection, and judgment on any award
rendered by the arbitrator(s) may be entered in any court having jurisdiction
thereof.

       

       

      
        
          	
                  Buyer:
      _____

                
	
                  Seller:
      _____

                
	
                  Company:
      _____

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
 

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of Page Intentionally Left Blank]

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Page Follows]

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      
        
          	
                  Buyer:
      _____

                
	
                  Seller:
      _____

                
	
                  Company:
      _____

                

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      In Witness
Whereof, the Parties hereto have executed this Agreement as of the last
date written below.

      

      
        	
                SELLER

              	 
      	
                BUYER

              
	 
      	 
      	 
      
	
                BELMONT
      PARTNERS, LLC

              	 
      	
                LIBERATOR,
      INC.

              
	 
      	 
      	 
      
	
                /s/
      Joseph Meuse

              	 
      	
                /s/
      Louis S. Friedman

              
	
                ____________________________

              	 
      	
                _____________________________

              
	
                By:  Joseph
      Meuse, Managing Member

              	 
      	
                By:
      Louis S. Friedman, President

              
	
                Date:
      September 2, 2009

              	 
      	
                Date:
      September 2, 2009

              
	 
      	 
      	 
      
	
                COMPANY

              	 
      	 
      
	 
      	 
      	 
      
	
                WES
      CONSULTING, INC.

              	 
      	 
      
	 
      	 
      	 
      
	
                /s/
      Joseph Meuse

              	 
      	 
      
	
                ___________________________

              	 
      	 
      
	
                By:
      Joseph Meuse, Director

              	 
      	 
      
	
                Date:
      September 2, 2009

              	 
      	 
      

      

      

      

      

      

        
          	
                  Buyer:
      _____

                
	
                  Seller:
      _____

                
	
                  Company:
      _____EMPLOYMENT
AGREEMENT

    

    THIS
EMPLOYMENT AGREEMENT (the “Agreement”) is amended and restated as of
October 7, 2009, by and among FIRST
SAVINGS FINANCIAL GROUP, INC., an Indiana
corporation (the “Corporation”), FIRST
SAVINGS BANK, FSB, a federally-chartered savings bank and a wholly-owned
subsidiary of the Corporation (the “Bank”), and LARRY
MYERS (the
“Executive”).  The Corporation and the Bank are sometimes referred to
in this Agreement individually and together as the “Employer.”

    

    WHEREAS,
the Executive serves in position of substantial responsibility with the
Corporation and the Bank;

    

    WHEREAS, the Executive and
the Employer previously entered into an employment agreement as of October 7,
2008;

    

    WHEREAS, the Corporation
and the Bank wish to make certain changes to the existing agreement and set
forth the terms of the Executive’s continued employment in these
positions;

    

    WHEREAS, the Executive is
willing and desires to serve in these positions with the Corporation and the
Bank.

    

    NOW
THEREFORE, in consideration of these premises, the mutual covenants
contained herein, and other good and valuable consideration the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows.

    

    ARTICLE
1

    EMPLOYMENT

    

    1.1           Employment.
The Employer hereby employs the Executive to serve as President and Chief
Executive Officer of each of the Corporation and the Bank according to the terms
and conditions of this Agreement and for the period stated in Section 1.3 of
this Agreement.  The Executive hereby accepts employment according to
the terms and conditions of this Agreement and for the period stated in Section
1.3 of this Agreement.

    

    1.2           Duties.
As President and Chief Executive Officer, the Executive shall
serve under the boards of directors.  The Executive shall report
directly to the boards of directors. The Executive shall serve the Employer
faithfully, diligently, competently, and to the best of the Executive’s
ability.  The Executive shall exclusively devote full working time,
energy, and attention to the business of the Employer and to the promotion of
the interests of the Employer throughout the term of this
Agreement.  Without the prior written consent of the board of
directors of each of the Corporation and the Bank, during the term of this
Agreement the Executive shall not render services to or for any person, firm,
corporation, or other entity or organization in exchange for compensation,
regardless of the form in which the compensation is paid and regardless of
whether it is paid directly or indirectly to the Executive.  Nothing
in this Section 1.2 shall prevent the Executive from managing personal
investments and affairs, provided that doing so does not interfere with the
proper performance of the Executive’s duties and responsibilities under this
Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    1.3           Term.

    

    (a)           The
term of this Agreement shall include: (i) the initial term, consisting of the
period commencing on the date of this Agreement (the “Effective Date”) and
ending on the third anniversary of the Effective Date, plus (ii) any and all
extensions of the initial term made pursuant to this Section 1.3.

    

    (b)           Commencing
on the first anniversary of the Effective Date and continuing on each
anniversary of the Effective Date thereafter, the disinterested members of the
Boards of Directors may extend the Agreement term for an additional year, so
that the remaining term of the Agreement again becomes thirty-six (36) months,
unless the Executive elects not to extend the term of this Agreement by giving
proper written notice.  The Boards of Directors will review the
Agreement and Executive’s performance annually for purposes of determining
whether to extend the Agreement term and will include the rationale and results
of its review in the minutes of the meetings.  The Boards of Directors
will notify the Executive as soon as possible after each annual review whether
it has determined to extend the Agreement.

