Document:

exv10w2

Exhibit 10.2

BUSINESS LOAN AGREEMENT

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Principal

$1,000,000.00
	 	 	Loan Date

09-04-2009
	 	 	Maturity

09-08-2010
	 	 	Loan No

5290007589
	 	 	Call
/ Coll 

122
	 	 	Account
	 	 	Officer

JL
	 	 	Initials	 

References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item.

Any item above containing “***” has been omitted due to text length limitations.

	 	 	 	 	 	 	 
	Borrower:
	 	Liberator Medical Holdings, Inc. (TIN:	 	Lender:	 	Gulfstream Business Bank, a Florida Banking
	 
	 	87-0267292)	 	 	 	Corporation
	 
	 	2979 SE Gran Park Way	 	 	 	2400 SE Monterey Road, Suite 100
	 
	 	Stuart, FL  34997	 	 	 	Stuart, FL  34996-3321
	 
	 	 	 	 	 	(772) 426-8100

THIS BUSINESS LOAN AGREEMENT dated November 2, 2009, is made and executed between Liberator
Medical Holdings, Inc. (“Borrower”) and Gulfstream Business Bank, a Florida Banking Corporation
(“Lender”) on the following terms and conditions. Borrower has received prior commercial loans
from Lender or has applied to Lender for a commercial loan or loans or other financial
accommodations, including those which may be described on any exhibit or schedule attached to
this Agreement. Borrower understands and agrees that: (A) in granting, renewing, or extending
any Loan, Lender is relying upon Borrower’s representations, warranties, and agreements as set
forth in this Agreement; (B) the granting, renewing, or extending of any Loan by Lender at all
times shall be subject to Lender’s sole judgment and discretion; and (C) all such Loans shall
be and remain subject to the terms and conditions of this Agreement.

TERM. This Agreement shall be effective as of November 2, 2009, and shall continue in full
force and effect until such time as all of Borrower’s Loans in favor of Lender have been paid
in full, including principal, interest, costs, expenses, attorneys’ fees, and other fees and
charges, or until September 8, 2010.

CONDITIONS PRECEDENT TO EACH ADVANCE. Lender’s obligation to make the initial Advance and each
subsequent Advance under this Agreement shall be subject to the fulfillment to Lender’s
satisfaction of all of the conditions set forth in this Agreement and in the Related Documents.

Loan Documents. Borrower shall provide to Lender the following documents for the Loan: (1)
the Note; (2) Security Agreements granting to Lender security interests in the Collateral;
(3) financing statements and all other documents perfecting Lender’s Security Interests; (4)
evidence of insurance as required below; (5) together with all such Related Documents as
Lender may require for the Loan; all in form and substance satisfactory to Lender and
Lender’s counsel.

Borrower’s Authorization. Borrower shall have provided in form and substance satisfactory to
Lender properly certified resolutions, duly authorizing the execution and delivery of this
Agreement, the Note and the Related Documents. In addition, Borrower shall have provided
such other resolutions, authorizations, documents and instruments as Lender or its counsel,
may require.

Payment
of Fees and Expenses. Borrower shall have paid to Lender all fees, charges, and
other expenses which are then due and payable as specified in this Agreement or any Related
Document.

Representations and Warranties. The representations and warranties set forth in this
Agreement, in the Related Documents, and in any document or certificate delivered to Lender
under this Agreement are true and correct.

No Event of Default. There shall not exist at the time of any Advance a condition which
would constitute an Event of Default under this Agreement or under any Related Document.

REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to Lender, as of the date of
this Agreement, as of the date of each disbursement of loan proceeds, as of the date of any
renewal, extension or modification of any Loan, and at all times any Indebtedness exists:

Organization. Borrower is a corporation for profit which is, and at all times shall be, duly
organized, validly existing, and in good standing under and by virtue of the laws of the
State of Nevada. Borrower is duly authorized to transact business in the State of Florida
and all other states in which Borrower is doing business, having obtained all necessary
filings, governmental licenses and approvals for each state in which Borrower is doing
business. Specifically, Borrower is, and at all times shall be, duly qualified as a foreign
corporation in all states in which the failure to so qualify would have a material adverse
effect on its business or financial condition. Borrower has the full power and authority to
own its properties and to transact the business in which it is presently engaged or
presently proposes to engage. Borrower maintains an office at 2979 SE Gran Park Way, Stuart,
FL 34997. Unless Borrower has designated otherwise in writing, the principal office is the
office at which Borrower keeps its books and records including its records concerning the
Collateral. Borrower will notify Lender prior to any change in the location of Borrower’s
state of organization or any change in Borrower’s name. Borrower shall do all things
necessary to preserve and to keep in full force and effect its existence, rights and
privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and
decrees of any governmental or quasi-governmental authority or court applicable to Borrower
and Borrower’s business activities.

Assumed Business Names. Borrower has filed or recorded all documents or filings required by
law relating to all assumed business names used by Borrower. Excluding the name of Borrower,
the following is a complete list of all assumed business names under which Borrower does
business: None.

Authorization. Borrower’s execution, delivery, and performance of this Agreement and all the
Related Documents have been duly authorized by all necessary action by Borrower and do not
conflict with, result in a violation of, or constitute a default under (1) any provision of
(a) Borrower’s articles of incorporation or organization, or bylaws, or (b) any agreement or
other instrument binding upon Borrower or (2) any law, governmental regulation, court
decree, or order applicable to Borrower or to Borrower’s properties.

Financial Information. Each of Borrower’s financial statements supplied to Lender truly and
completely disclosed Borrower’s financial condition as of the date of the statement, and
there has been no material adverse change in Borrower’s financial condition subsequent to
the date of the most recent financial statement supplied to Lender. Borrower has no material
contingent obligations except as disclosed in such financial statements.

Legal Effect. This Agreement constitutes, and any instrument or agreement Borrower is
required to give under this Agreement when delivered will constitute legal, valid, and
binding obligations of Borrower enforceable against Borrower in accordance with their
respective terms.

Properties. Except as contemplated by this Agreement or as previously disclosed in
Borrower’s financial statements or in writing to Lender and as accepted by Lender, and
except for property tax liens for taxes not presently due and payable, Borrower owns and has
good title to all of Borrower’s properties free and clear of all Security Interests, and has
not executed any security documents or financing statements relating to such properties. All
of Borrower’s properties are titled in Borrower’s legal name, and Borrower has not used or
filed a financing statement under any other name for at least the last five (5) years.

