Document:

SUBSCRIPTION AGREEMENT

      SUBSCRIPTION AGREEMENT (this "Agreement") made as of the last date set
forth on the signature page hereof between National Investment Managers Inc., a
Florida corporation (the "Company"), and the undersigned (the "Subscriber").

                              W I T N E S S E T H:

      WHEREAS, the Company is conducting a private offering (the "Offering")
consisting of up to 4,000,000 shares (the "Shares") of Series B Cumulative
Convertible Preferred Stock ("Preferred Stock"), pursuant to Section 4(2) of the
Securities Act of 1933, as amended (the "Securities Act") and Rule 506
promulgated thereunder; and

      WHEREAS, the Subscriber desires to purchase that number of Shares set
forth on the signature page hereof on the terms and conditions hereinafter set
forth.

      NOW, THEREFORE, in consideration of the premises and the mutual
representations and covenants hereinafter set forth, the parties hereto do
hereby agree as follows:

I. SUBSCRIPTION FOR SHARES AND REPRESENTATIONS BY SUBSCRIBER

      1.1 Subject to the terms and conditions hereinafter set forth and in the
Confidential Offering Memorandum dated August 25, 2005 (such memorandum,
together with all amendments thereof and supplements and exhibits thereto, the
"Memorandum"), the Subscriber hereby irrevocably subscribes for and agrees to
purchase from the Company such number of Shares, and the Company agrees to sell
to the Subscriber as is set forth on the signature page hereof, at a per share
price equal to $1.00 per Share. The purchase price is payable by wire transfer
of immediately available funds to:

              Account Name:             Duncan Financial Group, Inc.
              Account #                 123502393465
              Swift Code                CHASUS33
              ABA #                     021000021
              Bank                      JP Morgan Chase
              Address:                  270 Park Avenue
                                        New York, NY 10017

      1.2 The Subscriber recognizes that the purchase of the Shares involves a
high degree of risk including, but not limited to, the following: (a) the
Company has limited operating history and requires substantial funds in addition
to the proceeds of the Offering; (b) an investment in the Company is highly
speculative, and only investors who can afford the loss of their entire
investment should consider investing in the Company and the Shares; (c) the
Subscriber may not be able to liquidate its investment; (d) transferability of
the Shares is extremely limited; (e) in the event of a disposition, the
Subscriber could sustain the loss of its entire investment; (f) the Company has
not paid any dividends since its inception and does not anticipate paying any
dividends; and (g) the Company may issue additional securities in the future
which have rights and preferences that are senior to those of the Preferred
Stock. Without limiting the generality of the representations set forth in
Section 1.5 below, the Subscriber represents that the Subscriber has carefully
reviewed the section of the Memorandum captioned "Risk Factors."
<PAGE>

      1.3 The Subscriber represents that the Subscriber is an "accredited
investor" as such term is defined in Rule 501 of Regulation D ("Regulation D")
promulgated under the Securities Act, as indicated by the Subscriber's responses
to the questions contained in Article VII hereof, and that the Subscriber is
able to bear the economic risk of an investment in the Shares.

      1.4 The Subscriber hereby acknowledges and represents that (a) the
Subscriber has knowledge and experience in business and financial matters, prior
investment experience, including investment in securities that are non-listed,
unregistered and/or not traded on a national securities exchange nor on the
National Association of Securities Dealers, Inc. (the "NASD") automated
quotation system ("NASDAQ"), or the Subscriber has employed the services of a
"purchaser representative" (as defined in Rule 501 of Regulation D), attorney
and/or accountant to read all of the documents furnished or made available by
the Company both to the Subscriber and to all other prospective investors in the
Shares to evaluate the merits and risks of such an investment on the
Subscriber's behalf; (b) the Subscriber recognizes the highly speculative nature
of this investment; and (c) the Subscriber is able to bear the economic risk
that the Subscriber hereby assumes.

      1.5 The Subscriber hereby acknowledges receipt and careful review of this
Agreement, the Memorandum (which includes the Risk Factors), including all
exhibits thereto, and any documents which may have been made available upon
request as reflected therein (collectively referred to as the "Offering
Materials") and hereby represents that the Subscriber has been furnished by the
Company during the course of the Offering with all information regarding the
Company, the terms and conditions of the Offering and any additional information
that the Subscriber has requested or desired to know, and has been afforded the
opportunity to ask questions of and receive answers from duly authorized
officers or other representatives of the Company concerning the Company and the
terms and conditions of the Offering.

      1.6 (a) In making the decision to invest in the Shares the Subscriber has
relied solely upon the information provided by the Company in the Offering
Materials. To the extent necessary, the Subscriber has retained, at its own
expense, and relied upon appropriate professional advice regarding the
investment, tax and legal merits and consequences of this Agreement and the
purchase of the Shares hereunder. The Subscriber disclaims reliance on any
statements made or information provided by any person or entity in the course of
Subscriber's consideration of an investment in the Shares other than the
Offering Materials.

            (b) The Subscriber represents that (i) the Subscriber was contacted
regarding the sale of the Shares by the Company (or an authorized agent or
representative thereof) with whom the Subscriber had a prior substantial
pre-existing relationship and (ii) no Shares were offered or sold to it by means
of any form of general solicitation or general advertising, and in connection
therewith, the Subscriber did not (A) receive or review any advertisement,
article, notice or other communication published in a newspaper or magazine or
similar media or broadcast over television or radio, whether closed circuit, or
generally available; or (B) attend any seminar meeting or industry investor
conference whose attendees were invited by any general solicitation or general
advertising.

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      1.7 The Subscriber hereby represents that the Subscriber, either by reason
of the Subscriber's business or financial experience or the business or
financial experience of the Subscriber's professional advisors (who are
unaffiliated with and not compensated by the Company or any affiliate or selling
agent of the Company, directly or indirectly), has the capacity to protect the
Subscriber's own interests in connection with the transaction contemplated
hereby.

      1.8 The Subscriber hereby acknowledges that the Offering has not been
reviewed by the United States Securities and Exchange Commission (the "SEC") nor
any state regulatory authority since the Offering is intended to be exempt from
the registration requirements of Section 5 of the Securities Act, pursuant to
Regulation D. The Subscriber understands that the Shares have not been
registered under the Securities Act or under any state securities or "blue sky"
laws and agrees not to sell, pledge, assign or otherwise transfer or dispose of
the Shares unless they are registered under the Securities Act and under any
applicable state securities or "blue sky" laws or unless an exemption from such
registration is available.

      1.9 The Subscriber understands that the Shares have not been registered
under the Securities Act by reason of a claimed exemption under the provisions
of the Securities Act that depends, in part, upon the Subscriber's investment
intention. In this connection, the Subscriber hereby represents that the
Subscriber is purchasing the Shares for the Subscriber's own account for
investment and not with a view toward the resale or distribution to others. The
Subscriber, if an entity, further represents that it was not formed for the
purpose of purchasing the Shares.

      1.10 The Subscriber understands that the common stock issuable upon
conversion of the Preferred Stock (the "Common Shares") is quoted on the OTC
Bulletin Board and that there is a limited market for the Common Shares. The
Subscriber understands that even if a public market develops for the Common
Shares, Rule 144 ("Rule 144") promulgated under the Securities Act requires for
non-affiliates, among other conditions, a one-year holding period prior to the
resale (in limited amounts) of securities acquired in a non-public offering
without having to satisfy the registration requirements under the Securities
Act. The Subscriber understands and hereby acknowledges that the Company is
under no obligation to register any of the Shares under the Securities Act or
any state securities or "blue sky" laws other than as set forth in Article V.

      1.11 The Subscriber consents to the placement of a legend on any
certificate or other document evidencing the Shares and any shares of common
stock issuable upon conversion of the Preferred Stock that such securities have
not been registered under the Securities Act or any state securities or "blue
sky" laws and setting forth or referring to the restrictions on transferability
and sale thereof contained in this Agreement. The Subscriber is aware that the
Company will make a notation in its appropriate records with respect to the
restrictions on the transferability of such Shares. The legend to be placed on
each certificate shall be in form substantially similar to the following:

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      "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
      UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") OR ANY STATE
      SECURITIES OR "BLUE SKY LAWS," AND MAY NOT BE OFFERED, SOLD, TRANSFERRED,
      ASSIGNED, PLEDGED OR HYPOTHECATED ABSENT AN EFFECTIVE REGISTRATION THEREOF
      UNDER SUCH ACT OR COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH ACT, OR
      UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, REASONABLY
      SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT
      REQUIRED."

      1.12 The Subscriber understands that the Company will review this
Agreement and is hereby given authority by the Subscriber to call Subscriber's
bank or place of employment or otherwise review the financial standing of the
Subscriber; and it is further agreed that the Company, at its sole discretion,
reserves the unrestricted right, without further documentation or agreement on
the part of the Subscriber, to reject or limit any subscription, to accept
subscriptions for fractional Shares and to close the Offering to the Subscriber
at any time and that the Company will issue stop transfer instructions to its
transfer agent with respect to such Shares.

      1.13 The Subscriber hereby represents that the address of the Subscriber
furnished by Subscriber on the signature page hereof is the Subscriber's
principal residence if Subscriber is an individual or its principal business
address if it is a corporation or other entity.

      1.14 The Subscriber represents that the Subscriber has full power and
authority (corporate, statutory and otherwise) to execute and deliver this
Agreement and to purchase the Shares. This Agreement constitutes the legal,
valid and binding obligation of the Subscriber, enforceable against the
Subscriber in accordance with its terms.

      1.15 If the Subscriber is a corporation, partnership, limited liability
company, trust, employee benefit plan, individual retirement account, Keogh
Plan, or other tax-exempt entity, it is authorized and qualified to invest in
the Company and the person signing this Agreement on behalf of such entity has
been duly authorized by such entity to do so.

      1.16 The Subscriber acknowledges that if he or she is a Registered
Representative of an NASD member firm, he or she must give such firm the notice
required by the NASD's Rules of Fair Practice, receipt of which must be
acknowledged by such firm in Section 7.4 below.

      1.17 The Subscriber acknowledges that at such time, if ever, as the Shares
are registered (as such term is defined in Article V hereof), sales of the
Shares will be subject to state securities laws.

      1.18 (a) The Subscriber agrees not to issue any public statement with
respect to the Subscriber's investment or proposed investment in the Company or
the terms of any agreement or covenant between them and the Company without the
Company's prior written consent, except such disclosures as may be required
under applicable law or under any applicable order, rule or regulation.

