| x      |   | QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE                  |
|--------|--------|-------------------------------------------------------------------------------|
|   |   | SECURITIES      EXCHANGE ACT OF 1934                                          |
|   |   |                                                                          |
|   |   | For      the quarterly period ended March 31, 2010                            |
|   |   |                                                                          |
|   |   | OR                                                                            |
|   |   |                                                                          |
|  ̈ |   | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE                 |
|   |   | SECURITIES      EXCHANGE ACT OF 1934                                          |
|   |   |                                                                          |
|   |   | For      the transition period from ________________ to      ________________ |

| Florida                                             |   | 59-2091510               |
|-----------------------------------------------------|--------|--------------------------|
| (State      or other jurisdiction of                |   | (I.R.S.      Employer    |
| incorporation      or organization)                 |   | Identification      No.) |
|                                                |   |                     |
| 485      Metro Place South, Suite 275, Dublin, Ohio |   | 43017                    |
| (Address      of principal executive offices)       |   | (Zip      Code)          |

| Large      accelerated filer  ̈                                                                        | Accelerated      filer   ̈    |
|------------------------------------------------------------------------------------------------------------|---------------------------------------------|
|                                                                                                       |                                        |
| Non-accelerated      filer   ̈  (Do      not check if a smaller reporting company) | Smaller      reporting company  x |

| Common Shares                                 |   | Outstanding at May 10,  2010 |
|-----------------------------------------------|--------|------------------------------|
| Common      Stock, $0.001 par value per share |   | 39,826,929  shares |

----

|                                                                                                               |         | Page No. |
|--------------------------------------------------------------------------------------------------------------------|--------------|---------------|
| PART I. FINANCIAL    INFORMATION                                                                                   |         |          |
|                                                                                                               |         |          |
| Item      1. Financial Statements                                                                                  |         | 3             |
|                                                                                                               |         |          |
| Condensed      Consolidated Balance Sheets - March 31, 2010 (unaudited) and December 31,      2009 (audited)       |         | 3             |
|                                                                                                               |         |          |
| Condensed      Consolidated Statements of Operations - Three months ended March 31, 2010      and 2009 (unaudited) |         | 4             |
|                                                                                                               |         |          |
| Condensed      Consolidated Statements of Cash Flows - Three months ended March 31, 2010      and 2009 (unaudited) |         | 5-6           |
|                                                                                                               |         |          |
| Notes      to Condensed Consolidated Interim Financial Statements                                                  |         | 7-22          |
|                                                                                                               |         |          |
| Item      2. Management's Discussion and Analysis of Financial Condition and Results      of Operations            |         | 23-36         |
|                                                                                                               |         |          |
| Item      3. Quantitative and Qualitative Disclosures about Market    Risks                                        |         | 37            |
|                                                                                                               |         |          |
| Item      4. Controls and Procedures                                                                               |         | 37            |
|                                                                                                               |         |          |
| PART II. OTHER INFORMATION                                                                                         |         |          |
|                                                                                                               |         |          |
| Item      1. Legal Proceedings                                                                                     |         | 38            |
|                                                                                                               |         |          |
| Item      1A. Risk Factors                                                                                         |         | 38            |
|                                                                                                               |         |          |
| Item      2. Unregistered Sales of Equity Securities and Use of    Proceeds                                        |         | 38            |
|                                                                                                               |         |          |
| Item      3. Defaults upon Senior Securities                                                                       |         | 38            |
|                                                                                                               |         |          |
| Item      4. (Removed and Reserved)                                                                                |         | 38            |
|                                                                                                               |         |          |
| Item      5. Other Information                                                                                     |         | 38            |
|                                                                                                               |         |          |
| Item      6. Exhibits                                                                                              |         | 39-54         |
|                                                                                                               |         |          |
| SIGNATURES                                                                                                         |    | 55            |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | (Unaudited)              |        |   | (Audited)                   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|-------------|--------|-----------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | March 31, 2010 |        |   | December 31, 2009 |   |
| ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                     |        |   |                        |   |
| Current      assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                     |        |   |                        |   |
| Cash      (includes restricted cash of $17,264 and $33,263)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | $                        | 138,374     |   |                        | $      | 274,956 |   |
| Accounts      receivable, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                     | 5,132,807   |   |                        |   | 5,128,127 |   |
| Prepaid      expenses and other current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                     | 962,712     |   |                        |   | 893,864 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                     |        |   |                        |   |   |   |
| Total      current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                     | 6,233,893   |   |                        |   | 6,296,947 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                     |        |   |                        |   |   |   |
| Property      and equipment, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                     | 1,585,140   |   |                        |   | 1,550,058 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                     |        |   |                        |   |   |   |
| Other      assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                     |        |   |                        |   |   |   |
| Goodwill                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                     | 28,854,411  |   |                        |   | 28,826,173 |   |
| Customer      lists/relationships, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                     | 23,914,433  |   |                        |   | 24,697,027 |   |
| Other      intangibles, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                     | 3,656,358   |   |                        |   | 4,258,586 |   |
| Deferred      financing costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                     | 437,822     |   |                        |   | 611,838 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                     |        |   |                        |   |   |   |
| Total      other assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                     | 56,863,024  |   |                        |   | 58,393,624 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                     |        |   |                        |   |   |   |
| Total      assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | $                        | 64,682,057  |   |                        | $      | 66,240,629 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                     |        |   |                        |   |   |   |
| LIABILITIES      AND STOCKHOLDERS' EQUITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                     |        |   |                        |   |   |   |
| Current      liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                     |        |   |                        |   |   |   |
| Revolving      line of credit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | $                        | 2,500,000   |   |                        | $      | 2,500,000 |   |
| Long-term      debt, current portion                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                     | 25,721,436  |   |                        |   | 3,352,743 |   |
| Accounts      payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                     | 1,787,898   |   |                        |   | 1,602,125 |   |
| Unearned      revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                     | 4,790,058   |   |                        |   | 4,331,108 |   |
| Accrued      expenses and other current liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                     | 3,647,045   |   |                        |   | 3,851,586 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                     |        |   |                        |   |   |   |
| Total      current liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                     | 38,446,437  |   |                        |   | 15,637,562 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                     |        |   |                        |   |   |   |
| Long-term      liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                     |        |   |                        |   |   |   |
| Long-term      debt, less current portion                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                     | 224,657     |   |                        |   | 23,116,367 |   |
| Preferred      dividends payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                     | 8,341,876   |   |                        |   | 7,849,920 |   |
| Derivative      financial instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                     | 1,495,588   |   |                        |   | 1,724,219 |   |
| Deferred      tax liability                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                     | 5,163,191   |   |                        |   | 5,589,839 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                     |        |   |                        |   |   |   |
| Total      long-term liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                     | 15,225,312  |   |                        |   | 38,280,345 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                     |        |   |                        |   |   |   |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                     | 53,671,749  |   |                        |   | 53,917,907 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                     |        |   |                        |   |   |   |
| Commitments      and contingencies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                     |        |   |                        |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                     |        |   |                        |   |   |   |
| Stockholders'      equity:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                     |        |   |                        |   |   |   |
| Preferred      stock, $.001 par value, 10,000,000 shares authorized; 4,000,000 designated      as Series A shares - 2,420,000 shares issued and outstanding as of      March 31, 2010 and December 31, 2009 (liquidation preference      $2,420,000 as of March 31, 2010 and December 31, 2009); 4,000,000      designated as Series B shares - 3,615,000 shares issued and      outstanding as of March 31, 2010 and December 31, 2009 (liquidation      preference $7,230,000 as of March 31, 2010 and December 31, 2009);      1,000,000 designated as Series C shares - 770,834 shares issued and      outstanding as of March 31, 2010 and December 31, 2009 (liquidation      preference $9,250,008 as of March 31, 2010 and December 31,      2009);  500,000 designated as Series D shares - 400,987      shares issued and outstanding as of March 31, 2010 and 409,500 shares      issued and outstanding as of December 31, 2009 (liquidation      preference $8,019,740 as of March 31, 2010 and $8,190,000 as of      December 31, 2009); and 60,000 designated as Series E shares - 29,350      shares issued and outstanding as of March 31, 2010 and December 31,      2009 (liquidation preference $5,870,000 as of March 31, 2010 and      December 31, 2009) |   |                     | 7,236       |   |                        |   | 7,245 |   |
| Common      stock, $.001 par value, 100,000,000 shares authorized, 39,826,929 shares      issued and outstanding as of March 31, 2010 and 39,656,669 shares issued      and outstanding as of December 31, 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                     | 39,827      |   |                        |   | 39,657 |   |
| Additional      paid-in capital                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                     | 35,858,098  |   |                        |   | 35,840,231 |   |
| Accumulated      deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                     | (24,894,853 | )      |                        |   | (23,564,411 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                     |        |   |                        |   |   |   |
| Total      stockholders' equity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                     | 11,010,308  |   |                        |   | 12,322,722 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                     |        |   |                        |   |   |   |
| Total      liabilities and stockholders' equity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | $                        | 64,682,057  |   |                        | $      | 66,240,629 |   |

----

|                                                                |   | Three Months Ended |       |   | Three Months Ended |   |
|---------------------------------------------------------------------|--------|------------------------------|------------|--------|------------------------------|--------|
|                                                                |   | March 31, 2010     |       |   | March 31, 2009     |   |
|                                                                |   |                         |       |   |                         |   |
| Revenues:                                                           |   | $                            | 11,174,971 |   |                         | $      | 12,643,246 |   |
|                                                                |   |                         |       |   |                         |   |   |   |
| Operating      expenses                                             |   |                         |       |   |                         |   |   |   |
| Selling,      general and administrative expenses                   |   |                         | 9,673,675  |   |                         |   | 10,640,688 |   |
| Depreciation      and amortization                                  |   |                         | 1,591,926  |   |                         |   | 1,926,048 |   |
| Stock-based      compensation                                       |   |                         | 18,028     |   |                         |   | 87,528 |   |
|                                                                |   |                         |       |   |                         |   |   |   |
| Total      operating expenses                                       |   |                         | 11,283,629 |   |                         |   | 12,654,264 |   |
|                                                                |   |                         |       |   |                         |   |   |   |
| Net      operating income (loss)                                    |   |                         | (108,658   | )      |                         |   | (11,018 | ) |
|                                                                |   |                         |       |   |                         |   |   |   |
| Other      income (expenses):                                       |   |                         |       |   |                         |   |   |   |
| Change      in fair value of derivative financial instruments       |   |                         | 228,631    |   |                         |   | 194,471 |   |
| Interest      expense                                               |   |                         | (1,294,078 | )      |                         |   | (1,039,444 | ) |
| Debt      and other restructuring charges                           |   |                         | (91,493    | )      |                         |   | - |   |
| Interest,      dividend and rental income                           |   |                         | 23,916     |   |                         |   | 8,807 |   |
|                                                                |   |                         |       |   |                         |   |   |   |
| Total      other expense, net                                       |   |                         | (1,133,024 | )      |                         |   | (836,166 | ) |
|                                                                |   |                         |       |   |                         |   |   |   |
| Net      income (loss) before income tax benefit (expense)          |   |                         | (1,241,682 | )      |                         |   | (847,184 | ) |
|                                                                |   |                         |       |   |                         |   |   |   |
| Income      tax benefit (expense)                                   |   |                         | 403,196    |   |                         |   | 578,730 |   |
|                                                                |   |                         |       |   |                         |   |   |   |
| Net      income (loss) before preferred stock dividends             |   |                         | (838,486   | )      |                         |   | (268,454 | ) |
|                                                                |   |                         |       |   |                         |   |   |   |
| Preferred      stock dividends                                      |   |                         | (491,956   | )      |                         |   | (494,400 | ) |
|                                                                |   |                         |       |   |                         |   |   |   |
| Net      income (loss) available to common stockholders             |   | $                            | (1,330,442 | )      |                         | $      | (762,854 | ) |
|                                                                |   |                         |       |   |                         |   |   |   |
| Net      income (loss) per common share - basic and diluted         |   | $                            | (0.03      | )      |                         | $      | (0.02 | ) |
|                                                                |   |                         |       |   |                         |   |   |   |
| Weighted      average common shares outstanding - basic and diluted |   |                         | 39,821,000 |   |                         |   | 39,557,000 |   |