    

    1.4           Service
on the Boards of Directors.  The Executive
serves as a member of the board of directors each of the Corporation and the
Bank.  The board of directors of each of the Corporation and the Bank
shall undertake every lawful effort to ensure that the Executive continues
throughout the term of his employment to be elected or reelected as a director
of the Corporation and the Bank.  Notwithstanding anything in this
Agreement to the contrary, unless otherwise agreed to by the parties, the
Executive shall be deemed to have resigned as a director of each of the
Corporation and the Bank effective immediately after termination of the
Executive’s employment under Article 3 of this Agreement, regardless of whether
the Executive submits a formal, written resignation as director.

    

    ARTICLE
2

    COMPENSATION
AND BENEFITS

    

    2.1           Base
Salary.
In consideration of the Executive’s performance of the obligations under this
Agreement, the Employer shall pay or cause to be paid to the Executive a salary
at the annual rate of not less than $173,200, payable according to the regular
payroll practices of the Employer. The Executive’s salary shall be subject to
annual review.  The Executive’s salary, as the same may be modified
from time to time, is referred to in this Agreement as the “Base Salary.” All
compensation under this Agreement shall be subject to customary income tax
withholding and such other employment taxes as are imposed by law.

    

    2.2           Benefit
Plans and Perquisites.
For as long as the Executive is employed by the Employer, the Executive shall be
eligible (x) to participate in any and all officer or employee compensation,
incentive compensation and benefit plans in effect from time to time, including
without limitation plans providing retirement, medical, dental, disability, and
group life benefits and including stock-based compensation, incentive, or bonus
plans existing on the date of this Agreement or adopted after the date of this
Agreement, provided that the Executive satisfies the eligibility requirements
for any the plans or benefits, and (y) to receive any and all other fringe and
other benefits provided from time to time, including the specific items
described in (a)-(c) below.

    

    (a)           Reimbursement
of business expenses. The
Executive shall be entitled to reimbursement for all reasonable business
expenses incurred while performing his obligations under this Agreement,
including but not limited to all reasonable business travel and entertainment
expenses incurred while acting at the request of or in the service of the
Employer and reasonable expenses for attendance at annual and other periodic
meetings of trade associations.  Expenses will be reimbursed if they
are submitted in accordance with the Employer’s policies and
procedures.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    (b)           Automobile.  The Employer
shall provide the Executive with, and the Executive shall have the primary use
of, an automobile owned or leased by the Employer.  The Employer shall
pay (or reimburse the Executive) for all expenses of insurance, registration,
operation and maintenance of the automobile.  The Executive shall
comply with reasonable reporting and expense limitations on the use of such
automobile, as the Employer may establish from time to time, and the Employer
shall annually include on the Executive’s Form W-2 any amount attributable to
the Executive’s personal use of such automobile.

    

    (c)           Facilities.  The Employer
will furnish the Executive with the working facilities and staff customary for
executive officers with comparable titles and duties of the Executive as set
forth in Sections 1.1 and 1.2 of this Agreement and as are necessary for the
Executive to perform his duties.  The location of such facilities and
staff shall be at the principal administrative offices of the Corporation, or at
such other site or sites customary for such offices.

    

    2.3           Vacation;
Leave.
The Executive shall be entitled to sick leave and paid annual vacation in
accordance with policies established from time to time by the
Employer.  In addition to paid vacations and other leave, the boards
of directors may grant the Executive a leave or leaves of absence, with or
without pay, at such time or times and upon such terms and conditions as the
boards of directors may determine.

    

    2.4           Insurance.
The Employer shall maintain or cause to be maintained liability insurance
covering the Executive throughout the term of this Agreement.

    

    ARTICLE
3

    EMPLOYMENT
TERMINATION

    

    3.1           Termination
Because of Death.

    

    (a)           Death.
The Executive’s employment shall terminate automatically at the Executive’s
death. If the Executive dies in active service to the Employer, the Executive’s
spouse, or, if there is no surviving spouse, his estate, shall receive any sums
due to the Executive as Base Salary and reimbursement of expenses through the
end of the month in which his death occurred.

    

