Document:

NON-COMPETITION, NON-DISCLOSURE
                                       AND
                           NON-SOLICITATION AGREEMENT

            THIS NON-COMPETITION,  NON-DISCLOSURE AND NON-SOLICITATION AGREEMENT
("Agreement"),  dated as of February  28, 2007 (the  "Effective  Date"),  by and
between Renee J. Conner (the "Seller") and National  Investment Managers Inc., a
Florida corporation ("NIM").

                                    RECITALS

      A. Pursuant to that certain Stock Purchase Agreement, dated as of February
28,  2007,  by and among NIM,  Seller,  William  E.  Renninger  and The  Pension
Alliance, Inc. (the "Company") (the "Purchase Agreement"),  the Company is being
acquired by NIM.  Capitalized  terms not otherwise defined herein shall have the
meanings ascribed to such terms in the Purchase Agreement.

      B. Seller has been a principal shareholder, an officer and director of the
Company  and its  subsidiaries  for many years and has  developed  and  received
special,  unique  and  extraordinary  knowledge,  information  and  goodwill  in
connection therewith.

      C. It is a condition  precedent to the  consummation  of the  transactions
contemplated by the Purchase  Agreement,  and an inducement to NIM to enter into
the Purchase Agreement and effect the purchase of the Company and its respective
businesses  thereunder and the goodwill  represented  thereby,  that the parties
hereto execute and deliver this Agreement.

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

1     Non-Competition;  Non-Solicitation.  Commencing  on the  date  hereof  and
      ending on the last day of the Restricted Period (as defined below), Seller
      covenants  and agrees that Seller will not,  without  NIM's prior  written
      consent,  directly or indirectly,  either on behalf of Seller or on behalf
      of any business venture, as an employee,  consultant,  partner, principal,
      stockholder,  officer, director,  trustee, agent, or otherwise (other than
      on behalf of NIM or its Affiliates):

      (A) be employed by, engage or participate  in the  ownership,  management,
operation or control of, or act in any  advisory,  expert,  consulting  or other
capacity in the Territory (as defined below) for, any entity or individual  that
competes with NIM or its Affiliates in the areas in which the Companies  conduct
it business in the geographical area within Maryland, New Jersey,  Massachusetts
and Pennsylvania (the "Territory");
<PAGE>

      (B)  solicit  or  divert  any  business  or any  customer  from NIM or its
Affiliates or assist any person,  firm,  corporation or other entity in doing so
or attempting to do so;

      (C) cause or seek to cause any person, firm or corporation to refrain from
dealing or doing business with NIM or its Affiliates or assist any person, firm,
corporation or other entity in doing so; or

      (D)  hire,  solicit  or  divert  from NIM or its  Affiliates  any of their
respective  employees,  consultants  or agents who have,  at any time during the
immediately  preceding  one (1) year  period  from the date hereof or during the
Restricted Period, been engaged by NIM or its Affiliates, nor assist any person,
firm, corporation or other entity in doing so.

      As used in this  Agreement,  the term  "Affiliates"  shall mean any entity
controlling,  controlled by or under the common  control of NIM. For the purpose
of this  Agreement,  "control"  shall mean the direct or indirect  ownership  of
fifty (50%) percent or more of the outstanding  shares or other voting rights of
an entity or possession, directly or indirectly, of the power to direct or cause
the direction of management and policies of an entity.

      As used in this Agreement, "Restricted Period" means the period commencing
on the date hereof and ending one (1) year from the date of Seller's termination
of  employment or  consulting  period with the Company,  or any Affiliate of the
Company, for any reason.

2     Nondisclosure.  Seller  understands  and agrees  that the  business of the
      Company and its Affiliates is based upon specialized work and Confidential
      Information  (as  hereinafter  defined).  Seller agrees that following the
      termination  of Seller's  employment or consulting  period with NIM or any
      Affiliate  of NIM and for all times  thereafter,  Seller shall keep secret
      all such  Confidential  Information and that Seller will not,  directly or
      indirectly,  use for Seller's own benefit or for the benefit of others nor
      Disclose (as  hereinafter  defined),  without the prior written consent of
      NIM, any Confidential Information.  At any time upon NIM's request, Seller
      shall turn over to NIM all books, notes,  memoranda,  manuals,  notebooks,
      records and other  documents  made,  compiled by,  delivered to, or in the
      possession or control of Seller  containing or concerning any Confidential
      Information,  including  all  copies  thereof,  in  any  form  or  format,
      including any computer hard disks,  wherever located,  containing any such
      information,  it being agreed that the same and all information  contained
      therein are at all times the exclusive property of NIM and its Affiliates.

