Document:

REGISTRATION RIGHTS AGREEMENT

      This Registration Rights Agreement (this "Agreement") is made and entered
into as of May 30 2006, by and between NATIONAL INVESTMENT MANAGERS INC., a
Florida corporation (the "Company"), and Laurus Master Fund, Ltd. (the
"Purchaser").

      WHEREAS, the parties hereto are party to that certain Securities Purchase
Agreement, dated as of the date hereof, by and between the Purchaser and the
Company (as amended, modified or supplemented from time to time, the "Securities
Purchase Agreement").

      NOW, THEREFORE, the Company and the Purchaser hereby agree as follows:

      1. Definitions. Capitalized terms used and not otherwise defined herein
that are defined in the Securities Purchase Agreement, shall have the meanings
given such terms in the Securities Purchase Agreement. As used in this
Agreement, the following terms shall have the following meanings:

            "Commission" means the Securities and Exchange Commission.

            "Common Stock" means shares of the Company's common stock, par value
$0.001 per share.

            "Effectiveness Date" means (i) with respect to the initial
Registration Statement required to be filed hereunder, a date no later than one
hundred eighty (180) days from the date hereof and (ii) with respect to each
additional Registration Statement required to be filed hereunder, a date no
later than thirty (30) days following the applicable Filing Date.

            "Effectiveness Period" shall have the meaning set forth in Section
2(a).

            "Exchange Act" means the Securities Exchange Act of 1934, as
amended, and any successor statute.

            "Filing Date" means, (i) with respect to the initial Registration
Statement required to be filed hereunder, a date no later than sixty (60) days
from the date hereof with the Commission, and (ii) with respect to any
additional Registration Statement required to be filed hereunder (including,
without limitation, (x) with respect to shares of Common Stock issuable to the
Holder as a result of adjustments to the Exercise Pricemade pursuant to the
Securities Purchase Agreement or the Warrant or otherwise, thirty (30) days
after the occurrence such event or adjustment.

            "Holder" or "Holders" means the Purchaser or any of its affiliates
or transferees to the extent any of them hold Registrable Securities.

            "Indemnified Party" shall have the meaning set forth in Section
5(c).

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            "Indemnifying Party" shall have the meaning set forth in Section
5(c).

            "Related Agreements" shall mean the "Related Agreements" as such
term is defined in the Securities Purchase Agreement.

            " Securities Purchase Agreement" shall have the meaning provided
above.

            "Proceeding" means an action, claim, suit, investigation or
proceeding (including, without limitation, an investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

            "Prospectus" means the prospectus included in the Registration
Statement (including, without limitation, a prospectus that includes any
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable
Securities covered by the Registration Statement, and all other amendments and
supplements to the Prospectus, including post-effective amendments, and all
material incorporated by reference or deemed to be incorporated by reference in
such Prospectus.

            "Registrable Securities" means the shares of Common Stock issuable
upon the exercise of the Warrant.

            "Registration Statement" means each registration statement required
to be filed hereunder, including the Prospectus, amendments and supplements to
such registration statement or Prospectus, including pre- and post-effective
amendments, all exhibits thereto, and all material incorporated by reference or
deemed to be incorporated by reference in such registration statement.

            "Rule 144" means Rule 144 promulgated by the Commission pursuant to
the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

            "Rule 415" means Rule 415 promulgated by the Commission pursuant to
the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

            "Rule 424" means Rule 424 promulgated by the Commission pursuant to
the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

            "Securities Act" means the Securities Act of 1933, as amended, and
any successor statute.

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<PAGE>

            "Trading Market" means any of the NASD OTCBB, NASDAQ Capital Market,
the Nasdaq National Market, the American Stock Exchange or the New York Stock
Exchange.

            "Warrant" means the Common Stock purchase warrant issued pursuant to
the Securities Purchase Agreement.

      2. Registration.

            (a) On or prior to the applicable Filing Date the Company shall
      prepare and file with the Commission a Registration Statement covering the
      Registrable Securities for an offering to be made on a continuous basis
      pursuant to Rule 415. The Registration Statement shall be on Form SB-2
      (except if the Company is not then eligible to register for resale the
      Registrable Securities on Form SB-2, in which case such registration shall
      be on another appropriate form in accordance herewith). The Company shall
      cause such Registration Statement to become effective and remain effective
      as provided herein. The Company shall use its best efforts to cause such
      Registration Statement to be declared effective under the Securities Act
      as promptly as possible after the filing thereof, but in any event no
      later than the Effectiveness Date. The Company shall use its best efforts
      to keep such Registration Statement continuously effective under the
      Securities Act until the date which is the earlier date of when (i) all
      Registrable Securities have been sold or (ii) all Registrable Securities
      may be sold immediately without registration under the Securities Act and
      without volume restrictions pursuant to Rule 144(k), as determined by the
      counsel to the Company pursuant to a written opinion letter to such
      effect, addressed and acceptable to the Company's transfer agent and the
      affected Holders (the "Effectiveness Period").