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<PAGE>

            (b) The Company agrees not to disclose the names, addresses or any
other information about the Subscribers, except as required by law; provided,
that the Company may use the name of the Subscriber for any offering or in any
registration statement filed pursuant to Article V in which the Subscriber's
shares are included.

      1.19 The Subscriber agrees to hold the Company and its directors,
officers, employees, affiliates, controlling persons and agents and their
respective heirs, representatives, successors and assigns harmless and to
indemnify them against all liabilities, costs and expenses incurred by them as a
result of (a) any sale or distribution of the Shares by the Subscriber in
violation of the Securities Act or any applicable state securities or "blue sky"
laws; or (b) any false representation or warranty or any breach or failure by
the Subscriber to comply with any covenant made by the Subscriber in this
Agreement (including the Confidential Investor Questionnaire contained in
Article VII herein) or any other document furnished by the Subscriber to any of
the foregoing in connection with this transaction.

II. REPRESENTATIONS BY AND COVENANTS OF THE COMPANY

      The Company hereby represents and warrants to the Subscriber that:

      2.1 Organization, Good Standing and Qualification. The Company is a
corporation duly organized, validly existing and in good standing under the laws
of the State of Florida and has full corporate power and authority to conduct
its business.

      2.2 Capitalization and Voting Rights. The authorized, issued and
outstanding capital stock of the Company is as set forth in the Company's
reports filed with the Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934 (the "34 Act Reports") and all issued and
outstanding shares of the Company are validly issued, fully paid and
nonassessable. Except as set forth in the Offering Materials, there are no
outstanding options, warrants, agreements, convertible securities, preemptive
rights or other rights to subscribe for or to purchase any shares of capital
stock of the Company. Except as set forth in the Offering Materials and as
otherwise required by law, there are no restrictions upon the voting or transfer
of any of the shares of capital stock of the Company pursuant to the Company's
Articles of Incorporation (the "Articles of Incorporation"), Bylaws or other
governing documents or any agreement or other instruments to which the Company
is a party or by which the Company is bound.

      2.3 Authorization; Enforceability. The Company has all corporate right,
power and authority to enter into this Agreement and to consummate the
transactions contemplated hereby. All corporate action on the part of the
Company, its directors and stockholders necessary for the (a) authorization
execution, delivery and performance of this Agreement by the Company; and (b)
authorization, sale, issuance and delivery of the Shares contemplated hereby and
the performance of the Company's obligations hereunder has been taken. This
Agreement has been duly executed and delivered by the Company and constitutes a
legal, valid and binding obligation of the Company, enforceable against the
Company in accordance with its terms, subject to laws of general application
relating to bankruptcy, insolvency and the relief of debtors and rules of law
governing specific performance, injunctive relief or other equitable remedies,
and to limitations of public policy. The Shares, when issued and fully paid for
in accordance with the terms of this Agreement, will be validly issued, fully
paid and nonassessable. The issuance and sale of the Shares contemplated hereby
will not give rise to any preemptive rights or rights of first refusal on behalf
of any person which have not been waived in connection with this offering.

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<PAGE>

      2.4 No Conflict; Governmental Consents.

            (a) The execution and delivery by the Company of this Agreement and
the consummation of the transactions contemplated hereby will not result in the
violation of any material law, statute, rule, regulation, order, writ,
injunction, judgment or decree of any court or governmental authority to or by
which the Company is bound, or of any provision of the Articles of Incorporation
or Bylaws of the Company, and will not conflict with, or result in a material
breach or violation of, any of the terms or provisions of, or constitute (with
due notice or lapse of time or both) a default under, any lease, loan agreement,
mortgage, security agreement, trust indenture or other agreement or instrument
to which the Company is a party or by which it is bound or to which any of its
properties or assets is subject, nor result in the creation or imposition of any
lien upon any of the properties or assets of the Company.

            (b) No consent, approval, authorization or other order of any
governmental authority is required to be obtained by the Company in connection
with the authorization, execution and delivery of this Agreement or with the
authorization, issue and sale of the Shares, except such filings as may be
required to be made with the SEC, NASD, NASDAQ and with any state or foreign
blue sky or securities regulatory authority.

      2.5 Licenses. Except as otherwise set forth in the 34 Act Reports, the
Company has sufficient licenses, permits and other governmental authorizations
currently required for the conduct of its business or ownership of properties
and is in all material respects in compliance therewith.

      2.6 Litigation. Except as set forth in the 34 Act Reports, the Company
knows of no pending or threatened legal or governmental proceedings against the
Company which could materially adversely affect the business, property,
financial condition or operations of the Company or which materially and
adversely questions the validity of this Agreement or any agreements related to
the transactions contemplated hereby or the right of the Company to enter into
any of such agreements, or to consummate the transactions contemplated hereby or
thereby. The Company is not a party or subject to the provisions of any order,
writ, injunction, judgment or decree of any court or government agency or
instrumentality which could materially adversely affect the business, property,
financial condition or operations of the Company. There is no action, suit,
proceeding or investigation by the Company currently pending in any court or
before any arbitrator or that the Company intends to initiate.

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      2.7 Disclosure. The information set forth in the Offering Materials as of
the date hereof contains no untrue statement of a material fact nor omits to
state a material fact necessary in order to make the statements contained
therein, in light of the circumstances under which they were made, not
misleading.

      2.8 Investment Company. The Company is not an "investment company" within
the meaning of such term under the Investment Company Act of 1940, as amended,
and the rules and regulations of the SEC thereunder.

      2.9 Brokers. Neither the Company nor any of the Company's officers,
directors, employees or stockholders has employed or engaged any broker or
finder in connection with the transactions contemplated by this Agreement and no
fee or other compensation is or will be due and owing to any broker, finder,
underwriter, placement agent or similar person in connection with the
transactions contemplated by this Agreement. The Company is not party to any
agreement, arrangement or understanding whereby any person has an exclusive
right to raise funds and/or place or purchase any debt or equity securities for
or on behalf of the Company.

      2.10 Intellectual Property.

            (a) To the best of its knowledge, the Company owns or possesses
sufficient legal rights to all patents, trademarks, service marks, trade names,
copyrights, trade secrets, licenses, information and other proprietary rights
and processes necessary for its business as now conducted and as presently
proposed to be conducted, without any known infringement of the rights of
others. Except as disclosed in the Memorandum, there are no material outstanding
options, licenses or agreements of any kind relating to the foregoing
proprietary rights, nor is the Company bound by or a party to any material
options, licenses or agreements of any kind with respect to the patents,
trademarks, service marks, trade names, copyrights, trade secrets, licenses,
information and other proprietary rights and processes of any other person or
entity other than such licenses or agreements arising from the purchase of "off
the shelf" or standard products. The Company has not received any written
communications alleging that the Company has violated or, by conducting its
business as presently proposed to be conducted, would violate any of the
patents, trademarks, service marks, trade names, copyrights or trade secrets or
other proprietary rights of any other person or entity.

            (b) Except as disclosed in the 34 Act Reports, the Company is not
aware that any of its employees is obligated under any contract (including
licenses, covenants or commitments of any nature) or other agreement, or subject
to any judgment, decree or order of any court or administrative agency, that
would interfere with their duties to the Company or that would conflict with the
Company's business as presently conducted.

            (c) Neither the execution nor delivery of this Agreement, nor the
carrying on of the Company's business by the employees of the Company, nor the
conduct of the Company's business as presently conducted, will, to the Company's
knowledge, conflict with or result in a breach of the terms, conditions or
provisions of, or constitute a default under, any contract, covenant or
instrument under which any employee is now obligated.

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            (d) To the Company's knowledge, no employee of the Company, nor any
consultant with whom the Company has contracted, is in violation of any term of
any employment contract, proprietary information agreement or any other
agreement relating to the right of any such individual to be employed by, or to
contract with, the Company because of the nature of the business conducted by
the Company; and to the Company's knowledge the continued employment by the
Company of its present employees, and the performance of the Company's contracts
with its independent contractors, will not result in any such violation. The
Company has not received any written notice alleging that any such violation has
occurred. Except as described in the Memorandum, no employee of the Company has
been granted the right to continued employment by the Company or to any
compensation following termination of employment with the Company except for any
of the same which would not have a material adverse effect on the business of
the Company. The Company is not aware that any officer, key employee or group of
employees intends to terminate his, her or their employment with the Company,
nor does the Company have a present intention to terminate the employment of any
officer, key employee or group of employees.

      2.11 Title to Properties and Assets; Liens, Etc. Except as described in
the 34 Act Reports, the Company has good and marketable title to its properties
and assets, including the properties and assets reflected in the most recent
balance sheet included in the Company's financial statements, and good title to
its leasehold estates, in each case subject to no mortgage, pledge, lien, lease,
encumbrance or charge, other than (a) those resulting from taxes which have not
yet become delinquent; (b) liens and encumbrances which do not materially
detract from the value of the property subject thereto or materially impair the
operations of the Company; and (c) those that have otherwise arisen in the
ordinary course of business. The Company is in compliance with all material
terms of each lease to which it is a party or is otherwise bound.

      2.12 Obligations to Related Parties. Except (i) as described in the 34 Act
Reports, and (ii) the lease for our office premises and the M&A agreement
entered with Duncan Capital, which is owned by Michael Crow, a shareholder of
the Company, there are no obligations of the Company to officers, directors,
stockholders, or employees of the Company other than (a) for payment of salary
or other compensation for services rendered, (b) reimbursement for reasonable
expenses incurred on behalf of the Company and (c) for other standard employee
benefits made generally available to all employees (including stock option
agreements outstanding under any stock option plan approved by the Board of
Directors of the Company). Except as may be disclosed in the Memorandum, the
Company is not a guarantor or indemnitor of any indebtedness of any other
person, firm or corporation.

III. TERMS OF SUBSCRIPTION

      3.1 All funds shall be submitted directly to the Company's account
identified in Section 1.1 hereof.

      3.2 Certificates representing the Series B Cumulative Convertible
Preferred Stock purchased by the Subscriber pursuant to this Agreement will be
prepared for delivery to the Subscriber within 15 business days following the
closing at which such purchase takes place. The Subscriber hereby authorizes and
directs the Company to deliver the certificates representing the Series B
Cumulative Convertible Preferred Stock purchased by the Subscriber pursuant to
this Agreement directly to the Subscriber's residential or business address
indicated on the signature page hereto.

