Document:

Exhibit
10.14

     

    CONFIDENTIAL
TREATMENT

    REQUESTED
PURSUANT TO RULE 406

     

    Certain
portions of this exhibit have been omitted pursuant to a request for
confidential treatment under Rule 406 under the Securities Act of 1933. The
omitted materials have been filed separately with the Securities and Exchange
Commission.

     

    PIAGGIO
AMERICA, INC.

    1515
Perimeter Road

    West Palm
Beach, FL 33406

    P180
Avanti II Aircraft Purchase Agreement

     

    Date:  September
24, 2007

     

    
      
        
          
            	
                    BUYER
      Name:

                  	
                    Avantair,
      Inc.

                  
	
                    Address/Registered
      Office:

                  	
                    27
      Wright Way, Fairfield, New Jersey 07004

                  
	
                    Aircraft
      Make and Model:

                  	
                    Piaggio
      P-l 80 Avanti II

                  
	
                    Aircraft
      Serial Number:

                  	
                    To Be
      Assigned.  Aircraft will be delivered according to the following
      schedule:  Twelve
      (9) aircraft in 2011 and Thirteen (13) aircraft in
      2012.

                  
	
                    Place
      of Delivery:

                  	
                    To
      Be Assigned.

                  

          

        

      

    

     

    BUYER
submits its order for the purchase of twenty-two (22) Aircraft described herein
(Avantair #80 through Avantair #101.  BUYER agrees to pay for said
Aircraft the Sum for each as follows:

     

    Standard
Aircraft as described herein (see Exhibit A-l for specific part
numbers).  All aircraft described herein to be the Piaggio P.180
Avanti II aircraft, outfitted consistent with the Piaggio Aero Industries S.p.A.
Piaggio P.180 Avanti II Specification and Description, the existing Avantair
specification and the P.180 Avanti II Avantair Interior
Description.  Should BUYER desire any features not included in the P-1
80 Avanti II Avantair Interior Description, PIAGGIO will work with BUYER to
determine whether we can accommodate such changes within our established
completion facility schedule.  If so, the Total Purchase Price and
Outfitted Delivery Date will be adjusted appropriately via a Work Change
Request, 50% of the value of which will be due at the time of approval of the
Work Change Request by BUYER.

     

    [***]
Confidential information has been omitted and filed separately with the
Securities and Exchange Commission pursuant to a confidential treatment
request.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        
          
            
              	
                      Aircraft

                    	
                      9
      Aircraft

                    	
                      13
      Aircraft

                    
	
                      Scheduled
      Delivery Date

                    	
                      2011

                    	
                      2012

                    
	
                      Standard
      Price in 2008 US Dollars

                    	
                      [***]

                    	
                      [***]

                    
	
                      Total
      A/C Purchase Price in 2008 US Dollars

                    	
                      [***]

                    	
                      [***]

                    
	
                      Sales
      Tax (if Applicable)

                    	
                      [***]

                    	
                      [***]

                    
	
                      Total
      Balance Due in 2008 US Dollars

                    	
                      [***]

                    	
                      [***]

                    
	
                      Deposit
      Per Aircraft Due At Purchase Agreement Execution

                    	
                      [***]

                    	
                      [***]

                    
	
                      Progress
      Payment Per Aircraft Due September 30, 2009

                    	
                      [***]

                    	
                      [***]

                    
	
                      Progress
      Payment Per Aircraft Due [***]

                    	
                      [***]

                    	
                      [***]

                    
	
                      Progress
      Payment Per Aircraft Due [***]

                    	
                      [***]

                    	
                      [***]

                    
	
                      Progress
      Payment Per Aircraft Due at Green C of A

                    	
                      [***]

                    	
                      [***]

                    
	
                      Balance
      Due on Delivery in 2006 US Dollars

                    	
                      [***]

                    	
                      [***]

                    

            

          

        

      

    

     

    NOTE:  ALL
PRICES LISTED ABOVE ARE SUBJECT TO ESCALATION AS PROVIDED IN
EXHIBIT B

     

    
      	
              Exhibits:

            	
              Exhibit A
      - Aircraft Specification Description, and
  Performance

            

    

    
      	
               
      

            	
              Exhibit B
      - Aircraft Price Escalation Formula

            

    

    
      	
               
      

            	
              Exhibit C
      - Piaggio Aero Industries New Aircraft
Warranty

            

    

    
      	
               
      

            	
              Exhibit D
      - Special Terms and Conditions

            

    

    
      	
               
      

            	
              Exhibit E
      - Optional Equipment Modifications

            

    

     

    THE
UNDERSIGNED HAS READ THE TERMS AND CONDITIONS SET OUT IN THIS AGREEMENT,
INCLUDING ALL ATTACHED EXHIBITS, AND AGREES THAT SUCH TERMS AND CONDITIONS ARE
INCLUDED IN AND ARE MADE A PART OF THIS PURCHASE AGREEMENT.

     

    
      
        	
                Accepted
      by SELLER:

              	 
      	
                Accepted
      by BUYER:

              
	
                PIAGGIO
      AMERICA, INC.

              	 
      	
                AVANTAIR,
      INC.

              
	
                1515
      Perimeter Road

              	 
      	
                27
      Wright Way

              
	
                West
      Palm Beach, FL 33406

              	 
      	
                Fairfield,
      NJ 07004

              
	 
      	 
      	 
      	 
      	 
      
	
                By:

              	
                  /s/ Eric P.
    Hanson

              	 
      	
                By:

              	
                  /s/ Steven
  Santo

              

      

    

    

    
      
        	
                Print
      Name:

              	
                Eric P. Hanson

              	 
      	
                Print
      Name:

              	
                   Steven
  Santo

              

      

       

      
        
          
            
              
                
                  	
                          Title:

                        	 
      	 
      	
                          Title:

                        	 
      
	 
      	 
      	 
      	 
      	 
      
	
                          Date:

                        	 
      	 
      	
                          Date:

                        	 
      

                

              

            

          

        

      

    

     

    [***]
Confidential information has been omitted and filed separately with the
Securities and Exchange Commission pursuant to a confidential treatment
request.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    1.           Defined
Terms

     

    Terms
that are not defined in the sections that follow have the meanings specified on
the first page of this Agreement.

     

    2.           BUYER
Standard Specifications.

     

    BUYER
must specify all standard options and modifications, including modifications to
the exterior finishing, interior furnishings and avionics of the P-180 Avanti II
aircraft being sold pursuant to this Agreement (the “Aircraft”) by submitting
its request no later than nine months before the Scheduled Delivery Date (the
“Options Closing Date”).  Any such standard specifications will result
in purchase price adjustment in accordance with SELLER’S Optional Equipment
Price List specified in Exhibit A (the “Optional Equipment Price List”)
valid at the Options Closing Date.