----

|                                                                      |   | Three Months Ended |       |   | Three Months Ended |   |
|---------------------------------------------------------------------------|--------|------------------------------|------------|--------|------------------------------|--------|
|                                                                      |   | March 31, 2010     |       |   | March 31, 2009     |   |
| Cash      flows from operating activities:                                |   |                         |       |   |                         |   |
| Net      income (loss) before preferred stock dividends                   |   | $                            | (838,486   | )      |                         | $      | (268,454 | ) |
| Adjustments      to reconcile net income (loss) before preferred stock    |   |                         |       |   |                         |   |   |   |
| dividends      to net cash provided by (used in) operating activities:    |   |                         |       |   |                         |   |   |   |
| Depreciation      and amortization                                        |   |                         | 1,591,926  |   |                         |   | 1,926,048 |   |
| Change      in allowance for doubtful accounts                            |   |                         | 25,447     |   |                         |   | (1,118 | ) |
| Noncash      interest                                                     |   |                         | 669,416    |   |                         |   | 388,289 |   |
| Stock-based      compensation                                             |   |                         | 18,028     |   |                         |   | 87,528 |   |
| Deferred      income tax benefit                                          |   |                         | (426,648   | )      |                         |   | (589,426 | ) |
| Change      in fair value of derivative financial instruments             |   |                         | (228,631   | )      |                         |   | (194,471 | ) |
| Increase      (decrease) in cash attributable to changes                  |   |                         |       |   |                         |   |   |   |
| in      operating assets and liabilities                                  |   |                         |       |   |                         |   |   |   |
| Accounts      receivable, net                                             |   |                         | (30,127    | )      |                         |   | (831,805 | ) |
| Prepaid      expenses and other current assets                            |   |                         | (68,848    | )      |                         |   | 37,444 |   |
| Accounts      payable                                                     |   |                         | 185,773    |   |                         |   | 839,652 |   |
| Unearned      revenues                                                    |   |                         | 458,950    |   |                         |   | 20,336 |   |
| Accrued      expenses and other current liabilities                       |   |                         | (148,605   | )      |                         |   | 368,408 |   |
| Net      cash provided by (used in) operating activities                  |   |                         | 1,208,195  |   |                         |   | 1,782,431 |   |
|                                                                      |   |                         |       |   |                         |   |   |   |
| Cash      flows from investing activities:                                |   |                         |       |   |                         |   |   |   |
| Purchases      of property and equipment                                  |   |                         | (242,187   | )      |                         |   | (142,389 | ) |
| Acquisition      of Alaska Pension Services                               |   |                         | -          |   |                         |   | (1,476 | ) |
| Acquisition      of Lamoriello Entities                                   |   |                         | -          |   |                         |   | (50,810 | ) |
| Acquisition      of Alan N. Kanter & Associates                       |   |                         | (94,175    | )      |                         |   | (28,313 | ) |
| Acquisition      of REPTECH Corp                                          |   |                         | -          |   |                         |   | (183,322 | ) |
| Acquisition      of The Pension Group, Inc.                               |   |                         | -          |   |                         |   | (1,288,269 | ) |
| Net      cash provided by (used in) investing activities                  |   |                         | (336,362   | )      |                         |   | (1,694,579 | ) |
|                                                                      |   |                         |       |   |                         |   |   |   |
| Cash      flows from financing activities:                                |   |                         |       |   |                         |   |   |   |
| Proceeds      from revolving line of credit                               |   |                         | -          |   |                         |   | 1,272,008 |   |
| Payments      on long-term debt and notes                                 |   |                         | (1,008,415 | )      |                         |   | (1,207,386 | ) |
| Net      cash provided by (used in) financing activities                  |   |                         | (1,008,415 | )      |                         |   | 64,622 |   |
|                                                                      |   |                         |       |   |                         |   |   |   |
| Net      increase (decrease) in cash                                      |   |                         | (136,582   | )      |                         |   | 152,474 |   |
|                                                                      |   |                         |       |   |                         |   |   |   |
| Cash,      beginning of period                                            |   |                         | 274,956    |   |                         |   | 531,446 |   |
|                                                                      |   |                         |       |   |                         |   |   |   |
| Cash,      end of period                                                  |   | $                            | 138,374    |   |                         | $      | 683,920 |   |
|                                                                      |   |                         |       |   |                         |   |   |   |
| Supplemental      disclosure of cash flows information:                   |   |                         |       |   |                         |   |   |   |
| Cash      paid during the period for interest                             |   | $                            | 608,585    |   |                         | $      | 638,425 |   |
|                                                                      |   |                         |       |   |                         |   |   |   |
| Cash      paid during the period for taxes                                |   | $                            | 14,430     |   |                         | $      | 100,520 |   |
|                                                                      |   |                         |       |   |                         |   |   |   |
| Supplemental      schedules of noncash investing and financing activites: |   |                         |       |   |                         |   |   |   |
| Accrued      preferred dividends                                          |   | $                            | 491,956    |   |                         | $      | 494,400 |   |
|                                                                      |   |                         |       |   |                         |   |   |   |
| Capitalization      of accrued interest on secured term notes             |   | $                            | 195,863    |   |                         | $      | 93,274 |   |
|                                                                      |   |                         |       |   |                         |   |   |   |
| Capitalization      of deferred financing costs on secured term notes     |   | $                            | -          |   |                         | $      | 100,625 |   |

----

| 2006:                              |   | Lamoriello Entities |       |   |                             |             |
|------------------------------------|--------|--------------------------|------------|--------|----------------------------------|------------------|
|                               |   |                     |       |   |                             |             |
| Fair      value of assets acquired |   | $                        | 6,656,190  |   |                             |             |   |
| Cash      paid                     |   |                     | (3,354,190 | )      |                             |             |   |
| Notes      issued                  |   |                     | -          |   |                             |             |   |
| Common      stock issued           |   |                     | (1,500,000 | )      |                             |             |   |
| Total      liabilities assumed     |   | $                        | 1,802,000  |   |                             |             |   |
|                               |   |                     |       |   |                             |             |   |
|                          |   | Alaska Pension      |       |   | Alan N. Kanter         |             |
| 2008:                              |   | Services, Ltd.      |       |   | & Associates, Inc. |             |
|                               |   |                     |       |   |                             |             |   |
| Fair      value of assets acquired |   | $                        | 1,663,443  |   |                             | $                | 2,691,916 |   |
| Cash      paid                     |   |                     | (935,761   | )      |                             |             | (2,187,951 | ) |
| Due      to sellers                |   |                     | -          |   |                             |             | - |   |
| Notes      issued                  |   |                     | (220,000   | )      |                             |             | - |   |
| Common      stock issued           |   |                     | (220,000   | )      |                             |             | - |   |
| Total      liabilities assumed     |   | $                        | 287,682    |   |                             | $                | 503,965 |   |
|                               |   |                     |       |   |                             |             |   |   |
|                               |   |                     |       |   |                             | The Pension |   |
| 2008:                              |   | REPTECH Corp.       |       |   | Group, Inc.                 |             |
|                               |   |                     |       |   |                             |             |   |   |
| Fair      value of assets acquired |   | $                        | 5,001,218  |   |                             | $                | 6,315,702 |   |
| Cash      paid                     |   |                     | (2,036,652 | )      |                             |             | (3,636,807 | ) |
| Notes      issued                  |   |                     | (922,656   | )      |                             |             | (617,500 | ) |
| Common      stock issued           |   |                     | (715,104   | )      |                             |             | (467,500 | ) |
| Total      liabilities assumed     |   | $                        | 1,326,806  |   |                             | $                | 1,593,895 |   |

----

----

|                                 |   | (Audited)                   |       |   |          |   |    |     |   |       |         |   |   | (Unaudited)              |    |
|--------------------------------------|--------|-----------------------------|------------|--------|---------------|--------|---------|----------|--------|------------|--------------|--------|--------|--------------------------|---------|
|                            |   | Balances at            |       |   | Add:          |   |    | Less:    |   |       | Add:         |   |   | Balances at         |    |
|                            |   | December 31, 2009 |       |   | New Debt |   |    | Payments |   |       | Amortization |   |   | March 31, 2010 |    |
| Senior      Term Note                |   | $                           | 12,000,000 |   |          |   |    |     |   | (1,000,000 | )            |   |   |                     |    | $ | 11,000,000 |   |
| Subordinated      Sr Note            |   |                        | 12,992,542 |   |          |   | 195,863 |     |   |       |         |   |   |                     |    |   |   | 13,188,405 |   |
| Seller      notes                    |   |                        | 2,868,489  |   |          |   |    |     |   |       |         |   |   |                     |    |   |   | 2,868,489 |   |
| Capitalized      leases              |   |                        | 62,254     |   |          |   |    |     |   |       | (8,415       | )      |   |                     |    |   |   | 53,839 |   |
|                                 |   |                        | 27,923,285 |   |          |   |    |     |   |       |         |   |   |                     |    |   |   | 27,110,733 |   |
| Less:      unamortized debt discount |   |                        | (1,454,175 | )      |          |   |    |     |   |       |         |   |   |                     | 289,535 |   |   |   | (1,164,640 | ) |
|                                 |   |                        | 26,469,110 |   |          |   |    |     |   |       |         |   |   |                     |    |   |   |   | 25,946,093 |   |
| Less:      current portion           |   |                        | (3,352,743 | )      |          |   |    |     |   |       |         |   |   |                     |    |   |   |   | (25,721,436 | ) |
|                                 |   | $                           | 23,116,367 |   |          |   |    |     |   |       |         |   |   |                     |    |   |   | $ | 224,657 |   |

----

----

----

|                                                     |   | Amended |      |
|----------------------------------------------------------|--------|---------|-----------|
|                                                     |   | 2009    |      |   | 2010 |   |
|                                                     |   | Q1      |      |   | Q2 |   |   | Q3 |   |   | Q4 |   |   | Q1 |   |
| Minimum      Adjusted EBITDA (1)                    |   |    |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Actual                                                   |   | $       | 8,798,069 |   |   | $ | 9,638,281 |   |   | $ | 8,780,797 | * |   | $ | 8,884,905 | ** |   | $ | 8,515,679 | ** |
| Covenant                                                 |   | $       | 8,400,000 |   |   | $ | 9,000,000 |   |   | $ | 9,050,000 |   |   | $ | 10,100,000 |   |   | $ | 10,700,000 |   |
|                                                     |   |    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Maximum      Leverage Ratio (2)                          |   |    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Actual                                                   |   |    | 3.11      |   |   |   | 3.05 |   |   |   | 3.48 | * |   |   | 3.42 | ** |   |   | 3.48 | ** |
| Covenant                                                 |   |    | 3.25      |   |   |   | 3.25 |   |   |   | 3.25 |   |   |   | 2.75 |   |   |   | 2.60 |   |
|                                                     |   |    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Minimum      Fixed Charge Coverage Ratio (3)             |   |    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Actual                                                   |   |    | 1.12      |   |   |   | 1.02 |   |   |   | 0.95 | * |   |   | 1.16 | ** |   |   | 0.32 | ** |
| Covenant                                                 |   |    | 1.05      |   |   |   | 1.00 |   |   |   | 1.00 |   |   |   | 1.20 |   |   |   | 1.25 |   |
|                                                     |   |    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Minimum      Interest Coverage Ratio (4)                 |   |    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Actual                                                   |   |    | 3.09      |   |   |   | 3.27 |   |   |   | 2.93 |   |   |   | 2.94 |   |   |   | 2.70 |   |
| Covenant                                                 |   |    | 2.25      |   |   |   | 2.25 |   |   |   | 2.25 |   |   |   | 2.50 |   |   |   | 2.50 |   |
|                                                     |   |    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Maximum      Ratio of Total Funded Debt to Net Worth (5) |   |    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Actual                                                   |   |    | 1.45      |   |   |   | 1.21 |   |   |   | 1.17 |   |   |   | 1.18 |   |   |   | 1.15 |   |
| Covenant                                                 |   |    | 2.00      |   |   |   | 2.00 |   |   |   | 2.00 |   |   |   | 2.00 |   |   |   | 2.00 |   |

----

|                                                                  |   | Period Ended        |       |
|-------------------------------------------------------------------------------------------|--------|--------------------------|------------|
|                                                                  |   | March 31, 2010 |       |
|                                                                                      |   |                     |       |   |
| Minimum      Adjusted EBITDA for the trailing twelve months                     |   | $                        | 8,515,679  |   |
|                                                                  |   |                     |       |   |
| Depreciation      and amortization                                              |   |                     | (8,613,047 | ) |
|                                                                  |   |                     |       |   |
| Stock      based compensation                                                   |   |                     | (363,627   | ) |
|                                                                  |   |                     |       |   |
| Change      in  fair value of derivative financial      instruments   |   |                     | 820,805    |   |
|                                                                  |   |                     |       |   |
| Contractually      specific charges to goodwill                                 |   |                     | 137,814    |   |
|                                                                  |   |                     |       |   |
| Interest      expense                                                 |   |                     | (3,151,274 | ) |
|                                                                  |   |                     |       |   |
| Debt      and other restructuring charges                                       |   |                     | (151,493   | ) |
|                                                                  |   |                     |       |   |
| Income      tax expenses                                                        |   |                     | (197,441   | ) |
|                                                                  |   |                     |       |   |
| Deferred      income tax benefit                                                |   |                     | 1,956,297  |   |
|                                                                  |   |                     |       |   |
| Preferred      stock dividends                                                  |   |                     | (1,975,156 | ) |
|                                                                  |   |                     |       |   |
| Second,      third and fourth quarter 2009 net loss available to common      stockholders |   |                     | 1,691,001  |   |
|                                                                  |   |                     |       |   |
| Net      loss available to common stockholders                                  |   | $                        | (1,330,442 | ) |

----

----

----

----

|                              |   |           |       |   |       |   |   | Weighted   |   |   |       |   |
|-----------------------------------|--------|----------------|------------|--------|------------|--------|--------|------------|--------|--------|------------|--------|
|                              |   |           |       |   |       |   |   | Average    |   |   |       |   |
|                              |   | Number      of |       |   |       |   |   | Remaining  |   |   | Aggregate  |   |
|                              |   | Shares         |       |   | Weighted   |   |   | Term       |   |   | Instrinsic |   |
|                              |   | Outstanding    |       |   | Avg. Price |   |   | (in years) |   |   | Value      |   |
|                              |   |           |       |   |       |   |   |       |   |   |       |   |
| Outstanding,      January 1, 2009 |   |           | 4,488,463  |   |       | $      | 0.80   |       |   |   | 3.07       |   |   | $ | - |   |
| Granted                           |   |           | 2,502,000  |   |       | $      | 0.20   |       |   |   |       |   |   |   |   |   |
| Exercised                         |   |           | -          |   |       | $      | -      |       |   |   |       |   |   |   |   |   |
| Forfeited                         |   |           | (1,120,500 | )      |       | $      | 0.90   |       |   |   |       |   |   |   |   |   |
| Expired                           |   |           | (25,000    | )      |       | $      | 1.00   |       |   |   |       |   |   |   |   |   |
| Outstanding,      January 1, 2010 |   |           | 5,844,963  |   |       | $      | 0.53   |       |   |   | 3.13       |   |   | $ | - |   |
| Granted                           |   |           | -          |   |       | $      | -      |       |   |   |       |   |   |   |   |   |
| Exercised                         |   |           | -          |   |       | $      | -      |       |   |   |       |   |   |   |   |   |
| Forfeited                         |   |           | -          |   |       | $      | -      |       |   |   |       |   |   |   |   |   |
| Expired                           |   |           | -          |   |       | $      | -      |       |   |   |       |   |   |   |   |   |
| Outstanding,      March 31, 2010  |   |           | 5,844,963  |   |       | $      | 0.53   |       |   |   | 2.87       |   |   | $ | - |   |
|                              |   |           |       |   |       |   |   |       |   |   |       |   |   |   |   |   |
| Exercisable,      March 31, 2010  |   |           | 5,412,463  |   |       | $      | 0.56   |       |   |   | 2.76       |   |   | $ | - |   |

|                      |   | March 31, 2010 |       |   | March 31, 2009 |   |
|---------------------------|--------|--------------------------|------------|--------|--------------------------|--------|
|                      |   |                     |       |   |                     |   |
| Options      and warrants |   |                     | 27,383,323 |   |                     |   | 27,060,519 |   |
| Preferred      stock      |   |                     | 32,789,748 |   |                     |   | 32,960,008 |   |
|                      |   |                     | 60,173,071 |   |                     |   | 60,020,527 |   |

