Document:

EXHIBIT 10.4

                              EMPLOYMENT AGREEMENT

      Employment Agreement, dated as of August 2, 2005, by and between John
Ermilio, an individual with an address at 114 Terra Alta Circle, Havertown,
Pennsylvania 19083 ("Ermilio"), and Haddon Strategic Alliances, Inc., a New
Jersey corporation with its principal office located at 89 N. Haddon Avenue,
Haddonfield, New Jersey 08033 (the "Company").

                                    RECITALS

      A. Pursuant to that certain Stock Purchase Agreement, dated August 2, 2005
(the "Purchase Agreement"), among the Company, Ermilio and National Investment
Managers Inc. ("Purchaser"), contemporaneously with the execution of this
Agreement, Purchaser is acquiring 100% of the Company's issued and outstanding
common stock from Ermilio. Capitalized terms used but not defined herein have
the meanings given to them in the Purchase Agreement.

      B. Purchaser has agreed to cause the Company to retain Ermilio as an
employee, and Ermilio desires to be employed by the Company, all upon the terms
and conditions set forth herein.

      NOW, THEREFORE, the Company and Ermilio agree as follows:

1 Engagement; Duties. Subject to the terms and conditions set forth herein, the
Company shall employ Ermilio, and Ermilio shall serve the Company, as Vice
President - Investments. In such capacity, Ermilio shall continue to perform
duties and be assigned responsibilities that are substantially similar to those
performed by Ermilio immediately prior to the date hereof and as may be assigned
to him from time to time. The Purchaser will create an investment committee with
Stephen H. Rosen as Chairperson to periodically review Company investment
policies and approved investment products for sales personnel. During the Term
(as defined below), Ermilio shall report to Stephen H. Rosen and/or such other
person in charge of managing the entity for whom Ermilio performs services.
During the Term, Ermilio shall use his best efforts to promote the interests of
the Company, shall perform his duties faithfully and diligently, consistent with
sound business practices and shall devote his full business time to the
performance of his duties for the Company in accordance with the terms hereof.

2 Compensation. As consideration for the performance by Ermilio of Ermilio's
obligations under this Agreement, the Company shall compensate Ermilio as
follows:

      (A) During the Term, Ermilio will be paid an amount equal to a fixed
percentage (the "Net Revenue Percentage") of Net Revenues (as defined below) of
New Clients, based on amounts collected. "New Clients" means persons or entities
engaged by the Company as clients after the date hereof, excluding Existing
Clients (as defined below). The Net Revenue Percentage with respect to any New
Client shall be (i) Forty Percent (40%) for the first year after such New Client
engages the Company, (ii) Ten Percent (10%) for the second year of such
engagement, (iii) Ten Percent (10%) for the third year of such engagement, and
(iv) Zero Percent (0%) thereafter. All Net Revenues from all sources shall be
paid first to the Company, which shall thereafter pay to Ermilio his allocable
portion of Net Revenues as determined hereunder. In addition, if Ermilio is the

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introducing seller on a product marketed by an affiliated entity of the
Purchaser other than the Company, such as wrap products and separate managed
accounts, Ermilio will be paid an amount equal to Twenty Percent (20%) of the
revenues ultimately derived by such affiliate that are generated by such product
for three years after the initial sale.

      (B) "Net Revenues" shall mean an amount equal to (i) gross commissions,
overrides on securities transactions paid by or through broker-dealers and any
other fees payable to Ermilio or the Company, less (ii) any commissions and
other fees payable to the broker-dealer(s) or insurance companies with whom
Ermilio is affiliated, less (iii) any other costs or charges imposed by the
broker-dealer, insurance company or any other third party, as determined by the
Company. The determination of Net Revenues by the Company shall be binding on
the parties, absent manifest error.

      (C) Compensation shall be payable to Ermilio on a monthly basis, in all
cases subject to collection of Net Revenues by the Company. The Company shall
deduct from the compensation paid to Ermilio any federal, state or local
withholding taxes, social security contributions and any other amounts which may
be required to be deducted or withheld by the Company pursuant to any federal,
state or local laws, rules or regulations.

      (D) The parties acknowledge and agree that Ermilio shall not receive any
compensation on future revenues generated from persons, entities or plans that
are clients of the Company on the date hereof, a list of which clients is
attached hereto as Schedule 2, or their respective affiliates and/or plans
managed or operated by them (collectively, "Existing Clients"). "Existing
Clients" shall also include (i) clients establishing accounts with the Company
after the date hereof with funds transferred from Company accounts in existence
on the date hereof, and (ii) clients having accounts with the Company on the
date hereof into which new funds are deposited after the date hereof.