     

    All such
price adjustments will be included in the Balance Due on Delivery.  In
the event of a delay in providing those standard specifications that exceeds
thirty (30) days, SELLER shall have the right to re-position the Aircraft in its
production cycle and adjust the Scheduled Delivery Date accordingly, and/or to
make choices on BUYER’S behalf with respect to such optional equipment and
modifications, in each case in its sole discretion upon written notice to
BUYER.

     

    3.           Non-Standard
Specifications.

     

    In
addition to the standard specifications, BUYER may request additional
non-standard optional equipment or modifications, from the Optional Equipment
List identified in Exhibit A hereto (the “Optional Equipment List”) or
otherwise.  BUYER must submit its final order for oil such requests by
the Options Closing Date.  If the installation of BUYER’S Options
would increase the time required to complete the Aircraft, the Scheduled
Delivery Date will be adjusted accordingly.

     

    For
non-standard specifications that are on the Optional Equipment List, there will
be a purchase price adjustment in the amount specified on the Optional Equipment
Price List on the Options Closing Date.  For any other non-standard
specifications, SELLER will provide BUYER on estimate of the additional cost and
there will be a purchase price adjustment in this estimated amount.

     

    SELLER
agrees to fulfill all requests for non-standard specifications that are on the
Optional Equipment List and that are submitted by the Options Closing
Date.  For all other requests, SELLER will use commercially reasonable
efforts to fulfill such request in a reasonably timely way, subject to time,
availability and effect on certification, but SELLER does not guarantee
fulfillment of such requests by the Scheduled Delivery Date or at
all.

     

    4.           Delivery

     

    Delivery
of the Aircraft and transfer of title will take place at the Place of
Delivery.  At the time of delivery, BUYER or its representative shall
execute a receipt reasonably acceptable to SELLER acknowledging delivery of the
Aircraft.

     

    [***]
Confidential information has been omitted and filed separately with the
Securities and Exchange Commission pursuant to a confidential treatment
request.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5.           Title and
Risk of Loss.

     

    Upon
receipt of the Balance Due on Delivery, SELLER shall transfer clear and
unencumbered title to the Aircraft by means of a Bill of Sale.  Upon
delivery of such Bill of Sale, the risk of loss or damage to the Aircraft shall
pass from SELLER to BUYER.

     

    6.           Airworthiness.

     

    SELLER
shall furnish BUYER with a standard airworthiness export certificate issued by
the Federal Aviation Administration which certifies that, as of the date of such
issuance, the Aircraft has been inspected and has been found to conform in all
respects with such certificate and the applicable Type Certificate, and to be in
the condition for safe operation.

     

    7.           Publications.

     

    SELLER
shall furnish BUYER with one copy each of the applicable documentation as set
forth in Exhibit A for each Aircraft, and for a period of one (1) year
after delivery of the Aircraft shall, at its expense, furnish BUYER with any
revisions thereto.

     

    8.           Limited
Warranties.

     

    THERE ARE
NO EXPRESS OR IMPLIED WARRANTIES EXCEPT FOR THE PROVISIONS SET FORTH IN
EXHIBIT C.  THERE ARE NO WARRANTIES OF MERCHANTABILITY, FITNESS
FOR A PARTICULAR PURPOSE OR OTHERWISE.  THE EXTENT OF SELLER’S
LIABILITY UNDER THIS WARRANTY IS LIMITED TO THE REPAIR OR REPLACEMENT OF
DEFECTIVE ITEMS IN THE MANNER DESCRIBED IN EXHIBIT C.  EXCEPT AS
PROVIDED IN SECTIONS 17 AND 21 OF THIS AGREEMENT, TO THE EXTENT PERMITTED BY
APPLICABLE LAW ALL OTHER REMEDIES AGAINST SELLER FOR DAMAGES, INCLUDING FOR
CONSEQUENTIAL, INCIDENTAL, OTHER DAMAGES ARISING OUT OF THE SALE, USE OR
OPERATION OF THE AIRCRAFT ARE EXCLUDED.

     

    9.           Training.

     

    SELLER or
its designee shall, within one year before or after the delivery of each
Aircraft, furnish ground school instruction for 2 (two) pilots trainee per
aircraft and flight instruction for the 2 (two) pilots trainee and ground school
instruction for one (1) maintenance trainee per aircraft.

     

    All
training will be provided at Flight Safety International, West Palm Beach, FL
unless otherwise specified by SELLER.  For the pilot trainee, the type
and amount of training shall be commensurate with the requirements for aircraft
with the same FAA type rating as the Aircraft.

     

    SELLER
shall bear all costs of the instruction and training mentioned herein with the
exception of the costs for trainees travel, subsistence and lodging and the cost
of operating the Aircraft during the training period, all of which will be borne
solely by BUYER.

     

    [***]
Confidential information has been omitted and filed separately with the
Securities and Exchange Commission pursuant to a confidential treatment
request.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    10.           Payments.

     

    The
Deposit Due at Purchase Agreement Execution is due in full upon BUYER’S
execution of this Agreement Progress Payments Due on March 31, 2010 and March
31, 2011 and at Green Certificate of Airworthiness (CofA) are due in full on the
due date.  The Balance Due on Delivery is due in full upon delivery,
inspection and acceptance of the Aircraft.  Any late payments will be
subject to accrual of interest at the 12-month LIBOR rate (in US$ reported in
the Wall Street Journal on the date of the due payment plus two percent (2%) per
annum (the “Default Rate”).  Late payments will also entitle SELLER to
invoke the remedies provided in paragraph 21.  For the Balance Due on
Delivery, the Default Rote will begin to accrue on the 7th day after the
Aircraft has been tendered or re-tendered to BUYER for
delivery.  Payments should be made via wire transfer to Piaggio
America, Inc., Account [***].

     

    11.           Aircraft
Inspection.

     

    BUYER
shall inspect the Aircraft promptly after receipt of notice that it is ready for
delivery, including an acceptance flight if desired.  If BUYER finds
the Aircraft reasonably acceptable on this inspection or on any re-inspection,
BUYER shall promptly pay the Balance Due on Delivery and take title to the
Aircraft, as contemplated hereby.

     

    If BUYER
declines to accept the Aircraft, BUYER shall immediately give SELLER notice of
the specific reasons for such refusal in writing.