----

|   | · | Level      1 – inputs to the valuation methodology are quoted prices (unadjusted) for      identical assets or liabilities in active  markets. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Level      2 – inputs to the valuation methodology include quoted prices for similar      assets and liabilities in active markets, and inputs that are observable      for the asset or liability, either directly or indirectly, for      substantially the full term of the financial  instrument. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Level      3 – inputs to the valuation methodology are unobservable and are      significant to the fair valuemeasurement. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------|

|                                  |   | Fair Value at Reporting Date Using |      |
|---------------------------------------|--------|-------------------------------------------------------------|-----------|
|                             |   |                                                        |      |   | Quoted Price in |   |   |   |   |   |   |   |
|                             |   |                                                        |      |   | Active Markets |   |   | Significant Other |   |   | Significant |   |
|                             |   |                                                        |      |   | for Indentical |   |   | Observable |   |   | Unobservable |   |
|                             |   |                                                        |      |   | Assets |   |   | Inputs |   |   | Inputs |   |
| Description                           |   | March 31, 2010                                    |      |   | (Level 1) |   |   | (Level 2) |   |   | (Level 3) |   |
|                                  |   |                                                        |      |   |   |   |   |   |   |   |   |   |
| Derivative      financial instruments |   | $                                                           | 1,495,588 |   |   | $ | - |   |   | $ | - |   |   | $ | 1,495,588 |   |

----

|                                                                    |   | Fair Value        |      |
|-------------------------------------------------------------------------|--------|------------------------|-----------|
|                                                               |   | Measurments            |      |
|                                                               |   | Using Significant |      |
|                                                               |   | Unobservable           |      |
|                                                               |   | Inputs                 |      |
|                                                               |   | (Level 3)         |      |
|                                                                    |   |                   |      |
| Beginning      balance - January 1, 2010                                |   | $                      | 1,724,219 |   |
| Total      (gains) losses (realized/unrealized)                         |   |                   |      |   |
| Included      in earnings (or changes in net liabilities)               |   |                   | (228,631  | ) |
|                                                                    |   |                   |      |   |
| Ending      balance - March 31, 2010                                    |   | $                      | 1,495,588 |   |
|                                                                    |   |                   |      |   |
| The      amount of total (gains) losses for the period included         |   |                   |      |   |
| in      earnings (or changes in net liabilities) attributable to    the |   |                   |      |   |
| change      in unrealized (gains) losses relating to assets still       |   |                   |      |   |
| held      at the reporting date                                         |   | $                      | (228,631  | ) |

|                                    |   | Fair Value Measurements Using |    |
|-----------------------------------------|--------|----------------------------------------------|---------|
|                                    |   |                                         |    |   | Quoted Prices in |   |   |   |   |   |   |   |   |   |   |
|                                    |   |                                         |    |   | Active Markets |   |   | Significant Other |   |   | Significant |   |   |   |   |
|                                    |   |                                         |    |   | for Indentical |   |   | Observable |   |   | Unobservable |   | Total |   |
|                                    |   |                                         |    |   | Assets |   |   | Inputs |   |   | Inputs |   |   | Gains |   |
| Description                             |   | March 31, 2010                     |    |   | (Level 1) |   |   | (Level 2) |   |   | (Level 3) |   |   | (Losses) |   |
|                                    |   |                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Intangible      assets - customer lists |   | $                                            | 633,000 |   |   | $ | - |   |   | $ | - |   |   | $ | 633,000 |   |   | $ | - |   |

----

|                              |   | Standard |    |
|-----------------------------------|--------|----------|---------|
| Assets      acquired:             |   |     |    |
| Customer      lists/relationships |   | $        | 591,000 |   |
|                              |   |     | 591,000 |   |
|                              |   |     |    |   |
| Liabilities      assumed:         |   |     |    |   |
| Unearned      revenue             |   |     | -       |   |
|                              |   |     |    |   |
| Net      purchase price           |   | $        | 591,000 |   |

----

|                                               |   | (Unaudited)                  |       |   | (Unaudited)                  |   |
|----------------------------------------------------|--------|------------------------------|------------|--------|------------------------------|--------|
|                                          |   | Three Months Ended |       |   | Three Months Ended |   |
|                                          |   | March 31, 2010     |       |   | March 31, 2009     |   |
|                                               |   |                         |       |   |                         |   |
| Revenues                                           |   | $                            | 11,174,971 |   |                         | $      | 12,898,325 |   |
|                                               |   |                         |       |   |                         |   |   |   |
| Net      loss available to common stockholders     |   | $                            | (1,330,442 | )      |                         | $      | (530,382 | ) |
|                                               |   |                         |       |   |                         |   |   |   |
| Net      loss per common stock - basic and diluted |   | $                            | (0.03      | )      |                         | $      | (0.01 | ) |

----

|   | · | annual      compensation in the amount of$475,000; |
|--------|--------|----------------------------------------------------|

|   | · | a      bonus of 50% of the base salary if certain targets set by the Board of      Directors are satisfied (the bonus shall be 65% during year two of the      agreement); |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 700,000      shares of common stock issued on January 2, 2008, 100,000 shares of common      stock issued on December 31, 2008 and 100,000 shares of common stock      issued on December 31, 2009; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | an      option to receive 800,000 shares of common stock at an exercise price of      $0.65 per share vesting half on December 31, 2008 and half on December 31,      2009; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a      housing and office allowance of $5,000 permonth |
|--------|--------|--------------------------------------------------------|

|   | · | Annual      salary of $309,000; |
|--------|--------|---------------------------------|

|   | · | For      each year under the term of the employment agreement, Mr. Davis is      eligible to receive a bonus equal to 50% of his annual salary based upon      the achievement of performance targets and objectives as established by      the Company’s Board of Directors. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Option      grant to purchase 600,000 shares of common stock of the Company at $0.20      per share of which 300,000 shares vested on April 14, 2009, 150,000 shares      vested on December 31, 2009 and 150,000 shares will vest on December 31,      2010. These options may be exercised only if authorized shares are      available. Refer to Note 8; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | A      home office and car allowance of $1,000 per month;  and |
|--------|--------|----------------------------------------------------------------|

|   | · | Continuation      of health, life and disabilityinsurance. |
|--------|--------|------------------------------------------------------------|

|   | · | Annual      salary of $200,000; |
|--------|--------|---------------------------------|

|   | · | For      each year under the term of the employment agreement, Mr. Larkin is      eligible to receive a bonus equal to 35% of his annual salary based upon      the achievement of performance targets and objectives as established by      the Company’s Board of Directors. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Option      grant to purchase 250,000 shares of common stock of the Company at $0.20      per share of which 150,000 shares vested on April 15, 2009, 50,000 shares      vested on December 31, 2009 and 50,000 shares will vest on December 31,      2010. These options may be exercised only if authorized shares are      available. Refer to Note 8; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Continuation      of health, life and disabilityinsurance. |
|--------|--------|------------------------------------------------------------|

----

----

----

|                                                          |   | (Unaudited)                  |       |   |      |   |   | (Unaudited)                  |   |   |       |   |   |                   |   |   |                   |   |
|---------------------------------------------------------------|--------|------------------------------|------------|--------|-----------|--------|--------|------------------------------|--------|--------|------------|--------|--------|------------------------|--------|--------|------------------------|--------|
|                                                     |   | Three Months Ended |       |   | % of |   |   | Three Months Ended |   |   | % of  |   |   | $ Change          |   |   | % Change          |   |
|                                                     |   | March 31, 2010     |       |   | Revenues  |   |   | March 31, 2009     |   |   | Revenues   |   |   | 2010 to 2009 |   |   | 2010 to 2009 |   |
|                                                          |   |                         |       |   |      |   |   |                         |   |   |       |   |   |                   |   |   |                   |   |
| Revenues                                                      |   | $                            | 11,174,971 |   |      |   | 100.0  | %                            |   | $      | 12,643,246 |   |   |                   | 100.0  | %      |                   | $      | (1,468,275 | ) |   |   | -11.6 | % |
|                                                          |   |                         |       |   |      |   |   |                         |   |   |       |   |   |                   |   |   |                   |   |   |   |   |   |   |   |
| Operating      expenses:                                      |   |                         |       |   |      |   |   |                         |   |   |       |   |   |                   |   |   |                   |   |   |   |   |   |   |   |
| Selling,      general and administrative expenses             |   |                         | 9,673,675  |   |      |   | 86.6   | %                            |   |   | 10,640,688 |   |   |                   | 84.2   | %      |                   |   | (967,013 | ) |   |   | -9.1 | % |
| Depreciation      and amortization                            |   |                         | 1,591,926  |   |      |   | 14.2   | %                            |   |   | 1,926,048  |   |   |                   | 15.2   | %      |                   |   | (334,122 | ) |   |   | -17.3 | % |
| Stock-based      compensation                                 |   |                         | 18,028     |   |      |   | 0.2    | %                            |   |   | 87,528     |   |   |                   | 0.7    | %      |                   |   | (69,500 | ) |   |   | -79.4 | % |
|                                                          |   |                         |       |   |      |   |   |                         |   |   |       |   |   |                   |   |   |                   |   |   |   |   |   |   |   |
| Total      operating expenses                                 |   |                         | 11,283,629 |   |      |   | 101.0  | %                            |   |   | 12,654,264 |   |   |                   | 100.1  | %      |                   |   | (1,370,635 | ) |   |   | -10.8 | % |
|                                                          |   |                         |       |   |      |   |   |                         |   |   |       |   |   |                   |   |   |                   |   |   |   |   |   |   |   |
| Net      operating income (loss)                              |   |                         | (108,658   | )      |      |   | -1.0   | %                            |   |   | (11,018    | )      |   |                   | -0.1   | %      |                   |   | (97,640 | ) |   |   | 886.2 | % |
|                                                          |   |                         |       |   |      |   |   |                         |   |   |       |   |   |                   |   |   |                   |   |   |   |   |   |   |   |
| Other      income (expenses):                                 |   |                         |       |   |      |   |   |                         |   |   |       |   |   |                   |   |   |                   |   |   |   |   |   |   |   |
| Change      in fair value of derivative financial instruments |   |                         | 228,631    |   |      |   | 2.0    | %                            |   |   | 194,471    |   |   |                   | 1.5    | %      |                   |   | 34,160 |   |   |   | 17.6 | % |
| Interest      expense                                         |   |                         | (1,294,078 | )      |      |   | -11.5  | %                            |   |   | (1,039,444 | )      |   |                   | -8.2   | %      |                   |   | (254,634 | ) |   |   | 24.5 | % |
| Debt      and other restructuring charges                     |   |                         | (91,493    | )      |      |   | -0.8   | %                            |   |   | -          |   |   |                   | 0.0    | %      |                   |   | (91,493 | ) |   |   |   |   |
| Interest,      dividend and rental income                     |   |                         | 23,916     |   |      |   | 0.2    | %                            |   |   | 8,807      |   |   |                   | 0.1    | %      |                   |   | 15,109 |   |   |   | 171.6 | % |
|                                                          |   |                         |       |   |      |   |   |                         |   |   |       |   |   |                   |   |   |                   |   |   |   |   |   |   |   |
| Total      other expense, net                                 |   |                         | (1,133,024 | )      |      |   | -10.1  | %                            |   |   | (836,166   | )      |   |                   | -6.6   | %      |                   |   | (296,858 | ) |   |   | 171.6 | % |
|                                                          |   |                         |       |   |      |   |   |                         |   |   |       |   |   |                   |   |   |                   |   |   |   |   |   |   |   |
| Net      income (loss) before income tax benefit (expense)    |   |                         | (1,241,682 | )      |      |   | -11.1  | %                            |   |   | (847,184   | )      |   |                   | -6.7   | %      |                   |   | (394,498 | ) |   |   | 35.5 | % |
|                                                          |   |                         |       |   |      |   |   |                         |   |   |       |   |   |                   |   |   |                   |   |   |   |   |   |   |   |
| Income      tax benefit (expense)                             |   |                         | 403,196    |   |      |   | 3.6    | %                            |   |   | 578,730    |   |   |                   | 4.6    | %      |                   |   | (175,534 | ) |   |   | 46.6 | % |
|                                                          |   |                         |       |   |      |   |   |                         |   |   |       |   |   |                   |   |   |                   |   |   |   |   |   |   |   |
| Net      income (loss) before preferred stock dividends       |   |                         | (838,486   | )      |      |   | -7.5   | %                            |   |   | (268,454   | )      |   |                   | -2.1   | %      |                   |   | (570,032 | ) |   |   | -30.3 | % |
|                                                          |   |                         |       |   |      |   |   |                         |   |   |       |   |   |                   |   |   |                   |   |   |   |   |   |   |   |
| Preferred      stock dividends                                |   |                         | (491,956   | )      |      |   |   |                         |   |   | (494,400   | )      |   |                   |   |   |                   |   |   |   |   |   |   |   |
|                                                          |   |                         |       |   |      |   |   |                         |   |   |       |   |   |                   |   |   |                   |   |   |   |   |   |   |   |
| Net      income (loss) available to common stockholders       |   | $                            | (1,330,442 | )      |      |   |   |                         |   | $      | (762,854   | )      |   |                   |   |   |                   |   |   |   |   |   |   |   |