            (b) Within three business days of the Effectiveness Date, the
      Company shall cause its counsel to issue a blanket opinion in the form
      attached hereto as Exhibit A, to the transfer agent stating that the
      shares are subject to an effective registration statement and can be
      reissued free of restrictive legend upon notice of a sale by the Purchaser
      and confirmation by the Purchaser that it has complied with the prospectus
      delivery requirements, provided that the Company has not advised the
      transfer agent orally or in writing that the opinion has been withdrawn.
      Copies of the blanket opinion required by this Section 2(c) shall be
      delivered to the Purchaser within the time frame set forth above.

            (c) The Purchaser hereby confirms to the Company that the Purchaser
      has waived any and all liquidated damages arising out of the Company's
      inability to fulfill its obligations to file a registration statement, or
      to have such registration statement declared effective, pursuant to the
      March Registration Rights Agreement.

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<PAGE>

      3. Registration Procedures. If and whenever the Company is required by the
provisions hereof to effect the registration of any Registrable Securities under
the Securities Act, the Company will, as expeditiously as possible:

            (a) prepare and file with the Commission the Registration Statement
      with respect to such Registrable Securities, respond as promptly as
      possible to any comments received from the Commission, and use its best
      efforts to cause the Registration Statement to become and remain effective
      for the Effectiveness Period with respect thereto, and promptly provide to
      the Purchaser copies of all filings and Commission letters of comment
      relating thereto;

            (b) prepare and file with the Commission such amendments and
      supplements to the Registration Statement and the Prospectus used in
      connection therewith as may be necessary to comply with the provisions of
      the Securities Act with respect to the disposition of all Registrable
      Securities covered by the Registration Statement and to keep such
      Registration Statement effective until the expiration of the Effectiveness
      Period;

            (c) furnish to the Purchaser such number of copies of the
      Registration Statement and the Prospectus included therein (including each
      preliminary Prospectus) as the Purchaser reasonably may request to
      facilitate the public sale or disposition of the Registrable Securities
      covered by the Registration Statement;

            (d) use its best efforts to register or qualify the Purchaser's
      Registrable Securities covered by the Registration Statement under the
      securities or "blue sky" laws of such jurisdictions within the United
      States as the Purchaser may reasonably request, provided, however, that
      the Company shall not for any such purpose be required to qualify
      generally to transact business as a foreign corporation in any
      jurisdiction where it is not so qualified or to consent to general service
      of process in any such jurisdiction;

            (e) list the Registrable Securities covered by the Registration
      Statement with any securities exchange on which the Common Stock of the
      Company is then listed;

            (f) immediately notify the Purchaser at any time when a Prospectus
      relating thereto is required to be delivered under the Securities Act, of
      the happening of any event of which the Company has knowledge as a result
      of which the Prospectus contained in such Registration Statement, as then
      in effect, includes an untrue statement of a material fact or omits to
      state a material fact required to be stated therein or necessary to make
      the statements therein not misleading in light of the circumstances then
      existing; and

            (g) on reasonable prior notice, make available for inspection by the
      Purchaser and any attorney, accountant or other agent retained by the
      Purchaser, all publicly available, non-confidential financial and other
      records, pertinent corporate documents and properties of the Company, and
      cause the Company's officers, directors and employees to supply all
      publicly available, non-confidential information reasonably requested by
      the attorney, accountant or agent of the Purchaser.

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<PAGE>

      4. Registration Expenses. All expenses relating to the Company's
compliance with Sections 2 and 3 hereof, including, without limitation, all
registration and filing fees, printing expenses, fees and disbursements of
counsel and independent public accountants for the Company, fees and expenses
(including reasonable counsel fees) incurred in connection with complying with
state securities or "blue sky" laws, fees of the NASD, transfer taxes, fees of
transfer agents and registrars, fees of, and reasonable disbursements incurred
by, one counsel for the Holders (to the extent such counsel is required due to
Company's failure to meet any of its obligations hereunder), are called
"Registration Expenses". All selling commissions applicable to the sale of
Registrable Securities, including any fees and disbursements of any special
counsel to the Holders beyond those included in Registration Expenses, are
called "Selling Expenses." The Company shall only be responsible for all
Registration Expenses.