     

    BUYER
shall promptly re-inspect the Aircraft after receipt of notice from SELLER that
all defects have been corrected.  Following this re-inspection, BUYER
shall pay the Balance Due on Delivery or give its notice of reasons for refusal
as provided above.

     

    12.           Liability
During Training Program.

     

    BUYER
shall indemnify and hold SELLER harmless from all causes or claims for damages,
including personal injury or death, sustained by BUYER or BUYER’S agents or
employees or any third party during the training program provided for
herein.

     

    13.           Taxes.

     

    At the
time of delivery of the Aircraft, BUYER shall remit to SELLER any amounts due
under the laws of the place of delivery for sales or use tax or any other tax
which SELLER is required to collect from BUYER and remit to the taxing
jurisdiction of the Place of Delivery.  BUYER shall indemnify and hold
SELLER harmless for all sales or use taxes or any other taxes applicable to the
sale, delivery and use of the Aircraft which were not collected by SELLER at the
time of delivery.  SELLER shall comply with the taxing regulations of
the Place of Delivery regarding any amounts so collected for taxes from BUYER
and hold BUYER harmless therefor.

     

    14.           Import
Licenses.

     

    The sole
responsibility for obtaining any required import licenses or any other related
license or documentation shall rest with BUYER.

     

    [***]
Confidential information has been omitted and filed separately with the
Securities and Exchange Commission pursuant to a confidential treatment
request.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    15.           Aircraft
Registration.

     

    It is
BUYER’S sole responsibility to obtain and to communicate to SELLER any special
Registration Number of the Aircraft within four weeks from the signature of this
contract.

     

    16.           Damage or
Destruction of Aircraft.

     

    SELLER
shall have no liability to BUYER hereunder due to its failure to perform
hereunder resulting from damage to or destruction of the Aircraft due to
incidents beyond the control of SELLER including those listed in Section
17.

     

    17.           Delay in
Delivery.

     

    SELLER
shall not be responsible for failure or delay in the performance of this
Agreement when the failure or delay is due to causes beyond the reasonable
control of SELLER and/or without its fault or negligence.  Such causes
include but are not limited to:  acts of God; Force Majeure; any act
of government or delay in transportation not caused by or attributable to acts
or omissions by SELLER; strikes or labor trouble causing cessation, slow-down or
interruption of work; or the inability after due and timely diligence of SELLER
to procure materials, accessories, equipment or parts.  The occurrence
of such a cause of SELLER’S failure or delay shall extend the Scheduled Delivery
Date by the period of time required for SELLER to correct the cause of the
failure or delay by using commercially reasonable efforts to eliminate such
cause or to overcome the effect thereof, provided that such delay does not
exceed one hundred eighty (180) calendar days.  If a delay is
anticipated by SELLER to exceed 180 days, SELLER shall give prompt written
notice to BUYER and BUYER may terminate this Agreement pursuant to Section 21
below, provided that such election to terminate is exercised within thirty (30)
days of BUYER’S receipt of such notice from SELLER.  SELLER shall
notify BUYER of the expected actual completion date of the aircraft in writing
four (4) months prior to the beginning of the specified delivery month set forth
on the first page of this Agreement.  SELLER shall be deemed to have
timely delivered an Aircraft if the Aircraft is delivered to BUYER with all
agreed specifications and Optional Equipment within thirty-days of the Scheduled
Delivery Date.

     

    18.           Changes.

     

    Upon
written notice to BUYER, SELLER may change the General Specifications identified
in Exhibit A where SELLER deems such change to be necessary or appropriate,
provided such change would not increase the price of the Aircraft, cause a delay
in delivery, result in a substantial increase in the specified weight of the
Aircraft, substantially affect the Aircraft’s performance or result in a
substantial reduction in the inter-changeability of the Aircraft’s
parts.  Except for Optional items specified in Exhibit A which
may be installed during manufacture without disruption of SELLER’S production
schedule and except as otherwise provided for herein, any other change requested
by BUYER may be made only after delivery of the Aircraft and shall be handled as
transactions outside the scope of this Agreement

     

    [***]
Confidential information has been omitted and filed separately with the
Securities and Exchange Commission pursuant to a confidential treatment
request.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    19.           Title and
Risk of Loss.

     

    Title and
risk of loss shall remain in SELLER until delivery of the Aircraft at which time
title and risk of loss shall pass to BUYER.  BUYER covenants to have
appropriate insurance arrangements made at the time of delivery.

     

    20.           Assignment.

     

    BUYER’S
rights hereunder may not be assigned and any purported assignment shall be
without force or legal effect unless SELLER has provided BUYER written
approval.  SELLER may assign its rights hereunder upon written notice
to BUYER.

     

    21.           Termination
and Liquidated Damages.

     

    If (a)
SELLER fails to tender delivery of any Aircraft within [***] days of the Scheduled
Delivery Date (after giving effect to any extension thereof and/or any revised
Scheduled Delivery Date acknowledged by BUYER) for that Aircraft if the delay is
not due to a cause, set forth in section 16 or 17, or (b) SELLER fails to tender
delivery of any Aircraft within [***] days of the Scheduled
Delivery Date (after giving effect to any extension thereof and/or any revised
Scheduled Delivery Date acknowledged by BUYER) for that Aircraft due to a cause
set forth in section 16 or 17, then BUYER may terminate this Agreement
immediately with respect to all undelivered Aircraft.  In order to so
terminate, BUYER shall provide SELLER written notice within [***] days after the end of the
[***]-day period in clause
(a) above or within [***]
days of the end of the [***] day period in clause (b)
above.  Upon receipt of such notice, SELLER shall promptly return to
BUYER all consideration paid hereunder for aircraft that have not been delivered
together with all accrued interest thereon as well as any appropriate penalties
incurred pursuant to section 17, and the parties shall be released from all
further obligations under this Agreement with respect to undelivered Aircraft;
however, the parties’ obligations with respect to delivered Aircraft shall
remain in full force and effect.  If BUYER fails to deliver notice of
termination of this Agreement within the time period set forth in this
paragraph, BUYER shall forfeit the right to terminate this Agreement with
respect to the delivery default that gave rise to the termination right, and the
Specified Delivery Date for the late aircraft shall be extended to be the same
date as the Specified Delivery Date for the next Aircraft to be delivered
hereunder, or if the late Aircraft is the last Aircraft to be delivered
hereunder, the Specified Delivery Date shall be extended [***] days.