----

|                                                    |   | (Unaudited)                  |      |   | (Unaudited)                  |   |       |                    |   |
|---------------------------------------------------------|--------|------------------------------|-----------|--------|------------------------------|--------|------------|-------------------------|--------|
|                                               |   | Three Months Ended |      |   | Three Months Ended |   |       | $ Change 2010 |   |
|                                               |   | March 31, 2010     |      |   | March 31, 2009     |   |       | to 2009            |   |
|                                                    |   |                         |      |   |                         |   |       |                    |   |
| Selling,      general and administrative expenses:      |   |                         |      |   |                         |   |       |                    |   |
| Salaries      and related payroll costs                 |   | $                            | 6,439,804 |   |                         | $      | 7,323,571  |                    |   | $ | (883,767 | ) |
| Rent      and utilities                                 |   |                         | 802,859   |   |                         |   | 797,247    |                    |   |   | 5,612 |   |
| Professional      fees                                  |   |                         | 737,769   |   |                         |   | 762,770    |                    |   |   | (25,001 | ) |
| Office      expenses                                    |   |                         | 473,756   |   |                         |   | 526,460    |                    |   |   | (52,704 | ) |
| Insurance      expense                                  |   |                         | 517,225   |   |                         |   | 524,933    |                    |   |   | (7,708 | ) |
| Computer      related expense                           |   |                         | 202,279   |   |                         |   | 177,279    |                    |   |   | 25,000 |   |
| Bad      debt expense                                   |   |                         | 53,171    |   |                         |   | 34,911     |                    |   |   | 18,260 |   |
| Travel      and entertainment                           |   |                         | 83,409    |   |                         |   | 104,701    |                    |   |   | (21,292 | ) |
| Commission      expense                                 |   |                         | 75,171    |   |                         |   | 68,203     |                    |   |   | 6,968 |   |
| Miscellaneous      other expenses                       |   |                         | 288,232   |   |                         |   | 320,613    |                    |   |   | (32,381 | ) |
| Total      selling, general and administrative expenses |   | $                            | 9,673,675 |   |                         | $      | 10,640,688 |                    |   | $ | (967,013 | ) |

----

|                                                                                     |   | (Unaudited)                  |       |   | (Unaudited)                  |   |
|------------------------------------------------------------------------------------------|--------|------------------------------|------------|--------|------------------------------|--------|
|                                                                                |   | Three Months Ended |       |   | Three Months Ended |   |
|                                                                                |   | March 31, 2010     |       |   | March 31, 2009     |   |
| Cash      flows from operating activities:                                               |   |                         |       |   |                         |   |
| Net      income (loss) before preferred stock dividends                                  |   | $                            | (838,486   | )      |                         | $      | (268,454 | ) |
| Adjustments      to reconcile net income (loss) before preferred stock                   |   |                         |       |   |                         |
|         dividends to net cash provided by (used in) operating      activities: |   |                         |       |   |                         |
| Depreciation      and amortization                                                       |   |                         | 1,591,926  |   |                         |   | 1,926,048 |   |
| Change      in allowance for doubtful accounts                                           |   |                         | 25,447     |   |                         |   | (1,118 | ) |
| Noncash      interest                                                                    |   |                         | 669,416    |   |                         |   | 388,289 |   |
| Stock-based      compensation                                                            |   |                         | 18,028     |   |                         |   | 87,528 |   |
| Deferred      income tax benefit                                                         |   |                         | (426,648   | )      |                         |   | (589,426 | ) |
| Change      in fair value of derivative financial instruments                            |   |                         | (228,631   | )      |                         |   | (194,471 | ) |
| Increase      (decrease) in cash attributable to changes                                 |   |                         |       |   |                         |   |   |   |
| in      operating assets and liabilities                                                 |   |                         |       |   |                         |   |   |   |
| Accounts      receivable, net                                                            |   |                         | (30,127    | )      |                         |   | (831,805 | ) |
| Prepaid      expenses and other current assets                                           |   |                         | (68,848    | )      |                         |   | 37,444 |   |
| Accounts      payable                                                                    |   |                         | 185,773    |   |                         |   | 839,652 |   |
| Unearned      revenues                                                                   |   |                         | 458,950    |   |                         |   | 20,336 |   |
| Accrued      expenses and other current liabilities                                      |   |                         | (148,605   | )      |                         |   | 368,408 |   |
| Net      cash provided by (used in) operating activities                                 |   |                         | 1,208,195  |   |                         |   | 1,782,431 |   |
|                                                                                     |   |                         |       |   |                         |   |   |   |
| Cash      flows from investing activities:                                               |   |                         |       |   |                         |   |   |   |
| Purchases      of property and equipment                                                 |   |                         | (242,187   | )      |                         |   | (142,389 | ) |
| Acquisition      of Alaska Pension Services                                              |   |                         | -          |   |                         |   | (1,476 | ) |
| Acquisition      of Lamoriello Entities                                                  |   |                         | -          |   |                         |   | (50,810 | ) |
| Acquisition      of Alan N. Kanter & Associates                                      |   |                         | (94,175    | )      |                         |   | (28,313 | ) |
| Acquisition      of REPTECH Corp                                                         |   |                         | -          |   |                         |   | (183,322 | ) |
| Acquisition      of The Pension Group, Inc.                                              |   |                         | -          |   |                         |   | (1,288,269 | ) |
| Net      cash provided by (used in) investing activities                                 |   |                         | (336,362   | )      |                         |   | (1,694,579 | ) |
|                                                                                     |   |                         |       |   |                         |   |   |   |
| Cash      flows from financing activities:                                               |   |                         |       |   |                         |   |   |   |
| Proceeds      from revolving line of credit                                              |   |                         | -          |   |                         |   | 1,272,008 |   |
| Payments      on long-term debt and notes                                                |   |                         | (1,008,415 | )      |                         |   | (1,207,386 | ) |
| Net      cash provided by (used in) financing activities                                 |   |                         | (1,008,415 | )      |                         |   | 64,622 |   |
|                                                                                     |   |                         |       |   |                         |   |   |   |
| Net      increase (decrease) in cash                                                     |   | $                            | (136,582   | )      |                         | $      | 152,474 |   |

----

----

----

----

|                                                     |   | Amended |      |
|----------------------------------------------------------|--------|---------|-----------|
|                                                     |   | 2009    |      |   | 2010 |   |
|                                                     |   | Q1      |      |   | Q2 |   |   | Q3 |   |   | Q4 |   |   | Q1 |   |
| Minimum      Adjusted EBITDA (1)                         |   |    |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Actual                                                   |   | $       | 8,798,069 |   |   | $ | 9,638,281 |   |   | $ | 8,780,797 | * |   | $ | 8,884,905 | ** |   | $ | 8,515,679 | ** |
| Covenant                                                 |   | $       | 8,400,000 |   |   | $ | 9,000,000 |   |   | $ | 9,050,000 |   |   | $ | 10,100,000 |   |   | $ | 10,700,000 |   |
|                                                     |   |    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Maximum      Leverage Ratio (2)                          |   |    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Actual                                                   |   |    | 3.11      |   |   |   | 3.05 |   |   |   | 3.48 | * |   |   | 3.42 | ** |   |   | 3.48 | ** |
| Covenant                                                 |   |    | 3.25      |   |   |   | 3.25 |   |   |   | 3.25 |   |   |   | 2.75 |   |   |   | 2.60 |   |
|                                                     |   |    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Minimum      Fixed Charge Coverage Ratio (3)             |   |    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Actual                                                   |   |    | 1.12      |   |   |   | 1.02 |   |   |   | 0.95 | * |   |   | 1.16 | ** |   |   | 0.32 | ** |
| Covenant                                                 |   |    | 1.05      |   |   |   | 1.00 |   |   |   | 1.00 |   |   |   | 1.20 |   |   |   | 1.25 |   |
|                                                     |   |    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Minimum      Interest Coverage Ratio (4)                 |   |    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Actual                                                   |   |    | 3.09      |   |   |   | 3.27 |   |   |   | 2.93 |   |   |   | 2.94 |   |   |   | 2.70 |   |
| Covenant                                                 |   |    | 2.25      |   |   |   | 2.25 |   |   |   | 2.25 |   |   |   | 2.50 |   |   |   | 2.50 |   |
|                                                     |   |    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Maximum      Ratio of Total Funded Debt to Net Worth (5) |   |    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Actual                                                   |   |    | 1.45      |   |   |   | 1.21 |   |   |   | 1.17 |   |   |   | 1.18 |   |   |   | 1.15 |   |
| Covenant                                                 |   |    | 2.00      |   |   |   | 2.00 |   |   |   | 2.00 |   |   |   | 2.00 |   |   |   | 2.00 |   |

----

|                                                                                 |   | Period Ended        |       |
|-------------------------------------------------------------------------------------------|--------|--------------------------|------------|
|                                                                                 |   | March 31, 2010 |       |
|                                                                                      |   |                     |       |   |
| Minimum      Adjusted EBITDA for the trailing twelve months                               |   | $                        | 8,515,679  |   |
|                                                                                      |   |                     |       |   |
| Depreciation      and amortization                                                        |   |                     | (8,613,047 | ) |
|                                                                                      |   |                     |       |   |
| Stock      based compensation                                                             |   |                     | (363,627   | ) |
|                                                                                      |   |                     |       |   |
| Change      in  fair value of derivative financial    instruments               |   |                     | 820,805    |   |
|                                                                                      |   |                     |       |   |
| Contractually      specific charges to goodwill                                           |   |                     | 137,814    |   |
|                                                                                      |   |                     |       |   |
| Interest      expense                                                                     |   |                     | (3,151,274 | ) |
|                                                                                      |   |                     |       |   |
| Debt      and other restructuring charges                                                 |   |                     | (151,493   | ) |
|                                                                                      |   |                     |       |   |
| Income      tax expenses                                                                  |   |                     | (197,441   | ) |
|                                                                                      |   |                     |       |   |
| Deferred      income tax benefit                                                          |   |                     | 1,956,297  |   |
|                                                                                      |   |                     |       |   |
| Preferred      stock dividends                                                            |   |                     | (1,975,156 | ) |
|                                                                                      |   |                     |       |   |
| Second,      third and fourth quarter 2009 net loss available to common      stockholders |   |                     | 1,691,001  |   |
|                                                                                      |   |                     |       |   |
| Net      loss available to common stockholders                                            |   | $                        | (1,330,442 | ) |

----

----

----

|                                    |   | (Unaudited)                           |       |   |                            |   |       |           |   |   |           |   |   |       |    |
|-----------------------------------------|--------|---------------------------------------|------------|--------|---------------------------------|--------|------------|----------------|--------|--------|----------------|--------|--------|------------|---------|
|                               |   | March 31, 2010              |       |   |                            |   |       |           |   |   |           |   |   |       |    |
|                               |   | Payments due by period |       |
|                               |   | Total                                 |       |   | Less than 1 year |   |       | 1-3 years |   |   | 3-5 years |   |   | Thereafter |    |
|                                    |   |                                  |       |   |                            |   |       |           |   |   |           |   |   |       |    |
| Operating      Lease Obligations        |   | $                                     | 5,576,889  |   |                            | $      | 2,164,095  |           |   | $      | 2,424,333      |   |   | $          | 900,906 |   |   | $ | 87,555 |   |
|                                    |   |                                  |       |   |                            |   |       |           |   |   |           |   |   |       |    |   |   |   |   |   |
| Employment      Contracts               |   | $                                     | 1,195,176  |   |                            | $      | 1,195,176  |           |   | $      | -              |   |   | $          | -       |   |   | $ | - |   |
|                                    |   |                                  |       |   |                            |   |       |           |   |   |           |   |   |       |    |   |   |   |   |   |
| Revolving      Line of Credit           |   | $                                     | 2,500,000  |   |                            | $      | 2,500,000  |           |   | $      | -              |   |   | $          | -       |   |   | $ | - |   |
|                                    |   |                                  |       |   |                            |   |       |           |   |   |           |   |   |       |    |   |   |   |   |   |
| Short      and Long Term Debt           |   | $                                     | 27,110,733 |   |                            | $      | 26,886,076 |           |   | $      | 224,657        |   |   | $          | -       |   |   | $ | - |   |
|                                    |   |                                  |       |   |                            |   |       |           |   |   |           |   |   |       |    |   |   |   |   |   |
| Total      Contractual Cash Obligations |   | $                                     | 36,382,798 |   |                            | $      | 32,745,347 |           |   | $      | 2,648,990      |   |   | $          | 900,906 |   |   | $ | 87,555 |   |

----

|   | · | Revenue      Recognition |
|--------|--------|--------------------------|

|   | · | Management's      Estimates |
|--------|--------|-----------------------------|

|   | · | Goodwill / Intangible      Assets |
|--------|--------|-----------------------------------|

|   | · | Share-based      Payments |
|--------|--------|---------------------------|

|   | · | Third      party administration – The Company earns fees for the development and      implementation of corporate and executive benefit programs, as well as      fees for the duration that these programs are  administered. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Financial      planning and investment advisory fees and securities commissions – The      Company receives commissions related to the sale of securities and certain      investment-related insurance products as well as fees for offering      financial advice through financial intermediaries and related services.      These fees are based on a percentage of assets under management and are      generally paid quarterly. The Company also charges fees for evaluations of      the performance of portfolios. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Insurance      commissions - Insurance and annuity commissions paid by insurance      companies are paid to the Company for policies sold based on a percentage      of the premium that the insurance company charges to the policyholder.      First-year commissions are calculated as a percentage of the first twelve      months premium on the policy and earned in the year that the policy is      originated. In many cases, the Company receives renewal commissions for      periods following the first year, if the policy remains in      force. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Persuasive evidence of an      arrangement between the Company and its clients    exists; |
|--------|--------|-------------------------------------------------------------------------------------------|

|   | · | Delivery of a completed product      to the client has occurred or the service has been provided to the      customer; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|

|   | · | The price to the client is fixed      and determinable; |
|--------|--------|---------------------------------------------------------|

|   | · | Collectability of the sales price      is reasonably assured. |
|--------|--------|---------------------------------------------------------------|

|   | · | As services are      rendered; |
|--------|--------|--------------------------------|

|   | · | Contingent commissions are      recorded as revenue when earned and determinable and collection is      reasonably assured. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------|

|   | · | The policy application is      substantially complete; |
|--------|--------|--------------------------------------------------------|

|   | · | The premium is      paid; |
|--------|--------|---------------------------|

|   | · | The insured party is      contractually committed to the purchase of the insurance      policy. |
|--------|--------|-------------------------------------------------------------------------------------------------|