      5. Indemnification.

            (a) In the event of a registration of any Registrable Securities
      under the Securities Act pursuant to this Agreement, the Company will
      indemnify and hold harmless the Purchaser, and its officers, directors and
      each other person, if any, who controls the Purchaser within the meaning
      of the Securities Act, against any losses, claims, damages or liabilities,
      joint or several, to which the Purchaser, or such persons may become
      subject under the Securities Act or otherwise, insofar as such losses,
      claims, damages or liabilities (or actions in respect thereof) arise out
      of or are based upon any untrue statement or alleged untrue statement of
      any material fact contained in any Registration Statement under which such
      Registrable Securities were registered under the Securities Act pursuant
      to this Agreement, any preliminary Prospectus or final Prospectus
      contained therein, or any amendment or supplement thereof, or arise out of
      or are based upon the omission or alleged omission to state therein a
      material fact required to be stated therein or necessary to make the
      statements therein not misleading, and will reimburse the Purchaser, and
      each such person for any reasonable legal or other expenses incurred by
      them in connection with investigating or defending any such loss, claim,
      damage, liability or action; provided, however, that the Company will not
      be liable in any such case if and to the extent that any such loss, claim,
      damage or liability arises out of or is based upon an untrue statement or
      alleged untrue statement or omission or alleged omission so made in
      conformity with information furnished by or on behalf of the Purchaser or
      any such person in writing specifically for use in any such document.

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<PAGE>

            (b) In the event of a registration of the Registrable Securities
      under the Securities Act pursuant to this Agreement, the Purchaser will
      indemnify and hold harmless the Company, and its officers, directors and
      each other person, if any, who controls the Company within the meaning of
      the Securities Act, against all losses, claims, damages or liabilities,
      joint or several, to which the Company or such persons may become subject
      under the Securities Act or otherwise, insofar as such losses, claims,
      damages or liabilities (or actions in respect thereof) arise out of or are
      based upon any untrue statement or alleged untrue statement of any
      material fact which was furnished in writing by the Purchaser to the
      Company expressly for use in (and such information is contained in) the
      Registration Statement under which such Registrable Securities were
      registered under the Securities Act pursuant to this Agreement, any
      preliminary Prospectus or final Prospectus contained therein, or any
      amendment or supplement thereof, or arise out of or are based upon the
      omission or alleged omission to state therein a material fact required to
      be stated therein or necessary to make the statements therein not
      misleading, and will reimburse the Company and each such person for any
      reasonable legal or other expenses incurred by them in connection with
      investigating or defending any such loss, claim, damage, liability or
      action, provided, however, that the Purchaser will be liable in any such
      case if and only to the extent that any such loss, claim, damage or
      liability arises out of or is based upon an untrue statement or alleged
      untrue statement or omission or alleged omission so made in conformity
      with information furnished in writing to the Company by or on behalf of
      the Purchaser specifically for use in any such document. Notwithstanding
      the provisions of this paragraph, the Purchaser shall not be required to
      indemnify any person or entity in excess of the amount of the aggregate
      net proceeds received by the Purchaser in respect of Registrable
      Securities in connection with any such registration under the Securities
      Act.

            (c) Promptly after receipt by a party entitled to claim
      indemnification hereunder (an "Indemnified Party") of notice of the
      commencement of any action, such Indemnified Party shall, if a claim for
      indemnification in respect thereof is to be made against a party hereto
      obligated to indemnify such Indemnified Party (an "Indemnifying Party"),
      notify the Indemnifying Party in writing thereof, but the omission so to
      notify the Indemnifying Party shall not relieve it from any liability
      which it may have to such Indemnified Party other than under this Section
      5(c) and shall only relieve it from any liability which it may have to
      such Indemnified Party under this Section 5(c) if and to the extent the
      Indemnifying Party is prejudiced by such omission. In case any such action
      shall be brought against any Indemnified Party and it shall notify the
      Indemnifying Party of the commencement thereof, the Indemnifying Party
      shall be entitled to participate in and, to the extent it shall wish, to
      assume and undertake the defense thereof with counsel satisfactory to such
      Indemnified Party, and, after notice from the Indemnifying Party to such
      Indemnified Party of its election so to assume and undertake the defense
      thereof, the Indemnifying Party shall not be liable to such Indemnified
      Party under this Section 5(c) for any legal expenses subsequently incurred
      by such Indemnified Party in connection with the defense thereof; if the
      Indemnified Party retains its own counsel, then the Indemnified Party
      shall pay all fees, costs and expenses of such counsel, provided, however,
      that, if the defendants in any such action include both the Indemnified
      Party and the Indemnifying Party and the Indemnified Party shall have
      reasonably concluded that there may be reasonable defenses available to it
      which are different from or additional to those available to the
      Indemnifying Party or if the interests of the Indemnified Party reasonably
      may be deemed to conflict with the interests of the Indemnifying Party,
      the Indemnified Party shall have the right to select one separate counsel
      and to assume such legal defenses and otherwise to participate in the
      defense of such action, with the reasonable expenses and fees of such
      separate counsel and other expenses related to such participation to be
      reimbursed by the Indemnifying Party as incurred.