     

    SELLER
may terminate this Agreement, upon [***] days written notice to
BUYER, as a result of (a) BUYER’S unwarranted failure or refusal to accept
delivery of the Aircraft within [***] days after SELLER has
tendered the Aircraft for delivery or (b) BUYER’S failure to pay any installment
of the Purchase Price when due, or (c) BUYER’S failure to make final payment of
the Purchase Price at the time SELLER tenders delivery of the
Aircraft.  In addition, SELLER may terminate this Agreement on written
notice at any time prior to SELLER’S receipt of the Deposit Due at Purchase
Agreement Execution.  If this Agreement is terminated as a result of
(a), (b) or (c) above, SELLER shall retain all payments theretofore made by
BUYER as liquidated damages and not as a penalty, and the parties shall
thenceforth be released from all further obligations hereunder with respect to
undelivered Aircraft; however, the parties’ obligations with respect to
delivered Aircraft shall remain in full force and effect.

     

    [***]
Confidential information has been omitted and filed separately with the
Securities and Exchange Commission pursuant to a confidential treatment
request.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    22.           Notices.

     

    All
notices permitted or required hereunder shall be deemed sent when deposited in
the mails, registered or certified, or sent by e-mail, telegram or telefax
followed by confirmation letter addressed to the parties at the addresses shown
below:

     

    
      	
              To SELLER:

            	
              Piaggio America,
      Inc

            

    

    
      	
               
      

            	
              Fax
      561-253-0238

            

    

    
      	
               
      

            	
              1515
      Perimeter Road

            

    

    
      	
               
      

            	
              West
      Palm Beach, FL 33406

            

    

    
      	
               
      

            	
              [***]

            

    

     

    
      	
              To BUYER:

            	
              Avantair,
      Inc.

            

    

    
      	
               
      

            	
              27
      Wright Way

            

    

    
      	
               
      

            	
              Fairfield,
      NJ 07004

            

    

    
      	
               
      

            	
              Fax
      973-227-6957

            

    

    
      	
               
      

            	
              [***]

            

    

     

    23.           Amendment.

     

    Except as
otherwise explicitly contemplated herein, this Agreement may be amended only by
a writing signed by both parties hereto.

     

    24.           Applicable
Law.

     

    This
Agreement shall be governed and construed in accordance with the laws of the
State of New York without giving effect to any provision (whether of the State
of New York or any other jurisdiction) that would cause the application of the
laws of any jurisdiction other than the State of New York other than
non-waivable provisions of U.S. federal law.  The parties hereto
consent to the jurisdiction of the courts of the State of New York and the U.S.
federal courts each located in New York, New York and waive any right to object
to venue or forum in or jurisdiction of such courts, in each case in connection
with any and all claims brought therein in connection with any disputes arising
out of or in any way relating to this Agreement.  Should any dispute
arising out of or in any way relating to this Agreement not be resolved by
negotiation or mediation, the parties hereto hereby agree that all claims
related to such disputes shall be brought in either courts of the State of New
York or the United States federal district court located in or closest to New
York, New York.

     

    25.           Binding
Effect.

     

    This
Agreement shall be binding upon and inure to the benefit of the parties and
their respective successors and permitted assigns.

     

    26.           Waiver.

     

    No
failure or delay on the part of any Party in exercising any right hereunder
shall operate as a waiver of, or impair, any such right.  No single or
partial exercise of any such right shall preclude any other or further exercise
thereof or the Exercise of any other rights.  No waiver of any such
right shall be effective unless given in writing.  No waiver of any
such right shall be deemed a waiver of any other right hereunder.

     

    [***]
Confidential information has been omitted and filed separately with the
Securities and Exchange Commission pursuant to a confidential treatment
request.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    27.           Interpretation.

     

    The
headings of the various sections hereof are for convenience of reference only
and shall not affect the meaning or construction of any provision
hereof.

     

    28.           Severability.

     

    In the
event that any provision of this Agreement should for any reason be held
ineffective, the remainder of this Agreement shall remain in full force and
effect.

     

    29.           Board
Approval.

     

    SELLER
and BUYER will have 30 days from the signing of this Agreement to receive
approval from their respective Board of Directors.  This Agreement may
not be modified in any way by either Board.  The Board may only
approve or disapprove this Agreement.  Upon Board Approval, SELLER and
BUYER hereby represent and warrant to each other that each will have the power
and authority to enter into this Agreement and that this Agreement, upon due
execution and delivery by the parties, shall constitute a valid, binding and
enforceable order of each of them.

     

    30.           Mediation.

     

    If a
dispute arises out of or in any way relates to this Agreement, and if the
dispute cannot be settled through negotiation, the parties agree first to try in
good faith to settle the dispute by mediation before resorting to arbitration,
litigation, or some other formal dispute resolution procedure.  Any
such dispute shall be submitted to a mediator selected by mutual agreement of
the parties.  Unless the parties agree to an alternative arrangement,
the mediator’s fee and expenses shall be equally divided between the
parties.

     

    [***]
Confidential information has been omitted and filed separately with the
Securities and Exchange Commission pursuant to a confidential treatment
request.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT B

     

    P.180
Avanti II Sales Price

    Contractual
Price Escalation Formula

     

    The price
of the Aircraft shall be $[***], expressed in January
2008, United States dollars (“The Reference Price”), escalated to the estimated
date of final delivery of the Aircraft (“The Escalated Price”), by the annual
U.S. Consumer Price Index (“CPI).

     

    For
avoidance of doubt pricing for deliveries in 2011 will be determined as
follows:

     

    [***]

     

    Pricing
for deliveries in 2012 will be determined as follows:

     

    [***]

     

    [***]
Confidential information has been omitted and filed separately with the
Securities and Exchange Commission pursuant to a confidential treatment
request.

    
      
         

      

      
        B-1

        
          

        

      

      
         

      

    

    EXHIBIT C

     

    P180
Avanti II NEW AIRCRAFT
WARRANTY

     

    A.           AIRCRAFT
MANUFACTURER’S LIMITED WARRANTY

     

    Manufacturer
warrants that the Aircraft, at the time of its delivery from Manufacturer, shall
be free from all defects in material and workmanship and from defects inherent
in its design relative to the known state of the art at the time of such
design.  This warranty does not apply to Aircraft operated or
maintained contrary to Manufacturer’s service and flight manuals, as they may be
in effect from time to time, provided same are provided to Buyer on an ongoing
basis.  (The first year updates are offered at no
charge.)