      As used in this Agreement,  the term "Confidential  Information" means any
information or compilation of information  not generally  known to the public or
the industry,  that is proprietary or confidential to NIM, its Affiliates and/or
those doing business with NIM and/or its  Affiliates,  including but not limited
to know-how, process, techniques, methods, plans, specifications, trade secrets,
patents,  copyrights,  supplier lists, customer lists, mailing lists,  financial
information,  business plans and/or  policies,  methods of operation,  sales and
marketing plans and any other information acquired or developed by Seller in the
course  of  Seller's  past,  present  and  future  dealings  with  NIM  and  its
Affiliates, which is not available to the public.

                                       2
<PAGE>

      "Confidential  Information"  does not  include any  information,  datum or
fact: (a) currently  available to the public as of the date hereof; (b) after it
becomes  available  to the public  other than as a result of a breach  hereof or
other wrongful conduct by Executive; (c) after it becomes available to Executive
on a  nonconfidential  basis  from  a  source  other  than  the  Company  or its
Affiliates or a person or entity breaching his or its confidentiality  agreement
or other  relationship of confidence with the Company or its Affiliates;  or (d)
developed  independently by Executive without any reference to or use whatsoever
of any Confidential Information of the Company or its Affiliates.

      As used in this Agreement,  the term "Disclose" means to reveal,  deliver,
divulge, disclose, publish, copy, communicate,  show, allow or permit access to,
or otherwise make known or available to any third party, any of the Confidential
Information.

3     Blue  Pencil  Doctrine.  In  the  event  that  the  restrictive  covenants
      contained in Section 1 and/or Section 2 of this  Agreement  shall be found
      by a court of competent  jurisdiction to be unreasonable by reason of such
      restrictive covenants extending for too great a period of time or over too
      great a geographic area or by reason of such  restrictive  covenants being
      too extensive in any other respect,  then such restrictive  covenant shall
      be  deemed  modified  to  the  minimum  extent   necessary  to  make  such
      restrictive covenant reasonable and enforceable under the circumstances.

4     Injunctive Relief. If Seller shall breach or threaten to breach any of the
      provisions  of Section 1 and/or  Section  2, in  addition  to and  without
      limiting  any other  remedies  available  to NIM at law or in equity,  NIM
      shall be  entitled  to seek  immediate  injunctive  relief in any court to
      restrain  any  such  breach  or  threatened  breach  and  to  enforce  the
      provisions  of  Section  1 and/or  Section  2, as the case may be.  Seller
      acknowledges  and agrees that there is no  adequate  remedy at law for any
      such breach or threatened  breach and, in the event that any proceeding is
      brought  seeking  injunctive  relief,  Seller  shall  not use as a defense
      thereto that there is an adequate remedy at law.

5     Reasonableness  of  Covenants.  Seller  acknowledges  and agrees  that the
      restrictive   covenants  contained  in  this  Agreement  are  a  necessary
      inducement to Purchaser  purchasing  Seller's  ownership  interests in the
      Company  and  its  subsidiaries,   and  that  the  scope  (geographic  and
      otherwise) and period of duration of the restrictive  covenants  contained
      in this  Agreement  are both fair and  reasonable  and that the  interests
      sought to be protected by NIM are legitimate  business  interests entitled
      to be protected. Seller further acknowledges and agrees that NIM would not
      have  purchased  Seller's  ownership  interests  in the  Company  and  its
      subsidiaries pursuant to the Purchase Agreement unless Seller entered into
      this Agreement.

6     General Provisions.

      (A) Entire Agreement. This Agreement, together with the Purchase Agreement
and any other agreements  contemplated thereby,  contain the entire agreement of
the parties hereto with respect to the subject matter hereof,  and supersede all
prior or contemporaneous  agreements and understandings,  oral or written, among
the parties  hereto and thereto  with respect to the subject  matter  hereof and
thereof.