----

----

----

----

| Number | Description |
|--------|-------------|

| 3.1 | Articles of Incorporation of the      Company, as amended (Incorporated by reference to Form S-18 filed with the      Securities and Exchange Commission on October 7,    1985)) |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | Amended and Restated Bylaws of      the Company (Incorporated by reference to Form 8-K_filed with the      Securities and Exchange Commission on April 19, 2005. (File      No.333-124161)) |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | Certificate of Designation of      Preferences, Rights and Limitations of Series B Cumulative Convertible      Preferred Stock (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on October 19, 2005. (File      No.000-51252)) |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.4 | Certificate of Designation of      Preferences, Rights and Limitations of Series C Cumulative Convertible      Preferred Stock (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on November 14, 2005. (File      No.000-51252)) |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.5 | Articles of Amendment to the      Articles of Incorporation dated August19, 2004 (Incorporated by reference      to Form SB-2 filed with the Securities and Exchange Commission on November      21, 2006 (File No.333-136790)) |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.6 | Articles of Amendment to the      Articles of Incorporation dated March 2, 2005 (Incorporated by reference      to Form SB-2 filed with the Securities and Exchange Commission on November      21, 2006 (File No.333-136790)) |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.7 | Articles of Amendment to the      Articles of Incorporation dated March 15, 2005 (Incorporated by reference      to Form SB-2 filed with the Securities and Exchange Commission on November      21, 2006 (File No.333-136790)) |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.8 | Articles of Amendment to the      Articles of Incorporation dated March 21, 2005 (Incorporated by reference      to Form SB-2 filed with the Securities and Exchange Commission on November      21, 2006 (File No.333-136790)) |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.9 | Certificate of Designation of      Preferences, Rights and Limitations of Series D Cumulative Convertible      Preferred Stock (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on March 27, 2006. (File No.      002-98138-A)) |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.10 | Certificate of Designation of      Preferences, Rights and Limitations of Series E Cumulative Convertible      Preferred Stock (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on December 26, 2006. (File No.      002-98138-A)) |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.1 | Securities Purchase Agreement      dated March 9, 2005 by and between the Company and Laurus Master Fund,      Ltd. (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on March 15, 2005. (File No.      002-98138-A)) |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | Secured Convertible Term Note      dated March 9, 2005 issued by the Company to Laurus Master Fund, Ltd.      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on March 15, 2005. (File No.      002-98138-A)) |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | Secured Convertible Term Note      dated March 9, 2005 issued by the Company to Laurus Master Fund, Ltd.      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on March 15, 2005. (File No.      002-98138-A)) |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | Common Stock Option dated March      9, 2005 issued by the Company to Laurus Master Fund, Ltd. (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      March 15, 2005. (File No.002-98138-A)) |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.5 | Master Security Agreement dated      March 9, 2005 among Fast Eddie Racing Stables, Inc., Duncan Capital      Financial Group, Inc., Pension Administration Services, Inc., Complete      Investment Management Inc. of Philadelphia, MD Bluestein, Inc. and Laurus      Master Fund, Ltd .(Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on March 15, 2005. (File No.      002-98138-A)) |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.6 | Stock Pledge Agreement dated      March 9, 2005 among Fast Eddie Racing Stables, Inc., Duncan Capital      Financial Group, Inc., Pension Administration Services, Inc., Complete      Investment Management Inc. of Philadelphia, MD Bluestein, Inc. and Laurus      Master Fund, Ltd.(Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on March 15, 2005. (File No.      002-98138-A)) |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.7 | Subsidiary Guaranty dated March      9, 2005 executed by Duncan Capital Group, Inc., Pension Administration      Services, Inc., Complete Investment Management Inc. of Philadelphia, MD      Bluestein, Inc. and Laurus Master Fund, Ltd. (Incorporated by reference to      Form 8-K filed with the Securities and Exchange Commission on March 15,      2005. (File No.002-98138-A)) |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.8 | Registration Rights Agreement      dated March 9, 2005 by and between Fast Eddie Racing Stables, Inc. and      Laurus Master Fund, Ltd. (Incorporated by reference to Form 8-K filed with      the Securities and Exchange Commission on March 15, 2005. (File No.      002-98138-A)) |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.9 | Common Stock Purchase Warrant      dated March 9, 2005 issued by Duncan Capital Financial Group, Inc. to      Richard E. Stierwalt. (Incorporated by reference to Form 8-K filed with      the Securities and Exchange Commission on March 15, 2005. (File No.      002-98138-A)) |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.10 | Common Stock Purchase Warrant      dated March 9, 2005 issued by Duncan Capital Financial Group, Inc. to      Leonard Neuhaus. (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on March 15, 2005. (File No.      002-98138-A)) |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.11 | Form of Stock Option Agreement,      dated March 9, 2005, between the Company and certain non-management      directors. (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on April 19,    2005.)) |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.12 | Securities Purchase Agreement      dated November 30, 2005 entered by and between National Investment Mangers      Inc. and Laurus Master Fund, Ltd. (Incorporated by reference to Form 8-K      filed with the Securities and Exchange Commission on December 6, 2005.      (File No.000-51252)) |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.13 | Securities Purchase Agreement      dated November 30, 2005 entered by and between National Investment Mangers      Inc. and Laurus Master Fund, Ltd. (Incorporated by reference to Form 8-K      filed with the Securities and Exchange Commission on December 6, 2005.      (File No.000-51252)) |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.14 | Securities Purchase Agreement      dated November 30, 2005 entered by and between National Investment Mangers      Inc. and Laurus Master Fund, Ltd. (Incorporated by reference to Form 8-K      filed with the Securities and Exchange Commission on December 6, 2005.      (File No.000-51252)) |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.15 | Convertible Promissory Note,      dated August 2, 2005, issued by the Company to Stephen H. Rosen.      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on August 5, 2005.(File      No.000-51252)) |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.16 | Convertible Promissory Note,      dated August 2, 2005, issued by the Company to Elizabeth Davies.      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on August 5, 2005. (File      No.000-51252)) |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.17 | Common Stock Option, dated August      2, 2005, issued by the Company to Stephen H. Rosen. (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      August 5, 2005. (FileNo.000-51252)) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.18 | Common Stock Option, dated August      2, 2005, issued by the Company to Stephen H. Rosen. (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      August 5, 2005. (FileNo.000-51252)) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.19 | Form of Subscription Agreement      for Series B Cumulative Convertible Preferred Stock (Incorporated by      reference to the Form 8-K Current Report filed with the Securities and      Exchange Commission on October 20, 2005 (File      No.000-51252)) |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.20 | Form of Subscription Agreement      for Series C Cumulative Convertible Preferred Stock (Incorporated by      reference to the Form 8-K Current Report filed with the Securities and      Exchange Commission on November 14, 2005 (File      No.000-51252)) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.21 | Amendment Agreement entered by      and between the Company and Laurus Master Fund Ltd. dated August      2006 |
|------|----------------------------------------------------------------------------------------------------------------|