     

    Upon
receipt of prompt written notification from Buyer, including satisfactory
evidence of the defects and return of the defective part when possible,
Manufacturer shall:

     

    1)           if
the failure occurs both within the first 1,000 flight hours and within 24 months
after acceptance by and delivery of the aircraft to Buyer, either repair or
replace all defective items which are manufactured by Manufacturer or those
which are manufactured by vendors to Manufacturer’s detailed design
specifications.

     

    2)           if
the failure occurs both within the first 5,000 flight hours and within 60 months
after delivery of the Aircraft to Buyer, either repair or replace any defective
fuselage, empennage, wing, or control surface.

     

    B.           ENGINES
WARRANTED BY PRATT & WHITNEY

     

    Engine
warranty will be administered by the engine manufacturer (Pratt & Whitney
Canada Inc.).  Specific details for the implementation of such
warranty will be furnished to the Buyer by the Manufacturer upon delivery of the
Aircraft (2 Years or 1000 hours, whichever comes first)

     

    C.           AVIONICS
WARRANTED BY APPLICABLE MANUFACTURERS.

     

    The
Avionics equipment and components are warranted by their respective
manufacturers for varying periods of time.  (Five years for Collins
Avionics Package).  Buyer will receive any remaining life of those
warranties in accordance with each respective manufacturer’s warranty
program.

     

    D.           LABOR
STATEMENT

     

    With
regard to paragraphs A(1), A(2), above, the repair or replacement of defective
parts under this warranty will be made by or through any Avanti Authorized
Service Center or, by prior agreement with Seller only, at a service center
chosen by Buyer, without charge for parts and/or labor for removal, installation
and/or actual repair of such defective parts.

     

    [***]
Confidential information has been omitted and filed separately with the
Securities and Exchange Commission pursuant to a confidential treatment
request.

    
      
         

      

      
        C-1

        
          

        

      

      
         

      

    

    EXHIBIT D

     

    SPECIAL
TERMS AND CONDITIONS

    AVANTAIR,
INC.

    SEPTEMBER
24, 2007

     

    Cost of Aircraft/First Right of
Refusal – As an inducement to SELLER to enter into this agreement, BUYER
agrees to use all aircraft purchased hereunder for fractional ownership or
charter business except as otherwise explicitly provided in this
paragraph.  BUYER acknowledges that SELLER would not have entered into
this agreement but for BUYER’S compliance with the covenants set forth in this
paragraph.  [***].  BUYER shall
not resell any aircraft purchased under this Agreement as a whole aircraft
within [***]of delivery of
that aircraft without first offering, in writing, to resell such aircraft to
SELLER at a price equal to [***], which offer shall be
binding on BUYER if accepted by SELLER as contemplated in this
paragraph.  BUYER agrees to offer any aircraft it proposes to resell
as a whole aircraft to SELLER as provided in this paragraph prior to contacting
any other entity and/or prior to placing such aircraft on the open
market.  SELLER must give BUYER written notice of its intention to
exercise its repurchase right under this paragraph within [***] days from the date of
SELLER’S receipt of BUYER’S written offer of resale, which notification shall be
binding on SELLER.  If BUYER resells any aircraft purchased under this
agreement as a whole aircraft within [***] of delivery of that
aircraft, regardless of whether such aircraft was offered for resale to SELLER
or whether SELLER declined any such resale offer, BUYER shall return to SELLER
[***].  SELLER
agrees to provide BUYER with right of first refusal on any like configured
aircraft for which right of first refusal has not already been granted as of
this Agreement, which may come available as a result of cancellation or
unexercised option.  SELLER agrees to contact BUYER prior to
contacting any other entity and/or prior to placing same on the open
market.  BUYER agrees to make its intentions known to SELLER within
[***] of
notification.  All the provisions of this paragraph terminate upon the
delivery of the last aircraft delivered under this contract.

     

    Green Aircraft Acquisition –
At Buyer’s option, Buyer may elect to take delivery of the aircraft in a “green”
(uncompleted) condition as it comes from the factory.  If the Buyer
elects to exercise this option, the aircraft price will be $[***] in 2008 US dollars and
shall be subject to the same escalation index as outlined in Exhibit B of
this Agreement.  The total purchase price shall be due and payable
upon Green Aircraft Acceptance in Greenville, SC.  Aircraft must be
completed in a Piaggio America Authorized Completion Center.

     

    [***]
Confidential information has been omitted and filed separately with the
Securities and Exchange Commission pursuant to a confidential treatment
request.

    
      
         

      

      
        D-1

        
          

        

      

      
         

      

    

    EXHIBIT E

    AVANTAIR,
INC.

    Optional
Equipment/Modifications

     

    
      
        
          
            
              	
                      OPTION

                    	 	
                      COST

                    
	
                      1.

                    	 	 
      
	
                      2.

                    	 	 
      
	
                      3.

                    	 	 
      
	
                      4.

                    	 	 
      
	
                      5.

                    	 	 
      
	
                      6.

                    	 	 
      
	
                      TOTAL

                    	 	 
      

            

          

        

      

    

     

    [***]
Confidential information has been omitted and filed separately with the
Securities and Exchange Commission pursuant to a confidential treatment
request.

    
      
         

      

      
        E-1

        
          

        

      

      
         

      

    

    September
24, 2007

     

    Mr.
Steven F. Santo

    President
and Chief Executive Officer

    Avantair,
Inc.

    27 Wright
Way

    Fairfield,
NJ 07004

     

    Dear Mr.
Santo:

     

    This
letter will confirm an agreement with Avantair, Inc. for the rebate of certain
funds upon the full payment for certain aircraft.  This letter will
reference Avantair #80 through Avantair #101, Piaggio Avanti II Serial “Numbers
To-Be-Assigned - Aircraft to be delivered according to the following
schedule:  Nine (9) aircraft in 2011 and Thirteen (13) aircraft in
2012.

     

    Upon
receipt of the Total Due on Delivery from the Purchase Agreement, Piaggio
America, Inc. will provide the following rebates:

     

    
      	
              Avantair
      #80 

              -
      #101 Serial 

              Numbers

              1XXX-

              1XXX

            	
              [***]

            	
              To
      be rebated at 

              closing

            

    

    

    Thank you
for your business.  If this agreement is acceptable, please sign
below.

     

    
      	
              Sincerely,

               

              /s/
      James L. Holcombe

            	
              Accepted:

               

              /s/
      Steven F. Santo

            
	
              James
      L. Holcombe

              Executive
      Vice President, Sales

            	
              Steven
      F. Santo

              President
      and Chief Executive Officer

              Avantair,
      Inc.