                                       3
<PAGE>

      (B)  Amendment;  Waiver.  No amendment or waiver of any  provision of this
Agreement  shall be effective  unless the same shall be in writing and signed by
all of the parties and then such waiver  shall only be effective in the specific
instance and for the specific purpose for which it was given.

      (C) Notices.  All notices and other  communications  under this  Agreement
shall be in writing and shall be given in accordance with the notice  provisions
of the Purchase Agreement.

      (D)  Assignment.  This  Agreement  shall be binding  upon and inure to the
benefit  of  the   parties   hereto  and  their   respective   heirs,   personal
representative(s),  successors  and  permitted  assigns.  This  Agreement may be
assigned to, and thereupon shall inure to the benefit of, any organization which
succeeds to substantially all of the business or assets of NIM, whether by means
of merger, consolidation,  acquisition of all or substantially all of the assets
of NIM or otherwise, including, without limitation, by operation of law.

      (E) Governing  Law. This  Agreement  shall be governed by and construed in
accordance  with the laws of the State of New York applicable to agreements made
and to be performed in that state,  without  regard to any of its  principles of
conflicts of laws or other laws that would result in the application of the laws
of another  jurisdiction.  This  Agreement  shall be construed  and  interpreted
without regard to any presumption against the party causing this Agreement to be
drafted.  Each of the parties hereby  unconditionally and irrevocably waives the
right to a trial by jury in any  action,  suit or  proceeding  arising out of or
relating to this Agreement or the transactions  contemplated hereby. Each of the
parties  unconditionally and irrevocably consents to the exclusive  jurisdiction
of the courts of the State of New York located in the County of New York and the
Federal  district  court for the  Southern  District of New York  located in the
County of New York with respect to any suit, action or proceeding arising out of
or relating to this Agreement or the transactions  contemplated hereby, and each
of the parties hereby  unconditionally  and irrevocably  waives any objection to
venue in any such court.

      (F) Recovery of Attorneys'  Fees and Costs. If any action for breach of or
to enforce the  provisions  of this  Agreement is  commenced,  the court in such
action  shall  award to the  party in  whose  favor a  judgment  is  entered,  a
reasonable  sum as attorneys'  fees and costs.  Such  attorneys'  fees and costs
shall be paid by the non-prevailing party in such action.

      (G)  Headings.  The  headings  to the  paragraphs  of this  Agreement  are
intended for the  convenience of the parties only and shall in no way be held to
explain, modify, amplify or aid in the interpretation of the provisions hereof.

      (H)  Severability.  The  provisions  of this  Agreement  shall  be  deemed
severable  and  if  any  portion  hereof  shall  be  held  invalid,  illegal  or
unenforceable for any reason by a court of competent jurisdiction, the remainder
shall not thereby be invalidated but shall remain in full force and effect.

                                       4
<PAGE>

      (I) Counterparts.  This Agreement may be executed in counterparts, each of
which shall be deemed an original but all of which together shall constitute one
and the same agreement.  In addition,  the parties may execute multiple original
copies of this Agreement, each of which shall be considered an original, but all
of which shall be considered the same Agreement.

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                                       5
<PAGE>

      IN WITNESS WHEREOF,  the parties hereto have executed this Agreement as of
the date first set forth above.

                                            NATIONAL INVESTMENT MANAGERS INC.

                                            By: /s/ Leonard Neuhaus
                                            Name:  Leonard Neuhaus
                                            Title: COO

                                            /s/ Renee J. Conner
                                            Renee J. Conner

                       [SIGNATURE PAGE - NON-COMPETITION,
                 NON-DISCLOSURE AND NON-SOLICITATION AGREEMENT]

                                       6NATIONAL INVESTMENT MANAGERS INC.
                       NONSTATUTORY STOCK OPTION AGREEMENT

================================================================================

      THIS STOCK OPTION  AGREEMENT  ("Agreement") is made and entered into as of
February 28, 2007, by and between NATIONAL  INVESTMENT  MANAGERS INC., a Florida
corporation (the "Company"), and Renee J. Conner ("Optionee")

      In  consideration  of the covenants  herein set forth,  the parties hereto
agree as follows:

      1. Option Information.

      (a)   Date of Option: February 28, 2007
      (b)   Optionee: Renee J. Conner or permitted assigns
      (c)   Number of Shares: 100,000
      (d)   Exercise Price: $0.62 per share

      2. Acknowledgements.  The Board has authorized the granting to Optionee of
a stock  option  ("Option")  to purchase  shares of common  stock of the Company
("Stock")  upon the terms and conditions  hereinafter  stated and pursuant to an
exemption  from  registration  under the Securities Act of 1933, as amended (the
"Securities Act") provided by Section 4(2) thereunder.