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<PAGE>

            (d) In order to provide for just and equitable contribution in the
      event of joint liability under the Securities Act in any case in which
      either (i) the Purchaser, or any officer, director or controlling person
      of the Purchaser, makes a claim for indemnification pursuant to this
      Section 5 but it is judicially determined (by the entry of a final
      judgment or decree by a court of competent jurisdiction and the expiration
      of time to appeal or the denial of the last right of appeal) that such
      indemnification may not be enforced in such case notwithstanding the fact
      that this Section 5 provides for indemnification in such case, or (ii)
      contribution under the Securities Act may be required on the part of the
      Purchaser or such officer, director or controlling person of the Purchaser
      in circumstances for which indemnification is provided under this Section
      5; then, and in each such case, the Company and the Purchaser will
      contribute to the aggregate losses, claims, damages or liabilities to
      which they may be subject (after contribution from others) in such
      proportion so that the Purchaser is responsible only for the portion
      represented by the percentage that the public offering price of its
      securities offered by the Registration Statement bears to the public
      offering price of all securities offered by such Registration Statement,
      provided, however, that, in any such case, (A) the Purchaser will not be
      required to contribute any amount in excess of the public offering price
      of all such securities offered by it pursuant to such Registration
      Statement; and (B) no person or entity guilty of fraudulent
      misrepresentation (within the meaning of Section 10(f) of the Act) will be
      entitled to contribution from any person or entity who was not guilty of
      such fraudulent misrepresentation.

      6. Representations and Warranties.

            (a) The Common Stock of the Company is registered pursuant to
      Section 12(b) or 12(g) of the Exchange Act and, except with respect to
      certain matters which the Company has disclosed to the Purchaser on
      Schedule 4.21 to the Securities Purchase Agreement, the Company has timely
      filed all proxy statements, reports, schedules, forms, statements and
      other documents required to be filed by it under the Exchange Act. The
      Company has filed (i) its Annual Report on Form 10-K for its fiscal year
      ended December 31, 2004 and (ii) its Quarterly Report on Form 10-Q for the
      fiscal quarters ended March 31, 2005, June 30, 2005 and September 30, 2005
      (collectively, the "SEC Reports"). Each SEC Report was, at the time of its
      filing, in substantial compliance with the requirements of its respective
      form and none of the SEC Reports, nor the financial statements (and the
      notes thereto) included in the SEC Reports, as of their respective filing

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<PAGE>

      dates, contained any untrue statement of a material fact or omitted to
      state a material fact required to be stated therein or necessary to make
      the statements therein, in light of the circumstances under which they
      were made, not misleading. The financial statements of the Company
      included in the SEC Reports comply as to form in all material respects
      with applicable accounting requirements and the published rules and
      regulations of the Commission or other applicable rules and regulations
      with respect thereto. Such financial statements have been prepared in
      accordance with generally accepted accounting principles ("GAAP") applied
      on a consistent basis during the periods involved (except (i) as may be
      otherwise indicated in such financial statements or the notes thereto or
      (ii) in the case of unaudited interim statements, to the extent they may
      not include footnotes or may be condensed) and fairly present in all
      material respects the financial condition, the results of operations and
      the cash flows of the Company and its subsidiaries, on a consolidated
      basis, as of, and for, the periods presented in each such SEC Report.

            (b) The Common Stock is listed for trading on the NASD OTCBB and
      satisfies all requirements for the continuation of such listing. The
      Company has not received any notice that its Common Stock will be delisted
      from the NASD OTCBB (except for prior notices which have been fully
      remedied) or that the Common Stock does not meet all requirements for the
      continuation of such listing.

            (c) Neither the Company, nor any of its affiliates, nor any person
      acting on its or their behalf, has directly or indirectly made any offers
      or sales of any security or solicited any offers to buy any security under
      circumstances that would cause the offering of the Securities pursuant to
      the Securities Purchase Agreement and the Related Agreements to be
      integrated with prior offerings by the Company for purposes of the
      Securities Act which would prevent the Company from selling the Common
      Stock pursuant to Rule 506 under the Securities Act, or any applicable
      exchange-related stockholder approval provisions, nor will the Company or
      any of its affiliates or subsidiaries take any action or steps that would
      cause the offering of such Securities to be integrated with other
      offerings.

            (d) The Warrant and the shares of Common Stock which the Purchaser
      may acquire pursuant to the Warrant are all restricted securities under
      the Securities Act as of the date of this Agreement. The Company will not
      issue any stop transfer order or other order impeding the sale and
      delivery of any of the Registrable Securities at such time as such
      Registrable Securities are registered for public sale or an exemption from
      registration is available, except as required by federal or state
      securities laws.