            

    

    

    [***]
Confidential information has been omitted and filed separately with the
Securities and Exchange Commission pursuant to a confidential treatment
request.Unassociated Document

    EXHIBIT
4.8

    

    SERVISFIRST
BANK

    8.25%
Subordinated Note due June 1, 2016

     

    THIS
OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION.

     

    THIS
SECURITY IS SUBORDINATED AND JUNIOR IN RIGHT OF PAYMENT UPON ANY LIQUIDATION OF
SERVISFIRST BANK (THE “ISSUER”) AS TO PRINCIPAL, INTEREST AND PREMIUM TO
OBLIGATIONS TO THE ISSUER’S DEPOSITORS AND TO THE ISSUER’S OTHER OBLIGATIONS TO
ITS GENERAL AND SECURED CREDITORS.

     

    THIS
SECURITY IS UNSECURED AS TO THE ISSUER’S ASSETS OR THE ASSETS OF ANY AFFILIATE
OF THE ISSUER, INCLUDING, BUT NOT LIMITED TO, SERVISFIRST BANCSHARES, INC., AND
IS INELIGIBLE AS COLLATERAL FOR A LOAN BY THE ISSUER.

     

    THE
ISSUER SHALL NOT PAY ANY DIVIDENDS OR INTEREST ON THIS SECURITY (IF SUCH
INTEREST IS REQUIRED TO BE PAID ONLY OUT OF NET PROFITS) OR DISTRIBUTE ANY
CAPITAL ASSETS IF IT IS IN DEFAULT IN THE PAYMENT OF ANY ASSESSMENT DUE TO THE
FEDERAL DEPOSIT INSURANCE CORPORATION (THE “FDIC”); PROVIDED, HOWEVER, THAT, IF
SUCH DEFAULT IS DUE TO A DISPUTE BETWEEN THE ISSUER AND THE FDIC OVER THE AMOUNT
OF SUCH ASSESSMENT, SUCH PROHIBITION ON THE PAYMENT OF DIVIDENDS OR INTEREST
SHALL NOT APPLY IF THE ISSUER DEPOSITS SECURITY SATISFACTORY TO THE FDIC FOR
PAYMENT UPON FINAL DETERMINATION OF THE ISSUE.

     

    IF THE
ISSUER BECOMES CRITICALLY UNDERCAPITALIZED, THEN IT IS PROHIBITED, BEGINNING 60
DAYS AFTER BECOMING CRITICALLY UNDERCAPITALIZED, FROM MAKING ANY PAYMENT OF
PRINCIPAL OR INTEREST ON THIS SECURITY UNLESS SUCH PAYMENT IS APPROVED BY THE
FDIC.

     

    THE ISSUER MAY PREPAY OR REDEEM THIS SECURITY PURSUANT TO THAT
CERTAIN AGREEMENT TO PURCHASE SUBORDINATED NOTES DATED JUNE 23, 2009 AND SECTION
3 OF THIS NOTE, PROVIDED THAT THE ISSUER MAY NOT RETIRE ANY PART OF THE
OBLIGATION EVIDENCED BY THIS SECURITY WITHOUT THE PRIOR WRITTEN CONSENT OF THE
FDIC OR THE ISSUER’S PRIMARY FEDERAL REGULATOR, IF OTHER THAN THE
FDIC.  ANY PREPAYMENT OR REDEMPTION OF THIS SECURITY IS SUBJECT TO ANY
AND ALL PRIOR APPROVAL AND OTHER REQUIREMENTS THAT MAY BE IMPOSED BY ANY BANK
REGULATORY AUTHORITY (AS DEFINED HEREIN) HAVING JURISDICTION OVER THE ISSUER OR
SERVISFIRST BANCSHARES, INC.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
        
          	
                  No.
      1

                	
                  Principal
      Amount:

                	
                  $5,000,000

                
	 	 	 
	
                  Date
      of Issue:  June 23, 2009

                	 
      	 
      

        

      

    

    

    ServisFirst
Bank

    8.25%
Subordinated Note due June 1, 2016

    

    THIS NOTE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND NEITHER THIS NOTE
NOR ANY INTEREST THEREIN MAY BE TRANSFERRED, HYPOTHECATED OR OTHERWISE DISPOSED
OF WITHOUT (A) REGISTRATION UNDER THAT ACT OR (B) AN OPINION OF COUNSEL
REASONABLY ACCEPTABLE TO THE ISSUER THAT SUCH REGISTRATION IS NOT
REQUIRED.

    

    1.           Payment.

     

    (a)           SERVISFIRST BANK, an Alabama
banking corporation (the “Issuer”), for value
received, hereby promises to pay to ALABAMA HOME BUILDERS
SELF INSURERS FUND, a statutory
trust, or its registered assigns (the “Noteholder”), the
principal sum of $5,000,000 on June 1, 2016 (the “Maturity
Date”) and to pay interest thereon at the rate of 8.25% per
annum (computed on the basis of a 360-day year of twelve 30-day months) from the
date of issuance of this 8.25% Subordinated Note due June 1, 2016 (this “Note”) or from the
most recent Interest Payment Date to which interest has been paid or duly
provided, on March 1, June 1, September 1, and December 1 of each year
(each, an “Interest
Payment Date”), commencing September 1, 2009, until the principal
hereof is paid or made available for payment.

     

    (b)           Any
payment of principal of or interest on this Note that would otherwise become due
and payable on a day which is not a Business Day shall become due and payable on
the next succeeding Business Day, with the same force and effect as if made on
the scheduled date for payment, and no interest shall accrue in respect of such
payment for the period after such scheduled date.  The term “Business
Day” means any day that is not a Saturday or Sunday and that is not
a day on which banks in Birmingham, Alabama or any city where payment is to
be made hereunder are generally authorized or required by law or executive order
to be closed.

     

    2.           Optional Redemption. From
and after June 1, 2012, the Issuer may, at its sole option and subject to
obtaining prior approval, if required at the time, of the Federal Deposit
Insurance Corporation (the “FDIC”) or other
applicable bank regulatory authorities (collectively with the FDIC, the “Bank Regulatory
Authorities”), redeem this Note in whole or in part on any Interest
Payment Date at a redemption price of 100% of the principal amount of this Note
(or so much thereof as is being redeemed), plus any accrued but unpaid interest;
provided, however, that any amount called for redemption shall be at least
$50,000 or an integral multiple of $1,000 in excess thereof.