    (b)           Disability.
By delivery of written notice thirty (30) days in advance to the
Executive, the Employer may terminate the Executive’s employment if the
Executive is disabled.  For purposes of this Agreement the Executive
shall be considered “disabled” if an independent physician selected by the
Employer and reasonably acceptable to the Executive or the Executive’s legal
representative determines that, because of illness or accident, the Executive is
unable to perform the Executive’s duties and will be unable to perform the
Executive’s duties for a period of ninety (90) consecutive days.  The
Executive shall not be considered disabled, however, if the Executive returns to
work on a full-time basis within thirty (30) days after the Employer gives
notice of termination due to disability.  If the Executive is
terminated by either of the Corporation or the Bank because of disability, the
Executive’s employment with the other shall also terminate at the same
time.  During the period of incapacity leading up to the termination
of the Executive’s employment under this provision, the Employer shall continue
to pay the full Base Salary at the rate then in effect and all perquisites and
other benefits (other than bonus) until the Executive becomes eligible for
benefits under any disability plan or insurance program maintained by the
Employer, provided that the amount of the payments by the Employer to the
Executive under this Section 3.1(b) shall be reduced by the sum of the amounts,
if any, payable to the Executive for the same period under any disability
benefit or pension plan covering the Executive.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    3.2           Involuntary
Termination with Cause.
The Employer may terminate the Executive’s employment for Cause.  If
the Executive’s employment terminates for Cause, the Executive shall receive the
Base Salary through the date on which termination becomes effective and
reimbursement of expenses to which the Executive is entitled when termination
becomes effective.  If the Executive is terminated for Cause by either
of the Corporation or the Bank, the Executive shall be deemed also to have been
terminated for Cause by the other.  The Executive shall not be deemed
to have been terminated for Cause under this Agreement unless and until there is
delivered to the Executive a copy of a resolution adopted at a meeting of the
board of directors called and held for the purpose, which resolution shall (x)
contain findings that the Executive has committed an act constituting Cause, and
(y) specify the particulars thereof.  The resolution of the board of
directors shall be deemed to have been duly adopted if and only if it is adopted
by the affirmative vote of a majority of the directors of the Corporation then
in office or a majority of the directors of the Bank then in office, in either
case excluding the Executive.  Notice of the meeting and the proposed
termination for Cause shall be given to the Executive a reasonable time before
the meeting of the board of directors.  The Executive and the
Executive’s counsel (if the Executive chooses to have counsel present) shall
have a reasonable opportunity to be heard by the board of directors at the
meeting. For purposes of this Agreement “Cause” means any of the
following:

    

    
      	
               
      

            	
              (1)

            	
              Personal
      dishonesty;

            

    

    
      	
               
      

            	
              (2)

            	
              Incompetence

            

    

    
      	
               
      

            	
              (3)

            	
              Willful
      misconduct;

            

    

    
      	
               
      

            	
              (4)

            	
              Breach
      of fiduciary duty involving personal
profit;

            

    

    
      	
               
      

            	
              (5)

            	
              Intentional
      failure to perform stated duties;

            

    

    
      	
               
      

            	
              (6)

            	
              Willful
      violation of any law, rule or regulation (other than traffic violations or
      similar offenses) or final cease-and-desist order;
  or

            

    

    
      	
               
      

            	
              (7)

            	
              Material
      breach of any provision of this
Agreement.

            

    

    

    3.3           Voluntary
Termination by the Executive Without Good Reason.
If the Executive terminates employment without Good Reason, the Executive shall
receive the Base Salary and expense reimbursement to which the Executive is
entitled through the date on which termination becomes effective.

    

    3.4           Involuntary
Termination Without Cause and Voluntary Termination with Good Reason.
With written notice to the Executive at least thirty (30) days in
advance, the Employer may terminate the Executive’s employment without
Cause.  Termination shall take effect at the end of the notice
period.  With advance written notice to the Employer as provided in
clause (y), the Executive may terminate employment for Good
Reason.  If the Executive’s employment terminates involuntarily
without Cause or voluntarily but with Good Reason, the Executive shall be
entitled to the benefits specified in Article 4 of this
Agreement.  For purposes of this Agreement, a voluntary termination by
the Executive shall be considered a voluntary termination with Good Reason if
the conditions stated in both clauses (x) and (y) of this Section 3.4 are
satisfied:

    

    (x)           a
voluntary termination by the Executive shall be considered a voluntary
termination with Good Reason if any of the following occur without the
Executive’s written consent, and the term Good Reason shall mean the occurrence
of any of the following without the Executive’s written consent:

    

    (1)           a
material diminution of the Executive’s Base Salary;

    

    (2)           a
material diminution of the Executive’s authority, duties, or
responsibilities;

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (3)

            	
              a
      change in the Executive’s reporting responsibilities so that the Executive
      reports to an officer or employee instead of reporting directly to the
      board of directors;

            

    

    

    
      	
               
      

            	
              (4)

            	
              a
      change in the geographic location at which the Executive must perform
      services for the Employer by more than thirty-five (35) miles from such
      location at the effective date; or

            

    

    

    
      	
               
      

            	
              (5)

            	
              any
      other action or inaction that constitutes a material breach by the
      Employer under this Agreement.

            

    

    

    (y)           the
Executive must give notice to the Employer of the existence of one or more of
the conditions described in clause (x) within sixty (60) days after the initial
existence of the condition, and the Employer shall have thirty (30) days
thereafter to remedy the condition.  In addition, the Executive’s
voluntary termination because of the existence of one or more of the conditions
described in clause (x) must occur within six (6) months after the initial
existence of the condition.