Hazardous Substances. Except as disclosed to and acknowledged by Lender in writing, Borrower
represents and warrants that: (1) During the period of Borrower’s ownership of the
Collateral, there has been no use, generation, manufacture, storage, treatment, disposal,
release or threatened release of any Hazardous Substance by any person on, under, about or
from any of the Collateral. (2) Borrower has no knowledge of, or reason to believe that
there has been (a) any breach or violation of any Environmental Laws; (b) any use,
generation, manufacture, storage, treatment, disposal, release or threatened release of any
Hazardous Substance on, under, about or from the Collateral by any prior owners or occupants
of any of the Collateral; or (c) any actual or threatened litigation or claims of any kind
by any person relating to such matters. (3) Neither Borrower nor any tenant, contractor,
agent or other authorized user of any of the Collateral shall use, generate, manufacture,
store, treat, dispose of or release any Hazardous Substance on, under, about or from any of
the Collateral; and any such activity shall be conducted in compliance with all applicable
federal, state, and local laws, regulations, and ordinances, including without limitation
all Environmental Laws. Borrower authorizes Lender and its agents to enter upon the
Collateral to make such inspections and tests as Lender may deem appropriate to determine
compliance of the Collateral with this section of the Agreement. Any inspections or tests
made by Lender shall be at Borrower’s expense and for Lender’s purposes only and shall not
be construed to create any responsibility or liability on the part of Lender to Borrower or
to any other person. The representations and warranties contained herein are based on
Borrower’s due diligence in investigating the Collateral for hazardous waste and Hazardous
Substances. Borrower hereby (1) releases and waives any future claims against Lender for
indemnity or contribution in the event Borrower becomes liable for cleanup or other costs
under any such laws, and (2) agrees to indemnify, defend, and hold harmless Lender against
any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may
directly or indirectly sustain or suffer resulting from a breach of this section of the
Agreement or as a consequence of any use, generation, manufacture, storage, disposal,
release or threatened release of a hazardous waste or substance on the Collateral. The
provisions of this section of the Agreement, including the obligation to indemnify and
defend, shall survive the payment of the Indebtedness and the termination, expiration or
satisfaction of this Agreement and shall not be affected by Lender’s acquisition of any
interest in any of the Collateral, whether by foreclosure or otherwise.

Litigation and Claims. No litigation, claim, investigation, administrative proceeding or
similar action (including those for unpaid taxes)

 

 

	 	 	 	 	 
	 	 	BUSINESS
LOAN AGREEMENT	 	 
	Loan No: 5290007589
	 	(Continued)
	 	Page 2

against Borrower is pending or threatened, and no other event has occurred which may materially
adversely affect Borrower’s financial condition or properties, other than litigation, claims,
or other events, if any, that have been disclosed to and acknowledged by Lender in writing.

Taxes. To the best of Borrower’s knowledge, all of Borrower’s tax returns and reports that are
or were required to be filed, have been filed, and all taxes, assessments and other
governmental charges have been paid in full, except those presently being or to be contested by
Borrower in good faith in the ordinary course of business and for which adequate reserves have
been provided.

Lien Priority. Unless otherwise previously disclosed to Lender in writing, Borrower has not
entered into or granted any Security Agreements, or permitted the filing or attachment of any
Security Interests on or affecting any of the Collateral directly or indirectly securing
repayment of Borrower’s Loan and Note, that would be prior or that may in any way be superior to
Lender’s Security Interests and rights in and to such Collateral.

Binding Effect. This Agreement, the Note, all Security Agreements (if any), and all Related
Documents are binding upon the signers thereof, as well as upon their successors,
representatives and assigns, and are legally enforceable in accordance with their respective
terms.

AFFIRMATIVE COVENANTS. Borrower covenants and agrees with Lender that, so long as this Agreement
remains in effect, Borrower will:

Notices of Claims and Litigation. Promptly inform Lender in writing of (1) all material adverse
changes in Borrower’s financial condition, and (2) all existing and all threatened litigation,
claims, investigations, administrative proceedings or similar actions affecting Borrower or any
Guarantor which could materially affect the financial condition of Borrower or the financial
condition of any Guarantor.

Financial Records. Maintain its books and records in accordance with GAAP, applied on a
consistent basis, and permit Lender to examine and audit Borrower’s books and records at all
reasonable times.

Financial Statements. Furnish Lender with the following:

Annual Statements. As soon as available, but in no event later than one-hundred-twenty (120)
days after the end of each fiscal year, Borrower’s balance sheet and income statement for the
year ended, audited by a certified public accountant satisfactory to Lender.

Additional Requirements. Any two of the following individuals have the authority to sign
for advance requests on this line of credit.

_________
Initials

Robert J. Davis, Chief Financial Officer

Mark A. Libratore, President 

Cynthia R. Libratore

All financial reports required to be provided under this Agreement shall be prepared in
accordance with GAAP, applied on a consistent basis, and certified by Borrower as being true
and correct.

Additional Information. Furnish such additional information and statements, as Lender may
request from time to time.

Insurance. Maintain fire and other risk insurance, public liability insurance, and such other
insurance as Lender may require with respect to Borrower’s properties and operations, in form,
amounts, coverages and with insurance companies acceptable to Lender. Borrower, upon request of
Lender, will deliver to Lender from time to time the policies or certificates of insurance in
form satisfactory to Lender, including stipulations that coverages will not be cancelled or
diminished without at least thirty (30) days prior written notice to Lender. Each insurance
policy also shall include an endorsement providing that coverage in favor of Lender will not be
impaired in any way by any act, omission or default of Borrower or any other person. In
connection with all policies covering assets in which Lender holds or is offered a security
interest for the Loans, Borrower will provide Lender with such lender’s loss payable or other
endorsements as Lender may require.

Insurance Reports. Furnish to Lender, upon request of Lender, reports on each existing
insurance policy showing such information as Lender may reasonably request, including without
limitation the following: (1) the name of the insurer; (2) the risks insured; (3) the amount of
the policy; (4) the properties insured; (5) the then current property values on the basis of
which insurance has been obtained, and the manner of determining those values; and (6) the
expiration date of the policy. In addition, upon request of Lender (however not more often than
annually), Borrower will have an independent appraiser satisfactory to Lender determine, as
applicable, the actual cash value or replacement cost of any Collateral. The cost of such
appraisal shall be paid by Borrower.

Other Agreements. Comply with all terms and conditions of all other agreements, whether now or
hereafter existing, between Borrower and any other party and notify Lender immediately in
writing of any default in connection with any other such agreements.

Loan Proceeds. Use all Loan proceeds solely for Borrower’s business operations, unless
specifically consented to the contrary by Lender in writing.

Taxes, Charges and Liens. Pay and discharge when due all of its indebtedness and obligations,
including without limitation all assessments, taxes, governmental charges, levies and liens, of
every kind and nature, imposed upon Borrower or its properties, income, or profits, prior to
the date on which penalties would attach, and all lawful claims that, if unpaid, might become a
lien or charge upon any of Borrower’s properties, income, or profits. Provided however,
Borrower will not be required to pay and discharge any such assessment, tax, charge, levy, lien
or claim so long as (1) the legality of the same shall be contested in good faith by
appropriate proceedings, and (2) Borrower shall have established on Borrower’s books adequate
reserves with respect to such contested assessment, tax, charge, levy, lien, or claim in
accordance with GAAP.

Performance. Perform and comply, in a timely manner, with all terms, conditions, and provisions
set forth in this Agreement, in the Related Documents, and in all other instruments and
agreements between Borrower and Lender. Borrower shall notify Lender immediately in writing of
any default in connection with any agreement.

Operations. Maintain executive and management personnel with substantially the same
qualifications and experience as the present executive and management personnel; provide
written notice to Lender of any change in executive and management personnel; conduct its
business affairs in a reasonable and prudent manner.

Environmental Studies. Promptly conduct and complete, at Borrower’s expense, all such
investigations, studies, samplings and testings as may be requested by Lender or any
governmental authority relative to any substance, or any waste or by-product of any substance
defined as toxic or a hazardous substance under applicable federal, state, or local law, rule,
regulation, order or directive, at or affecting any property or any facility owned, leased or
used by Borrower.