            (e) The Company understands the nature of the Registrable Securities
      issuable upon the exercise of the Warrant and recognizes that the issuance
      of such Registrable Securities may have a potential dilutive effect. The
      Company specifically acknowledges that its obligation to issue the
      Registrable Securities is binding upon the Company and enforceable
      regardless of the dilution such issuance may have on the ownership
      interests of other shareholders of the Company.

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<PAGE>

      (f) Except for agreements made in the ordinary course of business, there
      is no agreement that has not been filed with the Commission as an exhibit
      to a registration statement or to a form required to be filed by the
      Company under the Exchange Act, the breach of which could reasonably be
      expected to have a material and adverse effect on the Company and its
      subsidiaries, or would prohibit or otherwise interfere with the ability of
      the Company to enter into and perform any of its obligations under this
      Agreement in any material respect.

      (g) The Company will at all times have authorized and reserved a
      sufficient number of shares of Common Stock for the the exercise of the
      Warrant.

      7. Miscellaneous.

            (a) Remedies. In the event of a breach by the Company or by a
      Holder, of any of their respective obligations under this Agreement, each
      Holder or the Company, as the case may be, in addition to being entitled
      to exercise all rights granted by law and under this Agreement, including
      recovery of damages, will be entitled to specific performance of its
      rights under this Agreement.

            (b) No Piggyback on Registrations. Except as and to the extent
      specified in Schedule 7(b) hereto, neither the Company nor any of its
      security holders (other than the Holders in such capacity pursuant hereto)
      may include securities of the Company in any Registration Statement other
      than the Registrable Securities, and the Company shall not after the date
      hereof enter into any agreement providing any such right for inclusion of
      shares in the Registration Statement to any of its security holders.
      Except as and to the extent specified in Schedule 7(b) hereto, the Company
      has not previously entered into any agreement granting any registration
      rights with respect to any of its securities to any Person that have not
      been fully satisfied.

            (c) Compliance. Each Holder covenants and agrees that it will comply
      with the prospectus delivery requirements of the Securities Act as
      applicable to it in connection with sales of Registrable Securities
      pursuant to the Registration Statement.

            (d) Discontinued Disposition. Each Holder agrees by its acquisition
      of such Registrable Securities that, upon receipt of a notice from the
      Company of the occurrence of a Discontinuation Event (as defined below),
      such Holder will forthwith discontinue disposition of such Registrable
      Securities under the applicable Registration Statement until such Holder's
      receipt of the copies of the supplemented Prospectus and/or amended
      Registration Statement or until it is advised in writing (the "Advice") by
      the Company that the use of the applicable Prospectus may be resumed, and,
      in either case, has received copies of any additional or supplemental
      filings that are incorporated or deemed to be incorporated by reference in
      such Prospectus or Registration Statement. The Company may provide
      appropriate stop orders to enforce the provisions of this paragraph. For

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      purposes of this Section 7(d), a "Discontinuation Event" shall mean (i)
      when the Commission notifies the Company whether there will be a "review"
      of such Registration Statement and whenever the Commission comments in
      writing on such Registration Statement (the Company shall provide true and
      complete copies thereof and all written responses thereto to each of the
      Holders); (ii) any request by the Commission or any other Federal or state
      governmental authority for amendments or supplements to such Registration
      Statement or Prospectus or for additional information; (iii) the issuance
      by the Commission of any stop order suspending the effectiveness of such
      Registration Statement covering any or all of the Registrable Securities
      or the initiation of any Proceedings for that purpose; (iv) the receipt by
      the Company of any notification with respect to the suspension of the
      qualification or exemption from qualification of any of the Registrable
      Securities for sale in any jurisdiction, or the initiation or threatening
      of any Proceeding for such purpose; and/or (v) the occurrence of any event
      or passage of time that makes the financial statements included in such
      Registration Statement ineligible for inclusion therein or any statement
      made in such Registration Statement or Prospectus or any document
      incorporated or deemed to be incorporated therein by reference untrue in
      any material respect or that requires any revisions to such Registration
      Statement, Prospectus or other documents so that, in the case of such
      Registration Statement or Prospectus, as the case may be, it will not
      contain any untrue statement of a material fact or omit to state any
      material fact required to be stated therein or necessary to make the
      statements therein, in light of the circumstances under which they were
      made, not misleading.

            (e) Piggy-Back Registrations. If at any time during the
      Effectiveness Period there is not an effective Registration Statement
      covering all of the Registrable Securities and the Company shall determine
      to prepare and file with the Commission a registration statement relating
      to an offering for its own account or the account of others under the
      Securities Act of any of its equity securities, other than on Form S-4 or
      Form S-8 (each as promulgated under the Securities Act) or their then
      equivalents relating to equity securities to be issued solely in
      connection with any acquisition of any entity or business or equity
      securities issuable in connection with stock option or other employee
      benefit plans, then the Company shall send to each Holder written notice
      of such determination and, if within fifteen days after receipt of such
      notice, any such Holder shall so request in writing, the Company shall
      include in such registration statement all or any part of such Registrable
      Securities such holder requests to be registered to the extent the Company
      may do, subject to customary underwriter cutbacks applicable to all
      holders of registration rights and subject to obtaining any required
      consent of any selling stockholder(s) to such inclusion under such
      registration statement; provided, however, that if securities are being
      registered for the account of persons or entities as well as the
      Purchaser, such reduction shall not represent a greater fraction of the
      number of Registrable Securities intended to be offered by the Purchaser
      than the fraction of similar reductions imposed on such other persons or
      entities.