    

    ARTICLE
4

    SEVERANCE
COMPENSATION

    

    4.1           Cash Severance after
Termination Without Cause or Termination for Good Reason.

    

    (a)           Subject
to the possibility that cash severance after employment termination might be
delayed under Section 4.1(b), if the Executive’s employment terminates
involuntarily but without Cause or if the Executive voluntarily terminates
employment with Good Reason, the Executive shall for the unexpired term of this
Agreement and in accordance with the Employer’s regular pay practices continue
to receive the Base Salary in effect at employment.  However, the
Employer and the Executive acknowledge and agree that the compensation and
benefits under this Section 4.1 shall not be payable if compensation and
benefits are payable or shall have been paid to the Executive under Article 5 of
this Agreement.

    

    (b)           If
when employment termination occurs the Executive is a “specified employee”
within the meaning of Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”) if the cash severance payment under Section 4.1(a) would be
considered deferred compensation under Section 409A of the Code, and finally if
an exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) of
the Code is not available, the Executive’s continued Base Salary under Section
4.1(a) for the first six months after employment termination shall be paid to
the Executive in a single lump sum without interest on the first business day of
the seventh (7th) month
after the month in which the Executive’s employment terminates. References in
this Agreement to Section 409A of the Code include rules, regulations, and
guidance of general application issued by the Department of the Treasury under
Section 409A of the Code.

    

    4.2           Post-Termination Insurance
Coverage.

    

    (a)           If
the Executive’s employment terminates involuntarily but without Cause or
voluntarily but with Good Reason, or because of disability, the Employer shall
continue or cause to be continued at the Employer’s expense medical insurance
benefits for the Executive and any of his dependents covered at the time of his
termination.  The medical insurance benefits shall continue until the
first to occur of (w) the Executive’s return to employment with the Employer or
another employer, (x) the Executive’s attainment of age 65, (y) the Executive’s
death, or (z) the end of the term remaining under this Agreement when the
Executive’s employment terminates.

    
      
         

      

      
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    (b)           If
(x) under the terms of the applicable policy or policies for the insurance
benefits specified in Section 4.2(a) it is not possible to continue coverage for
the Executive and his dependents, or (y) when employment termination occurs the
Executive is a “specified employee” within the meaning of Section 409A of the
Code, if any of the continued insurance coverage benefits specified in Section
4.2(a) would be considered deferred compensation under Section 409A of the Code,
and finally, if an exemption from the six-month delay requirement of Section
409A(a)(2)(B)(i) of the Code is not available for that particular insurance
benefit, the Employer shall pay to the Executive in a single lump sum an amount
in cash equal to the present value of the Employer’s projected cost to maintain
that particular insurance benefit (and associated income tax gross-up benefit,
if applicable) had the Executive’s employment not terminated, assuming continued
coverage for 36 months. The lump-sum payment shall be made thirty (30) days
after employment termination or, if Section 4.1(b) applies, on the first day of
the seventh (7th) month
after the month in which the Executive’s employment terminates.

    

    ARTICLE
5

    CHANGE
IN CONTROL BENEFITS

    

    5.1           Change
in Control Benefits.
If a Change in Control occurs during the term of this Agreement and, thereafter
during the term of the Agreement, the Executive’s employment terminates
involuntarily but without Cause or if the Executive voluntarily terminates
employment with Good Reason, the Employer shall make or cause to be made a
lump-sum payment to the Executive in an amount in cash equal to three (3) times
the Executive’s average annual compensation.  For this purpose,
average annual compensation means the Executive’s taxable income reported by the
Employer (or any affiliate of the Employer) for the five (5) calendar years
immediately preceding the calendar year in which the Change in Control occurs,
regardless of when the cash bonus or cash incentive compensation earned for the
preceding calendar year.  The payment required under this paragraph is
payable no later than five (5) business days after the Executive’s termination
of employment.  If the Executive receives payment under Section 5.1,
the Executive shall not be entitled to any additional severance benefits under
Section 4.1 of this Agreement.  In addition, the Employer shall
provide the Executive and his dependents with the post-termination insurance
coverage described in Section 4.2(a) of this Agreement, subject to the
provisions of Section 4.2(b) of this Agreement.

    

    5.2           Change
in Control Defined.
For purposes of this Agreement “Change in Control” means a change in
control as defined in Section 409A of the Code and rules, regulations, and
guidance of general application thereunder issued by the Department of the
Treasury, including:

    

    (a)           Change
in ownership:
a change in ownership of the Corporation occurs on the date any one person or
group accumulates ownership of Corporation stock constituting more than 50% of
the total fair market value or total voting power of Corporation
stock,

    

    (b)           Change
in effective control:
(x) any one person or more than one person acting as a group acquires
within a 12-month period ownership of Corporation stock possessing 30% or more
of the total voting power of Corporation stock, or (y) a majority of the
Corporation’s board of directors is replaced during any 12-month period by
directors whose appointment or election is not endorsed in advance by a majority
of the Corporation’s board of directors, or

    