Compliance with Governmental Requirements. Comply with all laws, ordinances, and regulations,
now or hereafter in effect, of all governmental authorities applicable to the conduct of
Borrower’s properties, businesses and operations, and to the use or occupancy of the
Collateral, including without limitation, the Americans With Disabilities Act. Borrower may
contest in good faith any such law, ordinance, or regulation and withhold compliance during any
proceeding, including appropriate appeals, so long as Borrower has notified Lender in writing
prior to doing so and so long as, in Lender’s sole opinion, Lender’s interests in the
Collateral are not jeopardized. Lender may require Borrower to post adequate security or a
surety bond, reasonably satisfactory to Lender, to protect Lender’s interest.

Inspection. Permit employees or agents of Lender at any reasonable time to inspect any and all
Collateral for the Loan or Loans and Borrower’s other properties and to examine or audit
Borrower’s books, accounts, and records and to make copies and memoranda of Borrower’s books,
accounts, and records. If Borrower now or at any time hereafter maintains any records
(including without limitation computer generated records and computer software programs for the
generation of such records) in the possession of a third party, Borrower, upon request of
Lender, shall notify such party to permit Lender free access to such records at all reasonable
times and to provide Lender with copies of any records it may request, all at Borrower’s
expense.

Compliance Certificates. Unless waived in writing by Lender, provide Lender at least annually,
with a certificate executed by Borrower’s chief financial officer, or other officer or person
acceptable to Lender, certifying that the representations and warranties set forth in this
Agreement are true and correct as of the date of the certificate and further certifying that,
as of the date of the certificate, no Event of Default exists under this Agreement.

Environmental Compliance and Reports. Borrower shall comply in all respects with any and all
Environmental Laws; not cause or permit to exist, as a result of an intentional or
unintentional action or omission on Borrower’s part or on the part of any third party, on
property owned and/or occupied by Borrower, any environmental activity where damage may result
to the environment, unless such environmental activity is pursuant to and in compliance with
the conditions of a permit issued by the appropriate federal, state or local governmental
authorities; shall furnish to Lender promptly and in any event within thirty (30) days after
receipt thereof a copy of any notice, summons, lien, citation, directive, letter or other
communication from any governmental agency or instrumentality concerning any intentional or
unintentional action or omission on Borrower’s part in connection with any environmental
activity whether or not there is damage to the environment and/or other natural resources.

Additional Assurances. Make, execute and deliver to Lender such promissory notes, mortgages,
deeds of trust, security agreements,

 

 

	 	 	 	 	 
	 	 	BUSINESS
LOAN AGREEMENT	 	 
	Loan No: 5290007589
	 	(Continued)
	 	Page 3

assignments, financing statements, instruments, documents and other agreements as Lender or its
attorneys may reasonably request to evidence and secure the Loans and to perfect all Security
Interests.

RECOVERY OF ADDITIONAL COSTS. If the imposition of or any change in any law, rule, regulation or
guideline, or the interpretation or application of any thereof by any court or administrative or
governmental authority (including any request or policy not having the force of law) shall impose,
modify or make applicable any taxes (except federal, state or local income or franchise taxes
imposed on Lender), reserve requirements, capital adequacy requirements or other obligations which
would (A) increase the cost to Lender for extending or maintaining the credit facilities to which
this Agreement relates, (B) reduce the amounts payable to Lender under this Agreement or the
Related Documents, or (C) reduce the rate of return on Lender’s capital as a consequence of
Lender’s obligations with respect to the credit facilities to which this Agreement relates, then
Borrower agrees to pay Lender such additional amounts as will compensate Lender therefor, within
five (5) days after Lender’s written demand for such payment, which demand shall be accompanied by
an explanation of such imposition or charge and a calculation in reasonable detail of the
additional amounts payable by Borrower, which explanation and calculations shall be conclusive in
the absence of manifest error.

LENDER’S EXPENDITURES. If any action or proceeding is commenced that would materially affect
Lender’s interest in the Collateral or if Borrower fails to comply with any provision of this
Agreement or any Related Documents, including but not limited to Borrower’s failure to discharge or
pay when due any amounts Borrower is required to discharge or pay under this Agreement or any
Related Documents, Lender on Borrower’s behalf may (but shall not be obligated to) take any action
that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens,
security interests, encumbrances and other claims, at any time levied or placed on any Collateral
and paying all costs for insuring, maintaining and preserving any Collateral. All such expenditures
incurred or paid by Lender for such purposes will then bear interest at the rate charged under the
Note from the date incurred or paid by Lender to the date of repayment by Borrower. All such
expenses will become a part of the Indebtedness and, at Lender’s option, will (A) be payable on
demand; (B) be added to the balance of the Note and be apportioned among and be payable with any
installment payments to become due during either (1) the term of any applicable insurance policy;
or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due
and payable at the Note’s maturity.

NEGATIVE COVENANTS. Borrower covenants and agrees with Lender that while this Agreement is in
effect, Borrower shall not, without the prior written consent of Lender:

Indebtedness and Liens. (1) Except for trade debt incurred in the normal course of business and
indebtedness to Lender contemplated by this Agreement, create, incur or assume indebtedness for
borrowed money, including capital leases, (2) sell, transfer, mortgage, assign, pledge, lease,
grant a security interest in, or encumber any of Borrower’s assets (except as allowed as
Permitted Liens), or (3) sell with recourse any of Borrower’s accounts, except to Lender.

Continuity of Operations. (1) Engage in any business activities substantially different than
those in which Borrower is presently engaged, (2) cease operations, liquidate, merge, transfer,
acquire or consolidate with any other entity, change its name, dissolve or transfer or sell
Collateral out of the ordinary course of business, or (3) pay any dividends on Borrower’s stock
(other than dividends payable in its stock), provided, however that notwithstanding the
foregoing, but only so long as no Event of Default has occurred and is continuing or would
result from the payment of dividends, if Borrower is a “Subchapter S Corporation” (as defined
in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock
to its shareholders from time to time in amounts necessary to enable the shareholders to pay
income taxes and make estimated income tax payments to satisfy their liabilities under federal
and state law which arise solely from their status as Shareholders of a Subchapter S
Corporation because of their ownership of shares of Borrower’s stock, or purchase or retire any
of Borrower’s outstanding shares or alter or amend Borrower’s capital structure.

Loans, Acquisitions and Guaranties. (1) Loan, invest in or advance money or assets to any other
person, enterprise or entity, (2) purchase, create or acquire any interest in any other
enterprise or entity, or (3) incur any obligation as surety or guarantor other than in the
ordinary course of business.

Agreements. Enter into any agreement containing any provisions which would be violated or
breached by the performance of Borrower’s obligations under this Agreement or in connection
herewith.

CESSATION OF ADVANCES. If Lender has made any commitment to make any Loan to Borrower, whether
under this Agreement or under any other agreement, Lender shall have no obligation to make Loan
Advances or to disburse Loan proceeds if: (A) Borrower or any Guarantor is in default under the
terms of this Agreement or any of the Related Documents or any other agreement that Borrower or
any Guarantor has with Lender; (B) Borrower or any Guarantor dies, becomes incompetent or becomes
insolvent, files a petition in bankruptcy or similar proceedings, or is adjudged a bankrupt; (C)
there occurs a material adverse change in Borrower’s financial condition, in the financial
condition of any Guarantor, or in the value of any Collateral securing any Loan; or (D) any
Guarantor seeks, claims or otherwise attempts to limit, modify or revoke such Guarantor’s guaranty
of the Loan or any other loan with Lender; or (E) Lender in good faith deems itself insecure, even
though no Event of Default shall have occurred.