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<PAGE>

            (f) Amendments and Waivers. The provisions of this Agreement,
      including the provisions of this sentence, may not be amended, modified or
      supplemented, and waivers or consents to departures from the provisions
      hereof may not be given, unless the same shall be in writing and signed by
      the Company and the Holders of the then outstanding Registrable
      Securities. Notwithstanding the foregoing, a waiver or consent to depart
      from the provisions hereof with respect to a matter that relates
      exclusively to the rights of certain Holders and that does not directly or
      indirectly affect the rights of other Holders may be given by Holders of
      at least a majority of the Registrable Securities to which such waiver or
      consent relates; provided, however, that the provisions of this sentence
      may not be amended, modified, or supplemented except in accordance with
      the provisions of the immediately preceding sentence.

            (g) Notices. Any notice or request hereunder may be given to the
      Company or the Purchaser at the respective addresses set forth below or as
      may hereafter be specified in a notice designated as a change of address
      under this Section 7(g). Any notice or request hereunder shall be given by
      registered or certified mail, return receipt requested, hand delivery,
      overnight mail, Federal Express or other national overnight next day
      carrier (collectively, "Courier") or telecopy (confirmed by mail). Notices
      and requests shall be, in the case of those by hand delivery, deemed to
      have been given when delivered to any party to whom it is addressed, in
      the case of those by mail, deemed to have been given three (3) business
      days after the date when deposited in the mail, in the case of a Courier,
      the next business day following timely delivery of the package with the
      Courier, and, in the case of a telecopy, when confirmed. The address for
      such notices and communications shall be as follows:

            If to the Company:             National Investment Managers, Inc.
                                           830 Third Avenue
                                           14t Floor
                                           New York, New York 10022
                                           Attention:   Chief Financial Officer
                                           Facsimile:   212  355 5199

                                           with a copy to:
                                           Cohen Tauber Spievack & Wagner LLP
                                           420 Lexington Avenue
                                           Suite 2400
                                           New York, NY 10170
                                           Attention:  Adam Stein, Esq.
                                           Facsimile:  212 586 5095

            If to a Purchaser:             To the address set forth under such
                                           Purchaser name on the signature pages
                                           hereto.

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<PAGE>

            If to any other Person who is then
            the registered Holder:                 To the address of such Holder
                                                   as it appears in the stock
                                                   transfer books of the Company

      or such other address as may be designated in writing hereafter in
      accordance with this Section 7(g) by such Person.

            (h) Successors and Assigns. This Agreement shall inure to the
      benefit of and be binding upon the successors and permitted assigns of
      each of the parties and shall inure to the benefit of each Holder. The
      Company may not assign its rights or obligations hereunder without the
      prior written consent of each Holder. Each Holder may assign their
      respective rights hereunder in the manner and to the Persons as permitted
      under the Securities Purchase Agreement.

            (i) Execution and Counterparts. This Agreement may be executed in
      any number of counterparts, each of which when so executed shall be deemed
      to be an original and, all of which taken together shall constitute one
      and the same Agreement. In the event that any signature is delivered by
      facsimile transmission, such signature shall create a valid binding
      obligation of the party executing (or on whose behalf such signature is
      executed) the same with the same force and effect as if such facsimile
      signature were the original thereof.

            (j) Governing Law. All questions concerning the construction,
      validity, enforcement and interpretation of this Agreement shall be
      governed by and construed and enforced in accordance with the internal
      laws of the State of New York, without regard to the principles of
      conflicts of law thereof. Each party agrees that all Proceedings
      concerning the interpretations, enforcement and defense of the
      transactions contemplated by this Agreement shall be commenced exclusively
      in the state and federal courts sitting in the City of New York, Borough
      of Manhattan. Each party hereto hereby irrevocably submits to the
      exclusive jurisdiction of the state and federal courts sitting in the City
      of New York, Borough of Manhattan for the adjudication of any dispute
      hereunder or in connection herewith or with any transaction contemplated
      hereby or discussed herein, and hereby irrevocably waives, and agrees not
      to assert in any Proceeding, any claim that it is not personally subject
      to the jurisdiction of any such court, that such Proceeding is improper.
      Each party hereto hereby irrevocably waives personal service of process
      and consents to process being served in any such Proceeding by mailing a
      copy thereof via registered or certified mail or overnight delivery (with
      evidence of delivery) to such party at the address in effect for notices
      to it under this Agreement and agrees that such service shall constitute
      good and sufficient service of process and notice thereof. Nothing
      contained herein shall be deemed to limit in any way any right to serve
      process in any manner permitted by law. Each party hereto hereby
      irrevocably waives, to the fullest extent permitted by applicable law, any
      and all right to trial by jury in any legal proceeding arising out of or
      relating to this Agreement or the transactions contemplated hereby. If
      either party shall commence a Proceeding to enforce any provisions of this
      Agreement, then the prevailing party in such Proceeding shall be
      reimbursed by the other party for its reasonable attorneys fees and other
      costs and expenses incurred with the investigation, preparation and
      prosecution of such Proceeding.