| 4.22 | Securities Purchase Agreement      dated May 30, 2006 by and between National Investment Managers Inc. and      Laurus Master Fund, Ltd. (Incorporated by reference to the Form 8-K      Current Report filed with the Securities and Exchange Commission on June      5, 2006 (File No.000-51252)) |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.23 | Secured Non-Convertible Term Note      payable to Laurus Master Fund, Ltd. (Incorporated by reference to the Form      8-K Current Report filed with the Securities and Exchange Commission on      June 5, 2006 (FileNo.000-51252)) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.24 | Secured Non-Convertible Term Note      payable to Laurus Master Fund, Ltd. (Incorporated by reference to the Form      8-K Current Report filed with the Securities and Exchange Commission on      June 5, 2006 (FileNo.000-51252)) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.25 | Registration Rights Agreement      dated May 30, 2006 by and between National Investment Managers Inc. and      Laurus Master Fund, Ltd. (Incorporated by reference to the Form 8-K      Current Report filed with the Securities and Exchange Commission on June      5, 2006 (File No.000-51252)) |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.26 | Letter Agreement dated May 30,      2006 by and between National Investment Managers Inc. and Laurus Master      Fund, Ltd. (Incorporated by reference to the Form 8-K Current Report filed      with the Securities and Exchange Commission on June 5, 2006 (File      No.000-51252)) |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.27 | Amendment dated May 30, 2006 by      and between National Investment Managers Inc. and Laurus Master Fund, Ltd.      (Incorporated by reference to the Form 8-K Current Report filed with the      Securities and Exchange Commission on June 5, 2006 (File      No.000-51252)) |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.28 | Agreement dated June 14, 2006 by      and between National Investment Managers Inc. and Laurus Master Fund, Ltd.      (Incorporated by reference to the Form 8-K Current Report filed with the      Securities and Exchange Commission on June 16, 2006 (File      No.000-51252)) |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.29 | Common Stock Purchase Warrant      dated May 30, 2006 issued to Laurus Master Fund, Ltd. (Incorporated by      reference to the Form 8-K Current Report filed with the Securities and      Exchange Commission on June 16, 2006 (File      No.000-51252)) |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.30 | Letter from Laurus Master Fund,      Ltd. to National Investment Managers Inc., dated June 14, 2006      (Incorporated by reference to the Form 8-K Current Report filed with the      Securities and Exchange Commission on June 16, 2006 (File      No.000-51252)) |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.31 | Form of Subscription Agreement      for Series D Cumulative Convertible Preferred Stock (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      March 27, 2006. (File No.002-98138-A)) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.32 | Form of Common Stock Purchase      Warrant (Incorporated by reference to Form 8-K filed with the Securities      and Exchange Commission on March 27, 2006. (File No.      002-98138-A)) |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.33 | Form of Common Stock Purchase      Warrant (Incorporated by reference to Form 8-K filed with the Securities      and Exchange Commission on March 27, 2006. (File No.      002-98138-A)) |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.34 | Form of Common Stock Purchase      Warrant (Incorporated by reference to Form 8-K filed with the Securities      and Exchange Commission on December 26, 2006. (File No.      002-98138-A)) |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.35 | Revolving Line of Credit and Term      Loan Agreement by and between National Investment Managers Inc. and RBS      Citizens, National Association dated November 30, 2007 (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      December 4, 2007. (File No.000-51252)) |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.36 | Revolving Line of Credit Note      issued by National Investment Managers Inc. issued to RBS Citizens,      National Association dated November 30, 2007 (Incorporated by reference to      Form 8-K filed with the Securities and Exchange Commission on December 4,      2007. (File No. 000-51252)) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.37 | Term Promissory Note issued by      National Investment Managers Inc. issued to RBS Citizens, National      Association dated November 30, 2007 (Incorporated by reference to Form 8-K      filed with the Securities and Exchange Commission on December 4, 2007.      (File No. 000-51252)) |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.38 | Stock Pledge Agreement by and      between National Investment Managers Inc. and RBS Citizens, National      Association dated November 30, 2007 (Incorporated by reference to Form 8-K      filed with the Securities and Exchange Commission on December 4, 2007.      (File No. 000-51252)) |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.39 | Security Agreement by and between      National Investment Managers Inc. and RBS Citizens, National Association      dated November 30, 2007 (Incorporated by reference to Form 8-K filed with      the Securities and Exchange Commission on December 4, 2007. (File No.      000-51252)) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.40 | Form of Stock Pledge Agreement by      and between the subsidiaries of National Investment Managers Inc. and RBS      Citizens, National Association dated November 30, 2007 (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      December 4, 2007. (File No.000-51252) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.41 | Form of Security Agreement by and      between the subsidiaries of National Investment Managers Inc. and RBS      Citizens, National Association dated November 30, 2007 (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      December 4, 2007. (File No.000-51252)) |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.42 | Form of Guaranty by and between      the subsidiaries of National Investment Managers Inc. and RBS Citizens,      National Association dated November 30, 2007 (Incorporated by reference to      Form 8-K filed with the Securities and Exchange Commission on December 4,      2007. (File No. 000-51252)) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.43 | Securities Purchase and Loan      Agreement by and between National Investment Managers Inc. and Woodside      Capital Partners IV, LLC, Woodside Capital Partners IV QP, LLC, Lehman      Brothers Commercial Bank and Woodside Agency Services, LLC, as collateral      agent, dated November 30, 2007 (Incorporated by reference to Form 8-K      filed with the Securities and Exchange Commission on December 4, 2007.      (File No. 000-51252)) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.44 | Securities Purchase and Loan      Agreement by and between National Investment Managers Inc. and Woodside      Capital Partners IV, LLC, Woodside Capital Partners IV QP, LLC, Lehman      Brothers Commercial Bank and Woodside Agency Services, LLC, as collateral      agent, dated November 30, 2007 (Incorporated by reference to Form 8-K      filed with the Securities and Exchange Commission on December 4, 2007.      (File No. 000-51252)) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.45 | Form of Warrant exercisable at      $0.50 per share issued by National Investment Managers Inc. to Woodside      Capital Partners IV, LLC, Woodside Capital Partners IV QP, LLC, and Lehman      Brothers Commercial Bank dated November 30, 2007 (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      December 4, 2007. (File No.000-51252)) |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.46 | Form of Warrant exercisable at      $1.00 per share issued by National Investment Managers Inc. to Woodside      Capital Partners IV, LLC, Woodside Capital Partners IV QP, LLC, and Lehman      Brothers Commercial Bank dated November 30, 2007 (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      December 4, 2007. (File No.000-51252)) |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.47 | Form of Warrant exercisable at      $1.50 per share issued by National Investment Managers Inc. to Woodside      Capital Partners IV, LLC, Woodside Capital Partners IV QP, LLC, and Lehman      Brothers Commercial Bank dated November 30, 2007 (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      December 4, 2007. (File No.000-51252)) |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.48 | Registration Rights Agreement by      and between National Investment Managers Inc. and Woodside Capital      Partners IV, LLC, Woodside Capital Partners IV QP, LLC, and Lehman      Brothers Commercial Bank dated November 30, 2007 (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      December 4, 2007. (File No.000-51252)) |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.49 | Contingent Interest Payment      Agreement by and between National Investment Managers Inc. and Woodside      Capital Partners IV, LLC, Woodside Capital Partners IV QP, LLC, and Lehman      Brothers Commercial Bank dated November 30, 2007 (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      December 4, 2007. (File No.000-51252)) |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.50 | Fee Agreement by and between      National Investment Managers Inc. and Woodside Capital Partners IV, LLC,      Woodside Capital Partners IV QP, LLC, and Lehman Brothers Commercial Bank      dated November 30, 2007 (Incorporated by reference to Form 8-K filed with      the Securities and Exchange Commission on December 4, 2007. (File No.      000-51252)) |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.51 | Securities Pledge Agreement by      and between National Investment Managers Inc. and Woodside Capital      Partners IV, LLC, Woodside Capital Partners IV QP, LLC, and Lehman      Brothers Commercial Bank dated November 30, 2007 (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      December 4, 2007. (File No.000-51252)) |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.52 | Security Agreement by and between      National Investment Managers Inc., its subsidiaries and Woodside Agency      Services, LLC dated November 30, 2007 (Incorporated by reference to Form      8-K filed with the Securities and Exchange Commission on December 4, 2007.      (File No. 000-51252)) |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.53 | Guaranty by and between National      Investment Managers Inc., its subsidiaries and Woodside Agency Services,      LLC dated November 30, 2007 (Incorporated by reference to Form 8-K filed      with the Securities and Exchange Commission on December 4, 2007. (File No.      000-51252)) |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.54 | Securities Purchase Agreement by      and between National Investment Managers Inc. and Valens U.S. SPV I, LLC      and Valens Offshore SPV I, Ltd. (Incorporated by reference to Form 8-K      filed with the Securities and Exchange Commission on December 4, 2007.      (File No. 000-51252)) |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.55 | Amendment No., 1 to Revolving      Line of Credit and Term Loan Agreement by and between Citizens RBS,      National Association, and National Investment Managers Inc. (Incorporated      by reference to Form 8-K filed with the Securities and Exchange Commission      on April 8, 2008 (File No.000-51252)) |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.56 | Consent and Amendment No. 1 to      Securities Purchase and Loan Agreement by and among National Investment      Managers Inc., Woodside Capital Partners IV, LLC, Woodside Capital      Partners IV QP, LLC, Lehman Brothers Commercial Bank and Woodside Agency      Services, LLC as collateral agent (Incorporated by reference to Form 8-K      filed with the Securities and Exchange Commission on April 8, 2008 (File      No. 000-51252)) |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.57 | Amendment No., 4 to Revolving      Line of Credit and Term Loan Agreement by and between Citizens RBS,      National Association, and National Investment Managers      Inc. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.58 | Amendment No. 4 to Intercreditor      and Subordination Agreement by and between RBS Citizens, National      Association, and National Investment Managers  Inc. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.59 | Letter Agreement entered into by      and between National Investment Managers Inc., Woodside Capital Partners      V, LLC, Woodside Capital Partners V QP, LLC, Woodside Capital Partners IV,      LLC, Woodside Capital Partners IV QP, LLC and Woodside Agency Services LLC      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on November 7, 2008 (File No.      000-51252)) |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.60 | Letter Agreement entered into by      and between National Investment Managers Inc., Woodside Capital Partners      V, LLC, Woodside Capital Partners V QP, LLC, Woodside Capital Partners IV,      LLC and Woodside Capital Partners IV QP, LLC (Incorporated by reference to      Form 8-K filed with the Securities and Exchange Commission on November 7,      2008 (File No. 000-51252)) |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.61 | Stock Transfer Agreement dated      November 3, 2008 among IBF Fund Liquidating LLC, National Investment      Managers Inc., DCI Master LDC and Duncan Capital Group LLC (Incorporated      by reference to Form 8-K filed with the Securities and Exchange Commission      on November 7, 2008 (File No.000-51252)) |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.62 | Amendment      No. 1 and Allonge to Revolving Line of Credit Note by and between Citizens      RBS, National Association, and National Investment Managers Inc.      (Incorporated by reference to Form 10-K filed with the Securities and      Exchange Commission on March 31, 2009. (File No.    000-51252)) |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.63 | Amendment      No. 3 and Allonge to Term Promissory Note by and between Citizens RBS,      National Association, and National Investment Managers Inc. (Incorporated      by reference to Form 10-K filed with the Securities and Exchange      Commission on March 31, 2009. (File No.  000-51252)) |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.64 | Amendment      No. 7 to Revolving Line of Credit and Term Loan Agreement by and between      Citizens RBS, National Association, and National Investment Managers Inc.      (Incorporated by reference to Form 10-K filed with the Securities and      Exchange Commission on March 31, 2009. (File No.    000-51252)) |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.65 | Amendment      No. 7 to Intercreditor and Subordination Agreement by and between RBS      Citizens, National Association, Woodside Capital Partners IV, LLC,      Woodside Capital Partners IV QP, LLC, Woodside Capital Partners V, LLC as      assignee of Woodlands Commercial Bank (f/k/a Lehman Brothers Commercial      Bank), Woodside Capital Partners V QP, LLC as assignee of Woodlands      Commercial Bank (f/k/a Lehman Brothers Commercial Bank), and Woodside      Agency Services, LLC, as collateral agent and National Investment Managers      Inc. (Incorporated by reference to Form 10-K filed with the Securities and      Exchange Commission on March 31, 2009. (File No.    000-51252)) |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.66 | Securities      Purchase and Loan Agreement by and between National Investment Managers      Inc. and Woodside Capital Partners IV, LLC, Woodside Capital Partners IV      QP, LLC, Woodside Capital Partners V, LLC as assignee of Woodlands      Commercial Bank (f/k/a Lehman Brothers Commercial Bank), Woodside Capital      Partners V QP, LLC as assignee of Woodlands Commercial Bank (f/k/a Lehman      Brothers Commercial Bank), and Woodside Agency Services, LLC, as      collateral agent. (Incorporated by reference to Form 10-K filed with the      Securities and Exchange Commission on March 31, 2009. (File No.      000-51252)) |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.67 | Amendment      No. 2 and Allonge to Revolving Line of Credit Note by and between RBS      Citizens, National Association, and National Investment Managers Inc.      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on October 2, 2009. (File No.    333-160488)) |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.68 | Amendment      No. 9 to Revolving Line of Credit and Term Loan Agreement by and between      RBS Citizens, National Association, and National Investment Managers Inc.      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on October 2, 2009. (File No.    333-160488)) |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.69 | Consent      and Amendment No. 8 to Securities Purchase and Loan Agreement by and      between Woodside Capital Partners IV, LLC, Woodside Capital Partners IV      QP, LLC, Woodside Capital Partners V, LLC as assignee of Woodlands      Commercial Bank (f/k/a Lehman Brothers Commercial Bank), Woodside Capital      Partners V QP, LLC as assignee of Woodlands Commercial Bank (f/k/a Lehman      Brothers Commercial Bank), and Woodside Agency Services, LLC, as      collateral agent and National Investment Managers Inc. (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      October 2, 2009. (File No.333-160488)) |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.70 | Reservation      of rights by RBS Citizens, National Association (Incorporated by reference      to Form 10Q Quarterly Report filed with the Securities and Exchange      Commission on November 16, 2009 (File No.  333-160488)) |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.71 | Reservation      of rights by Woodside Capital Partners IV, LLC, Woodside Capital Partners      IV QP, LLC, Woodside Capital Partners V, LLC as assignee of Woodlands      Commercial Bank (f/k/a Lehman Brothers Commercial Bank), Woodside Capital      Partners V QP, LLC as assignee of Woodlands Commercial Bank (f/k/a Lehman      Brothers Commercial Bank), and Woodside Agency Services, LLC, as      collateral agent (Incorporated by reference to Form 10-Q Quarterly Report      filed with the Securities and Exchange Commission on November 16, 2009      (File No. 333-160488)) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.72 | Amendment      No. 3 and Allonge to Revolving Line of Credit Note and Amendment No. 10 to      Revolving Line of Credit and Term Loan Agreement by and between RBS      Citizens, National Association, and National Investment Managers Inc.      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on December 17, 2009. (File No.      333-160488)) |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.73 | 2005      Stock Option Plan (Incorporated by reference to Form S-8 filed with the      Securities and Exchange Commission on July 9, 2009. (File No.      333-160488)) |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.74 | Short-Term      Working Capital Loan by and between Woodside Capital Partners IV, LLC,      Woodside Capital Partners IV QP, LLC, Woodside Capital Partners V, LLC as      assignee of Woodlands Commercial Bank (f/k/a Lehman Brothers Commercial      Bank), Woodside Capital Partners V QP, LLC as assignee of Woodlands      Commercial Bank (f/k/a Lehman Brothers Commercial Bank), and Woodside      Agency Services, LLC, as collateral agent and National Investment Managers      Inc. (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on April 16, 2010. (File No.    333-160488)) |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.75 | Amendment      No. 11 to Revolving Line of Credit and Term Loan Agreement by and between      RBS Citizens, National Association, and National Investment Managers Inc.      (Incorporated by reference to Form 10-K filed with the Securities and      Exchange Commission on April 30, 2010. (File No.    333-160488)) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.76 | Amendment      No. 4 and Allonge to Revolving Line of Credit Note by and between RBS      Citizens, National Association, and National Investment Managers Inc.      (Incorporated by reference to Form 10-K filed with the Securities and      Exchange Commission on April 30, 2010. (File No.    333-160488)) |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.77 | Amendment      No. 4 and Allonge to Term Promissory Note by and between RBS Citizens,      National Association, and National Investment Managers Inc. (Incorporated      by reference to Form 10-K filed with the Securities and Exchange      Commission on April 30, 2010. (File No.  333-160488)) |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.78 | Amendment      No. 8 to Securities Purchase and Loan Agreement by and between Woodside      Capital Partners IV, LLC, Woodside Capital Partners IV QP, LLC, Woodside      Capital Partners V, LLC as assignee of Woodlands Commercial Bank (f/k/a      Lehman Brothers Commercial Bank), Woodside Capital Partners V QP, LLC as      assignee of Woodlands Commercial Bank (f/k/a Lehman Brothers Commercial      Bank), and Woodside Agency Services, LLC, as collateral agent and National      Investment Managers Inc. (Incorporated by reference to Form 10-K filed      with the Securities and Exchange Commission on April 30, 2010. (File No.      333-160488)) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.79 | Amendment      to Intercreditor and Subordination Agreement by and between RBS Citizens,      National Association, Woodside Capital Partners IV, LLC, Woodside Capital      Partners IV QP, LLC, Woodside Capital Partners V, LLC as assignee of      Woodlands Commercial Bank (f/k/a Lehman Brothers Commercial Bank),      Woodside Capital Partners V QP, LLC as assignee of Woodlands Commercial      Bank (f/k/a Lehman Brothers Commercial Bank), and Woodside Agency      Services, LLC, as collateral agent and National Investment Managers Inc.      (Incorporated by reference to Form 10-K filed with the Securities and      Exchange Commission on April 30, 2010. (File No.    333-160488)) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.80 | Side      Letter Fee Arrangement by and between Woodside Capital Partners IV, LLC,      Woodside Capital Partners IV QP, LLC, Woodside Capital Partners V, LLC as      assignee of Woodlands Commercial Bank (f/k/a Lehman Brothers Commercial      Bank), Woodside Capital Partners V QP, LLC as assignee of Woodlands      Commercial Bank (f/k/a Lehman Brothers Commercial Bank), and Woodside      Agency Services, LLC, as collateral agent and National Investment Managers      Inc. (Incorporated by reference to Form 10-K filed with the Securities and      Exchange Commission on April 30, 2010. (File No.    333-160488)) |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.81 | Side      Letter Repayment of Short-Term Working Capital and Participation      Arrangement by and between RBS Citizens, National Association, Woodside      Capital Partners IV, LLC, Woodside Capital Partners IV QP, LLC, Woodside      Capital Partners V, LLC as assignee of Woodlands Commercial Bank (f/k/a      Lehman Brothers Commercial Bank), Woodside Capital Partners V QP, LLC as      assignee of Woodlands Commercial Bank (f/k/a Lehman Brothers Commercial      Bank), and Woodside Agency Services, LLC, as collateral agent and National      Investment Managers Inc. (Incorporated by reference to Form 10-K filed      with the Securities and Exchange Commission on April 30, 2010. (File No.      333-160488)) |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.82 | Termination      Agreement by and between Woodside Capital Partners IV, LLC, Woodside      Capital Partners IV QP, LLC, Woodside Capital Partners V, LLC as assignee      of Woodlands Commercial Bank (f/k/a Lehman Brothers Commercial Bank),      Woodside Capital Partners V QP, LLC as assignee of Woodlands Commercial      Bank (f/k/a Lehman Brothers Commercial Bank), and Woodside Agency      Services, LLC, as collateral agent and National Investment Managers Inc.      (Incorporated by reference to Form 10-K filed with the Securities and      Exchange Commission on April 30, 2010. (File No.    333-160488)) |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1 | Agreement and Plan of      Reorganization, dated as of February 18, 2005 by and among Fast Eddie      Racing Stables, Inc, Glenn A. Little, Duncan Capital Financial Group, Inc.      and FERS Acquisition Corp. (Incorporated by reference to Form 8-K filed      with the Securities and Exchange Commission on February 23,      2005) |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | Employment Agreement, dated as of      December 23, 2004, between Duncan Capital Financial Group, Inc. and      Richard E. Stierwalt. (Incorporated by reference to Form 8-K filed with      the Securities and Exchange Commission on March 15,      2005) |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3 | Employment Agreement, dated as of      January 1, 2005, between Duncan Capital Financial Group, Inc. and Leonard      Neuhaus. (Incorporated by reference to Form 8-K filed with the Securities      and Exchange Commission on March 15,  2005) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4 | 12% Senior Secured Note, dated      January 27, 2005, in the original principal amount of $350,000, delivered      by Duncan Capital Financial Group, Inc. to CAMOFI Master LDC (formerly      known as DCOFI Master LDC) (Incorporated by reference to Form SB-2      Registration Statement filed with the Securities and Exchange Commission      on April 19, 2005. (FileNo.333-124161)) |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.5 | Securities Purchase Agreement,      dated as of January 27, 2005, between Duncan Capital Financial Group, Inc.      and CAMOFI Master LDC(Incorporated by reference to Form SB-2 filed with      the Securities and Exchange Commission on April 19, 2005. (File      No.333-124161)) |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.6 | Security Agreement, dated as of      January 27, 2005, among Duncan Capital Financial Group, Inc., Pension      Administration Services, Inc., Complete Investment Management Inc. of      Philadelphia, MD Bluestein Inc. and CAMOFI Master LDC. (Incorporated by      reference to Form SB-2_filed with the Securities and Exchange Commission      on April 19, 2005. (FileNo.333-124161)) |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.7 | Subsidiary Guarantee, dated as of      January 27, 2005, among Duncan Capital Financial Group, Inc., Pension      Administration Services, Inc., Complete Investment Management Inc. of      Philadelphia and MD Bluestein Inc. in favor of CAMOFI Master LDC.      (Incorporated by reference to Form SB-2/A_filed with the Securities and      Exchange Commission on June 17, 2005. (File      No.333-124161)) |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.8 | 12% Senior Secured Note, dated      May 4, 2005, in the original principal amount of $150,000, delivered by      Duncan Capital Financial Group, Inc. to CAMOFI Master LDC. (Incorporated      by reference to Form SB-2/A_filed with the Securities and Exchange      Commission on June 17, 2005. (File  No.333-124161)) |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.9 | Agreement, dated as of June 15,      2005, between the Company and Richard Berman. (Incorporated by reference      to Form 8-K filed with the Securities and Exchange Commission on June 17,      2005.) |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.10 | Asset Purchase Agreement between      National Investment Mangers Inc. and American Benefit Resources, Inc.      dated November 1, 2005 (Incorporated by reference to Form 8-K filed with      the Securities and Exchange Commission on November 4, 2005. (File      No.000-51252)) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.11 | A/R Escrow Agreement by and among      National Investment Mangers Inc., JP Morgan Chase Bank, N.A. and American      Benefit Resources, Inc. dated November 30, 2005 (Incorporated by reference      to Form 8-K filed with the Securities and Exchange Commission on December      6, 2005. (File No.000-51252) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.12 | Indemnification Escrow Agreement      by and among National Investment Mangers Inc., JP Morgan Chase Bank, N.A.      and American Benefit Resources, Inc. dated November 30, 2005 (Incorporated      by reference to Form 8-K filed with the Securities and Exchange Commission      on December 6, 2005. (FileNo.000-51252) |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.13 | Registration Rights Agreement      between National Investment Mangers Inc., American Benefit Resources, Inc.      and Arthur J. Steinberg as manager of IBF Fund Liquidating LLC dated      November 30, 2005 (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on December 6, 2005. (File      No.000-51252)) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.14 | Stock Purchase Agreement, dated      August 2, 2005, among the Company, Stephen H. Rosen Associates, Inc.,      Stephen H. Rosen and Elizabeth Davies. (Incorporated by reference to Form      8-K filed with the Securities and Exchange Commission on August 5, 2005.      (File No.000-51252)) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.15 | Stock Purchase Agreement, dated      August 2, 2005, among the Company, Haddon Strategic Alliances, Inc. and      John Ermilio. (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on August 5, 2005. (File      No.000-51252)) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.16 | Employment Agreement, dated as of      August 2, 2005, between the Company and Stephen H. Rosen. (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      August 5, 2005. (FileNo.000-51252)) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.17 | Noncompetition Agreement, dated      as of August 2, 2005, between the Company and Stephen H. Rosen.      (Incorporated by reference to Form 8-Kfiled with the Securities and      Exchange Commission on August 5, 2005 (File      No.000-51252)) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.18 | Noncompetition Agreement, dated      as of August 2, 2005, between the Company and John Ermilio. (Incorporated      by reference to Form 8-K filed with the Securities and Exchange Commission      on August 5, 2005. (FileNo.000-51252)) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.19 | Agreement and Plan of Merger      Dated as of January 4, 2006 by and among Jack C. Holland, Steven R. Eyer,      Valley Forge Enterprises, Ltd., VFE Merger Corp. and National Investment      Managers Inc. (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on January 12, 2006. (File      No.000-51252)) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.20 | Employment Agreement dated      January 1, 2006 by and between Steven R. Eyer and Valley Forge      Enterprises, Ltd (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on January 12, 2006. (File      No.000-51252)) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.21 | Employment Agreement dated      January 1, 2006 by and between Jack C. Holland and Valley Forge      Enterprises, Ltd. (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on January 12, 2006. (File      No.000-51252)) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.22 | Non-Competition, Non-Disclosure      and Non-Solicitation Agreement dated January 1, 2006 by and between Steven      R. Eyer and National Investment Managers Inc. (Incorporated by reference      to Form 8-K filed with the Securities and Exchange Commission on January      12, 2006. (FileNo.000-51252)) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.23 | Non-Competition, Non-Disclosure      and Non-Solicitation Agreement dated January 1, 2006 by and between Jack      C. Holland and National Investment Managers Inc. (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      January 12, 2006. (FileNo.000-51252)) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.24 | Employment Agreement dated March      1, 2006 by and between Leonard Neuhaus and the Company (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      March 6, 2006. (FileNo.000-51252) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.25 | Consulting Agreement dated March      1, 2006 by and between Richard Stierwalt and the Company (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      March 6, 2006. (FileNo.000-51252)) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.26 | Employment Agreement dated March      2006 by and between Steven Ross and the Company (Incorporated by reference      to Form 8-K filed with the Securities and Exchange Commission on March 17,      2006.) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.27 | Consulting Agreement dated      January 1, 2006 by and between DC Associates LLC and the Company      (Incorporated by reference to Form 10-KSB filed with the Securities and      Exchange Commission on March 31,2006.) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.28 | Put Agreement entered by and      among American Benefit Resources, Inc., IBF Fund Liquidating LLC and      Duncan Capital Group LLC |
|-------|--------------------------------------------------------------------------------------------------------------------------------------|