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IV. CONDITIONS TO OBLIGATIONS OF THE SUBSCRIBERS

      4.1 The Subscriber's obligation to purchase the Shares at the closing at
which such purchase is to be consummated is subject to the fulfillment on or
prior to such closing of the following conditions, which conditions may be
waived at the option of each Subscriber to the extent permitted by law:

            (a) Covenants. All covenants, agreements and conditions contained in
this Agreement to be performed by the Company on or prior to the date of such
closing shall have been performed or complied with in all material respects.

            (b) No Legal Order Pending. There shall not then be in effect any
legal or other order enjoining or restraining the transactions contemplated by
this Agreement.

            (c) No Law Prohibiting or Restricting Such Sale. There shall not be
in effect any law, rule or regulation prohibiting or restricting such sale or
requiring any consent or approval of any person, which shall not have been
obtained, to issue the Shares (except as otherwise provided in this Agreement).

V. REGISTRATION RIGHTS

      5.1 Definitions. As used in this Agreement, the following terms shall have
the following meanings.

            (a) The term "Holder" shall mean any person owning or having the
right to acquire Registrable Securities or any permitted transferee of a Holder.

            (b) The terms "register," "registered" and "registration" refer to a
registration effected by preparing and filing a registration statement or
similar document in compliance with the Securities Act, and the declaration or
order of effectiveness of such registration statement or document.

            (c) The term "Registrable Securities" shall mean the common shares
of stock issuable upon conversion of the Preferred Stock and the common shares
issuable in connection with a Semi-Annual Dividend for a period of three years;
provided, however, that securities shall only be treated as Registrable
Securities if and only for so long as they (A) have not been disposed of
pursuant to a registration statement declared effective by the SEC; (B) have not
been sold in a transaction exempt from the registration and prospectus delivery
requirements of the Securities Act so that all transfer restrictions and
restrictive legends with respect thereto are removed upon the consummation of
such sale; (C) are held by a Holder or a permitted transferee of a Holder
pursuant to Section 5.10; and (D) may not be disposed of under Rule 144(k) under
the Securities Act without restriction.

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      5.2 Piggyback Registration.

            (a) The Company agrees that if, at any time, and from time to time,
after the closing, the Board of Directors of the Company (the "Board") shall
authorize the filing of a registration statement under the Securities Act (other
than a registration statement on Form S-8, Form S-4 or any other form that does
not include substantially the same information as would be required in a form
for the general registration of securities) in connection with the proposed
offer of any of its securities by it or any of its stockholders, the Company
shall: (A) promptly notify each Holder that such registration statement will be
filed and that the Registrable Securities then held by such Holder will be
included in such registration statement at such Holder's request; (B) cause such
registration statement to cover all of such Registrable Securities issued to
such Holder for which such Holder requests inclusion; (C) use best efforts to
cause such registration statement to become effective as soon as practicable;
and (D) take all other reasonable action necessary under any federal or state
law or regulation of any governmental authority to permit all such Registrable
Securities that have been issued to such Holder to be sold or otherwise disposed
of, and will maintain such compliance with each such federal and state law and
regulation of any governmental authority for the period necessary for such
Holder to promptly effect the proposed sale or other disposition.

            (b) Notwithstanding any other provision of this Section 5.2, the
Company may at any time, abandon or delay any registration commenced by the
Company. In the event of such an abandonment by the Company, the Company shall
not be required to continue registration of shares requested by the Holder for
inclusion, the Holder shall retain the right to request inclusion of shares as
set forth above and the withdrawn registration shall not be deemed to be a
registration request for the purposes of Section 5.2(c) below.

            (c) Each Holder shall have the right to request inclusion of any of
its Registrable Securities in a registration statement as described in this
Section 5.2, up to three times.

      5.3 Registration Procedures. Whenever required under this Article V to
include Registrable Securities in a Company registration statement, the Company
shall, as expeditiously as reasonably possible:

            (a) Use best efforts to (i) cause such registration statement to
become effective, and (ii) cause such registration statement to remain effective
until the earliest to occur of (A) such date as the sellers of Registrable
Securities (the "Selling Holders") have completed the distribution described in
the registration statement and (B) such time that all of such Registrable
Securities are no longer, by reason of Rule 144(k) under the Securities Act,
required to be registered for the sale thereof by such Holders. The Company will
also use its best efforts to, during the period that such registration statement
is required to be maintained hereunder, file such post-effective amendments and
supplements thereto as may be required by the Securities Act and the rules and
regulations thereunder or otherwise to ensure that the registration statement
does not contain any untrue statement of material fact or omit to state a fact
required to be stated therein or necessary to make the statements contained
therein, in light of the circumstances under which they are made, not
misleading; provided, however, that if applicable rules under the Securities Act
governing the obligation to file a post-effective amendment permits, in lieu of
filing a post-effective amendment that (i) includes any prospectus required by
Section 10(a)(3) of the Securities Act or (ii) reflects facts or events
representing a material or fundamental change in the information set forth in
the registration statement, the Company may incorporate by reference information
required to be included in (i) and (ii) above to the extent such information is
contained in periodic reports filed pursuant to Section 13 or 15(d) of the
Exchange Act in the registration statement.

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<PAGE>

            (b) Prepare and file with the SEC such amendments and supplements to
such registration statement, and the prospectus used in connection with such
registration statement, as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such
registration statement.

            (c) Make available for inspection upon reasonable notice during the
Company's regular business hours by each Selling Holder, any underwriter
participating in any distribution pursuant to such registration statement, and
any attorney, accountant or other agent retained by such Selling Holder or
underwriter, all financial and other records, pertinent corporate documents and
properties of the Company, and cause the Company's officers, directors and
employees to supply all information reasonably requested by any such Selling
Holder, underwriter, attorney, accountant or agent in connection with such
registration statement.

            (d) Furnish to the Selling Holders such numbers of copies of a final
prospectus, in conformity with the requirements of the Securities Act, and such
other documents as they may reasonably request in order to facilitate the
disposition of Registrable Securities owned by them.

            (e) Use best efforts to register and qualify the securities covered
by such registration statement under such other federal or state securities laws
of such jurisdictions as shall be reasonably requested by the Selling Holders;
provided, however, that the Company shall not be required in connection
therewith or as a condition thereto to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions,
unless the Company is already subject to service in such jurisdiction and except
as may be required by the Securities Act.

            (f) In the event of any underwritten public offering, enter into and
perform its obligations under an underwriting agreement, in usual and customary
form, with the managing underwriter of such offering. Each Selling Holder
participating in such underwriting shall also enter into and perform its
obligations under such an agreement.

            (g) Notify each Holder of Registrable Securities covered by such
registration statement, at any time when a prospectus relating thereto is
required to be delivered under the Securities Act, (i) when the registration
statement or any post-effective amendment and supplement thereto has become
effective; (ii) of the issuance by the SEC of any stop order or the initiation
of proceedings for that purpose (in which event the Company shall make every
effort to obtain the withdrawal of any order suspending effectiveness of the
registration statement at the earliest possible time or prevent the entry
thereof); (iii) of the receipt by the Company of any notification with respect
to the suspension of the qualification of the Registrable Securities for sale in
any jurisdiction or the initiation of any proceeding for such purpose; and (iv)
of the happening of any event as a result of which the prospectus included 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 the light of the
circumstances then existing.

                                       11
<PAGE>

            (h) Cause all such Registrable Securities registered hereunder to be
listed on each securities exchange or quotation service on which similar
securities issued by the Company are then listed or quoted or, if no such
similar securities are listed or quoted on a securities exchange or quotation
service, apply for qualification and use best efforts to qualify such
Registrable Securities for inclusion on the New York Stock Exchange, American
Stock Exchange or listing on a quotation system of the National Association of
Securities Dealers, Inc.

            (i) Cooperate with the Selling Holders and the managing
underwriters, if any, to facilitate the timely preparation and delivery of
certificates representing the Registrable Securities to be sold, which
certificates will not bear any restrictive legends; and enable such Registrable
Securities to be in such denominations and registered in such names as the
managing underwriters, if any, shall request at least five business days prior
to any sale of the Registrable Securities to the underwriters.

            (j) In connection with an underwritten offering, cause the officers
of the Company to provide reasonable assistance in the preparation of, any "road
show" presentation to potential investors as the managing underwriter may
determine.

            (k) Comply with all applicable rules and regulations of the SEC and
make generally available to its security holders earning statements satisfying
the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder
(or any similar rule promulgated under the Securities Act) no later than 50
calendar days after the end of any 3-month period (or 105 calendar days after
the end of any 12-month period if such period is a fiscal year) (i) commencing
at the end of any fiscal quarter in which Registrable Securities are sold to
underwriters in a firm commitment or best efforts underwritten offering, and
(ii) if not sold to underwriters in such an offering, commencing on the first
day of the first fiscal quarter of the Company, after the effective date of a
registration statement, which statements shall cover said period.

            (l) If the offering is underwritten and at the request of any
Selling Holder, use its best efforts to furnish on the date that Registrable
Securities are delivered to the underwriters for sale pursuant to such
registration: (i) opinions dated such date of counsel representing the Company
for the purposes of such registration, addressed to the underwriters and the
transfer agent for the Registrable Securities so delivered, respectively, to the
effect that such registration statement has become effective under the
Securities Act and such Registrable Securities are freely tradable, and covering
such other matters as are customarily covered in opinions of issuer's counsel
delivered to underwriters and transfer agents in underwritten public offerings
and (ii) a letter dated such date from the independent public accountants who
have certified the financial statements of the Company included in the
registration statement or the prospectus, covering such matters as are
customarily covered in accountants' letters delivered to underwriters in
underwritten public offerings.

      5.4 Furnish Information. It shall be a condition precedent to the
obligation of the Company to take any action pursuant to this Article V with
respect to the Registrable Securities of any Selling Holder that such Holder
shall furnish to the Company such information regarding the Holder, the
Registrable Securities held by the Holder, and the intended method of
disposition of such securities as shall be reasonably required by the Company to
effect the registration of such Holder's Registrable Securities.