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in
all Borrower’s accounts with Lender (whether checking, savings, or some other account). This
includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open
in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for
which setoff would be prohibited by law. Borrower authorizes Lender, to the extent permitted by
applicable law, to charge or setoff all sums owing on the Indebtedness against any and all such
accounts, and, at Lender’s option, to administratively freeze all such accounts to allow Lender to
protect Lender’s charge and setoff rights provided in this paragraph.

DEFAULT. Each of the following shall constitute an Event of
Default under this Agreement:

Payment Default. Borrower
fails to make any payment when due under the Loan.

Other Defaults. Borrower fails to comply with or to perform any other term, obligation,
covenant or condition contained in this Agreement or in any of the Related Documents or to
comply with or to perform any term, obligation, covenant or condition contained in any other
agreement between Lender and Borrower.

False Statements. Any warranty, representation or statement made or furnished to Lender by
Borrower or on Borrower’s behalf under this Agreement or the Related Documents is false or
misleading in any material respect, either now or at the time made or furnished or becomes
false or misleading at any time thereafter.

Insolvency. The dissolution or termination of Borrower’s existence as a going business, the
insolvency of Borrower, the appointment of a receiver for any part of Borrower’s property, any
assignment for the benefit of creditors, any type of creditor workout, or the commencement of
any proceeding under any bankruptcy or insolvency laws by or against Borrower.

Defective Collateralization. This Agreement or any of the Related Documents ceases to be in
full force and effect (including failure of any collateral document to create a valid and
perfected security interest or lien) at any time and for any reason.

Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings,
whether by judicial proceeding, self-help, repossession or any other method, by any creditor of
Borrower or by any governmental agency against any collateral securing the Loan. This includes
a garnishment of any of Borrower’s accounts, including deposit accounts, with Lender. However,
this Event of Default shall not apply if there is a good faith dispute by Borrower as to the
validity or reasonableness of the claim which is the basis of the creditor or forfeiture
proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding
and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in
an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond
for the dispute.

Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of
any of the Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes
the validity of, or liability under, any Guaranty of the Indebtedness.

Change in Ownership. Any change in ownership of twenty-five percent (25%) or more of the common
stock of Borrower.

Adverse Change. A material adverse change occurs in Borrower’s financial condition, or Lender
believes the prospect of payment or performance of the Loan is impaired.

Insecurity. Lender in good faith believes itself insecure.

Right to Cure. If any default, other than a default on Indebtedness, is curable and if Borrower
or Grantor, as the case may be, has not been given a notice of a similar default within the
preceding twelve (12) months, it may be cured if Borrower or Grantor, as the case may be, after
Lender sends written notice to Borrower or Grantor, as the case may be, demanding cure of such
default: (1) cure the default within thirty (30) days; or (2) if the cure requires more than
thirty (30) days, immediately initiate steps which Lender deems in Lender’s sole discretion to
be sufficient to cure the default and thereafter continue and complete all reasonable and
necessary steps sufficient to produce compliance as soon as reasonably practical.

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise
provided in this Agreement or the Related Documents, all commitments and obligations of Lender
under this Agreement or the Related Documents or any other agreement immediately will terminate
(including any obligation to make further Loan Advances or disbursements), and, at Lender’s
option, all Indebtedness immediately will

 

 

	 	 	 	 	 
	 	 	BUSINESS
LOAN AGREEMENT	 	 
	Loan No: 5290007589
	 	(Continued)
	 	Page 4

become due and payable, all without notice of any kind to Borrower, except that in the case of an
Event of Default of the type described in the “Insolvency” subsection above, such acceleration
shall be automatic and not optional. In addition, Lender shall have all the rights and remedies
provided in the Related Documents or available at law, in equity, or otherwise. Except as may be
prohibited by applicable law, all of Lender’s rights and remedies shall be cumulative and may be
exercised singularly or concurrently. Election by Lender to pursue any remedy shall not exclude
pursuit of any other remedy, and an election to make expenditures or to take action to perform an
obligation of Borrower or of any Grantor shall not affect Lender’s right to declare a default and
to exercise its rights and remedies.

MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Agreement:

Amendments. This Agreement, together with any Related Documents, constitutes the entire
understanding and agreement of the parties as to the matters set forth in this Agreement. No
alteration of or amendment to this Agreement shall be effective unless given in writing and
signed by the party or parties sought to be charged or bound by the alteration or amendment.

Attorneys’ Fees; Expenses. Borrower agrees to pay upon demand all of Lender’s costs and
expenses, including Lender’s reasonable attorneys’ fees and Lender’s legal expenses, incurred
in connection with the enforcement of this Agreement. Lender may hire or pay someone else to
help enforce this Agreement, and Borrower shall pay the costs and expenses of such enforcement.
Costs and expenses include Lender’s reasonable attorneys’ fees and legal expenses whether or
not there is a lawsuit, including reasonable attorneys’ fees and legal expenses for bankruptcy
proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals,
and any anticipated post-judgment collection services. Borrower also shall pay all court costs
and such additional fees as may be directed by the court.

Caption Headings. Caption headings in this Agreement are for convenience purposes only and are
not to be used to interpret or define the provisions of this Agreement.

Consent to Loan Participation. Borrower agrees and consents to Lender’s sale or transfer,
whether now or later, of one or more participation interests in the Loan to one or more
purchasers, whether related or unrelated to Lender. Lender may provide, without any limitation
whatsoever, to any one or more purchasers, or potential purchasers, any information or
knowledge Lender may have about Borrower or about any other matter relating to the Loan, and
Borrower hereby waives any rights to privacy Borrower may have with respect to such matters.
Borrower additionally waives any and all notices of sale of participation interests, as well as
all notices of any repurchase of such participation interests. Borrower also agrees that the
purchasers of any such participation interests will be considered as the absolute owners of
such interests in the Loan and will have all the rights granted under the participation
agreement or agreements governing the sale of such participation interests. Borrower further
waives all rights of offset or counterclaim that it may have now or later against Lender or
against any purchaser of such a participation interest and unconditionally agrees that either
Lender or such purchaser may enforce Borrower’s obligation under the Loan irrespective of the
failure or insolvency of any holder of any interest in the Loan. Borrower further agrees that
the purchaser of any such participation interests may enforce its interests irrespective of any
personal claims or defenses that Borrower may have against Lender.

Governing Law. This Agreement will be governed by federal law applicable to Lender and, to the
extent not preempted by federal law, the laws of the State of Florida without regard to its
conflicts of law provisions. This Agreement has been accepted by Lender in the State of Florida.

Choice of Venue. If there is a lawsuit, Borrower agrees upon Lender’s request to submit to the
jurisdiction of the courts of Martin County, State of Florida.

No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Agreement
unless such waiver is given in writing and signed by Lender. No delay or omission on the part
of Lender in exercising any right shall operate as a waiver of such right or any other right. A
waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of
Lender’s right otherwise to demand strict compliance with that provision or any other provision
of this Agreement. No prior waiver by Lender, nor any course of dealing between Lender and
Borrower, or between Lender and any Grantor, shall constitute a waiver of any of Lender’s
rights or of any of Borrower’s or any Grantor’s obligations as to any future transactions.
Whenever the consent of Lender is required under this Agreement, the granting of such consent
by Lender in any instance shall not constitute continuing consent to subsequent instances where
such consent is required and in all cases such consent may be granted or withheld in the sole
discretion of Lender.