    (c)           Change
in ownership of a substantial portion of assets:
a change in ownership of a substantial portion of the Corporation’s assets
occurs if in a 12-month period any one person or more than one person acting as
a group acquires from the Corporation assets having a total gross fair market
value equal to or exceeding 40% of the total gross fair market value of all of
the Corporation’s assets immediately before the acquisition or
acquisitions.  For this purpose, gross fair market value means the
value of the Corporation’s assets, or the value of the assets being disposed of,
determined without regard to any liabilities associated with the
assets.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    5.3           Potential
Limitation of Benefits Under Certain Circumstances.  Notwithstanding
any other provisions of this Agreement, in the event that (x) the aggregate
payments or benefits to be made or afforded to the Executive under this
Agreement or otherwise, which are deemed to be parachute payments as defined in
Section 280G of the Code or any successor thereof, (the “Termination Benefits”)
would be deemed to include an “excess parachute payment” under Section 280G of
the Code; and (y) if such Termination Benefits were reduced to an amount (the
“Non-Triggering Amount”), the value of which is one dollar ($1.00) less than an
amount equal to three (3) times the Executive’s “base amount,” as determined in
accordance with Section 280G of the Code and the Non-Triggering Amount less the
product of the marginal rate of any applicable state and federal income tax and
the Non-Triggering Amount would be greater than the aggregate value of the
Termination Benefits (without such reduction) minus (1) the amount of tax
required to be paid by the Executive thereon by Section 4999 of the Code and
further minus (2) the product of the Termination Benefits and the marginal rate
of any applicable state and federal income tax, then the Termination Benefits
shall be reduced to the Non-Triggering Amount.  The allocation of the
reduction required hereby among the Termination Benefits shall be determined by
the Executive.  Notwithstanding the foregoing, the Bank shall not pay
the Executive Termination Benefits in excess of three (3) times his average
annual compensation (or such other amount that may be permitted by the Office of
Thrift Supervision pursuant to regulation or regulatory
guidance).  Any payment of Termination Benefits in excess of three (3)
times the Executive average annual compensation shall be made by the
Company.  The Company’s independent public accountants will determine
the value of any reduction in the payments and benefits; the Employer will pay
for the accountants’ opinion.  If the Employer and/or the Executive do
not agree with the accountants’ opinion, the Employer will pay to the Executive
the maximum amount of payments and benefits pursuant to Sections 4 and 5 of this
Agreement or otherwise, as selected by Executive, that the opinion indicates
have a high probability of not causing any of the payments and benefits to be
non-deductible and subject to the excise tax imposed under Section 4999 of the
Code.  The Employer may also request, and the Executive has the right
to demand that, a ruling from the IRS as to whether the disputed payments and
benefits have such tax consequences.  The Employer will promptly
prepare and file the request for a ruling from the IRS, but in no event will the
Employer make this filing later than thirty (30) days from the date of the
accountant’s opinion referred to above.  The request will be subject
to the Executive’s approval prior to filing; the Executive shall not
unreasonably withhold his approval.  The Employer and the Executive
agree to be bound by any ruling received from the IRS and to make appropriate
payments to each other to reflect any IRS rulings, together with interest at the
applicable federal rate provided for in Section 7872(f)(2) of the
Code.  Nothing contained in this Agreement shall result in a reduction
of any payments or benefits to which the Executive may be entitled upon
termination of employment other than pursuant to Sections 4 and 5 hereof, or a
reduction in the payments and benefits specified, below zero.

    

    ARTICLE
6

    CONFIDENTIALITY
AND CREATIVE WORK

    

    6.1           Non-disclosure.
The Executive covenants and agrees not to reveal to any person, firm, or
corporation any confidential information of any nature concerning the Employer
or its business, or anything connected therewith. As used in this Article 6 the
term “confidential information” means all of the Employer’s and the Employer’s
affiliates’ confidential and proprietary information and trade secrets in
existence on the date hereof or existing at any time during the term of this
Agreement, including but not limited to:

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    (a)           the
whole or any portion or phase of any business plans, financial information,
purchasing data, supplier data, accounting data, or other financial
information;

    

    (b)           the
whole or any portion or phase of any research and development information,
design procedures, algorithms or processes, or other technical
information;

    

    (c)           the
whole or any portion or phase of any marketing or sales information, sales
records, customer lists, prices, sales projections, or other sales information;
and

    

    (d)           trade
secrets, as defined from time to time by the laws of Indiana.  This
Section 6.1 does not prohibit disclosure required by an order of a court having
jurisdiction or a subpoena from an appropriate governmental agency or disclosure
made by the Executive in the ordinary course of business and within the scope of
the Executive’s authority.

    

    6.2           Return
of Materials.
The Executive agrees to immediately deliver or return to the Employer upon
termination, upon expiration of this Agreement, or as soon thereafter as
possible, all written information and any other similar items furnished by the
Employer or prepared by the Executive in connection with the Executive’s
services hereunder and to immediately delete all electronically stored data of
the Employer maintained on the Executive’s personal computers and to return all
Employer-provided computers or communication devices (i.e., laptop, Blackberry,
PDA, etc.).  The Executive will retain no copies thereof after
termination of this Agreement or termination of the Executive’s
employment.