     

    When any
portion of this Note has been called for redemption as provided hereby, such
portion of this Note shall cease to be outstanding and to bear interest from and
after the redemption date, provided that the redemption price, plus any accrued
but unpaid interest, has been paid to the Noteholder.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    3.           Subordination.
 The indebtedness of the Issuer evidenced by this Note, including the
principal and interest on this Note, shall be subordinate and junior in right of
payment to the Issuer’s obligations to its depositors, its obligations under
bankers’ acceptances and letters of credit, and its obligations to its other
creditors, including its obligations to The Federal Reserve Bank of Atlanta and
the FDIC, and any to any rights acquired by the FDIC as a result of loans made
by the FDIC to the Issuer or the purchase or guarantee of any of its assets by
the FDIC, pursuant to the provisions of 12 U.S.C. 1823 (c), (d) or (e), whether
now outstanding or hereafter incurred (except any other obligations which by
their terms rank on a parity with or subordinate to this Note).  In the
event of any insolvency, receivership, conservatorship, reorganization,
readjustment of debt, marshalling of assets and liabilities or similar
proceedings, or any liquidation or winding up of or relating to the Issuer,
whether voluntary or involuntary, all obligations of the Issuer (except any
other obligations which by their terms rank on a parity with or subordinate to
this Note) shall be entitled to be paid in full before any payment shall be made
on account of the principal of or interest on this Note.  In the event
of any such proceeding, after payment in full of all sums owing with respect to
such prior obligations, the Noteholder, together with the holders of any
obligations of the Issuer ranking on a parity with this Note, shall be entitled
to be paid from the remaining assets of the Issuer the unpaid principal thereof
and the accrued but unpaid interest thereon before any payment or other
distribution, whether in cash, property or otherwise, shall be made on account
of any capital stock or any obligations of the Issuer ranking junior to this
Note.

     

    Nothing
herein shall impair the obligation of the Issuer, which is absolute and
unconditional, to pay the principal of and interest on this Note in accordance
with its terms.

     

    4.           Consolidation, Merger and
Sale of Assets.  The Issuer shall not consolidate with or merge
into another entity or convey, transfer or lease its properties and assets
substantially as an entirety to any person, unless:

     

    (a)           the
continuing entity formed by such consolidation or into which the Issuer is
merged or the person which acquires by conveyance or transfer or which leases
the properties and assets of the Issuer substantially as an entirety shall be a
corporation, association or general partnership or other legal entity organized
and existing under the laws of the United States of America, any State thereof
or the District of Columbia and expressly shall assume, by a supplemental
agreement executed and delivered to the Noteholder in form reasonably
satisfactory to the Noteholder, the due and punctual payment of the principal of
and any premium and interest on this Note according to its terms, and the due
and punctual performance of all covenants and conditions hereof on the part of
the Issuer to be performed or observed; and

     

    (b)           immediately
after giving effect to such transaction, no Event of Default (as defined
hereinbelow), and no event which, after notice or lapse of time or both, would
become an Event of Default, shall have occurred and be continuing.

     

    5.           Events of Default;
Acceleration  If any of the following events shall occur and be
continuing (each, an “Event of
Default”):

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (a)           the
Issuer shall consent to the appointment of a receiver, liquidator, trustee or
other similar official in any liquidation, insolvency or similar proceeding with
respect to the Issuer or all or substantially all of its property;
or

     

    (b)           a
court or other governmental agency or body having jurisdiction in the matter
shall enter a decree or order for the appointment of a receiver, liquidator,
trustee or other similar official in any liquidation, insolvency or similar
proceeding with respect to the Issuer or all or substantially all of the
property of the Issuer, or for the winding up of the affairs or business of the
Issuer, and such decree or order shall have remained in force for 60 days
without being dissolved or stayed;

     

    then, and
in each such case, unless the principal of this Note already shall have become
due and payable, the Noteholder may, by notice in writing to the Issuer, declare
the principal amount of this Note to be due and payable immediately, and upon
any such declaration the same shall become and shall be immediately due and
payable.  The Issuer waives demand, presentment for payment, notice of
nonpayment, notice of protest, notice of default, and all other
notices.  The Issuer also waives the benefit of any exemptions under
the Constitution and laws of the State of Alabama and the United States of
America that are not specifically preserved herein.

     

    Promptly
after the occurrence of an Event of Default, the Issuer shall mail to the
Noteholder, at its address shown on the Issuer’s records, written notice of such
Event of Default, unless such Event of Default shall have been cured or waived
before the giving of such notice.

     

    THIS NOTE
MAY NOT BE REPAID PRIOR TO THE MATURITY DATE, WHETHER PURSUANT TO AN
ACCELERATION UPON AN EVENT OF DEFAULT OR OTHERWISE, WITHOUT THE PRIOR APPROVAL
OF THE FDIC AND ANY OTHER REQUIRED APPROVALS BY BANK REGULATORY
AUTHORITIES.

     

    6.           Failure to Make
Payment.  In the event of the Issuer’s failure to make any
payment of principal of or interest on this Note (and, in the case of any
payment of interest, such failure to pay shall have continued for 30 days), the
Issuer will, upon demand of the Noteholder, pay to such Noteholder the
whole amount then due and payable on this Note for principal and interest
(without acceleration), with interest on the overdue principal and interest at
the rate borne by this Note (the “Default Rate”), to
the extent permitted by applicable law.  If the Issuer fails to pay
such amount upon such demand, the Noteholder may, among other things, institute
a judicial proceeding for the collection of the sums so due and unpaid, may
prosecute such proceeding to judgment or final decree and may enforce the same
against the Issuer and collect the amounts adjudged or decreed to be payable in
the manner provided by law out of the property of the Issuer.  The
Issuer agrees to pay all costs, expenses and attorneys’ fees actually and
reasonably incurred by the Noteholder in connection with the enforcement of the
payment of this Note.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    7.           Payment
Procedures.  Payment of the principal and interest payable on
the Maturity Date will be made by wire transfer in immediately available funds
to a bank account in the United States designated by the Noteholder, upon
presentation and surrender of this Note at the office of the Issuer in
Birmingham, Alabama, or at such other place or places as the Noteholder may
reasonably request, provided that this Note is presented to the Issuer in time
for the Issuer to make such payments in such funds in accordance with its normal
procedures.  Payments of interest (other than interest payable on the
Maturity Date) shall be made by check or wire transfer, at the sole discretion
of the Issuer, to the Noteholder.  Interest payable on any Interest
Payment Date shall be payable to the Noteholder in whose name this Note is
registered at the close of business on February 15, May 15, August 15, or
November 15, as the case may be, next preceding such Interest Payment Date (each
such date being referred to herein as the “Regular Record Date”
for the corresponding Interest Payment Date), except that interest not so
punctually paid, if any, will be paid to the Noteholder in whose name this Note
is registered at the close of business on a Special Record Date fixed by the
Issuer (a “Special
Record Date”), notice of which shall be given to the Noteholder not
less than 10 calendar days prior to such Special Record Date.  (The
Regular Record Dates and the Special Record Dates, if any, are referred to
herein collectively as the “Record Dates”). 
To the extent permitted by applicable law, interest shall accrue at the Default
Rate on any amount of principal of or interest on this Note not paid when
due.  All payments on this Note shall be applied first to accrued but
unpaid interest and then the balance, if any, to principal.