                                       12
<PAGE>

            (k) Cumulative Remedies. The remedies provided herein are cumulative
      and not exclusive of any remedies provided by law.

            (l) Severability. If any term, provision, covenant or restriction of
      this Agreement is held by a court of competent jurisdiction to be invalid,
      illegal, void or unenforceable, the remainder of the terms, provisions,
      covenants and restrictions set forth herein shall remain in full force and
      effect and shall in no way be affected, impaired or invalidated, and the
      parties hereto shall use their best efforts to find and employ an
      alternative means to achieve the same or substantially the same result as
      that contemplated by such term, provision, covenant or restriction. It is
      hereby stipulated and declared to be the intention of the parties that
      they would have executed the remaining terms, provisions, covenants and
      restrictions without including any of such that may be hereafter declared
      invalid, illegal, void or unenforceable.

            (m) Headings. The headings in this Agreement are for convenience of
      reference only and shall not limit or otherwise affect the meaning hereof.

                   [BALANCE OF PAGE INTENTIONALLY LEFT BLANK;
                             SIGNATURE PAGE FOLLOWS]

                                       13
<PAGE>

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

NATIONAL INVESTMENT MANAGERS INC.            LAURUS MASTER FUND, LTD.

By:                                          By:
      ---------------------------                  -----------------------------
Name:                                        Name:
      ---------------------------                  -----------------------------
Title:                                       Title:
      ---------------------------                  -----------------------------

                                             Address for Notices:
                                             c/o Laurus Capital Management, LLC
                                             825 Third Avenue - 14th Floor
                                             New York, NY  10022
                                             Attention:  Eugene Grin
                                             Facsimile:  212-541-4434

                                       14
<PAGE>

                                    EXHIBIT A

                                [Month __, 2006]

[Continental Stock Transfer
   & Trust Company
Two Broadway
New York, NY  10004
Attn:  William Seegraber]

            Re:   National Investment Managers, Inc. Registration Statement on
                  Form SB-2
                  ------------------------------------------------------------

Ladies and Gentlemen:

      As counsel to National Investment Managers, Inc., a Florida corporation
(the "Company"), we have been requested to render our opinion to you in
connection with the resale by the individuals or entitles listed on Schedule A
attached hereto (the "Selling Stockholders"), of an aggregate of [amount] shares
(the "Shares") of the Company's Common Stock.

      A Registration Statement on Form SB-2 under the Securities Act of 1933, as
amended (the "Act"), with respect to the resale of the Shares was declared
effective by the Securities and Exchange Commission on [date]. Enclosed is the
Prospectus dated [date]. We understand, and assume without independent
investigation, that the Shares are to be offered and sold in the manner
described in the Prospectus.

      Based upon the foregoing, upon request by the Selling Stockholders at any
time while the registration statement remains effective, it is our opinion that
the Shares have been registered for resale under the Act and new certificates
evidencing the Shares upon their transfer or re-registration by the Selling
Stockholders may be issued without restrictive legend. We will advise you if the
registration statement is not available or effective at any point in the future.

                                                     Very truly yours,

                                                     [Company counsel]

                                       15
<PAGE>

                                   SCHEDULE A
                                                                       Shares
Selling Stockholder                                                Being Offered
-------------------                                                -------------

<PAGE>

                                  SCHEDULE 7(B)

Company Securities with Registration Rights that may be included in the
Registration Statement:

Reference is made to the following:

1.    Schedule 7 (b) to the Amended and Restated Registration Rights Agreement,
      dated as of November 30, 2005, between the Company and the Purchaser,
      which is incorporated herein by this reference.

2.    The Company's Registration Statement on Form SB-2 filed with the
      Securities ands Exchange Commission on February 10, 2006, as amended
      through the date hereof, which registration statement is currently under
      review and has not yet been declared effective by the Securities and
      Exchange Commission.