      (E) Ermilio shall make record-keeping arrangements with the
broker-dealer(s) with whom he is affiliated, in a manner satisfactory to the
Company, to distinguish between revenues derived from New Clients and revenues
derived from Existing Clients.

3 Delivery of Funds to the Company. During the Term, Ermilio (a) shall promptly
deliver to the Company, or cause his bank, broker-dealer or other third party,
as the case may be, to automatically transfer to the Company, without deduction,
by irrevocable written instruction, all revenues derived by him as a registered
representative, registered investment adviser or otherwise, to an account in the
name of the Company, and (b) shall ensure that any current or future employee of
the Company (irrespective of whether Ermilio splits commissions with such
employee) shall promptly deliver to the Company, or cause his or her bank,
broker-dealer or other third party, as the case may be, to automatically
transfer to the Company, without deduction, by irrevocable written instruction,
all revenues derived by such person as a registered representative, registered
investment adviser or otherwise, to an account in the name of the Company.

4 Compliance with Rules and Regulations. Ermilio shall act in strict compliance
with all applicable rules and regulations relating to the performance of his
obligations hereunder, including, without limitation, the rules and regulations

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<PAGE>

of the Securities and Exchange Commission and the NASD, the Investment Advisers
Act of 1940, as amended, and all other applicable federal and state securities
and other statutes and regulations, and shall maintain all securities and
insurance licenses and registrations required for the performance of his
obligations hereunder in full force and effect at all times during his
employment by the Company. Ermilio shall bear the costs of applying for and
maintaining all such licenses and registrations. Ermilio shall promptly notify
the Company in writing of any inquiry, claim or actual or threatened complaint
or action by any third party or regulatory agency relating to his duties and
obligations hereunder. If any required license or registration terminates,
expires or is revoked, Ermilio shall so advise the Company and shall immediately
cease any and all activities until such license is reinstated.

5 Indemnification. Ermilio shall indemnify and hold harmless the Company and its
affiliates (including the Company), and each of their respective directors,
officers, employees, agents, representatives, stockholders and controlling
parties and all of their successors and assigns (each an "Indemnified Person")
from, and defend each of them from and against, and will pay each Indemnified
Person for, any and all demands, claims, actions, liabilities, losses (trading
or otherwise), judgments, settlement costs, judgments, damages (including,
without limitation, special, consequential and punitive damages), costs,
penalties, fines and expenses (including, without limitation, interest, costs of
investigation and defense and the reasonable fees and expenses of attorneys and
other professionals and experts), asserted against, imposed upon or incurred by
any such Indemnified Person, directly or indirectly, resulting from or arising
out of or in connection with (i) any breach by Ermilio of his duties,
responsibilities or obligations hereunder, (ii) any alleged violation by Ermilio
of any law or regulation relating to such duties, responsibilities or
obligations, (iii) any failure by Ermilio to maintain in full force and effect
all required licenses and registrations and (iv) any complaint, regulatory
action or investigation by any third party or governmental agency relating to
any account for which Ermilio is the representative of record. The provisions of
this Section shall survive termination of this Agreement.

6 Fringe Benefits. During the Term, Ermilio shall be entitled to those fringe
benefits and perquisites that are provided to other employees of the Company
generally, including any health or other insurance, pension and/or retirement,
or welfare plan.

7 Term. The term of this Agreement ("Term") shall commence on the date hereof.
This Agreement is terminable by either party at any time on written notice to
the other party. Upon termination of this Agreement, Ermilio's rights to payment
of compensation hereunder shall cease, and the Company shall pay to Ermilio (a)
any compensation due and payable to Ermilio for the period preceding such
termination, based on amounts collected, and (b) any amounts or benefits due
through the date of termination under this Agreement and any benefit plan, or
program in accordance with the terms of said plan or program, but without
duplication.

8     Non-Disclosure; Non-Competition and Non-Solicitation.

      (A) Non-Disclosure. Ermilio understands and agrees that the business of
the Company is based upon specialized work and Confidential Information (as
hereinafter defined). Ermilio agrees that he shall keep secret all Confidential
Information and that he will not, directly or indirectly, use for his own
benefit or for the benefit of others nor Disclose (as hereinafter defined),

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without the prior written consent of the Company, any Confidential Information.
At any time upon the Company's request and upon expiration or earlier
termination of this Agreement, Ermilio shall turn over to the Company all books,
notes, memoranda, manuals, notebooks, records and other documents made, compiled
by, delivered to, or in the possession or control of Ermilio 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 the Company. The
provisions of this Section 8(A) shall survive for a period of three (3) years
following the Termination Date.

      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 the Company, its Affiliates
(as hereinafter defined) and/or those doing business with the Company 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 Ermilio in the course of his past, present
and future dealings with the Company, which is not readily available to the
public.