      3. Shares; Price. Company hereby grants to Optionee the right to purchase,
upon and subject to the terms and conditions herein stated, the number of shares
of Stock set forth in Section  1(c) above (the  "Shares")  for cash at the price
per Share set forth in Section 1(d) above (the "Exercise Price").

      4. Term of Option.  This Option shall expire,  and all rights hereunder to
purchase the Shares shall  terminate,  at the earlier of (i) five (5) years from
the date hereof or (ii) three (3) months following the Optionee's termination of
employment with the Company.

      5. Exercise.  This Option shall be exercised by delivery to the Company of
(a) written notice of exercise  stating the number of Shares being purchased (in
whole shares only) and such other information set forth on the form of Notice of
Exercise attached hereto as Appendix A, (b) a check or cash in the amount of the
Exercise Price of the Shares covered by the notice (or such other  consideration
as has been  approved by the Board of  Directors)  and (c) a written  investment
representation  as provided  for in Section 9 hereof.  This Option  shall not be
assignable or transferable  and shall be exercisable only by Optionee during his
or her lifetime and for a period of three (3) months  following  the  Optionee's
death.

      6.  No  Rights  as  Shareholder.  Optionee  shall  have  no  rights  as  a
shareholder with respect to the Shares covered by any installment of this Option
until the effective  date of issuance of the Shares  following  exercise of this
Option,  and no adjustment  will be made for dividends or other rights for which
the record date is prior to the date such stock  certificate or certificates are
issued.

                                       1
<PAGE>

      7. Recapitalization. Subject to any required action by the shareholders of
the Company, the number of Shares covered by this Option, and the Exercise Price
thereof,  shall be proportionately  adjusted for any increase or decrease in the
number of issued shares resulting from a subdivision or consolidation of shares.

      If the Company merges with or into, or consolidates  with, another entity,
whether  or  not  the  Company  is  the  surviving  entity  of  such  merger  or
consolidation,  this  Option  thereafter  shall  pertain  to  and  apply  to the
securities  to which a holder  of Shares  equal to the  Shares  subject  to this
Option would have been entitled by reason of such merger or consolidation.

      In the  event  of a change  in the  shares  of the  Company  as  presently
constituted, which is limited to a change of all of its authorized Stock without
par value into the same  number of shares of Stock with a par value,  the shares
resulting  from any such  change  shall be deemed to be the  Shares  within  the
meaning of this Option.

      To  the  extent  that  the  foregoing  adjustments  relate  to  shares  or
securities of the Company,  such adjustments  shall be made by the Board,  whose
determination in that respect shall be final, binding and conclusive.  Except as
hereinbefore expressly provided,  Optionee shall have no rights by reason of any
subdivision or  consolidation  of shares of Stock of any class or the payment of
any stock  dividend or any other increase or decrease in the number of shares of
stock of any class,  and the number and price of Shares  subject to this  Option
shall not be  affected  by, and no  adjustments  shall be made by reason of, any
dissolution,  liquidation,  merger,  consolidation  or sale of assets or capital
stock, or any issue by the Company of shares of stock of any class or securities
convertible into shares of stock of any class.

      The grant of this Option shall not affect in any way the right or power of
the Company to make adjustments,  reclassifications,  reorganizations or changes
in its  capital or  business  structure  or to merge,  consolidate,  dissolve or
liquidate or to sell or transfer all or any part of its business or assets.