Notices. Any notice required to be given under this Agreement shall be given in writing, and
shall be effective when actually delivered, when actually received by telefacsimile (unless
otherwise required by law), when deposited with a nationally recognized overnight courier, or,
if mailed, when deposited in the United States mail, as first class, certified or registered
mail postage prepaid, directed to the addresses shown near the beginning of this Agreement. Any
party may change its address for notices under this Agreement by giving written notice to the
other parties, specifying that the purpose of the notice is to change the party’s address. For
notice purposes, Borrower agrees to keep Lender informed at all times of Borrower’s current
address. Unless otherwise provided or required by law, if there is more than one Borrower, any
notice given by Lender to any Borrower is deemed to be notice given to all Borrowers.

Severability. If a court of competent jurisdiction finds any provision of this Agreement to be
illegal, invalid, or unenforceable as to any circumstance, that finding shall not make the
offending provision illegal, invalid, or unenforceable as to any other circumstance. If
feasible, the offending provision shall be considered modified so that it becomes legal, valid
and enforceable. If the offending provision cannot be so modified, it shall be considered
deleted from this Agreement. Unless otherwise required by law, the illegality, invalidity, or
unenforceability of any provision of this Agreement shall not affect the legality, validity or
enforceability of any other provision of this Agreement.

Subsidiaries and Affiliates of Borrower. To the extent the context of any provisions of this
Agreement makes it appropriate, including without limitation any representation, warranty or
covenant, the word “Borrower” as used in this Agreement shall include all of Borrower’s
subsidiaries and affiliates. Notwithstanding the foregoing however, under no circumstances
shall this Agreement be construed to require Lender to make any Loan or other financial
accommodation to any of Borrower’s subsidiaries or affiliates.

Successors and Assigns. All covenants and agreements by or on behalf of Borrower contained in
this Agreement or any Related Documents shall bind Borrower’s successors and assigns and shall
inure to the benefit of Lender and its successors and assigns. Borrower shall not, however,
have the right to assign Borrower’s rights under this Agreement or any interest therein,
without the prior written consent of Lender.

Survival of Representations and Warranties. Borrower understands and agrees that in extending
Loan Advances, Lender is relying on all representations, warranties, and covenants made by
Borrower in this Agreement or in any certificate or other instrument delivered by Borrower to
Lender under this Agreement or the Related Documents. Borrower further agrees that regardless
of any investigation made by Lender, all such representations, warranties and covenants will
survive the extension of Loan Advances and delivery to Lender of the Related Documents, shall
be continuing in nature, shall be deemed made and redated by Borrower at the time each Loan
Advance is made, and shall remain in full force and effect until such time as Borrower’s
Indebtedness shall be paid in full, or until this Agreement shall be terminated in the manner
provided above, whichever is the last to occur.

Time is of the Essence.  Time is of the essence in the performance of this Agreement.

Waive Jury. All parties to this Agreement hereby waive the right to any jury trial in any
action, proceeding, or counterclaim brought by any party against any other party.

DEFINITIONS. The following capitalized words and terms shall have the following meanings when used
in this Agreement. Unless specifically stated to the contrary, all references to dollar amounts
shall mean amounts in lawful money of the United States of America. Words and terms used in the
singular shall include the plural, and the plural shall include the singular, as the context may
require. Words and terms not otherwise defined in this Agreement shall have the meanings
attributed to such terms in the Uniform Commercial Code. Accounting words and terms not otherwise
defined in this Agreement shall have the meanings assigned to them in accordance with generally
accepted accounting principles as in effect on the date of this Agreement:

Advance. The word “Advance” means a disbursement of Loan funds made, or to be made, to Borrower
or on Borrower’s behalf on a line of credit or multiple advance basis under the terms and
conditions of this Agreement.

Agreement. The word “Agreement” means this Business Loan Agreement, as this Business Loan
Agreement may be amended or modified from time to time, together with all exhibits and
schedules attached to this Business Loan Agreement from time to time.

Borrower. The word “Borrower” means Liberator Medical Holdings, Inc. and includes all
co-signers and co-makers signing the Note and all their successors and assigns.

Collateral. The word “Collateral” means all property and assets granted as collateral security
for a Loan, whether real or personal property, whether granted directly or indirectly, whether
granted now or in the future, and whether granted in the form of a security interest, mortgage,
collateral mortgage, deed of trust, assignment, pledge, crop pledge, chattel mortgage,
collateral chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale,
trust receipt, lien, charge, lien or title retention contract, lease or consignment intended as
a security device, or any other security or lien interest whatsoever, whether created by law,
contract, or otherwise.

Environmental Laws. The words “Environmental Laws” mean any and all state, federal and local
statutes, regulations and ordinances

 

 

	 	 	 	 	 
	 
	 	BUSINESS LOAN AGREEMENT
	 	 
	Loan No: 5290007589
	 	(Continued)
	 	Page 5

relating to the protection of human health or the environment, including without limitation the
Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42
U.S.C. Section 9601, et seq. (“CERCLA”), the Superfund Amendments and Reauthorization Act of
1986, Pub. L. No. 99-499 (“SARA”), the Hazardous Materials Transportation Act, 49 U.S.C.
Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et
seq., or other applicable state or federal laws, rules, or regulations adopted pursuant
thereto.

Event of Default. The words “Event of Default” mean any of the events of default set forth in
this Agreement in the default section of this Agreement.

GAAP. The word “GAAP” means generally accepted accounting principles.

Grantor. The word “Grantor” means each and all of the persons or entities granting a Security
Interest in any Collateral for the Loan, including without limitation all Borrowers granting
such a Security Interest.

Guarantor. The word “Guarantor” means any guarantor, surety, or accommodation party of any or
all of the Loan.

Guaranty. The word “Guaranty” means the guaranty from Guarantor to Lender, including without
limitation a guaranty of all or part of the Note.

Hazardous Substances. The words “Hazardous Substances” mean materials that, because of their
quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a
present or potential hazard to human health or the environment when improperly used, treated,
stored, disposed of, generated, manufactured, transported or otherwise handled. The words
“Hazardous Substances” are used in their very broadest sense and include without limitation any
and all hazardous or toxic substances, materials or waste as defined by or listed under the
Environmental Laws. The term “Hazardous Substances” also includes, without limitation, petroleum
and petroleum by-products or any fraction thereof and asbestos.

Indebtedness. The word “Indebtedness” means the indebtedness evidenced by the Note or Related
Documents, including all principal and interest together with all other indebtedness and costs
and expenses for which Borrower is responsible under this Agreement or under any of the Related
Documents.

Lender. The word “Lender” means Gulfstream Business Bank, a Florida Banking Corporation, its
successors and assigns.

Loan. The word “Loan” means any and all loans and financial accommodations from Lender to
Borrower whether now or hereafter existing, and however evidenced, including without limitation
those loans and financial accommodations described herein or described on any exhibit or
schedule attached to this Agreement from time to time.

Note. The word “Note” means Borrower acknowledges this Note is secured by the following
collateral described in the security instrument listed herein: certificates of deposit
described in an Assignment of Deposit Account dated September 4, 2009 and of even date herein.

Permitted Liens. The words “Permitted Liens” mean (1) liens and security interests securing
Indebtedness owed by Borrower to Lender; (2) liens for taxes, assessments, or similar charges
either not yet due or being contested in good faith; (3) liens of materialmen, mechanics,
warehousemen, or carriers, or other like liens arising in the ordinary course of business and
securing obligations which are not yet delinquent; (4) purchase money liens or purchase money
security interests upon or in any property acquired or held by Borrower in the ordinary course
of business to secure indebtedness outstanding on the date of this Agreement or permitted to be
incurred under the paragraph of this Agreement titled “Indebtedness and Liens”; (5) liens and
security interests which, as of the date of this Agreement, have been disclosed to and approved
by the Lender in writing; and (6) those liens and security interests which in the aggregate
constitute an immaterial and insignificant monetary amount with respect to the net value of
Borrower’s assets.