    

    6.3           Creative
Work.
The Executive agrees that all creative work and work product, including
but not limited to all technology, business management tools, processes,
software, patents, trademarks, and copyrights developed by the Executive during
the term of this Agreement, regardless of when or where such work or work
product was produced, constitutes work made for hire, all rights of which are
owned by the Employer.  The Executive hereby assigns to the Employer
all rights, title, and interest, whether by way of copyrights, trade secret,
trademark, patent, or otherwise, in all such work or work product, regardless of
whether the same is subject to protection by patent, trademark, or copyright
laws.

    

    6.4           Affiliates’
Confidential Information is Covered; Confidentiality Obligation Survives
Termination.
For purposes of this Agreement, the term “affiliate” of the Employer includes
any entity that directly, or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with the Corporation or
the Bank. The rights and obligations set forth in this Article 6 shall survive
termination of this Agreement.

    

    6.5           Injunctive
Relief.
The Executive acknowledges that it is impossible to measure in money the damages
that will accrue to the Employer if the Executive fails to observe the
obligations imposed by this Article 6.  Accordingly, if the Employer
institutes an action to enforce the provisions hereof, the Executive hereby
waives the claim or defense that an adequate remedy at law is available to the
Employer, and the Executive agrees not to urge in any such action the claim or
defense that an adequate remedy at law exists.  The confidentiality
and remedies provisions of this Article 6 shall be in addition to and shall not
be deemed to supersede or restrict, limit, or impair the Employer’s rights under
applicable state or federal statute or regulation dealing with or providing a
remedy for the wrongful disclosure, misuse, or misappropriation of trade secrets
or proprietary or confidential information.

    
      
         

      

      
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    ARTICLE
7

    COMPETITION
AFTER EMPLOYMENT TERMINATION

    

    7.1           Covenant
Not to Solicit Employees.
The Executive agrees not to, directly or indirectly, solicit or employ the
services of any officer or employee of the Employer (including an individual who
was an officer or employee of the Employer during the one year period following
the Executive’s termination) for two years after the Executive’s employment
termination.

    

    7.2           Covenant
Not to Compete.

    

    (a)           The
Executive covenants and agrees not to compete directly or indirectly with the
Employer for one year after employment termination. For purposes of this Section
7.2:

    

    
      	
            	
              (1)

            	
              the
      term compete
      means:

            

    

    

    
      	
               
      

            	
              (i)

            	
              providing
      financial products or services on behalf of any financial institution for
      any person residing in the
territory;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              assisting
      (other than through the performance of ministerial or clerical duties) any
      financial institution in providing financial products or services to any
      person residing in the territory;
or

            

    

    

    
      	
               
      

            	
              (iii)

            	
              inducing
      or attempting to induce any person who was a customer of the Employer at
      the date of the Executive’s employment termination to seek financial
      products or services from another financial
  institution.

            

    

    

    
      	
            	
              (2)

            	
              the
      words directly
      or indirectly
      mean:

            

    

    

    
      	
               
      

            	
              (i)

            	
              acting
      as a consultant, officer, director, independent contractor, or employee of
      any financial institution in competition with the Employer in the
      territory, or

            

    

    

    
      	
               
      

            	
              (ii)

            	
              communicating
      to such financial institution the names or addresses or any financial
      information concerning any person who was a customer of the Employer when
      the Executive’s employment
terminated.

            

    

    

    
      	
               
      

            	
              (3)

            	
              the
      term customer
      means any person to whom the Employer is providing financial products or
      services on the date of the Executive’s employment termination or within
      one year thereafter.

            

    

    

    
      	
               
      

            	
              (4)

            	
              the
      term financial
      institution means any bank, savings association, or bank or savings
      association holding company, or any other institution, the business of
      which is engaging in activities that are financial in nature or incidental
      to such financial activities as described in Section 4(k) of the Bank
      Holding Company Act of 1956, other than the Employer or any of its
      affiliated corporations.

            

    

    

    
      	
               
      

            	
              (5)

            	
              financial
      product or service means any product or service that a financial
      institution or a financial holding company could offer by engaging in any
      activity that is financial in nature or incidental to such a financial
      activity under Section 4(k) of the Bank Holding Company Act of 1956 and
      that is offered by the Employer or an affiliate on the date of the
      Executive’s employment termination, including but not limited to banking
      activities and activities that are closely related and a proper incident
      to banking.

            

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (6)

            	
              the
      term person
      means any individual or individuals, corporation, partnership, fiduciary
      or association.

            

    

    

    
      	
               
      

            	
              (7)

            	
              the
      term territory
      means any of the following counties within the State of Indiana: Clark,
      Floyd, Crawford, Harrison, Washington, Perry, Dubois, Orange, Lawrence,
      Jackson, Scott and Jefferson.

            

    

    

    (b)           If
any provision of this section or any word, phrase, clause, sentence or other
portion thereof (including, without limitation, the geographical and temporal
restrictions contained therein) is held to be unenforceable or invalid for any
reason, the unenforceable or invalid provision or portion shall be modified or
deleted so that the provisions hereof, as modified, are legal and enforceable to
the fullest extent permitted under applicable law.