| 10.29 | Exhibit number was intentionally      not used. |
|-------|-------------------------------------------------|

| 10.30 | Stock Purchase Agreement by and      between National Investment Managers Inc., The LAMCO Group, Inc.,      Lamoriello & Co., Inc., Circle Pension, Inc., Southeastern Pension      Services, Inc. and Nicholas J. Lamoriello (Incorporated by reference to      Form 8-K filed with the Securities and Exchange Commission on October 10,      2006. (File No. 000-51252)) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.31 | Stock Option issued to Nicholas      J. Lamoriello (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on October 10, 2006. (File No.      000-51252)) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.32 | Escrow Agreement entered by and      between National Investment Managers Inc. and The LAMCO Group, Inc.      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on October 10, 2006. (File No.      000-51252)) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.33 | Cross Sales Agreement entered      between National Investment Managers Inc. and The LAMCO Group, Inc.      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on October 10, 2006. (File No.      000-51252)) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.34 | Technology Agreement entered      between National Investment Managers Inc. and The LAMCO Group, Inc.      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on October 10, 2006. (File No.      000-51252)) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.35 | Management entered between      National Investment Managers Inc., Nicholas J. Lamoriello and Stephen R.      Zito (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on October 10, 2006. (File No.      000-51252)) |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.36 | Non-Competition, Non-Disclosure      and Non-Solicitation Agreement between National Investment Managers Inc.,      Nicholas J. Lamoriello and The LAMCO Group, Inc. (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      October 10, 2006. (File No.000-51252)) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.37 | Joinder Agreement between Laurus      Master Fund, Ltd., Lamoriello & Co. Inc., Circle Pension, Inc., and      Southeastern Pension Services, Inc. (Incorporated by reference to Form 8-K      filed with the Securities and Exchange Commission on October 10, 2006.      (File No. 000-51252)) |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.38 | Employment Agreement dated      October 24, 2006 by and between Steven Ross and the Company. (Incorporated      by reference to Form 8-K filed with the Securities and Exchange Commission      on October 26, 2006. (File No.  000-51252)) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.39 | Stock Purchase Agreement by and      between National Investment Managers Inc., National Actuarial Pension      Services, Inc., Charles McLeod and Mary H. McLeod (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      December 4, 2006. (File No.000-51252)) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.40 | Promissory Note issued by      National Investment Managers Inc. to Charles McLeod and Mary H. McLeod      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on December 4, 2006. (File No.      000-51252)) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.41 | Promissory Note issued by      National Investment Managers Inc. to Charles McLeod and Mary H. McLeod      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on December 4, 2006. (File No.      000-51252) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.42 | Promissory Note issued by      National Investment Managers Inc. to Charles McLeod and Mary H. McLeod      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on December 4, 2006. (File No.      000-51252)) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.43 | Employment Agreement entered      between National Investment Managers Inc. and Mary McLeod (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      December 4, 2006. (File No.000-51252)) |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.44 | Non-Competition, Non-Disclosure      and Non-Solicitation Agreement between National Investment Managers Inc.      and Charles McLeod and Mary H. McLeod. (Incorporated by reference to Form      8-K filed with the Securities and Exchange Commission on December 4, 2006.      (File No. 000-51252)) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.45 | Joinder Agreement between Laurus      Master Fund, Ltd. and National Actuarial Pension Services, Inc.      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on December 4, 2006. (File No.      000-51252)) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.46 | Joinder Agreement between Laurus      Master Fund, Ltd. and National Actuarial Pension Services, Inc.      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on December 4, 2006. (File No.      000-51252)) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.47 | Agreement between National      Investment Managers Inc. and Duncan Capital Group LLC, a Delaware limited      liability company and DCI Master LDC. (Incorporated by reference to Form      8-K filed with the Securities and Exchange Commission on December 22,      2006. (File No. 000-51252)) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.48 | Stock Purchase Agreement by and      between National Investment Managers Inc., Benefit Dynamics, Inc., Jo Ann      Massanova and Carmen Laverghetta (Incorporated by reference to Form 8-K      filed with the Securities and Exchange Commission on January 4, 2007.      (File No. 000-51252)) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.49 | Form of Promissory Note issued by      National Investment Managers Inc. payable March 2, 2008 (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      January 4, 2007. (File No.000-51252)) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.50 | Form of Promissory Note issued by      National Investment Managers Inc. payable March 2, 2009 (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      January 4, 2007. (File No.000-51252)) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.51 | Employment Agreement entered      between Benefit Dynamics, Inc. and Jo Ann Massanova (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      January 4, 2007. (File No.000-51252)) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.52 | Employment Agreement entered      between Benefit Dynamics, Inc. and Carmen Laverghetta (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      January 4, 2007. (File No.000-51252)) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.53 | Non-Competition, Non-Disclosure      and Non-Solicitation Agreement between National Investment Managers Inc.      and Jo Ann Massanova (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on January 4, 2007. (File No.      000-51252)) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.54 | Non-Competition, Non-Disclosure      and Non-Solicitation Agreement between National Investment Managers Inc.      and Jo Ann Massanova (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on January 4, 2007. (File No.      000-51252)) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.55 | Joinder Agreement between Laurus      Master Fund, Ltd. and Benefit Dynamics, Inc. (Incorporated by reference to      Form 8-K filed with the Securities and Exchange Commission on January 4,      2007. (File No. 000-51252)) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.56 | Stock Option Agreement entered by      and between the Company and Jo Ann Massanova (Incorporated by reference to      Form 8-K filed with the Securities and Exchange Commission on January 4,      2007. (File No. 000-51252)) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.57 | Stock Purchase Agreement by and      between National Investment Managers Inc., Renee J. Conner, William      Renninger and The Pension Alliance, Inc. (Incorporated by reference to      Form 8-K filed with the Securities and Exchange Commission on March 6,      2007. (File No. 000-51252)) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.58 | Promissory Note issued by      National Investment Managers Inc. to Renee J. Conner due April 28, 2008      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on March 6, 2007. (File No.      000-51252)) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.59 | Promissory Note issued by      National Investment Managers Inc. to William Renninger due April 28, 2008      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on March 6, 2007. (File No.      000-51252)) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.60 | Promissory Note issued by      National Investment Managers Inc. to Renee J. Conner due April 28, 2009      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on March 6, 2007. (File No.      000-51252)) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.61 | Promissory Note issued by      National Investment Managers Inc. to Renee J. Conner due April 28, 2009      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on March 6, 2007. (File No.      000-51252)) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.62 | Employment Agreement entered      between National Investment Managers Inc. and Renee J. Conner      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on March 6, 2007. (File No.      000-51252)) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.63 | Non-Competition, Non-Disclosure      and Non-Solicitation Agreement between National Investment Managers Inc.      and Charles McLeod and Mary H. McLeod. (Incorporated by reference to Form      8-K filed with the Securities and Exchange Commission on March 6, 2007.      (File No. 000-51252)) |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.64 | Non-Competition, Non-Disclosure      and Non-Solicitation Agreement between National Investment Managers Inc.      and Charles McLeod and Mary H. McLeod. (Incorporated by reference to Form      8-K filed with the Securities and Exchange Commission on March 6, 2007.      (File No.000-51252)) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.65 | Stock Purchase Agreement by and      between National Investment Managers Inc., Pentec, Inc., Pentec Capital      Management, Inc. and Michael E. Callahan (Incorporated by reference to      Form 8-K filed with the Securities and Exchange Commission on March 6,      2007. (File No. 000-51252)) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.66 | Promissory Note issued by      National Investment Managers Inc. to Michael E. Callahan (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      March 6, 2007. (File No.000-51252)) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.67 | Employment Agreement entered      between Pentec, Inc., Pentec Capital Management, Inc. and Michael Callahan      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on March 6, 2007. (File No.      000-51252)) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.68 | Non-Competition, Non-Disclosure      and Non-Solicitation Agreement between National Investment Managers Inc.      and Michael Callahan (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on March 6, 2007. (File No.      000-51252)) |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.69 | Addendum to Employment Agreement      by and between the Company and Steven J. Ross (Incorporated by reference      to Form 8-K filed with the Securities and Exchange Commission on March 29,      2007. (File No. 000-51252)) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.70 | Addendum to Employment Agreement      by and between the Company and Leonard Neuhaus (Incorporated by reference      to Form 8-K filed with the Securities and Exchange Commission on March 29,      2007. (File No. 000-51252)) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.71 | Employment Agreement by and      between the Company and John Davis (Incorporated by reference to Form 8-K      filed with the Securities and Exchange Commission on March 29, 2007. (File      No. 000-51252)) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.72 | Second Omnibus Amendment and      Waiver, dated as of May 2, 2007, by and between National Investment      Managers, Inc. and Laurus Master Fund, Ltd. (Incorporated by reference to      Form 8-K filed with the Securities and Exchange Commission on May 7, 2007.      (File No. 000-51252)) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.73 | Second Omnibus Amendment and      Waiver, dated as of May 2, 2007, by and between National Investment      Managers, Inc. and Laurus Master Fund, Ltd. (Incorporated by reference to      Form 8-K filed with the Securities and Exchange Commission on May 7, 2007.      (File No. 000-51252)) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.74 | Second Omnibus Amendment and      Waiver, dated as of May 2, 2007, by and between National Investment      Managers, Inc. and Laurus Master Fund, Ltd. (Incorporated by reference to      Form 8-K filed with the Securities and Exchange Commission on May 7, 2007.      (File No. 000-51252)) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.75 | Employment Agreement by and      between National Investment Managers Inc. and Steven Ross (to be filed by      amendment) (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on December 4, 2007. (File No.      000-51252)) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.76 | Agreement by and between National      Investment Managers Inc. and DC Associates LLC (“DCA”), and Michael Crow      (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on December 4, 2007. (File No.      000-51252)) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.77 | Amendment No. 1 to the Agreement,      dated as of November 30, 2007 by and among National Investment Managers      Inc. Duncan Capital Group LLC and DCI Master LDC (Incorporated by      reference to Form 8-K filed with the Securities and Exchange Commission on      December 4, 2007. (File No.000-51252)) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.78 | Stock Purchase Agreement among      National Investment Managers Inc., California Investment Annuity Sales,      Inc., Richard L. Kaplan and Hana E. Kaplan Inter Vivos Trust Agreement      dated 1/29/97 as amended and restated 1/10/03 and Anthony Delfino dated      April 3, 2008 (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on April 8, 2008. (File No.      000-51252)) |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.79 | Employment Agreement by and      between Richard L. Kaplan and VEBA Administrators, Inc. dated April 3,      2008 (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on April 8, 2008. (File No.      000-51252)) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.80 | Consulting Agreement by and      between Anthony S. Delfino and VEBA Administrators, Inc. dated April 3,      2008 (Incorporated by reference to Form 8-K filed with the Securities and      Exchange Commission on April 8, 2008. (File No.      000-51252)) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.81 | Non-Disclosure and      Non-Solicitation Agreement by and between Anthony S. Delfino and National      Investment Managers Inc. dated April 3, 2008 (Incorporated by reference to      Form 8-K filed with the Securities and Exchange Commission on April 8,      2008. (File No. 000-51252)) |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.82 | Non-Disclosure and      Non-Solicitation Agreement by and between Richard Kaplan and National      Investment Managers Inc. dated April 3, 2008 (Incorporated by reference to      Form 8-K filed with the Securities and Exchange Commission on April 8,      2008. (File No. 000-51252)) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.83 | Promissory Note payable to      Anthony S. Delfino (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on April 8, 2008. (File No.      000-51252)) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.84 | Promissory Note payable to      Richard Kaplan (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on April 8, 2008. (File No.      000-51252)) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.85 | Settlement Agreement and Release      by and between Renee J. Conner, William E. Renninger and National      Investment Managers Inc. dated May 15, 2008. (Incorporated by reference to      the Form 10Q Quarterly Report filed with the Securities and Exchange      Commission on May 15, 2008. (File No.  000-51252)) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.86 | Promissory Note issued by      National Investment Managers, Inc. to Renee J. Conner and William E.      Renninger due April 30, 2009 (Incorporated by reference to the Form 10Q      Quarterly Report filed with the Securities and Exchange Commission on May      15, 2008. (File No.000-51252)) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.87 | Promissory Note issued by      National Investment Managers, Inc. to Renee J. Conner and William E.      Renninger due October 31, 2009 (Incorporated by reference to the Form 10Q      Quarterly Report filed with the Securities and Exchange Commission on May      15, 2008. (File No.000-51252)) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.88 | Addendum to the Employment      Agreement by and between National Investment Managers Inc. and John M.      Davis (Incorporated by reference to the Form 10Q Quarterly Report filed      with the Securities and Exchange Commission on August 14, 2008. (File No.      000-51252)) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.89 | Agreement by and between National      Investment Managers Inc. and Richard  Berman. |
|-------|--------------------------------------------------------------------------------------|