Related Documents. The words “Related Documents” mean all promissory notes, credit agreements,
loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of
trust, security deeds, collateral mortgages, and all other instruments, agreements and
documents, whether now or hereafter existing, executed in connection with the Loan.

Security Agreement. The words “Security Agreement” mean and include without limitation any
agreements, promises, covenants, arrangements, understandings or other agreements, whether
created by law, contract, or otherwise, evidencing, governing, representing, or creating a
Security Interest.

Security Interest. The words “Security Interest” mean, without limitation, any and all types of
collateral security, present and future, whether in the form of a lien, charge, encumbrance,
mortgage, deed of trust, security deed, assignment, pledge, crop pledge, chattel mortgage,
collateral chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale,
trust receipt, lien or title retention contract, lease or consignment intended as a security
device, or any other security or lien interest whatsoever whether created by law, contract, or
otherwise.

BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT AND BORROWER
AGREES TO ITS TERMS. THIS BUSINESS LOAN AGREEMENT IS DATED NOVEMBER 2, 2009.

BORROWER:

LIBERATOR MEDICAL
HOLDINGS, INC.

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Mark A. Libratore, President of
Liberator Medical Holdings, Inc.
	 	 

LENDER:

GULFSTREAM BUSINESS BANK, A FLORIDA BANKING CORPORATION

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	Authorized Signer

	 	 

LASER PRO Lending, Ver. 5.46.00.003 Copr. Harland Financial Solutions, Inc. 1997, 2009. All Rights Reserved.  — FL F:\CFI\LPL\C40.FC TR-4269 PR-6Exhibit 10.1

Exhibit 10.1

Execution Copy

VOTING AGREEMENT

VOTING AGREEMENT (this “Agreement”), dated as of November 6, 2009, between the
undersigned stockholders (“Stockholders”) of SERVICE1ST BANK OF NEVADA, a Nevada-chartered
non-member bank (the “Company”), and WESTERN LIBERTY BANCORP, a Delaware corporation
(“Parent”).

WHEREAS, concurrently with or following the execution of this Agreement, the Company, Parent,
WL-S1 INTERIM BANK, a Nevada corporation and a wholly-owned subsidiary of Parent (“Merger
Sub”) and Curtis W. Anderson as the representative of the Persons who will be former
stockholders of the Company after the Closing, have entered, or will enter, into an Agreement and
Plan of Merger (as the same may be amended from time to time, the “Merger Agreement”),
providing for, among other things, the merger (the “Merger”) of Merger Sub with and into
the Company pursuant to the terms and conditions of the Merger Agreement;

WHEREAS, as a condition to its willingness to enter into the Merger Agreement, Parent has
requested that the Stockholders make certain representations, warranties, covenants and agreements
with respect to the shares of common stock, par value $0.01 per share, of the Company (“Company
Common Stock”) beneficially owned by the Stockholders and set forth below the Stockholders’
signatures on the signature page hereto (with respect to each Stockholder, together with any
additional shares of Company Common Stock acquired by such Stockholder pursuant to Section 6
hereof, the “Stockholder Shares”); and

WHEREAS, in order to induce Parent to enter into the Merger Agreement, the Stockholders are
willing to make certain representations, warranties, covenants and agreements with respect to the
Stockholder Shares;

NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:

Section 1. Representations of the Stockholders. Each Stockholder, severally and not
jointly, represents and warrants to Parent that:

(a) such Stockholder owns beneficially (as such term is defined in Rule 13d-3 under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)) all of the Stockholder
Shares free and clear of all liens, claims, charges, security interests or other encumbrances of
any kind or nature and, except pursuant hereto, there are no options, warrants or other rights,
agreements, arrangements or commitments of any character to which such Stockholder is a party
relating to the pledge, disposition or voting of any of the Stockholder Shares and there are no
voting trusts or voting agreements with respect to the Stockholder Shares;

(b) such Stockholder does not beneficially own any shares of Company Common Stock other than
the Stockholder Shares and other than any options, warrants or other rights to acquire any
additional Shares or any security exercisable for or convertible into shares of Company Common
Stock;

 

 

 

(a) such Stockholder has full power and authority to enter into, execute and deliver this
Agreement and to perform fully his, her or its obligations hereunder. This Agreement has been duly
executed and delivered by such Stockholder and constitutes the legal, valid and binding obligation
of such Stockholder in accordance with its terms except as may be limited by bankruptcy,
insolvency, fraudulent transfer, moratorium, reorganization or similar laws of general
applicability affecting the rights of creditors and subject to general principles of equity
(regardless of whether such enforceability is considered in equity or at law); and

(c) neither the execution and delivery of this Agreement by such Stockholder nor the
consummation by such Stockholder of the transactions contemplated by this Agreement will: (i)
require the Stockholder to obtain any consent, approval, authorization or permit of, or filing with
or notification to, any person or entity or any governmental or regulatory authority; (ii) conflict
with, result in a breach of, or result in a default (or give rise to a right of termination,
cancellation or acceleration) under any of the terms, conditions or provisions of any note,
license, agreement or other instrument or obligation to which such Stockholder is a party or by
which such Stockholder or any of such Stockholder’s assets may be bound; or (iii) violate any
order, writ, injunction, decree, statute, rule or regulation applicable to such Stockholder or by
which any of such Stockholder’s assets are bound.

Section 2. Agreement to Vote Shares; Irrevocable Proxy.

(a) Each Stockholder agrees during the term of this Agreement to vote the Stockholder Shares,
and to cause any holder of record of the Stockholder Shares to vote, (i) in favor of approval of
the adoption of the Merger Agreement and approval of the Merger at every meeting of the
stockholders of the Company at which such matters are considered and at every adjournment or
postponement thereof, (ii) against any action or agreement that could compete with, prevent,
impede, interfere with, attempt to discourage or adversely affect the Merger or inhibit the timely
consummation of the Merger, (iii) against any action or agreement that would result in a breach in
any material respect of any representation, warranty, covenant, agreement or any other obligation
of the Company under the Merger Agreement and (iv) except for the Merger and the Merger Agreement,
against any merger, consolidation, business combination, reorganization, recapitalization,
liquidation or sale or transfer of any material assets of the Company or its subsidiaries.

(b) Each Stockholder hereby appoints Parent and any designee of Parent, and each of them
individually, its proxies and attorneys-in-fact, with full power of substitution and
resubstitution, to vote or act by written consent during the term of this Agreement with respect to
the Stockholder Shares in accordance with Section 2(a). This proxy and power of attorney is given
to secure the performance of the duties of the Stockholders under this Agreement. Each Stockholder
shall take such further action or execute such other instruments as may be necessary to effectuate
the intent of this proxy. This proxy and power of attorney granted by each Stockholder shall be
irrevocable during the term of this Agreement, shall be deemed to be coupled with an interest
sufficient in law to support an irrevocable proxy and shall revoke any and all prior proxies
granted by such Stockholder with respect to the Stockholder Shares. The power of attorney granted
by each Stockholder herein is a durable power of attorney and shall survive the dissolution,
bankruptcy, death or incapacity of such Stockholder. The proxy and power of attorney granted
hereunder shall terminate upon the termination of this Agreement.

