Document:

Exhibit
10.113

       

      
        

         

        AMENDMENT
NO. 1 TO EMPLOYMENT AGREEMENT

         

         

        This Amendment No. 1 to the Employment
Agreement (“Amendment”) is by and between Steven J. Ross (“Executive”) and
National Investment Managers Inc. (the “Company”), effective as of August 12,
2010.

         

         

        Whereas,
reference is made to a certain Employment Agreement (“Employment Agreement”)
between Executive and the Company dated November 30, 2007. All capitalized terms
used herein and not otherwise defined herein shall have the meanings as set
forth in the Employment Agreement;

         

         

        Whereas,
the Company and Executive are amending the terms of the Employment
Agreement;

         

         

        Now,
Therefore, for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, Executive and the Company hereby agree as
follows:

         

        
          	
                  1.  

                	
                  Amend
      Section 2 by replacing it in its entirety with the following “The Term of
      the Agreement shall expire on March 31, 2011 (the “Stated Termination
      Date”), unless terminated earlier pursuant to section
  11.”

                

        

        

        
          	
                  2.  

                	
                  Section
      5 shall expire as of December 31, 2010 and shall not be effective for the
      period beginning January 1, 2011.

                

        

        

        
          	
                  3.  

                	
                  Amend
      11(b) by deleting “without extension as described in Section
      2”.

                

        

        

        
          	
                  4.  

                	
                  Replace
      section 11(f) in its entirety with the
  following:

                

        

        

        
          	
                  (1)  

                	
                  If
      Executive’s employment is terminated by Company other than for Cause,
      Executive shall be entitled to receive payment of his current base salary
      through the Stated Termination Date and the targeted bonus compensation
      pursuant hereto payable for such year and medical and other insurance
      benefits through the Stated Termination Date on a basis that is consistent
      with medical benefits provided to other employees.  Payments
      under this clause (1) shall preclude any other compensation to Executive
      (including, without limitation, any other payment under this Section
      11(f)).

                

        

        

        
          	
                  (2)  

                	
                  In
      the event a Change in Control occurs on or prior to the Stated Termination
      Date and provided that Executive is still employed by the Company on the
      date of such Change in Control, to reward Executive for his contributions
      and efforts to the company related to the recapitalization process,
      Executive shall receive a one-time single payment, which shall preclude
      any other compensation to Executive (including, without limitation, any
      other payment under this Section 11(f)), in the amount of seven hundred
      thousand dollars; provided that, in the event that Executive’s employment
      is terminated by the Company other than for Cause prior to such date,
      Executive shall be entitled the payment under this clause (2). Payment
      shall be made within one (1) business day after a Change of
      Control.  In addition, Company shall provide Executive with
      medical benefits through December 31, 2011 on a basis that is consistent
      with medical benefits provided to other employees should Executive’s
      employment be terminated related to a Change of
  Control.

                

        

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        Exhibit 10.113

        
          	
                  (3)  

                	
                  As
      a condition to the salary and benefit continuation under this Section
      11(f), Executive must first execute and deliver to Company, in a form
      prepared by Company, a release of all claims against Company and other
      appropriate parties, excluding Company’s performance under this Section
      11(f) and of Executive’s vested rights under any Company sponsored
      retirement plans, 401(k) plans and stock ownership
      plans.  Executive shall also be entitled to reimbursement of all
      expenses.

                

        

         

        
          	
                  5.  

                	
                  Section
      12(c) of the Employment Agreement is hereby
  deleted.

                

        

         

        
          	
                  6.  

                	
                  No
      other changes to the Employment Agreement are made, except as expressly
      set forth herein.

                

        

         

        
          	
                  7.  

                	
                  This
      Amendment shall be binding upon and inure to the benefit of the parties
      hereto and their respective successors and assign, and no other parties
      shall be a beneficiary hereunder.  Neither this Amendment nor
      any of the provisions hereof can be changed, waived, discharged or
      terminated except by a written instrument signed by the party against whom
      enforcement the change, waiver, discharge or termination is
      sought.

                

        

         

        
          	
                  8.  

                	
                  This
      Amendment may be signed in counterparts, each of which shall be deemed an
      original and all of which, when taken together, shall constitute one and
      the same instrument.  Signatures delivered by facsimile
      transmission shall have the same force and effect as original signatures
      delivered in person.

                

        

         

        [Remainder
of Page Intentionally Blank – Signature Page Follows]

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        Exhibit 10.113

        
 

        IN
WITNESS WHEREOF, the parties have executed this Amendment as of the day and year
first above written.

         

         

        

         

         

        NATIONAL
INVESTMENT MANAGERS
INC.                                                                                            STEVEN
J. ROSS

         

        By:
_/s/ John M.
Davis____________                                                                                                           By:_/s/ Steven J.
Ross______________

        Name:
John M. Davis

        Title:    President
& COOExhibit
10.114

       

      
        AMENDMENT
NO. 1 TO EMPLOYMENT AGREEMENT

        

        This Amendment No. 1 to the Employment
Agreement (“Amendment”) is by and between John M. Davis (“Executive”) and
National Investment Managers Inc. (the “Company”), effective as of August 12,
2010.

        

        Whereas,
reference is made to a certain Employment Agreement (“Employment Agreement”)
between Executive and the Company dated April 14, 2009. All capitalized terms
used herein and not otherwise defined herein shall have the meanings as set
forth in the Employment Agreement;

        

        Whereas,
the Company and Executive are amending the terms of the Employment
Agreement;

        

        Now,
Therefore, for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, Executive and the Company hereby agree as
follows:

        

        
          	
                  1.  

                	
                  Amend
      Section 2 by replacing it in its entire with the
      following:  “The term of employment under this Agreement shall
      commence on the Effective Date and shall continue, unless otherwise
      terminated earlier pursuant to Section 11, until June 30, 2011. (the
      “Term”).”