| 10.90 | Stock Purchase Agreement by and      among National Investment Managers, Pension Technical Services, Inc.,      Ralph W. Shaw and Eileen A. Baldwin-Shaw (Incorporated by reference to      Form 8-K filled with the Securities and Exchange Commission on October 6,      2008. (File No. 000-51252)) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.91 | Promissory Note issued to Ralph      W. Shaw and Eileen A. Baldwin-Shaw due December 2009 (Incorporated by      reference to Form 8-K filled with the Securities and Exchange Commission      on October 6, 2008. (File No.000-51252)) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.92 | Promissory Note issued to Ralph      W. Shaw and Eileen A. Baldwin-Shaw due December 2010 (Incorporated by      reference to Form 8-K filled with the Securities and Exchange Commission      on October 6, 2008. (File No.000-51252)) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.93 | Employment Agreement entered by      and between Pension Technical Services, Inc. and Ralph W. Shaw      (Incorporated by reference to Form 8-K filled with the Securities and      Exchange Commission on October 6, 2008. (File No.      000-51252)) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.94 | Employment Agreement entered by      and between Pension Technical Services, Inc. and Eileen A. Baldwin-Shaw      (Incorporated by reference to Form 8-K filled with the Securities and      Exchange Commission on October 6, 2008. (File No.      000-51252)) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.95 | Stock      Purchase Agreement by and among National Investment Managers, Peter R.      Stephan, individually and as Trustee of The Stephan Family Trust Dated      August 2, 1993, James R. Norman, Jr., individually and as Trustee of The      Norman Living Trust Dated December 7, 2005, Rise Spiegel, individually and      as Trustee of The Rise Norris Spiegel Trust Dated November 16, 2005 and      the Pension Group, Inc. (Incorporated by reference to Form 8-K/A filed      with the Securities and Exchange Commission on December 3, 2008. (File No.      000-51252)) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.96 | Promissory      Note issued to Peter R. Stephan, James R. Norman, Jr. and Rise Spiegel due      January 2010 (Incorporated by reference to Forms 8-K and 8-K/A filed with      the Securities and Exchange Commission on December 1, 2008 and December 3,      2008, respectively. (File No.000-51252)) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.97 | Promissory      Note issued to Peter R. Stephan, James R. Norman, Jr. and Rise Spiegel due      January 2011 (Incorporated by reference to Forms 8-K and 8-K/A filed with      the Securities and Exchange Commission on December 1, 2008 and December 3,      2008, respectively. (File No.000-51252)) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.98 | Employment      Agreement entered by and between The Pension Group, Inc. and Peter R.      Stephan (Incorporated by reference to Forms 8-K and 8-K/A filed with the      Securities and Exchange Commission on December 1, 2008 and December 3,      2008, respectively. (File No.000-51252)) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.99 | Employment      Agreement entered by and between The Pension Group, Inc. and James R.      Norman, Jr. (Incorporated by reference to Forms 8-K and 8-K/A filed with      the Securities and Exchange Commission on December 1, 2008 and December 3,      2008, respectively. (File No.000-51252)) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.100 | Employment      Agreement entered by and between The Pension Group, Inc. and Rise Spiegel.      (Incorporated by reference to Forms 8-K and 8-K/A filed with the      Securities and Exchange Commission on December 1, 2008 and December 3,      2008, respectively. (File No.000-51252)) |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.101 | Promissory      Note issued by National Investment Managers, Inc. to Renee J. Conner and      William E. Renninger due March 1, 2010. (Incorporated by reference to Form      10K filed with the Securities and Exchange Commission on March 31, 2009.      (File No. 000-51252)) |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.102 | Promissory      Note issued by National Investment Managers, Inc. to Renee J. Conner and      William E. Renninger due March 1, 2010. (Incorporated by reference to Form      10K filed with the Securities and Exchange Commission on March 31, 2009.      (File No. 000-51252)) |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.103 | Promissory      Note issued by National Investment Managers, Inc. to Michael E. Callahan      due December 1, 2009. (Incorporated by reference to Form 10K filed with      the Securities and Exchange Commission on March 31, 2009. (File No.      000-51252)) |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.104 | Promissory      Note issued by National Investment Managers, Inc. to Richard Kaplan due      June 15, 2010. (Incorporated by reference to Form 10K filed with the      Securities and Exchange Commission on March 31, 2009. (File No.      000-51252)) |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.105 | Promissory      Note issued by National Investment Managers, Inc. to Anthony Delfino due      June 15, 2010. (Incorporated by reference to Form 10K filed with the      Securities and Exchange Commission on March 31, 2009. (File No.      000-51252)) |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.106 | Employment      Agreement entered by and between the Company and John M. Davis dated April      14, 2009 (Incorporated by reference to the Form 10Q Quarterly Report filed      with the Securities and Exchange Commission on May 15, 2009. (File No.      000-51252)) |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.107 | Employment      Agreement entered by and between the Company and Christopher W. Larkin      dated April 15, 2009 (Incorporated by reference to the Form 10Q Quarterly      Report filed with the Securities and Exchange Commission on May 15, 2009.      (File No. 000-51252)) |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.108 | Amendment      No. 1 to Subordinated Promissory Notes by and between National Investment      Managers Inc., James R. Norman, Jr., Peter R. Stephan and Rise Norris      Spiegel due January 2010 and January 2011. (Incorporated by reference to      Form 8-K filed with the Securities and Exchange Commission on October 2,      2009. (File No. 333-160488)) |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.109 | Amendment      No. 1 to Promissory Notes by and between National Investment Managers      Inc., Ralph W. Shaw and Eileen A. Baldwin-Shaw due December 2009 and      December 2010. (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on October 2, 2009. (File No.      333-160488)) |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.110 | Amendment      No. 1 to Promissory Note by and between National Investment Managers Inc.      and Richard L. Kaplan due June 15, 2010. (Incorporated by reference to      Form 8-K filed with the Securities and Exchange Commission on October 2,      2009. (File No. 333-160488)) |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.111 | Amendment      No. 1 to Promissory Note by and between National Investment Managers Inc.      and Anthony S. Delfino due June 15, 2010. (Incorporated by reference to      Form 8-K filed with the Securities and Exchange Commission on October 2,      2009. (File No. 333-160488)) |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.112 | Amendment      No. 1 to Promissory Note by and between National Investment Managers Inc.,      Renee J. Conner and William E. Renninger due March 1, 2010. (Incorporated      by reference to Form 8-K filed with the Securities and Exchange Commission      on October 2, 2009. (File No.333-160488)) |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 21.1        | List      of subsidiaries of the Company. (Incorporated by reference to Form 10-K      filed with the Securities and Exchange Commission on March 30, 2009 (File      No. 000-51252)) |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.1 | Certification      of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) as      adopted pursuant to Section 302 of the Sarbanes-Oxley Act of      2002. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.2 | Certification of the Chief      Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) as adopted      pursuant to Section 302 of the Sarbanes-Oxley Act of      2002 |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32     | Certification      of the Chief Executive Officer and the Chief Financial Officer pursuant to      18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                  |
| 32.1   | Certification of Chief Executive      Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section      906 of the Sarbanes-Oxley Act of2002                                            |

| 32.2 | Certification      of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted      pursuant to Section 906 of the Sarbanes-Oxley Act of  2002. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 99.1 | Press      Release dated November 3, 2009, referencing asset purchase from Standard      Retirement Services (Incorporated by reference to Form 8-K filed with the      Securities and Exchange Commission on November 3, 2009. (File No.      333-160488)) |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Dated:      May 14, 2010 | /s/      Steven J. Ross        |
|--------------------------|--------------------------------|
|                     | Steven      J. Ross            |
|                     | Chief      Executive Officer   |
|                     |                           |
| Dated:      May 14, 2010 | /s/      Christopher W. Larkin |
|                     | Christopher      W. Larkin     |
|                     | Chief      FinancialOfficer    |

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