                                       2LAURUS MASTER FUND, LTD.
                       c/o Laurus Capital Management, LLC
                          825 Third Avenue, 14th Floor
                            New York, New York 10022

                                                         May 30, 2006

National Investment Managers Inc.
830 Third Avenue
14th Floor
New York, NY 10022
Attn: Mr. Leonard A. Neuhaus

      Re:   Restricted Account: Account Number - 270-405-6304
      Account Name: National Investment Managers Inc., maintained at North Fork
      Bank (the "Restricted Account").

      Reference is made to (i) that certain Securities Purchase Agreement, dated
as of May 30_, 2006 (as amended, modified or supplemented from time to time, the
"Purchase Agreement"), by and between National Investment Managers Inc., a
Florida corporation (the "Company"), and Laurus Master Fund, Ltd. (the
"Purchaser") and (ii) that certain Restricted Account Agreement, dated as of May
30, 2006 (as amended, modified or supplemented from time to time, the
"Restricted Account Agreement"), by and among the Company, Laurus and North Fork
Bank (the "Bank"). Capitalized terms used but not defined herein shall have the
meanings ascribed them in the Purchase Agreement or the Restricted Account
Agreement, as applicable. Pursuant to Section 3.2 of the Purchase Agreement, the
Purchaser is required to place $7,000,000 in the Restricted Account, and,
subject to the provisions of this letter, the Purchase Agreement and any Related
Agreement, maintain such amount in the Restricted Account in accordance with the
terms of this Agreement, the Restricted Account Agreement and the Note as
security for the performance of the Company's obligations to the Purchaser.

      The Purchaser and the Company desire to clarify certain aspects regarding
the use of funds contained in the Restricted Account. The Company and/or a
Subsidiary of the Company intends to acquire (each, an "Acquisition") equity
interests of other entities or persons (each, an "Acquired Entity"). In
connection with certain Acquisitions, for good consideration, the receipt and
sufficiency of which is here acknowledged, the Company and the Purchaser agree
that, so long as (i) no Event of Default (as defined in the Note) then exists or
results from any such release, and (ii) the Company has provided the Purchaser
with (a) financial statements and calculations satisfactory to the Purchaser
setting forth the Acquired Entity Consolidated EBITDA (as defined below) for the
most recently ended fiscal year and (b) unaudited financial statements and
calculations satisfactory to the Purchaser setting forth the Acquired Entity
Consolidated EBITDA for all months that have elapsed since the end of the last
fiscal year, the Purchaser shall direct the Bank, pursuant to a Release Notice
(as defined in the Restricted Account Agreement), to wire an amount of funds
determined in the Purchaser's sole discretion from the Restricted Account to
such bank account as the Company may direct the Purchaser in writing.
Notwithstanding the foregoing, in no event shall Laurus release funds from the
Restricted Account unless and until the Company has provided the Purchaser with
evidence that it has definitive documentation (the "Equity Documents") to
consummate an equity raise of at least three and a half million dollars
($3,500,000), or such lesser amount as is proportionate to the cash portion of
the purchase price for each such Acquisition (an "Equity Transaction"), and the
terms and conditions of such Equity Documents are acceptable to Laurus in its
sole discretion. For the purposes of this letter agreement, "Acquired Entity
Consolidated EBITDA" shall mean, with respect to any Acquired Entity or Acquired
Entities, taken on a consolidated basis, net income before giving effect to
interest, taxes, depreciation and amortization, as adjusted to account for
normalized seller compensation and seller expenses; provided that the
calculation of Acquired Entity Consolidated EBITDA shall be reviewed by the
Company's auditors and be satisfactory to the Purchaser in all respects. The
Purchaser shall not be under any obligation to release any amounts pursuant to
this paragraph and the release of such amounts shall be in the Purchaser's sole
and absolute discretion.

<PAGE>

                  The Purchaser agrees to provide the Company with notice
regarding any instructions given by the Purchaser to the Bank with respect to
the Restricted Account. This letter may not be amended or waived except by an
instrument in writing signed by the Company and the Purchaser. This letter may
be executed in any number of counterparts, each of which shall be an original
and all of which, when taken together, shall constitute one agreement. Delivery
of an executed signature page of this letter by facsimile transmission shall be
effective as delivery of a manually executed counterpart hereof or thereof, as
the case may be. This letter shall be governed by, and construed in accordance
with, the laws of the State of New York. This letter sets forth the entire
agreement between the parties hereto as to the matters set forth herein and
supersede all prior communications, written or oral, with respect to the matters
herein.

      If the foregoing meets with your approval please signify your acceptance
of the terms hereof by signing below.

                                                      Signed,

                                                      LAURUS MASTER FUND, LTD.

                                                      By:____________________
                                                      Name:
                                                      Title:

Agreed and Accepted this 30th day of May, 2006.

NATIONAL INVESTMENT MANAGERS INC.
By:_____________________
Name:
Title:

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