 

- 2 -

 

Section 3. No Voting Trusts or Other Arrangements. Each Stockholder agrees that he,
she or it will not, and will not permit any entity under his, her or its control to, deposit any of
the Stockholder Shares in a voting trust, grant any proxies with respect to the Stockholder Shares
or subject any of the Stockholder Shares to any arrangement with respect to the voting of the
Stockholder Shares other than agreements entered into with Parent.

Section 4. No Proxy Solicitations. During the term of this Agreement, each
Stockholder, solely in such Stockholder’s capacity as a stockholder of the Company, agrees that
such Stockholder will not, and will not permit any entity under Stockholder’s control to, (a)
solicit proxies or become a “participant” in a “solicitation” (as such terms are defined in
Regulation 14A under the Exchange Act) in opposition to or competition with the consummation of the
Merger or otherwise encourage or assist any party in taking or planning any action which could
compete with, impede, interfere with or attempt to discourage the Merger or inhibit the timely
consummation of the Merger in accordance with the terms of the Merger Agreement, (b) directly or
indirectly encourage, initiate or cooperate in a stockholders’ vote or action by consent of the
Company’s stockholders in opposition to or in competition with the consummation of the Merger, or
(c) become a member of a “group” (as such term is used in Rule 13d-5 under the Exchange Act) with
respect to any voting securities of the Company for the purpose of opposing or competing with the
consummation of the Merger; provided, however, that nothing in this Agreement shall
prevent any Stockholder from taking any action or omitting to take any action solely as a member of
the Board of Directors of the Company (or any committee thereof) (if such Stockholder holds such
office) or, at the direction of the Board of Directors of the Company (or any committee thereof),
as an officer of the Company or any of its subsidiaries (if such Stockholder holds such office), in
each case, in accordance with the terms of the Merger Agreement.

Section 2. Transfer of Stockholder Shares. Each Stockholder agrees not to transfer,
sell, offer, exchange, pledge or otherwise dispose of or encumber any of the Stockholder Shares on
or after the date hereof and during the term of this Agreement. Notwithstanding the
foregoing, each Stockholder may transfer any Stockholder Shares to (i) any family member of
such Stockholder, (ii) the trustee or trustees of a trust for the benefit of such Stockholder
and/or one or more family members, (iii) one or more charitable foundations or organizations or any
trustee or trustees of a trust for the benefit thereof, (iv) a partnership of which such
Stockholder and/or family members of such Stockholder own all of the partnership interests, (v) a
limited liability company of which such Stockholder and/or family members of such Stockholder own
all of the limited liability company membership interests or (vi) an Affiliate of such Stockholder;
provided, however, that (A) such Stockholder shall provide Parent with at least five (5) days prior
written notice of any such transfer; (B) any such transferee shall, as a condition to such
transfer, execute and deliver to Parent a counterpart signature page to this Agreement whereby such
transferee shall become bound to the provisions hereof; and (C) any transfer of Stockholder
Shares under this Section 5 shall not release transferor from, and transferor shall remain
fully bound to, the provisions hereof.

Section 5. Additional Shares. Each Stockholder agrees that all shares of Company
Common Stock that such Stockholder purchases, acquires the right to vote or shares in the voting
of, or otherwise acquires beneficial ownership (as defined in Rule 13d-3 under the Exchange

 

- 3 -

 

Act) of after the execution of this Agreement shall be subject to the terms of this Agreement
and shall constitute Stockholder Shares for all purposes of this Agreement.

Section 6. Specific Performance. Each party hereto acknowledges that it will be
impossible to measure in money the damage to the other party if a party hereto fails to comply with
any of the obligations imposed by this Agreement, that every such obligation is material and that,
in the event of any such failure, the other party will not have an adequate remedy at law or
damages. Accordingly, each party hereto agrees that injunctive relief or other equitable remedy,
in addition to remedies at law or damages, is the appropriate remedy for any such failure and will
not oppose the granting of such relief on the basis that the other party has an adequate remedy at
law. Each party hereto agrees that it will not seek, and agrees to waive any requirement for, the
securing or posting of a bond in connection with the other party’s seeking or obtaining such
equitable relief.

Section 7. No Agreement as Director or Officer. No Stockholder makes any agreement or
understanding in this Agreement in such Stockholder’s capacity as a director or officer of the
Company or any of its subsidiaries (if such Stockholder holds such office), and nothing in this
Agreement will limit or affect any actions or omissions taken by a Stockholder in Stockholder’s
capacity as such a director or officer, including in exercising rights under the Merger Agreement,
and no such actions or omissions shall be deemed a breach of this Agreement.

Section 8. Entire Agreement. This Agreement supersedes all prior agreements, written
or oral, between the parties hereto with respect to the subject matter hereof and contains the
entire agreement between the parties with respect to the subject matter hereof. This Agreement may
not be amended or supplemented, and no provisions hereof may be modified or waived, except by an
instrument in writing signed by both of the parties hereto. No waiver of any provisions hereof by
either party shall be deemed a waiver of any other provisions hereof by such party, nor shall any
such waiver be deemed a continuing waiver of any provision hereof by such party.

Section 9. Notices. All notices, requests, claims, demands or other communications
hereunder shall be in writing and shall be deemed given when delivered personally, upon receipt of
a transmission confirmation if sent by telecopy or like transmission and on the next business day
when sent by Federal Express, Express Mail or other reputable overnight courier service to the
parties at the following addresses (or at such other address for a party as shall be specified by
like notice):

If to Parent:

Jason N. Ader

Chairman

c/o Hayground Cove Asset Management LLC

1370 Avenue of the Americas, 28th Floor

New York, New York 10019

Facsimile Number: (212) 445-7801

 

- 4 -

 

and to:

Daniel Silvers

President

c/o Hayground Cove Asset Management LLC

1370 Avenue of the Americas, 28th Floor

New York, New York 10019

Facsimile Number: (212) 445-7801

with a copy to:

Jeffrey A. Horwitz, Esq.

Proskauer Rose LLP

1585 Broadway

New York, New York 10036-8299

Facsimile Number: (212) 969-2900

If to a Stockholder, to the address or telecopy number set forth for such Stockholder on the
signature page hereof.

Section 10. Miscellaneous.

(a) THIS AGREEMENT SHALL BE DEEMED TO BE MADE IN AND IN ALL RESPECTS SHALL BE INTERPRETED,
CONSTRUED AND GOVERNED BY AND IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD
TO THE CONFLICT OF LAW PRINCIPLES THEREOF. The parties hereby irrevocably submit to the
jurisdiction of the courts of the State of Delaware solely in respect of the interpretation and
enforcement of the provisions of this Agreement and in respect of the transactions contemplated
hereby, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding
for the interpretation or enforcement hereof or of any such document, that it is not subject
thereto or that such action, suit or proceeding may not be brought or is not maintainable in said
courts or that the venue thereof may not be appropriate or that this Agreement may not be enforced
in or by such courts, and the parties hereto irrevocably agree that all claims with respect to such
action or proceeding shall be heard and determined in such a State or Federal court. The parties
hereby consent to and grant any such court jurisdiction over the person of such parties and over
the subject matter of such dispute and agree that mailing of process or other papers in connection
with any such action or proceeding in the manner provided in Section 10 or in such other manner as
may be permitted by law shall be valid and sufficient service thereof.

EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT
IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY

 

- 5 -

 

CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OR ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH PARTY UNDERSTANDS AND HAS CONSIDERED
THE IMPLICATIONS OF THIS WAIVER, (iii) EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv) EACH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 11(a).