                                       12
<PAGE>

      5.5 Registration Expenses. The Company shall bear and pay all Registration
Expenses incurred in connection with any registration, filing or qualification
of Registrable Securities with respect to registrations pursuant to Section 5.2
for each Holder, but excluding underwriting discounts and commissions relating
to Registrable Securities and excluding any professional fees or costs of
accounting, financial or legal advisors to any of the Holders.

      5.6 Underwriting Requirements. In connection with any offering involving
an underwriting of shares of the Company's capital stock, the Company shall not
be required under Section 5.2 to include any of the Holders' Registrable
Securities in such underwriting unless they accept the terms of the underwriting
as agreed upon between the Company and the underwriters selected by it (or by
other persons entitled to select the underwriters), and then only in such
quantity as the underwriters determine in their sole discretion will not
jeopardize the success of the offering by the Company. If the total amount of
securities, including Registrable Securities, requested by stockholders to be
included in such offering exceeds the amount of securities sold other than by
the Company that the underwriters determine in their sole discretion is
compatible with the success of the offering, then the Company shall be required
to include in the offering only that number of such securities, including
Registrable Securities, which the underwriters determine in their sole
discretion will not jeopardize the success of the offering (the securities so
included to be apportioned pro rata among the selling stockholders according to
the total amount of securities entitled to be included therein owned by each
selling stockholder or in such other proportions as shall mutually be agreed to
by such selling stockholders). For purposes of the preceding parenthetical
concerning apportionment, for any selling stockholder who is a holder of
Registrable Securities and is a partnership or corporation, the partners,
retired partners and stockholders of such holder, or the estates and family
members of any such partners and retired partners and any trusts for the benefit
of any of the foregoing persons shall be deemed to be a single "selling
stockholder," and any pro-rata reduction with respect to such "selling
stockholder" shall be based upon the aggregate amount of shares carrying
registration rights owned by all entities and individuals included in such
"selling stockholder," as defined in this sentence.

      5.7 Delay of Registration. No Holder shall have any right to obtain or
seek an injunction restraining or otherwise delaying any such registration as
the result of any controversy that might arise with respect to the
interpretation or implementation of this Article.

      5.8 Indemnification. In the event that any Registrable Securities are
included in a registration statement under this Article V:

            (a) To the extent permitted by law, the Company will indemnify and
hold harmless each Holder, any underwriter (as defined in the Securities Act)
for such Holder and each person, if any, who controls such Holder or underwriter
within the meaning of the Securities Act or the Exchange Act, against any
losses, claims, damages, or liabilities (joint or several) to which they may
become subject under the Securities Act, or the Exchange Act, insofar as such
losses, claims, damages, or liabilities (or actions in respect thereof) arise
out of or are based upon any of the following statements, omissions or
violations (collectively a "Violation"): (i) any untrue statement of a material
fact contained in such registration statement, including any preliminary
prospectus or final prospectus contained therein or any amendments or
supplements thereto, (ii) the omission to state therein a material fact required
to be stated therein, or necessary to make the statements therein not
misleading, or (iii) any violation by the Company of the Securities Act, the
Exchange Act, or any rule or regulation promulgated under the Securities Act, or
the Exchange Act, and the Company will pay to each such Holder, underwriter or
controlling person, as incurred, any legal or other expenses reasonably incurred
by them in connection with investigating or defending any such loss, claim,
damage, liability, or action; provided, however, that the indemnity agreement
contained in this Section 5.8(a) shall not apply to amounts paid in settlement
of any such loss, claim, damage, liability, or action if such settlement is
effected without the consent of the Company (which consent shall not be
unreasonably withheld), nor shall the Company be liable in any such case for any
such loss, claim, damage, liability, or action to the extent that it arises out
of or is based upon a Violation which occurs in reliance upon and in conformity
with written information furnished expressly for use in connection with such
registration by any such Holder, underwriter or controlling person.

                                       13
<PAGE>

            (b) To the extent permitted by law, each Selling Holder will
indemnify and hold harmless the Company, each of its directors, each of its
officers, each person, if any, who controls the Company within the meaning of
the Securities Act, any underwriter, any other Holder selling securities in such
registration statement and any controlling person of any such underwriter or
other Holder, against any losses, claims, damages, or liabilities (joint or
several) to which any of the foregoing persons may become subject, under the
Securities Act, or the Exchange Act, insofar as such losses, claims, damages, or
liabilities (or actions in respect thereto) arise out of or are based upon any
Violation, in each case to the extent (and only to the extent) that such
Violation occurs in reliance upon and in conformity with written information
furnished by such Holder expressly for use in connection with such registration;
and each such Holder will pay, as incurred, any legal or other expenses
reasonably incurred by any person intended to be indemnified pursuant to this
Section 5.8(b), in connection with investigating or defending any such loss,
claim, damage, liability, or action; provided, however, that the indemnity
agreement contained in this Section 5.8(b) shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Holder, which consent shall
not be unreasonably withheld; provided, further, that, in no event shall any
indemnity under this Section 5.8(b) exceed the greater of the cash value of the
(i) gross proceeds from the Offering received by such Holder or (ii) such
Holder's investment pursuant to this Agreement as set forth on the signature
page attached hereto.

            (c) Promptly after receipt by an indemnified party under this
Section 5.8 of notice of the commencement of any action (including any
governmental action), such indemnified party shall, if a claim in respect
thereof is to be made against any indemnifying party under this Section 5.8,
deliver to the indemnifying party a written notice of the commencement thereof
and the indemnifying party shall have the right to participate in, and, to the
extent the indemnifying party so desires, jointly with any other indemnifying
party similarly notified, to assume the defense thereof with counsel selected by
the indemnifying party and approved by the indemnified party (whose approval
shall not be unreasonably withheld); provided, however, that an indemnified
party (together with all other indemnified parties which may be represented
without conflict by one counsel) shall have the right to retain one separate
counsel, with the fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by such
counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such
action, if prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section
5.8, but the omission so to deliver written notice to the indemnifying party
will not relieve it of any liability that it may have to any indemnified party
otherwise than under this Section 5.8.

                                       14
<PAGE>

            (d) If the indemnification provided for in this Section 5.8 is held
by a court of competent jurisdiction to be unavailable to an indemnified party
with respect to any loss, liability, claim, damage, or expense referred to
therein, then the indemnifying party, in lieu of indemnifying such indemnified
party hereunder, shall contribute to the amount paid or payable by such
indemnified party as a result of such loss, liability, claim, damage, or expense
in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and of the indemnified party on the other in
connection with the statements or omissions that resulted in such loss,
liability, claim, damage, or expense as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and of the
indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the alleged
omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties' relative intent,
knowledge, access to information, and opportSharey to correct or prevent such
statement or omission.

            (e) Notwithstanding the foregoing, to the extent that the provisions
on indemnification and contribution contained in an underwriting agreement
entered into in connection with an underwritten public offering are in conflict
with the foregoing provisions, the provisions in such underwriting agreement
shall control.

            (f) The obligations of the Company and Holders under this Section
5.8 shall survive the completion of the Offering.

      5.9 Reports Under Securities Exchange Act of 1934. With a view to making
available to the Holders the benefits of Rule 144 and any other rule or
regulation of the SEC that may at any time permit a Holder to sell securities of
the Company to the public without registration or pursuant to a registration on
Form S-3 (or other applicable form), the Company agrees to:

            (a) file with the SEC all reports and other documents required of
the Company under the Securities Act and the Exchange Act; and

            (b) furnish to any Holder, so long as the Holder owns any
Registrable Securities, forthwith upon request (i) a copy of the most recent
annual or quarterly report of the Company and such other reports and documents
so filed by the Company, and (ii) such other information as may be reasonably
requested in availing any Holder of any rule or regulation of the SEC which
permits the selling of any such securities without registration or pursuant to
such form.

                                       15
<PAGE>

      5.10 Permitted Transferees. The rights to cause the Company to register
Registrable Securities granted to the Holders by the Company under this Article
V may be assigned in full by a Holder in connection with a transfer by such
Holder of its Registrable Securities if: (a) such Holder gives prior written
notice to the Company; (b) such transferee agrees to comply with the terms and
provisions of this Agreement; (c) such transfer is otherwise in compliance with
this Agreement; and (d) such transfer is otherwise effected in accordance with
applicable securities laws. Except as specifically permitted by this Section
5.10, the rights of a Holder with respect to Registrable Securities as set out
herein shall not be transferable to any other Person, and any attempted transfer
shall cause all rights of such Holder therein to be forfeited.

      5.11 Termination of Registration Rights The right of any Holder to request
inclusion in any registration pursuant to Section 5.2 shall terminate if all
shares of Registrable Securities held by such Holder may immediately be sold
under Rule 144(k).

VI. MISCELLANEOUS

      6.1 Any notice or other communication given hereunder shall be deemed
sufficient if in writing and sent by registered or certified mail, return
receipt requested, or delivered by hand against written receipt therefor,
addressed as follows:

      if to the Company, to it at:
      National Investment Managers Inc.
      830 Third Avenue, 14th Floor
      New York, New York  10022
      Attn:  Leonard A. Neuhaus, CFO

      With a copy to (which shall not constitute notice):

      Sichenzia Ross Friedman Ference LLP
      1065 Avenue of the Americas
      New York, NY 10018
      Attn:  Gregory Sichenzia, Esq.

      if to the Subscriber, to the Subscriber's address indicated on the
      signature page of this Agreement.

Notices shall be deemed to have been given or delivered on the date of mailing,
except notices of change of address, which shall be deemed to have been given or
delivered when received.

      6.2 Except as otherwise provided herein, this Agreement shall not be
changed, modified or amended except by a writing signed by the parties to be
charged, and this Agreement may not be discharged except by performance in
accordance with its terms or by a writing signed by the party to be charged.

                                       16
<PAGE>

      6.3 Subject to the provisions of Section 5.10, this Agreement shall be
binding upon and inure to the benefit of the parties hereto and to their
respective heirs, legal representatives, successors and assigns. This Agreement
sets forth the entire agreement and understanding between the parties as to the
subject matter hereof and merges and supersedes all prior discussions,
agreements and understandings of any and every nature among them.

      6.4 Upon the execution and delivery of this Agreement by the Subscriber,
this Agreement shall become a binding obligation of the Subscriber with respect
to the purchase of Shares as herein provided, subject, however, to the right
hereby reserved by the Company to enter into the same agreements with other
subscribers and to add and/or delete other persons as subscribers.