      "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 Ermilio; (c) after it becomes available to Ermilio 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 Ermilio 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.

      (B) Non-Competition. Ermilio covenants and agrees that, during the term of
the Non-Competition, Non-Solicitation and Non-Disclosure Agreement, of even date
herewith ("Non-Competition Agreement"), between the Purchaser and Ermilio,
Ermilio will refrain from competing with the Company and its affiliates in
accordance with the terms thereof.

      (C) Injunctive Relief. If Ermilio shall breach or threaten to breach any
of the provisions of Section (8(A) and/or Section 8(B), in addition to and
without limiting any other remedies available to Company at law or in equity,
the Company 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 8(A) and/or Section 8(B), as the case may be. Ermilio 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, Ermilio shall not use as a defense thereto that there is an
adequate remedy at law.

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<PAGE>

9 Representations and Warranties of Ermilio. Ermilio represents and warrants to
Company that the execution and delivery of this Agreement and the performance of
Ermilio's obligations pursuant hereto shall not conflict with or result in a
breach of any provisions of any (a) agreement, commitment, undertaking,
arrangement or understanding to which Ermilio is a party or by which Ermilio is
bound; or (b) order, judgment or decree of any court or arbitrator. Ermilio
further represents and warrants to the Company that he currently holds, and
covenants to the Company that during the Term he shall continue to hold, all
required licenses and registrations for the performance of his duties hereunder.
All such required licenses and registrations are listed on Schedule 1 annexed
hereto.

10    General Provisions.

      (A) Notices. All notices and other communications under this Agreement
shall be in writing and may be given by personal delivery, registered or
certified mail, postage prepaid, return receipt requested or generally
recognized overnight delivery service. Notices shall be sent to the appropriate
party at that party's address set forth above or at such other address for that
party as shall be specified by notice given under this Section. All such notices
and communications shall be deemed received upon (a) actual receipt by the
addressee or (b) actual delivery to the appropriate address. Copies of notices
hereunder shall be sent as follows: If to Ermilio - to: Frank Ermilio, Esq.,
1608 Walnut Street, Suite 401, Philadelphia, PA 19103, fax no. 215 735 0420; and
if to the Company, to: National Investment Managers Inc., 830 Third Avenue, New
York, NY 10022, attention: President, and to: Cohen Tauber Spievack & Wagner
LLP, 420 Lexington Avenue, Suite 2400, New York, NY 10170, fax no. 212 586 5095,
attention: Adam Stein, Esq.

      (B) Assignment. This Agreement shall be binding upon, and inure to the
benefit of, the parties' respective successors, permitted assigns, and heirs and
legal representatives. This Agreement may be assigned by the Company to, and
thereupon shall inure to the benefit of, any organization which succeeds to
substantially all of the business or assets of the Company, whether by means of
merger, consolidation, acquisition of all or substantially all of the assets of
the Company or otherwise, including, without limitation, by operation of law.
This Agreement is a personal services contract and may not be assigned by
Ermilio nor may the duties of Ermilio hereunder be delegated by Ermilio to any
other person.

      (C) Severability. If any provision of this Agreement, or the application
of any provision to any person or circumstance, shall for any reason or to any
extent be invalid or unenforceable, the remainder of this Agreement and the
application of that provision to other persons or circumstances shall not be
affected, but shall be enforced to the full extent permitted by law.

      (D) No Waiver. The failure of a party to insist upon strict adherence to
any term of this Agreement on any occasion shall not be considered a waiver or
deprive that party of the right thereafter to insist upon strict adherence to
that term or any other term of this Agreement. Any waiver must be in writing.

      (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

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<PAGE>

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) Counterparts. This Agreement may be executed in counterparts, both of
which shall be considered an original, but both of which together shall
constitute the same instrument.

      (G) Entire Agreement; Amendment. This Agreement contains the complete
statement of all the arrangements between the parties with respect to its
subject matter, supersedes all prior agreements between them with respect to
that subject matter, and may not be changed or terminated orally. Any amendment
or modification must be in writing and signed by the party to be charged.

                                   [SIGNATURE PAGE TO FOLLOW]

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<PAGE>

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

                                    HADDON STRATEGIC ALLIANCES, INC.

                                    By: __________________________
                                    Name:
                                    Title:

                                    -------------------------------
                                    JOHN ERMILIO

               [SIGNATURE PAGE - ERMILIO EMPLOYMENT AGREEMENT]

                                       7EXHIBIT 10.5

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

         THIS NON-COMPETITION, NON-DISCLOSURE AND NON-SOLICITATION AGREEMENT
("Agreement"), dated this 2nd day of August 2005 (the "Effective Date"), by and
between Stephen H. Rosen ("Rosen") and National Investment Managers Inc., a
Florida corporation (the "Purchaser").