     

    8.           Form of Payment.
 Payments of principal of and interest on this Note shall be made in such
coin or currency of the United States of America as at the time of payment shall
be legal tender for the payment of public and private debts. 

    

    9.           Registration of Transfer,
Subordinated
Note Register.  This Note is transferable in whole or in part,
and may be exchanged for a like aggregate principal amount of Notes of other
authorized denominations, by the Noteholder in person, or by his attorney duly
authorized in writing, at the principal office of the Issuer in the City of
Birmingham, Alabama.  The Issuer shall maintain a register providing for
the registration of this Note and any exchange or transfer thereof (the “Subordinated Note
Register”).  Upon surrender or presentation of this Note for
exchange or registration of transfer, the Issuer shall execute and the Issuer
shall deliver in exchange therefor a Note or Notes of like aggregate principal
amount, each in a denomination of $1,000,000 or any amount in excess thereof
which is an integral multiple of $1,000 and that is or are registered in such
name or names requested by the Noteholder.  Any Note presented or
surrendered for registration of transfer or for exchange shall (if so required
by the Issuer) be duly endorsed, or accompanied by a written instrument of
transfer with such evidence of due authorization and guarantee of signature as
may reasonably be required by the Issuer in form satisfactory to the Issuer,
duly executed by the Noteholder or his attorney duly authorized in writing, and
with such tax identification number or other information for each person in
whose name a Subordinated Note is to be issued as the Issuer may reasonably
request to comply with applicable law, and accompanied by a legal opinion of
counsel reasonably satisfactory to the Issuer that the transfer of the Note does
not violate any requirements of federal or applicable state securities
law.  No exchange or registration of transfer of this Note shall be made on
or after the fifteenth day immediately preceding the Maturity Date.

    

    10.         Charges and Transfer
Taxes.  No service charge (other than any cost of delivery)
shall be imposed for any exchange or registration of transfer of this Note, but
the Issuer may require the payment of a sum sufficient to cover any
stamp or other tax or governmental charge that may be imposed in connection
therewith (or presentation of evidence that such tax or charge has been
paid).

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    11.         Ownership.  Prior
to due presentment of this Note for registration of transfer, the Issuer may
treat the Noteholder in whose name this Note is registered in the Subordinated
Note Register as the absolute owner of this Note for the purpose of receiving
payments of principal of and interest on this Note and for all other purposes
whatsoever, whether or not this Note is then overdue, and the Issuer and the
Note shall not be affected by any notice to the contrary.

    

    12.         Priority.  This
Note ranks pari
passu in the event of any insolvency proceeding, receivership,
conservatorship, reorganization, readjustment of debt, marshalling of assets and
liabilities or similar proceeding with respect to, or any liquidation or winding
up of, the Issuer, with all other present or future unsecured subordinated debt
obligations of the Issuer, except any unsecured subordinated debt which may be
expressly stated to be senior to or subordinate to the Notes.

    

    13.         Notices.  All
notices to the Issuer under this Note shall be in writing and addressed to the
Issuer at

    

    ServisFirst
Bank

    Attention:
William M. Foshee

    Executive
Vice President and Chief Financial Officer

    Post
Office Box 1508

    Birmingham,
Alabama  35201-1508

    

    (If by
overnight courier:)

    850
Shades Creek Parkway, Suite 100

    Birmingham,
Alabama  35209)

    

    or at
such other address as the Issuer may notify the Noteholder in writing from time
to time.  All notices to the Noteholder shall be in writing and sent by
United States First Class Mail or overnight courier to each Subordinated
Noteholder at his, her or its address as set forth in the Subordinated Note
Register.  All such notices shall be deemed to have been given five
Business Days after having been deposited in United States Mail, First Class
postage prepaid, or one Business Day after having been delivered to an overnight
courier.

    

    14.         Modification. This
Note may not be amended or modified by the Issuer without the consent of the
Noteholder.  This Note may not be amended or modified by the Issuer
for the purpose of changing the Maturity Date or other terms of the Subordinated
Notes without the prior consent of the FDIC and any other required approvals by
Bank Regulatory Authorities.

    

    15.         Absolute and Unconditional
Obligation of the Issuer. No provisions of this Note shall alter or
impair the obligation of the Issuer, which is absolute and unconditional, to pay
the principal of and interest on this Note at the times, places and rate, and in
the coin or currency, herein prescribed.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    16.         Waiver and
Consent.

    

    (a) Any
consent or waiver given by the Noteholder shall be conclusive and binding upon
such Noteholder and upon all future holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this
Note.

    

    (b)         No
delay or omission of the Noteholdere to exercise any right or remedy accruing
upon any Event of Default shall impair such right or remedy or constitute a
waiver of any such Event of Default or an acquiescence therein.

     

    17.         Further
Issues. The Issuer may, without the consent of the Noteholder,
create and issue additional notes having the same terms and conditions
as this Note (except for the issue date and issue price) so that such
further notes shall be consolidated and form a single series with this
Note.  Any such issuance will either be registered or issued pursuant
to an exemption from registration under the Securities Act of 1933, as then in
effect, or similar laws or regulations issued by the applicable banking
agency.

    

    18.         Governing
Law. This Note shall be governed by and construed in accordance with
applicable federal law and the laws of the State of Alabama, applied without
giving effect to any conflicts-of-law principles.

     

    IN
WITNESS WHEREOF, the undersigned has caused this Subordinated Note to be duly
executed and delivered as of the Date of Issue shown hereon.

     

    
      
        
          
            
              
                	
                        SERVISFIRST
      BANK

                      
	 
      	 
      	 
      
	
                        By:

                      	
                        /s/ Thomas A Broughton
  III

                      
	 
      	 
      	 
      
	 
      	
                        Name:

                      	
                        Thomas A Broughton III

                      
	 
      	 
      	 
      
	 
      	
                        Title:

                      	
                        President &
  CEO

                      

              

            

          

        

      

    

    
      
         

      

      
        7

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