      6.5 NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY
OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT ALL THE TERMS AND
PROVISIONS HEREOF SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS
OF THE STATE OF NEW YORK WITHOUT REGARD TO SUCH STATE'S PRINCIPLES OF CONFLICTS
OF LAW. IN THE EVENT THAT A JUDICIAL PROCEEDING IS NECESSARY, THE SOLE FORUM FOR
RESOLVING DISPUTES ARISING OUT OF OR RELATING TO THIS AGREEMENT IS THE COURTS
STATE OF NEW YORK IN AND FOR THE COUNTY OF NEW YORK OR THE FEDERAL COURTS FOR
SUCH STATE AND COUNTY, AND ALL RELATED APPELLATE COURTS, THE PARTIES HEREBY
IRREVOCABLY CONSENT TO THE JURISDICTION OF SUCH COURTS AND AGREE TO SAID VENUE.

      6.6 In order to discourage frivolous claims the parties agree that unless
a claimant in any proceeding arising out of this Agreement succeeds in
establishing his claim and recovering a judgment against another party
(regardless of whether such claimant succeeds against one of the other parties
to the action), then the other party shall be entitled to recover from such
claimant all of its/their reasonable legal costs and expenses relating to such
proceeding and/or incurred in preparation therefor.

      6.7 The holding of any provision of this Agreement to be invalid or
unenforceable by a court of competent jurisdiction shall not affect any other
provision of this Agreement, which shall remain in full force and effect. If any
provision of this Agreement shall be declared by a court of competent
jurisdiction to be invalid, illegal or incapable of being enforced in whole or
in part, such provision shall be interpreted so as to remain enforceable to the
maximum extent permissible consistent with applicable law and the remaining
conditions and provisions or portions thereof shall nevertheless remain in full
force and effect and enforceable to the extent they are valid, legal and
enforceable, and no provisions shall be deemed dependent upon any other covenant
or provision unless so expressed herein.

      6.8 It is agreed that a waiver by either party of a breach of any
provision of this Agreement shall not operate, or be construed, as a waiver of
any subsequent breach by that same party.

                                       17
<PAGE>

      6.9 The parties agree to execute and deliver all such further documents,
agreements and instruments and take such other and further action as may be
necessary or appropriate to carry out the purposes and intent of this Agreement.

      6.10 This Agreement may be executed in two or more counterparts each of
which shall be deemed an original, but all of which shall together constitute
one and the same instrument.

      6.11 Nothing in this Agreement shall create or be deemed to create any
rights in any person or entity not a party to this Agreement, except for the
holders of Registrable Securities.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       18
<PAGE>

VII. CONFIDENTIAL INVESTOR QUESTIONNAIRE

      7.1 The Subscriber represents and warrants that he, she or it comes within
one category marked below, and that for any category marked, he, she or it has
truthfully set forth, where applicable, the factual basis or reason the
Subscriber comes within that category. ALL INFORMATION IN RESPONSE TO THIS
SECTION WILL BE KEPT STRICTLY CONFIDENTIAL. The undersigned agrees to furnish
any additional information which the Company deems necessary in order to verify
the answers set forth below.

Category A __       The undersigned is an individual (not a partnership,
                    corporation, etc.) whose individual net worth, or joint net
                    worth with his or her spouse, presently exceeds $1,000,000.

                    Explanation. In calculating net worth you may include equity
                    in personal property and real estate, including your
                    principal residence, cash, short-term investments, stock and
                    securities. Equity in personal property and real estate
                    should be based on the fair market value of such property
                    less debt secured by such property.

Category B __       The undersigned is an individual (not a partnership,
                    corporation, etc.) who had an income in excess of $200,000
                    in each of the two most recent years, or joint income with
                    his or her spouse in excess of $300,000 in each of those
                    years (in each case including foreign income, tax exempt
                    income and full amount of capital gains and losses but
                    excluding any income of other family members and any
                    unrealized capital appreciation) and has a reasonable
                    expectation of reaching the same income level in the current
                    year.

Category C __       The undersigned is a director or executive officer of the
                    Company which is issuing and selling the Shares.

Category D __       The undersigned is a bank; a savings and loan association;
                    insurance company; registered investment company; registered
                    business development company; licensed small business
                    investment company ("SBIC"); or employee benefit plan within
                    the meaning of Title 1 of ERISA and (a) the investment
                    decision is made by a plan fiduciary which is either a bank,
                    savings and loan association, insurance company or
                    registered investment advisor, or (b) the plan has total
                    assets in excess of $5,000,000 or (c) is a self directed
                    plan with investment decisions made solely by persons that
                    are accredited investors. (describe entity)

                    ------------------------------------------------------------

                    ------------------------------------------------------------

Category E __       The undersigned is a private business development company as
                    defined in section 202(a)(22) of the Investment Advisors Act
                    of 1940. (describe entity)

                    ------------------------------------------------------------

                    ------------------------------------------------------------

                                       19
<PAGE>

Category F __       The undersigned is either a corporation, partnership,
                    Massachusetts business trust, or non-profit organization
                    within the meaning of Section 501(c)(3) of the Internal
                    Revenue Code, in each case not formed for the specific
                    purpose of acquiring the Shares and with total assets in
                    excess of $5,000,000. (describe entity)

                    ------------------------------------------------------------

                    ------------------------------------------------------------

Category G __       The undersigned is a trust with total assets in excess of
                    $5,000,000, not formed for the specific purpose of acquiring
                    the Shares, where the purchase is directed by a
                    "sophisticated investor" as defined in Regulation
                    506(b)(2)(ii) under the Act.

Category H __       The undersigned is an entity (other than a trust) in which
                    all of the equity owners are "accredited investors" within
                    one or more of the above categories. If relying upon this
                    Category alone, each equity owner must complete a separate
                    copy of this Agreement. (describe entity)

                    ------------------------------------------------------------

                    ------------------------------------------------------------

Category I __       The undersigned is not within any of the categories above
                    and is therefore not an accredited investor.

                    The undersigned agrees that the undersigned will notify the
                    Company at any time on or prior to the closing in the event
                    that the representations and warranties in this Agreement
                    shall cease to be true, accurate and complete.

7.2 SUITABILITY (please answer each question)

      (a) For an individual Subscriber, please describe your current employment,
including the company by which you are employed and its principal business:

      --------------------------------------------------------------------------

      --------------------------------------------------------------------------

      --------------------------------------------------------------------------

      --------------------------------------------------------------------------

      (b) For an individual Subscriber, please describe any college or graduate
degrees held by you:

      --------------------------------------------------------------------------

      --------------------------------------------------------------------------

      --------------------------------------------------------------------------

      --------------------------------------------------------------------------

      (c) For all Subscribers, please list types of prior investments:

      --------------------------------------------------------------------------

      --------------------------------------------------------------------------

      --------------------------------------------------------------------------

      --------------------------------------------------------------------------

                                       20
<PAGE>

      (d) For all Subscribers, please state whether you have participated in
other private placements before:

                  YES_______                  NO_______

      (e) If your answer to question (d) above was "YES", please indicate
frequency of such prior participation in private placements of:

<TABLE>
<CAPTION>
                                                                                Public or Private Companies
                    Public                        Private                       with no, or insignificant,
                    Companies                     Companies                     assets and operations
<S>                 <C>                           <C>                           <C>
Frequently
                    ---------------------------   ---------------------------   ---------------------------
Occasionally
                    ---------------------------   ---------------------------   ---------------------------
Never
                    ---------------------------   ---------------------------   ---------------------------
</TABLE>

      (f) For individual Subscribers, do you expect your current level of income
to significantly decrease in the foreseeable future:

                           YES_______                         NO_______

      (g) For trust, corporate, partnership and other institutional Subscribers,
do you expect your total assets to significantly decrease in the foreseeable
future:

                           YES_______                         NO_______

      (h) For all Subscribers, do you have any other investments or contingent
liabilities which you reasonably anticipate could cause you to need sudden cash
requirements in excess of cash readily available to you:

                           YES_______                         NO_______

      (i) For all Subscribers, are you familiar with the risk aspects and the
non-liquidity of investments such as the securities for which you seek to
subscribe?

                           YES_______                         NO_______

      (j) For all Subscribers, do you understand that there is no guarantee of
financial return on this investment and that you run the risk of losing your
entire investment?

                           YES_______                         NO_______

      7.3 MANNER IN WHICH TITLE IS TO BE HELD. (circle one)

           (a)      Individual Ownership
           (b)      CommSharey Property
           (c)      Joint Tenant with Right of
                    Survivorship (both parties
                    must sign)
           (d)      Partnership*
           (e)      Tenants in Common

                                       21
<PAGE>

           (f)      Company*
           (g)      Trust*
           (h)      Other*

      *If Securities are being subscribed for by an entity, the attached
Certificate of Signatory must also be completed.

      7.4 NASD AFFILIATION.

Are you affiliated or associated with an NASD member firm (please check one):

Yes _________              No __________

If Yes, please describe:

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

*If Subscriber is a Registered Representative with an NASD member firm, have the
following acknowledgment signed by the appropriate party:

The undersigned NASD member firm acknowledges receipt of the notice required by
Article 3, Sections 28(a) and (b) of the Rules of Fair Practice.

---------------------------------
Name of NASD Member Firm

By:
   ------------------------------
         Authorized Officer

Date:
     ----------------------------

      7.5 The undersigned is informed of the significance to the Company of the
foregoing representations and answers contained in the Confidential Investor
Questionnaire contained in this Article VII and such answers have been provided
under the assumption that the Company will rely on them.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       22
<PAGE>

NUMBER OF SHARES _________ X $1.00  = $_________ (the "Purchase Price")

----------------------------------------      ----------------------------------
Signature                                     Signature (if purchasing jointly)

----------------------------------------      ----------------------------------
Name Typed or Printed                         Name Typed or Printed

----------------------------------------      ----------------------------------
Title (if Subscriber is an Entity)            Title (if Subscriber is an Entity)

----------------------------------------      ----------------------------------
Entity Name (if applicable)                   Entity Name (if applicable

----------------------------------------      ----------------------------------
Address                                       Address

----------------------------------------      ----------------------------------
City, State and Zip Code                      City, State and Zip Code

----------------------------------------      ----------------------------------
Telephone-Business                            Telephone-Business

----------------------------------------      ----------------------------------
Telephone-Residence                           Telephone-Residence

----------------------------------------      ----------------------------------
Facsimile-Business                            Facsimile-Business

----------------------------------------      ----------------------------------
Facsimile-Residence                           Facsimile-Residence

----------------------------------------      ----------------------------------
Tax ID # or Social Security #                 Tax ID # or Social Security #

Name in which securities should be issued:
                                              ----------------------------------

Dated:   ___________________, 2005

 This Subscription Agreement is agreed to and accepted as of ___________ , 2005.