                

        

        

        
          	
                  2.  

                	
                  Section
      5 shall expire as of December 31, 2010 and shall not be effective for the
      period beginning January 1, 2011.

                

        

        

        
          	
                  3.  

                	
                  Amend
      11(b) by deleting “without extension as described in Section
      2.”

                

        

        

        
          	
                  4.  

                	
                  Replace
      section 11(f) in its entirety with the
  following:

                

        

        

        
          	
                  (1)  

                	
                  If
      Executive’s employment is terminated by Company other than for Cause, in
      addition to the amounts payable under Section 11(e), Executive shall be
      entitled to receive a one-time single payment, which shall preclude any
      other compensation to Executive (including, without limitation, any other
      payment under this Section 11(f); however, any such payment shall not
      exclude any recapitalization incentive under Section 5.1), equivalent to
      all base and targeted bonus compensation for one year, and the Company
      shall provide medical benefits through December 31, 2011 on a basis that
      is consistent with medical benefits provided to other
      employees.

                

        

        

        
          	
                  (2)  

                	
                  In
      the event of a Change in Control, to reward Executive for his
      contributions and efforts to the company related to the recapitalization
      process, in addition to the amounts payable under 11(e), Executive shall
      receive a one-time single payment, which shall preclude any other
      compensation to Executive (including, without limitation, any other
      payment under this Section 11(f); however,
      any such payment shall not exclude any recapitalization incentive under
      Section 5.1), a lump sum payment equivalent to one year of his base salary
      and targeted bonus compensation. Payment shall be made within one (1)
      business day after a Change of Control.  In addition, Company
      shall provide Executive with medical benefits through December 31, 2011 on
      a consistent basis as provided to other employees should Executive’s
      employment be terminated related to a Change of
  Control.

                

        

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        Exhibit 10.114

        
          	
                  (3)  

                	
                  As
      a condition to the salary and benefit continuation under this Section
      11(f), Executive must first execute and deliver to Company, in a form
      prepared by Company, a release of all claims against Company and other
      appropriate parties, excluding Company’s performance under this Section
      11(f) and of Executive’s vested rights under any Company sponsored
      retirement plans, 401(k) plans and stock ownership
      plans.  Executive shall also be entitled to reimbursement of all
      expenses.

                

        

        

        
          	
                  5.  

                	
                  Add
      Section 11(g):  If Executive’s employment terminates at end of
      Term, Company shall be obligated to pay such Executive’s base salary up to
      the date of termination.

                

        

        

        
          	
                  6.  

                	
                  Add
      a Section 5.1 as follows:

                

        

        

        5.1  Recapitalization
Incentives.

        

        
          	
                  a.  

                	
                  Executive
      shall be compensated for work related to a recapitalization effort as
      follows:

                

        

        
          	
                  (i)  

                	
                  Working
      with the Company’s financial advisor to provide information related to
      financial reporting, including budgeting cash flows, cash accounts and
      compliance with established revenue and disbursement
    budgets.

                

        

        
          	
                  (ii)  

                	
                  Developing
      an expense improvement plan, in conjunction with the Company’s financial
      advisor, by which the Company shall reduce its operating expenses. Working
      to achieve the milestones and targets contained in such plan by the dates
      set forth therein.

                

        

        
          	
                  (iii)  

                	
                  Collaborating
      with the Company’s financial advisor regarding due diligence, preparing
      the offering memorandum, preparing presentation, updating the data site,
      reviewing recapitalization alternatives, negotiating relevant
      recapitalization documents and agreements, and closing a
      transaction.

                

        

        

        
          	
                  b.  

                	
                  The
      recapitalization incentive shall be fifty percent of the amount in Section
      4 of the Employment Agreement to be paid as $2,581.46 bi-monthly (with the
      exception of the first payment for August 13, 2010 which shall be
      $7,744.37), and as part of the Company’s normal payroll, until the close
      of a recapitalization transaction, at which time the unpaid amount of the
      incentive shall be paid.  Notwithstanding any other term herein,
      upon the close of a recapitalization transaction this Section 5.1 and all
      payments hereunder shall become fully vested, earned, accrued, and
      immediately payable.  Executive shall be entitled to the full
      and complete recapitalization incentive provided he does not voluntarily
      resign or is not terminated for
Cause.

                

        

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        Exhibit 10.114

        
          	
                  7.  

                	
                  No
      other changes to the Employment Agreement are made, except as expressly
      set forth herein.

                

        

        

        
          	
                  8.  

                	
                  This
      Amendment shall be binding upon and inure to the benefit of the parties
      hereto and their respective successors and assign, and no other parties
      shall be a beneficiary hereunder.  Neither this Amendment nor
      any of the provisions hereof can be changed, waived, discharged or
      terminated except by a written instrument signed by the party against whom
      enforcement the change, waiver, discharge or termination is
      sought.

                

        

        

        
          	
                  9.  

                	
                  This
      Amendment may be signed in counterparts, each of which shall be deemed an
      original and all of which, when taken together, shall constitute one and
      the same instrument.  Signatures delivered by facsimile
      transmission shall have the same force and effect as original signatures
      delivered in person.

                

        

        

        [Remainder
of Page Intentionally Blank – Signature Page Follows]

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        Exhibit 10.114

        
 

        IN
WITNESS WHEREOF, the parties have executed this Amendment as of the day and year
first above written.

         

        

        NATIONAL
INVESTMENT MANAGERS
INC.                                                                                         
JOHN M. DAVIS

        

        By:_/s/ Steven J.
Ross___________                                                                                                           By:_/s/ John M.
Davis_____

        Name:
Steve. J. Ross

        Title:    CEO

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