    

    (c)           The
Executive acknowledges that the Employer’s willingness to enter into this
Agreement and to make the payments contemplated by Articles 3 and 4 of this
Agreement is conditioned on the Executive’s acceptance of the covenants set
forth in Articles 6 and 7 of this Agreement and that the Employer would not have
entered into this Agreement without such covenants in force.

    

    7.3           Injunctive
and Other Relief.
Because of the unique character of the services to be rendered by the
Executive hereunder, the Executive understands that the Employer would not have
an adequate remedy at law for the material breach or threatened breach by the
Executive of any one or more of the Executive’s covenants in this Article
7.  Accordingly, the Executive agrees that the Employer’s remedies for
a breach of this Article 7 include, but are not limited to, (x) forfeiture of
any money representing accrued salary, contingent payments, or other fringe
benefits (including any amount payable pursuant to Article 4) due and payable to
the Executive during the period of any breach by Executive, and (y) a suit in
equity by the Employer to enjoin the Executive from the breach or threatened
breach of such covenants. The Executive hereby waives the claim or defense that
an adequate remedy at law is available to the Bank and the Executive agrees not
to urge in any such action the claim or defense that an adequate remedy at law
exists. Nothing herein shall be construed to prohibit the Employer from pursuing
any other or additional remedies for the breach or threatened
breach.

    

    7.4           Article
7 Survives Termination But Is Void After a Change in Control.
The rights and obligations set forth in this Article 7 shall survive termination
of this Agreement.  However, Article 7 shall become null and void
effective immediately upon a Change in Control.

    

    ARTICLE
8

    MISCELLANEOUS

    

    8.1           Successors
and Assigns.

    

    (a)           This
Agreement shall be binding upon the Employer and any successor to the Employer,
including any persons acquiring directly or indirectly all or substantially all
of the business or assets of the Employer by purchase, merger, consolidation,
reorganization, or otherwise, but this Agreement and the Employer’s obligations
under this Agreement are not otherwise assignable, transferable, or delegable by
the Employer.  By agreement in form and substance satisfactory to the
Executive, the Employer shall require any successor to all or substantially all
of the business or assets of the Employer expressly to assume and agree to
perform this Agreement in the same manner and to the same extent the Employer
would be required to perform had no succession occurred.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    (b)           This
Agreement shall inure to the benefit of and be enforceable by the Executive’s
personal or legal representatives, executors, administrators, successors, heirs,
distributees, and legatees.

    

    (c)           Without
written consent of the other parties, no party shall assign, transfer, or
delegate this Agreement or any rights or obligations under this Agreement,
except as expressly provided herein.  Without limiting the generality
or effect of the foregoing, the Executive’s right to receive payments hereunder
is not assignable or transferable, whether by pledge, creation of a security
interest, or otherwise, except for a transfer by the Executive’s will or by the
laws of descent and distribution. If the Executive attempts an assignment or
transfer that is contrary to this Section 8.1, the Employer shall have no
liability to pay any amount to the assignee or transferee.

    

    8.2           Governing
Law, Jurisdiction and Forum.
This Agreement shall be construed under and governed by the internal laws of the
State of Indiana, without giving effect to any conflict of laws provision or
rule that would cause the application of the laws of any jurisdiction other than
Indiana.  By entering into this Agreement, the Executive acknowledges
that the Executive is subject to the jurisdiction of both the federal and state
courts in Indiana.

    

    8.3           Entire
Agreement.
This Agreement sets forth the entire agreement of the parties concerning the
employment of the Executive by the Employer.  Any oral or written
statements, representations, agreements, or understandings made or entered into
prior to or contemporaneously with the execution of this Agreement are hereby
rescinded, revoked, and rendered null and void by the parties.

    

    8.4           Notices. All notices,
requests, demands, and other communications hereunder shall be in writing and
shall be deemed to have been duly given if delivered by hand or mailed,
certified or registered mail, return receipt requested, with postage
prepaid.  Unless otherwise changed by notice, notice shall be properly
addressed to the Executive if addressed to the address of the Executive on the
books and records of the Employer at the time of the delivery of such notice,
and properly addressed to the Employer if addressed to the board of directors of
the Corporation and the Bank at the Bank’s executive offices.

    

    8.5           Severability.
If there is a conflict between any provision of this Agreement and any statute,
regulation, or judicial precedent, the latter shall prevail, but the affected
provisions of this Agreement shall be curtailed and limited solely to the extent
necessary to bring them within the requirements of law.  If any
provisions of this Agreement is held by a court of competent jurisdiction to be
indefinite, invalid, void or voidable, or otherwise unenforceable, the remainder
of this Agreement shall continue in full force and effect unless that would
clearly be contrary to the intentions of the parties or would result in an
injustice.

    

    8.6           Captions
and Counterparts.
The captions in this Agreement are solely for convenience. The captions do not
define, limit, or describe the scope or intent of this
Agreement.  This Agreement may be executed in several counterparts,
each of which shall be deemed to be an original but all of which together shall
constitute one and the same instrument.