                                       NATIONAL INVESTMENT MANAGERS INC.

                                       By:
                                           -------------------------------------
                                           Name:  Richard E. Stierwalt
                                           Title: Chief Executive Officer

                                       23
<PAGE>

                            CERTIFICATE OF SIGNATORY

                       (To be completed if Securities are
                       being subscribed for by an entity)

I,  ____________________________, am the ____________________________ of
__________________________________________ (the "Entity").

I certify that I am empowered and duly authorized by the Entity to execute and
carry out the terms of the Subscription Agreement and to purchase and hold the
shares of Series B Cumulative Preferred Stock, and certify further that the
Subscription Agreement has been duly and validly executed on behalf of the
Entity and constitutes a legal and binding obligation of the Entity.

IN WITNESS WHEREOF, I have set my hand this _____ day of _________________, 200_

                                            ------------------------------------
                                            (Signature)

                                       24STOCK
      EXCHANGE AGREEMENT

    

    STOCK
      EXCHANGE AGREEMENT, dated as of March 15, 2005 (this "AGREEMENT"), by and among
      G
      T 5-Limited,
      a
      Nevada corporation ("GTFV"), Dante Pannella, a shareholder of GTFV (the “GTFV
      Shareholder”) CryoPort
      Systems, Inc.,
      a
      California corporation ("CryoPort"):

    RECITALS

    

    WHEREAS,
      CryoPort and GTFV have each determined that the transactions contemplated by
      this Agreement, on the terms and conditions of this Agreement, would be
      advantageous and beneficial to their respective companies and
      shareholders.

    

    WHEREAS,
      the parties hereto desire to consummate the transactions contemplated herein,
      pursuant to which (a) GTFV will transfer to the shareholders of CryoPort an
      aggregate of 24,108,105 shares (collectively, the "CryoPort Shares") of Common
      Stock, par value $0.001 per share, and (b) CryoPort shareholders, in exchange
      therefore, will transfer to GTFV an aggregate of 24,108,105 shares
      (collectively, the "GTFV Shares") of Common Stock, no par value, representing
      all of the issued and outstanding common stock of CryoPort.

    

    WHEREAS,
      for United States federal income tax purposes, the transactions contemplated
      hereby are intended to qualify as a tax-free reorganization under Section 368
      of
      the Internal Revenue Code of 1986, as amended (together with all rules and
      regulations issued thereunder (the "Code")) and this Agreement is intended
      to be
      adopted as a plan of reorganization for purposes of Section 368 of the
      Code.

    

      NOW,
      THEREFORE, in consideration of the premises and the representations, warranties
      and agreements herein contained, the parties hereto agree as
      follows:

    

    ARTICLE
      I

    

    DEFINITIONS

    

    SECTION
      1.1. DEFINITIONS. As used herein, the following terms shall have

    the
      following meanings:

    

    "Act"
      means the Securities Act of 1933, as amended, and the rules and regulations
      issued in respect thereto.

    

    "Encumbrance"
      means any security interest, mortgage, pledge, hypothecation, assignment,
      deposit arrangement, encumbrance, lien (statutory or otherwise), charge against
      or interest in property to secure payment of a debt or performance of an
      obligation or other priority or preferential arrangement of any kind or nature
      whatsoever.

    

    "Law"
      means any law, statute, regulation, rule, ordinance, requirement or other
      binding action or requirement of any governmental, regulatory or administrative
      body, agency or authority or any court of judicial authority.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    "Order"
      means any decree, order, judgment, writ, award, injunction, stipulation or
      consent of or by any Federal, state or local government or any court,
      administrative agency or commission or other governmental authority or agency,
      domestic or foreign.

    

      "Person"
      means any individual, corporation, general or limited partnership, joint
      venture, association, limited liability company, joint stock company, trust,
      business, bank, trust company, estate (including any beneficiaries thereof),
      unincorporated entity, cooperative, association, government branch, agency
      or
      political subdivision thereof or organization of any kind.

    

      "Transaction
      Documents" means this Agreement and any ancillary contracts, agreements or
      other
      documents that are to be entered into in connection with the transactions
      contemplated hereby.

    

    ARTICLE
      II

    

    EXCHANGE
      OF STOCK

    

    SECTION
      2.1. EXCHANGE
      OF SHARES. Subject to the terms and conditions of this Agreement, on the Closing
      Date (as hereinafter defined):

    

    (a)
      GTVF
      shall issue and deliver to each of the shareholders of CryoPort (the “CryoPort
      Shareholders”) one share of GTVF common stock for each share of CryoPort common
      stock owned by such shareholder, for an aggregate of 24,108,105
      shares
      of
      GTVF common stock, and 

    

    (b)
      the
      Company shall cause each CryoPort Shareholder shall deliver to GTFV, one or
      more
      stock certificates, duly endorsed for transfer, representing all shares of
      CryoPort Common stock owned by such shareholder, for a aggregate of 24,108,105
      shares of Common Stock; and

    

    (c)
      GTFV
      currently has 5,600,000 shares of its $0.0001 par value common stock issued
      and
      outstanding. After giving effect to the exchange of shares herein, GTFV shall
      have 28,061,690 shares of common stock issued and outstanding.

    

    (d)
      Following the exchange and receipt by the CryoPort Shareholders of the GTFV
      Shares, such CryoPort Shareholders shall own approximately 80% percent of the
      total issued and outstanding shares of GTFV common stock, and shall assume
      control of GTFV, whose common stock is qualified for trading on the Pink Sheets
      stock exchange under the symbol (“GTFV”). 

    

    SECTION
      2.2. THE CLOSING.

    

    (a)
      Subject to the terms and conditions of this Agreement, the closing of the
      transactions contemplated by this Agreement (the "Closing") shall take place
      as
      promptly as possible but no later than the fifth (5th)
      business day following the day the last of the conditions set forth in Article
      V
      shall have been fulfilled or waived (other than those that this Agreement
      contemplates will be satisfied at or immediately prior to the Closing), or
      at
      such other time as shall be mutually agreed upon by GTFV and CryoPort (the
      "Closing Date”).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)
      Subject to the conditions set forth in this Agreement, the parties agree to
      consummate the following transactions at the Closing:

    

    (i)
      the
      CryoPort Shareholders shall assign and transfer to GTFV the GTFV Shares, by
      physically delivering to GTFV one (1) or more stock certificates duly endorsed
      or accompanied by duly executed stock powers (with a medallion guaranty, if
      requested) sufficient to validly transfer the GTFV Shares to GTFV or its
      nominee; and

    

    (ii)
      GTFV
      shall issue to each CryoPort Shareholder one share of GTFV common stock for
      each
      share of CryoPort Common Stock transferred by such CryoPort Shareholder, by
      physically delivering to such CryoPort Shareholder a stock certificate in the
      name of such CryoPort Shareholder representing the number of shares due such
      CryoPort Shareholder.

    

    (iii)
      The
      current director(s) of GTFV shall elect the following individuals to the board
      of directors of GTFV Patrick Mullens, Jeffrey Dell, Marc Grossman, Peter Berry
      and David Petreccia, and shall thereafter tender their respective resignations
      from the board of directors.

    

    (iv)
      The
      current officers of GTFV shall resign, and the new board elected pursuant to
      subsection (iii) above shall elect new officers.

    

    ARTICLE
      III

    

    REPRESENTATIONS
      AND WARRANTIES OF 

    GTFV
      AND THE GTFV SHAREHOLDER

    

    GTFV
      and
      the GTFV Shareholder hereby jointly and severally represent and warrant to
      CryoPort and each CryoPort Shareholder that now and as of the
      Closing:

    

    3.1 Due
      Organization and Qualification; Subsidiaries; Due Authorization.
      

    

    
      	 	
              (a)

            	
              GTFV
                is a corporation duly incorporated, validly existing and in good
                standing
                under the laws of its jurisdiction of formation, with full corporate
                power
                and authority to own, lease and operate its respective business and
                properties and to carry on its respective business in the places
                and in
                the manner as presently conducted or proposed to be conducted. GTFV
                is in
                good standing as a foreign corporation in each jurisdiction in which
                the
                properties owned, leased or operated, or the business conducted,
                by it
                requires such qualification except for any such failure, which, when
                taken
                together with all other failures, is not likely to have a material
                adverse
                effect on the business of GTFV and its Subsidiaries taken as a
                whole.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              GTFV
                does not own, directly or indirectly, any capital stock, equity or
                interest in any corporation, firm, partnership, joint venture or
                other
                entity.

            

    

    

    
      	 	
              (c)

            	
              GTFV
                has all requisite corporate power and authority to execute and deliver
                this Agreement, and to consummate the transactions contemplated hereby
                and
                thereby. GTFV has taken all corporate action necessary for the execution
                and delivery of this Agreement and the consummation of the transactions
                contemplated hereby, and this Agreement constitutes the valid and
                binding
                obligation of GTFV, enforceable against GTFV in accordance with its
                terms,
                except as may be affected by bankruptcy, insolvency, moratoria or
                other
                similar laws affecting the enforcement of creditors' rights generally
                and
                subject to the qualification that the availability of equitable remedies
                is subject to the discretion of the court before which any proceeding
                therefore may be brought.

            

    

     

    3.2 No
      Conflicts or Defaults.
      The
      execution and delivery of this Agreement by GTFV and the consummation of the
      transactions contemplated hereby do not and shall not (a) contravene the
      Articles of Incorporation or By-laws of GTFV or (b) with or without the giving
      of notice or the passage of time (i) violate, conflict with, or result in a
      breach of, or a default or loss of rights under, any material covenant,
      agreement, mortgage, indenture, lease, instrument, permit or license to which
      GTFV is a party or by which GTFV is bound, or any judgment, order or decree,
      or
      any law, rule or regulation to which GTFV is subject, (ii) result in the
      creation of, or give any party the right to create, any Encumbrance or any
      other
      right or adverse interest upon any of the assets or common stock of GTFV, (iii)
      terminate or give any party the right to terminate, amend, abandon or refuse
      to
      perform, any material agreement, arrangement or commitment to which GTFV is
      a
      party or by which GTFV's assets are bound, or (iv) accelerate or modify, or
      give
      any party the right to accelerate or modify, the time within which, or the
      terms
      under which, GTFV is to perform any duties or obligations or receive any rights
      or benefits under any material agreement, arrangement or commitment to which
      it
      is a party.