(b) If any provision of this Agreement or the application of such provision to any person or
circumstances shall be held invalid or unenforceable by a court of competent jurisdiction, such
provision or application shall be unenforceable only to the extent of such invalidity or
unenforceability and the remainder of the provision held invalid or unenforceable and the
application of such provision to persons or circumstances, other than the party as to which it is
held invalid, and the remainder of this Agreement shall not be affected.

(c) This Agreement may be executed in one or more counterparts, each of which shall be deemed
to be an original but all of which together shall constitute one and the same instrument.

(d) This Agreement shall terminate automatically upon the earlier to occur of (i) the
Effective Time (as defined in the Merger Agreement) and (ii) the date on which the Merger Agreement
is terminated in accordance with its terms.

(e) Each party hereto shall execute and deliver such additional documents as may be reasonably
necessary or desirable to effect the transactions contemplated by this Agreement.

(f) All Section headings herein are for convenience of reference only and are not part of this
Agreement, and no construction or reference shall be derived therefrom.

(g) The obligations of the Stockholders set forth in this Agreement shall not be effective or
binding upon the Stockholders until after such time as the Merger Agreement is executed and
delivered by the Company, Parent and Merger Sub, and the parties agree that there is not and has
not been any other agreement, arrangement or understanding between the parties hereto with respect
to the matters set forth herein.

(h) Neither party to this Agreement may assign any of its rights or obligations under this
Agreement without the prior written consent of the other party hereto. Any assignment contrary to
the provisions of this Section 11(h) shall be null and void.

* * * * *

[End of Text; Signature Page Follows]

 

- 6 -

 

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

	 	 	 	 	 
	 	

WESTERN LIBERTY BANCORP

 	 
	 	By:  	/s/ Jason N. Ader	 
	 	 	Name:  	Jason N. Ader	 
	 	 	Title:  	Chief Executive Officer 	 

[Signature Page to Voting Agreement]

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	CURTIS W. ANDERSON	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Curtis W. Anderson	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Curtis W. Anderson	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Number of Shares of Company Common Stock
Beneficially Owned as of the Date of this
Agreement: 630 shares	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Street Address	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	City/State/Zip Code	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Fax:	 	 	 	 	 	 
	 	 	 	 	 	 	 

[Signature Page to Voting Agreement]

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	MARK E. BROWN	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Mark E. Brown	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	Name:	 	Mark E. Brown	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Number of Shares of Company Common Stock
Beneficially Owned as of the Date of this
Agreement: 200 shares	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Street Address	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	City/State/Zip Code	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Fax:	 	 	 	 	 	 
	 	 	 	 	 	 	 

[Signature Page to Voting Agreement]

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	JOHN F. DEDOLPH	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ John F. Dedolph	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	Name:	 	John F. Dedolph	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Number of Shares of Company Common Stock
Beneficially Owned as of the Date of this
Agreement: 400 shares	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Street Address	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	City/State/Zip Code	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Fax:	 	 	 	 	 	 
	 	 	 	 	 	 	 

[Signature Page to Voting Agreement]

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	JOHN S. GAYNOR	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ John S. Gaynor	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	Name:	 	John S. Gaynor	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Number of Shares of Company Common Stock
Beneficially Owned as of the Date of this
Agreement: 150 shares	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Street Address	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	City/State/Zip Code	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Fax:	 	 	 	 	 	 
	 	 	 	 	 	 	 

[Signature Page to Voting Agreement]

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	KENNY C. GUINN	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Kenny C. Guinn	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	Name:	 	Kenny C. Guinn	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Number of Shares of Company Common Stock
Beneficially Owned as of the Date of this
Agreement: 250 shares	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Street Address	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	City/State/Zip Code	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Fax:	 	 	 	 	 	 
	 	 	 	 	 	 	 

[Signature Page to Voting Agreement]

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	STEVEN D. HILL	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Steven D. Hill	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Steven D. Hill	 	 
	 

	 	 	 	Title:
	 	Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Number of Shares of Company Common Stock
Beneficially Owned as of the Date of this
Agreement: 750 shares	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Street Address	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	City/State/Zip Code	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Fax:	 	 	 	 	 	 
	 	 	 	 	 	 	 

[Signature Page to Voting Agreement]

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	CARL P. KREPPER	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Carl P. Krepper	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Carl P. Krepper	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Number of Shares of Company Common Stock
Beneficially Owned as of the Date of this
Agreement: 300 shares	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Street Address	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	City/State/Zip Code	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Fax:	 	 	 	 	 	 
	 	 	 	 	 	 	 

[Signature Page to Voting Agreement]

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	WILLIAM E. MARTIN	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ William E. Martin	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	William E. Martin	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Number of Shares of Company Common Stock
Beneficially Owned as of the Date of this
Agreement: 401 shares	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Street Address	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	City/State/Zip Code	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Fax:	 	 	 	 	 	 
	 	 	 	 	 	 	 

[Signature Page to Voting Agreement]

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	MONTE L. MILLER	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Monte L. Miller	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	Name:	 	Monte L. Miller	 	 
	 

	 	 	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Number of Shares of Company Common Stock
Beneficially Owned as of the Date of this
Agreement: 2,942 shares	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Street Address	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	City/State/Zip Code	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Fax:	 	 	 	 	 	 
	 	 	 	 	 	 	 

[Signature Page to Voting Agreement]

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	FAFIE E. MOORE	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Faffie E. Moore	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	Name:	 	Faffie E. Moore	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Number of Shares of Company Common Stock
Beneficially Owned as of the Date of this
Agreement: 100 shares	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Street Address	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	City/State/Zip Code	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Fax:	 	 	 	 	 	 
	 	 	 	 	 	 	 

[Signature Page to Voting Agreement]

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	JENNA M. MORTON	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Jenna M. Morton	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	Name:	 	Jenna M. Morton	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Number of Shares of Company Common Stock
Beneficially Owned as of the Date of this
Agreement: 50 shares	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Street Address	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	City/State/Zip Code	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Fax:	 	 	 	 	 	 
	 	 	 	 	 	 	 

[Signature Page to Voting Agreement]

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	BLAKE L. SARTINI	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Blake L. Sartini	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Blake L. Sartini	 	 
	 

	 	 	 	Title:
	 	Founder & Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Number of Shares of Company Common Stock
Beneficially Owned as of the Date of this
Agreement: 4,774 shares	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Street Address	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	City/State/Zip Code	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Fax:	 	 	 	 	 	 
	 	 	 	 	 	 	 

[Signature Page to Voting Agreement]

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	GEORGE A. RANDALL	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ George A. Randall	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	George A. Randall	 	 
	 

	 	 	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Number of Shares of Company Common Stock
Beneficially Owned as of the Date of this
Agreement: 250 shares	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Street Address	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	City/State/Zip Code	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Fax:	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	TERRENCE L. WRIGHT	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Terrence L. Wright	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	Name:	 	Terrence L. Wright	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Number of Shares of Company Common Stock
Beneficially Owned as of the Date of this
Agreement: 1,167 shares	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Street Address	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	City/State/Zip Code	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Fax:	 	 	 	 	 	 
	 	 	 	 	 	 	 

[Signature Page to Voting Agreement]

 

 

 

Acknowledged and Agreed to:

SERVICE1ST BANK OF NEVADA

	 	 	 	 	 
	By: 
	/s/ Blake L. Sartini	 	 
	 
	 
	 	 
	 
	Name: 	Blake L. Sartini	 	 
	 

	Title:	Founder & Director	 	 

[Signature Page to Voting Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}]]