    

    8.7           No
Duty to Mitigate.  The
Executive shall not be required to mitigate the amount of any payment provided
for in this Agreement by seeking other employment. Moreover, provided the
Executive is not in breach of any obligation under Articles 6 and 7 of this
Agreement, the amount of any payment provided for in this Agreement shall not be
reduced by any compensation earned or benefits provided as the result of
employment of the Executive or as a result of the Executive being self-employed
after employment termination.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

    8.8           Amendment
and Waiver. This
Agreement may not be amended, released, discharged, abandoned, changed, or
modified in any manner, except by an instrument in writing signed by each of the
parties hereto.  The failure of any party hereto to enforce at any
time any of the provisions of this Agreement shall not be construed to be a
waiver of any such provision, nor affect the validity of this Agreement or any
part thereof or the right of any party thereafter to enforce each and every such
provision.  No waiver or any breach of this Agreement shall be held to
be a waiver of any other or subsequent breach.

    

    8.9           Compliance
with Internal Revenue Code Section 409A.
The Employer and the Executive intend that their exercise of authority or
discretion under this Agreement shall comply with Section 409A of the
Code.  If any provision of this Agreement does not satisfy the
requirements of Section 409A of the Code, such provision shall nevertheless be
applied in a manner consistent with those requirements.  If any
provision of this Agreement would subject the Executive to additional tax or
interest under Section 409A of the Code, the Employer shall reform the
provision.  However, the Employer shall maintain to the maximum extent
practicable the original intent of the applicable provision without subjecting
the Executive to additional tax or interest, and the Employer shall not be
required to incur any additional compensation expense as a result of the
reformed provision.

    

    8.10           Required
Provisions.  In
the event any of the foregoing provisions of this Agreement conflict with the
terms of this Section 8.10, this Section 8.10 shall prevail.

    

    (a)           The
Bank’s Board of Directors may terminate the Executive’s employment at any time,
but any termination by the Bank, other than termination for Cause, shall not
prejudice the Executive’s right to compensation or other benefits under this
Agreement.  The Executive shall not have the right to receive
compensation or other benefits for any period after termination for Cause as
defined in Section 3.2 of this Agreement.

    

    (b)           If
the Executive is suspended from office and/or temporarily prohibited from
participating in the conduct of the Bank’s affairs by a notice served under
Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C.
Section 1818(e)(3) or (g)(1), the Bank’s obligations under this Agreement shall
be suspended as of the date of service, unless stayed by appropriate
proceedings.  If the charges in the notice are dismissed, the Bank
may, in its discretion:  (i) pay the Executive all or part of the
compensation withheld while its contract obligations were suspended; and (ii)
reinstate (in whole or in part) any of the obligations which were
suspended.

    

    (c)           If
the Executive is removed and/or permanently prohibited from participating in the
conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or
8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1818(e)(4) or
(g)(1), all obligations of the Bank under this Agreement shall terminate as of
the effective date of the order, but vested rights of the contracting parties
shall not be affected.

    

    (d)           If
the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit
Insurance Act, 12 U.S.C. Section 1813(x)(1), all obligations under this
Agreement shall terminate  as of the date of default, but this
paragraph shall not affect any vested rights of the contracting
parties.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    (e)           All
obligations under this Agreement shall terminate, except to the extent
determined that continuation of the Agreement is necessary for the continued
operation of the institution:  (i) by the Director of the Office of
Thrift Supervision (OTS), or his designee, at the time the Federal Deposit
Insurance Corporation (FDIC) enters into an agreement to provide assistance to
or on behalf of the Bank under the authority contained in Section 13(c) of the
Federal Deposit Insurance Act, 12 U.S.C. Section 1823(c), or (ii) by the
Director of the OTS (or his designee) at the time the Director (or his designee)
approves a supervisory merger to resolve problems related to the operations of
the Bank or when the Bank is determined by the Director to be in an unsafe or
unsound condition.  Any rights of the parties that have already
vested, however, shall not be affected by such action.

    

    (f)           Any
payments made to the Executive pursuant to this Agreement, or otherwise, are
subject to, and conditioned upon, their compliance with 12 U.S.C. Section
1828(k) and FDIC Regulation 12 C.F.R. Part 359, Golden Parachute and
Indemnification Payments.

    

    [signature
page to follow]

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties have executed this Employment Agreement as
of the date first written above.

     

    
      
        	 
      	
                FIRST
      SAVINGS FINANCIAL GROUP, INC.

              
	 
      	 
      
	 
      	
                /s/ Michael F. Ludden

              
	 
      	
                Michael
      F. Ludden

              
	 
      	
                Chairman
      of the Board of Directors

              
	 
      	 
      
	 
      	
                FIRST
      SAVINGS BANK, FSB

              
	 
      	 
      
	 
      	
                /s/ Michael F. Ludden

              
	 
      	
                Michael
      F. Ludden

              
	 
      	
                Chairman
      of the Board of Directors

              
	 
      	 
      
	 
      	
                /s/ Larry Myers

              
	 
      	
                Larry
      Myers

              

      

    

    
      
         

      

      
        14

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