    

    3.3 Capitalization.
      The
      authorized capital stock of the GTFV immediately prior to giving effect to
      the
      transactions contemplated hereby consists of one hundred million (100,000,000)
      shares of Common Stock of which 5,600,000 shares of $0.0001 par value Common
      Stock are issued and outstanding as of the date hereof. All of the outstanding
      shares of Common Stock are, and the GTFV Shares when issued in accordance with
      the terms hereof, will be, duly authorized, validly issued in compliance with
      applicable federal and state securities laws, fully paid and nonassessable,
      and
      have not been or, with respect to the GTFV Shares, will not be issued in
      violation of any preemptive right of stockholders. The GTFV Shares are not
      subject to any preemptive or subscription right, any voting trust agreement
      or
      other contract, agreement, arrangement, option, warrant, call, commitment or
      other right of any character obligating or entitling GTFV to issue, sell, redeem
      or repurchase any of its securities, and there is no outstanding security of
      any
      kind convertible into or exchangeable for Common Stock. GTFV has not granted
      registration rights to any person.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.4 Financial
      Statements.
      Exhibit
      3.4 to the Disclosure Schedule contains copies of the balance sheets of the
      GTFV
      at November 30, 2004, and the related statements of operations, stockholders'
      equity and cash flows for the eleven months then ended (all such statements
      being the "GTFV Financial Statements"). The Financial Statements, have been
      prepared in accordance with U.S. generally accepted accounting principles
      applied on a basis consistent throughout all periods presented, subject to
      audit
      adjustments, which are not expected to be material. Such statements present
      fairly the financial position of GTFV as of the dates and for the periods
      indicated. The books of account and other financial records of GTFV have been
      maintained in accordance with good business practices.

    

    3.5 Further
      Financial Matters.
      Except
      for Exhibit 3.5 of the Disclosure Schedule, GTFV does not have any liabilities
      or obligations, whether secured or unsecured, accrued, determined, absolute
      or
      contingent, asserted or unasserted or otherwise, which are required to be
      reflected or reserved in a balance sheet or the notes thereto under generally
      accepted accounting principles, but which are not reflected in the Financial
      Statements.

    

    3.6 Taxes.
      GTFV
      has filed all United States federal, state, county, local and foreign national,
      provincial and local returns and reports which were required to be filed on
      or
      prior to the date hereof in respect of all income, withholding, franchise,
      payroll, excise, property, sales, use, value-added or other taxes or levies,
      imposts, duties, license and registration fees, charges, assessments or
      withholdings of any nature whatsoever (together, "Taxes"), and has paid all
      Taxes (and any related penalties, fines and interest) which have become due
      pursuant to such returns or reports or pursuant to any assessment which has
      become payable, or, to the extent its liability for any Taxes (and any related
      penalties, fines and interest) has not been fully discharged, the same have
      been
      properly reflected as a liability on the books and records of GTFV and adequate
      reserves therefore have been established. All such returns and reports filed
      on
      or prior to the date hereof have been properly prepared and are true, correct
      (and to the extent such returns reflect judgments made by GTFV, as the case
      may
      be, such judgments were reasonable under the circumstances) and complete in
      all
      material respects. No tax return or tax return liability of GTFV has been
      audited or, presently under audit. GTFV has not given or been requested to
      give
      waivers of any statute of limitations relating to the payment of any Taxes
      (or
      any related penalties, fines and interest). Except for item 3.6 of the
      Disclosure Schedule, there are no claims pending or, to the knowledge of GTFV
      or
      the GTFV Shareholder, threatened, against the GTFV for past due Taxes. All
      payments for withholding taxes, unemployment insurance and other amounts
      required to be paid for periods prior to the date hereof to any governmental
      authority in respect of employment obligations of GTFV, including, without
      limitation, amounts payable pursuant to the Federal Insurance Contributions
      Act,
      have been paid or shall be paid prior to the Closing and have been duly provided
      for on the books and records of GTFV and in the Financial Statements. GTFV
      has
      delivered to CryoPort copies of the federal income tax returns for each of
      the
      past two fiscal years.

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    3.7 Indebtedness;
      Contracts; No Defaults.

    

    
      	 	
              (a)

            	
              Except
                as set forth on Item 3.7 of the Disclosure Schedule, GTFV is not
                a party
                to any instruments, agreements, indentures, mortgages, guarantees,
                notes,
                commitments, accommodations, letters of credit or other arrangements
                or
                understandings, whether written or oral.

            

    

    

    
      	 	
              (b)

            	
              Except
                as disclosed in Item 3.7 of the Disclosure Schedule, neither GTFV,
                any
                Subsidiary, nor, to the knowledge of GTFV or the GTFV Shareholder,
                any
                other person or entity is in breach in any material respect of, or
                in
                default in any material respect under, any material contract, agreement,
                arrangement, commitment or plan to which GTFV is a party, and no
                event or
                action has occurred, is pending or is threatened, which, after the
                giving
                of notice, passage of time or otherwise, would constitute or result
                in
                such a material breach or material default by GTFV or, to the knowledge
                of
                GTFV, any other person or entity. GTFV has not received any notice
                of
                default under any contract, agreement, arrangement, commitment or
                plan to
                which it is a party, which default has not been cured to the satisfaction
                of, or duly waived by, the party claiming such default on or before
                the
                date hereof.

            

    

    

    3.8 Personal
      Property.
      GTFV
      has good and marketable title to all of its tangible personal property and
      assets, including, without limitation, all of the assets reflected in the
      Financial Statements that have not been disposed of in the ordinary course
      of
      business and such property is free and clear of all Encumbrances.

    

    3.9 Real
      Property.
      Except
      as set forth on Item 3.9 of the Disclosure Schedule, GTFV does not own, lease
      or
      sublease any real property.

    

    3.10 Compliance
      with Law.
      GTFV is
      not conducting its business or affairs in violation of any applicable federal,
      state or local law, ordinance, rule, regulation, court or administrative order,
      decree or process, or any requirement of insurance carriers. GTFV has not
      received any notice of violation or claimed violation of any such law,
      ordinance, rule, regulation, order, decree, process or requirement. GTFV is
      in
      compliance with all applicable federal, state, local and foreign laws and
      regulations relating to the protection of the environment and human health.
      There are no claims, notices, actions, suits, hearings, investigations,
      inquiries or proceedings pending or, to the knowledge of GTFV or the GTFV
      Shareholder, threatened against GTFV that are based on or related to any
      environmental matters or the failure to have any required environmental permits,
      and there are no past or present conditions that GTFV has reason to believe
      are
      likely to give rise to any material liability or other obligations of GTFV
      or
      any Subsidiary under any environmental laws.

    

    3.11 Permits
      and Licenses.
      GTFV
      has all certificates of occupancy, rights, permits, certificates, licenses,
      franchises, approvals and other authorizations as are reasonably necessary
      to
      conduct its business and to own, lease, use, operate and occupy its assets,
      at
      the places and in the manner now conducted and operated, except those the
      absence of which would not materially adversely affect its business. GTFV has
      not received any written or oral notice or claim pertaining to the failure
      to
      obtain any material permit, certificate, license, approval or other
      authorization required by any federal, state or local agency or other regulatory
      body, the failure of which to obtain would materially and adversely affect
      its
      business. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.12 Ordinary
      Course.
      GTFV
      has conducted its business, maintained its real property and equipment and
      kept
      its books of account, records and files, substantially in the same manner as
      previously conducted, maintained or kept and solely in the ordinary
      course.

    

    3.13 No
      Adverse Changes.
      There
      have not been (a) any material adverse change in the business, prospects, the
      financial or other condition, or the respective assets or liabilities of GTFV
      as
      reflected in the Financial Statements, (b) any material loss sustained by GTFV,
      including, but not limited to any loss on account of theft, fire, flood,
      explosion, accident or other calamity, whether or not insured, which has
      materially and adversely interfered, or may materially and adversely interfere,
      with the operation of GTFV's business, or (c) to the best knowledge of GTFV
      or
      the GTFV Shareholder, any event, condition or state of facts, including, without
      limitation, the enactment, adoption or promulgation of any law, rule or
      regulation, the occurrence of which materially and adversely does or would
      affect the results of operations or the business or financial condition of
      GTFV.

    

    3.14 Litigation.
      There
      is no claim, dispute, action, suit, proceeding or investigation pending or,
      to
      the knowledge of GTFV or the GTFV Shareholder, threatened, against or affecting
      the business of the GTFV, or challenging the validity or propriety of the
      transactions contemplated by this Agreement, at law or in equity or before
      any
      federal, state, local, foreign or other governmental authority, board, agency,
      commission or instrumentality, nor to the knowledge of the GTFV or the GTFV
      Shareholder, has any such claim, dispute, action, suit, proceeding or
      investigation been pending or threatened, during the 12 month period preceding
      the date hereof; (b) there is no outstanding judgment, order, writ, ruling,
      injunction, stipulation or decree of any court, arbitrator or federal, state,
      local, foreign or other governmental authority, board, agency, commission or
      instrumentality, against or materially affecting the business of GTFV ; and
      (c)
      GTFV has not received any written or verbal inquiry from any federal, state,
      local, foreign or other governmental authority, board, agency, commission or
      instrumentality concerning the possible violation of any law, rule or regulation
      or any matter disclosed in respect of its business.