                                    RECITALS

      A. Pursuant to those certain Stock Purchase Agreements, each dated August
2, 2005, by and among (i) Stephen H. Rosen & Associates, Inc. ("SHRA and,
collectively, with Haddon Strategic Alliances, Inc., the "Companies"), Rosen,
Elizabeth Davies and the Purchaser, and (ii) Haddon Strategic Alliances, Inc.
John Ermilio and the Purchaser (collectively, the "Purchase Agreements"), the
Purchaser is acquiring 100% of the Companies' issued and outstanding common
stock, including Rosen's controlling interest therein. Capitalized terms not
otherwise defined herein shall have the meanings ascribed to such terms in the
Purchase Agreements.

      B. Rosen has been a principal shareholder and an officer, director and
employee of the Companies 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 Agreements, and an inducement to the Purchaser to
enter into the Purchase Agreements and effect the purchase of the Companies and
their respective businesses thereunder and the goodwill represented thereby,
that the parties hereto execute and deliver this Agreement.

      D. Capitalized terms used in this Agreement and not otherwise defined
shall have the meanings assigned to them in the Purchase Agreements.

            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), Rosen
      covenants and agrees that he will not, without the Purchaser's prior
      written consent, directly or indirectly, either on behalf of himself 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 the Purchaser or its Affiliates):

            (A) be employed by, engage or participate in the ownership,
      management, operation or control of, or act in any advisory, expert,

<PAGE>

consulting or other capacity for, any entity or individual that competes with
the Purchaser or its Affiliates in the areas of pension administration,
insurance product sales, investment advisory services and other retirement
products, in the following territory: in Pennsylvania - the counties of Bucks,
Chester, Delaware, Montgomery and Philadelphia; and in New Jersey - the counties
of Burlington, Camden, Cumberland, Gloucester, Mercer and Salem;

      (B) solicit or divert any business or any customer from the Purchaser 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 the Purchaser or its Affiliates or assist any
person, firm, corporation or other entity in doing so; or

      (D) hire, solicit or divert from the Purchaser 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 the
Restricted Period, been engaged by the Purchaser 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 the Purchaser. 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 as follows: If the Purchaser or SHRA does not
offer Rosen an extension ("Extension") of his employment agreement, of even date
herewith, with SHRA beyond the expiration date of the original one-year term
("Expiration Date"), then the Restricted Period shall be one (1) year from the
date hereof. If the Purchaser or SHRA offers Rosen an Extension, then the
Restricted Period shall extend until the later of (i) two (2) years from the
date hereof and (ii) one (1) year from the date of his termination of employment
with the SHRA, or any Affiliate of SHRA, for any reason.

2 Nondisclosure. Rosen understands and agrees that the business of the Purchaser
and its Affiliates is based upon specialized work and Confidential Information
(as hereinafter defined). Rosen agrees that during the Restricted Period, he
shall keep secret all such Confidential Information and that he will not,
directly or indirectly, use for his own benefit or for the benefit of others nor
Disclose (as hereinafter defined), without the prior written consent of the
Purchaser, any Confidential Information. At any time upon the Purchaser's
request, Rosen shall turn over to the Purchaser all books, notes, memoranda,
manuals, notebooks, records and other documents made, compiled by, delivered to,
or in the possession or control of Rosen 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 the Purchaser and its Affiliates.

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<PAGE>

      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 the Purchaser, its
Affiliates and/or those doing business with the Purchaser 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 Rosen in the course of his past, present and future
dealings with the Purchaser and its Affiliates, which is not readily available
to the public.

       "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 Rosen 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 the Purchaser at law or in equity, the Purchaser
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. Rosen 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, Rosen shall
not use as a defense thereto that there is an adequate remedy at law.

5 Reasonableness of Covenants. Rosen acknowledges and agrees that the
restrictive covenants contained in this Agreement are a necessary inducement to
Purchaser purchasing Rosen's ownership interests in the Companies, 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

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<PAGE>

interests sought to be protected by the Purchaser are legitimate business
interests entitled to be protected. Rosen further acknowledges and agrees that
the Purchaser would not have purchased Rosen's ownership interests in the
Companies pursuant to the Purchase Agreement unless Rosen entered into this
Agreement.

6     General Provisions.

      (A) Entire Agreement. This Agreement, together with the Purchase
Agreements 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.

      (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 Agreements.

      (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 the Purchaser,
whether by means of merger, consolidation, acquisition of all or substantially
all of the assets of the Purchaser 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.

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<PAGE>

      (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.

      (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.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       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: __________________________
                                    Name:
                                    Title:

                                    -------------------------------
                                    STEPHEN H. ROSEN

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

                                       6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00088-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00088-of-00352.parquet"}]]