      8. Investment Intent; Restrictions on Transfer.

            (a) Optionee  represents and agrees that if Optionee  exercises this
      Option in whole or in part,  Optionee will in each case acquire the Shares
      upon such exercise for the purpose of  investment  and not with a view to,
      or for resale in connection with, any distribution  thereof; and that upon
      such exercise of this Option in whole or in part,  Optionee  shall furnish
      to the Company a written  statement  to such effect,  satisfactory  to the
      Company in form and substance.

            (b) Optionee further  represents that Optionee has had access to the
      financial  statements  or books and  records of the  Company,  has had the
      opportunity  to ask  questions  of the Company  concerning  its  business,
      operations and financial condition,  and to obtain additional  information
      reasonably necessary to verify the accuracy of such information

                                       2
<PAGE>

            (c)  Unless  and until the  Shares  represented  by this  Option are
      registered  under the Securities Act, all  certificates  representing  the
      Shares and any certificates  subsequently issued in substitution  therefor
      and any certificate for any securities issued pursuant to any stock split,
      share  reclassification,  stock  dividend or other  similar  capital event
      shall bear legends in substantially the following form:

      THESE SECURITIES HAVE NOT BEEN REGISTERED OR OTHERWISE QUALIFIED UNDER THE
      SECURITIES ACT OF 1933 (THE  'SECURITIES  ACT') OR UNDER THE APPLICABLE OR
      SECURITIES  LAWS OF ANY STATE.  NEITHER THESE  SECURITIES NOR ANY INTEREST
      THEREIN MAY BE SOLD, TRANSFERRED,  PLEDGED OR OTHERWISE DISPOSED OF IN THE
      ABSENCE  OF  REGISTRATION  UNDER  THE  SECURITIES  ACT OR  ANY  APPLICABLE
      SECURITIES LAWS OF ANY STATE, UNLESS PURSUANT TO EXEMPTIONS THEREFROM.

and/or  such  other  legend or  legends  as the  Company  and its  counsel  deem
necessary or appropriate. Appropriate stop transfer instructions with respect to
the Shares have been placed with the Company's transfer agent.

      9. Notices.  Any notice required to be given pursuant to this Option shall
be in writing and shall be deemed to be  delivered  upon receipt or, in the case
of notices by the Company, five (5) days after deposit in the U.S. mail, postage
prepaid, addressed to Optionee at the address last provided by Optionee.

      10.  Applicable Law. This Option has been granted,  executed and delivered
in the  State of New  York,  and the  interpretation  and  enforcement  shall be
governed by the laws thereof and subject to the  exclusive  jurisdiction  of the
courts therein.

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                                       3
<PAGE>

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

                           COMPANY:         NATIONAL INVESTMENT MANAGERS INC.,
                                            a Florida corporation

                                            By:   /s/ Leonard Neuhaus
                                            Name:  Leonard Neuhaus
                                            Title: COO

                           OPTIONEE:        By:   Renee J. Conner
                                                  ---------------
                                                  (signature)
                                            Name: Renee J. Conner
                                                  ---------------

                                       4
<PAGE>

                                   Appendix A

                               NOTICE OF EXERCISE

NATIONAL INVESTMENT MANAGERS INC.
______________________
______________________

      Re: Stock Option

      Notice is hereby given pursuant to Section 5 of my Stock Option  Agreement
that I elect to purchase  the number of shares set forth  below at the  exercise
price set forth in my option agreement:

      Stock Option Agreement dated: ____________

      Number of shares being purchased: ____________

      Exercise Price: $____________

      A check in the amount of the aggregate price of the shares being purchased
is attached.

      I hereby  confirm  that such  shares are being  acquired  by me for my own
account  for  investment  purposes,  and not with a view to,  or for  resale  in
connection  with,  any  distribution  thereof.  I will not sell or dispose of my
Shares in violation of the Securities Act of 1933, as amended, or any applicable
federal or state securities laws.  Further, I understand that the exemption from
taxable  income at the time of exercise is dependent  upon my holding such stock
for a period of at least one year from the date of  exercise  and two years from
the date of grant of the Option.

      I understand that the certificate representing the Option Shares will bear
a  restrictive  legend within the  contemplation  of the  Securities  Act and as
required  by such other  state or federal law or  regulation  applicable  to the
issuance or delivery of the Option Shares.

                                            By: ______________________________
                                                        (signature)
                                            Name: ____________________________

                                       5

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