    

    3.15 Insurance.
      GTFV
      does not currently maintain any form of insurance.

    

    3.16 Articles
      of Incorporation and By-laws; Minute Books.
      The
      copies of the Articles of Incorporation and By-laws (or similar governing
      documents) of GTFV, and all amendments to each are true, correct and complete.
      The minute books of the GTFV contains true and complete records of all meetings
      and consents in lieu of meetings of their respective Board of Directors (and
      any
      committees thereof), or similar governing bodies, since the time of their
      respective organization. The stock books of the GTFV are true, correct and
      complete.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.17 Employee
      Benefit Plans.
      GTFV
      does not maintain, nor has GTFV maintained in the past, any employee benefit
      plans ("as defined in Section 3(3) of the Employee Retirement Income Security
      Act of 1974, as amended ("ERISA")), or any plans, programs, policies, practices,
      arrangements or contracts (whether group or individual) providing for payments,
      benefits or reimbursements to employees of GTFV, former employees, their
      beneficiaries and dependents under which such employees, former employees,
      their
      beneficiaries and dependents are covered through an employment relationship
      with
      GTFV, any entity required to be aggregated in a controlled group or affiliated
      service group with GTFV for purposes of ERISA or the Internal Revenue Code
      of
      1986 (the "Code") (including, without limitation, under Section 414(b), (c),
      (m)
      or (o) of the Code or Section 4001 of ERISA, at any relevant time ("Benefit
      Plans").

    

    3.18 Affiliate
      Transactions.
      Except
      as disclosed in Item 3.18 of the Disclosure Schedule neither GTFV nor any
      officer, director or employee of the GTFV (or any of the relatives or Affiliates
      of any of the aforementioned Persons) is a party to any agreement, contract,
      commitment or transaction with GTFV or affecting the business of GTFV, or has
      any interest in any property, whether real, personal or mixed, or tangible
      or
      intangible, used in or necessary to GTFV which will subject GTFV, CryoPort
      or
      the CryoPort Shareholders to any liability or obligation from and after the
      Closing Date.

    

    3.19 Trading
      and NASD Compliance.
      GTFV’s
      common stock is currently quoted on the Pink Sheets under the symbol “GTFV”, and
      GTFV is in compliance with all NASD requirements and currently has on file
      a
      Form 15c2-11, which is true, correct and complete as of the date hereof and
      the
      Closing Date. The Form 15c2-11 does no make any untrue statement of a material
      fact or omit to state a material fact necessary in order to make the statements
      made, in light of the circumstances under which they were made, not
      misleading.

    

    3.20
      Brokers,
      etc.
      GTFV is
      not obligated to pay any fee or commission to any broker, finder or other
      similar Person in connection with the transactions contemplated by this
      Agreement (other than any fees or commissions that are solely for the account
      of
      GTFV).

    

    

    ARTICLE
      IV

    

    REPRESENTATIONS
      AND WARRANTIES OF CRYOPORT

    

    CryoPort
      represents and warrants to GTFV and the GTFV shareholder that the statements
      contained in this Article IV are true and correct as of the date of this
      Agreement and will be true and correct as of the Closing as though made as
      of
      the Closing, except to the extent such representations and warranties are
      specifically made as of a particular date (in which case such representations
      and warranties will be true and correct as of such date).

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SECTION
      4.1. POWER AND AUTHORITY; Enforceability. \

     

    CryoPort
      is a corporation duly organized, validly existing and in good standing under
      the
      laws of its jurisdiction of incorporation. CryoPort has all requisite capacity,
      power and authority to execute, deliver and perform this Agreement. The Board
      of
      the Directors of CryoPort approved the transactions contemplated hereby at
      a
      duly noticed meeting held on February 10, 2005. The share exchanged contemplated
      hereby was approved by CryoPort Shareholders owning in the aggregate 79% of
      the
      issued and outstanding stock of CryoPort at a duly noticed meeting held on
      February 26, 2005. No other corporate action on the part of CryoPort is
      necessary to authorize the execution and delivery by CryoPort of this Agreement
      or the consummation by it of the transactions contemplated hereby. This
      Agreement has been duly executed and delivered and, upon execution by CryoPort,
      will constitute a valid and legally binding obligation of CryoPort, enforceable
      against CryoPort in accordance with its terms, except (a) as limited by
      applicable bankruptcy, insolvency, reorganization, moratorium, and other laws
      of
      general application affecting enforcement of creditors' rights generally and
      (b)
      as limited by laws relating to the availability of specific performance,
      injunctive relief, or other equitable remedies.

    

    SECTION
      4.2 Capitalization.
      The
      authorized capital stock of CryoPort consists of 30,000,000 shares of common
      stock, no par value, and 5,000,000 shares of preferred stock, no par value,
      of
      which, as of the date hereof, there were 24,108,105 shares of common stock
      and
      nil shares of preferred stock, issued and outstanding. As of the date hereof,
      CryoPort has outstanding options and warrant to purchase 2,508,988 and 1,832,257
      shares of common stock, respectively. 

    

    SECTION
      4.3. OWNERSHIP; TRANSFERABILITY. CryoPort represents that, the its best
      knowledge, the CryoPort Shareholders are the legal and beneficial owner of
      the
      GTFV Shares, free and clear of any Encumbrance or restriction on transfer,
      other
      than (i) restrictions under the Act, (ii) restrictions reflected in a legend
      on
      the certificates representing the GTFV Shares.

    

    SECTION
      4.4. CONSENTS AND APPROVALS. Neither the execution, delivery and performance
      of
      this Agreement by CryoPort, nor the consummation by CryoPort of any transaction
      related hereto, will require any consent, approval, license, Order or
      authorization of, filing, registration, declaration or taking of any other
      action with, or notice to, any Person, other than such consents, approvals,
      filings or actions as may be required under the Federal securities laws which
      have or will be made.

    

    SECTION
      4.5. NO CONFLICTS. The execution and delivery by CryoPort of this Agreement,
      and
      the consummation of the transactions contemplated by this Agreement shall not,
      assuming the consents, approvals, filings or actions described in Section 4.4
      are made or obtained, as the case may be, (a) contravene, conflict with, or
      result in any violation or breach of any provision of the articles of
      incorporation or by-laws of CryoPort, (b) result in any violation or breach
      of,
      or constitute (with or without notice or lapse of time, or both) a default
      (or
      give rise to a right of termination, cancellation or acceleration of any
      obligation or loss of any benefit) under any of the terms, conditions or
      provisions of any note, bond, mortgage, indenture, lease, contract or other
      agreement, instrument or obligation to which CryoPort is a party or by which
      it
      or any of its properties or assets may be bound, or (c) conflict or violate
      any
      permit, concession, franchise, license, judgment, Order, decree, statute, law,
      ordinance, rule or regulation of any government, governmental instrumentality
      or
      court, domestic or foreign, applicable to CryoPort or any of its properties
      or
      assets, except in the case of (b) and (c) for any such conflicts, violations,
      defaults, terminations, cancellations or accelerations which would not,
      individually or in the aggregate, materially and adversely affect the GTFV
      Shares being conveyed by the CryoPort Shareholders.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SECTION
      4.6. RESTRICTED. CryoPort understands that the CryoPort Shares are characterized
      as "restricted securities" under the Federal securities laws and that under
      such
      laws and applicable regulations such securities may be resold without
      registration under the Act only in certain limited circumstances. 

    

    SECTION
      4.7. LEGENDS. It is understood that the certificate(s) evidencing the CryoPort
      Shares shall bear a legend substantially in the form below:

    

    THE
      SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933 OR WITH ANY STATE SECURITIES COMMISSION, AND MAY NOT
      BE
      TRANSFERRED OR DISPOSED OF BY THE HOLDER IN THE ABSENCE OF A REGISTRATION
      STATEMENT WHICH IS EFFECTIVE UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE
      STATE LAWS AND RULES OR UNLESS SUCH TRANSFER MAY BE EFFECTED WITHOUT VIOLATION
      OF THE SECURITIES ACT OF 1933 AND OTHER APPLICABLE STATE LAWS AND
      RULES.

    

    SECTION
      4.8. BROKERS, etc. CryoPort is not obligated to pay any fee or commission to
      any
      broker, finder or other similar Person in connection with the transactions
      contemplated by this Agreement (other than any fees or commissions that are
      solely for the account of CryoPort).

    

    SECTION
      4.9. REVERSE SPLITS. CryoPort hereby agrees that following the consummation
      of
      the transactions contemplated hereby it not to effectuate a reverse split of
      its
      common stock for a period of 24 consecutive months thereafter. 

    

    ARTICLE
      V

    

    CONDITIONS
      PRECEDENT; RELATED COVENANTS

    

    SECTION
      5.1. CLOSING EFFORTS. Each of the parties hereto shall use its commercially
      reasonable efforts ("Reasonable Efforts") to take all actions and to do all
      things necessary, proper or advisable to consummate the transactions
      contemplated by this Agreement, including using its reasonable best efforts
      to
      ensure that (i) its representations and warranties remain true and correct
      in
      all material respects through the Closing Date, and (ii) the conditions to
      the
      obligations of the other parties to consummate the transaction are
      satisfied.

    

    SECTION
      5.2. CONDITIONS PRECEDENT TO OBLIGATIONS OF CRYOPORT AND GTFV. The obligations
      of CryoPort to transfer the CryoPort Shares and GTFV to transfer the GTFV Shares
      at the Closing are subject to the fulfillment of the condition that, at the
      Closing, the representations and warranties of GTFV and CryoPort set forth
      in
      this Agreement that are qualified as to materiality shall be true and correct
      in
      all respects, and all other representations and warranties of GTFV and CryoPort
      set forth in this Agreement shall be true and correct in all material respects,
      in each case as of the date of this Agreement and as of the Closing as though
      made as of the Closing, except to the extent such representations and warranties
      are specifically made as of a particular date (in which case such
      representations and warranties shall be true and correct as of such
      date).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SECTION
      5.3 CRYOPORT
      COVENANTS. Upon execution of this Agreement, Cryoport will immediately cause
      to
      be delivered to the CryoPort Shareholders notice of the share exchange and
      the
      procedures to be followed to consummate the exchange contemplated hereby. In
      addition, as to those shareholders who did not consent to the transaction,
      CryoPort shall deliver to them the dissenter’s rights information required to be
      delivered pursuant to Chapter 13 of the General Corporation Law of California.
      

    

    SECTION
      5.4 INVESTMENT REPRESENTATION. In connection with the each CryoPort
      Shareholder’s exchange of such shareholders shares, GTFV’s transfer agent shall
      cause such shareholder to execute a representation in the form of the attached
      Exhibit A. 

    

    SECTION
      5.5 NAME CHANGE. Prior to the Closing, the GTFV Shareholder shall take all
      steps
      required by applicable law to obtain board and shareholder approval of a change
      in GTFV’s name to CryoPort, Inc. Following receipt of the required approvals,
      the appropriate documentation required to effect the name change shall be
      prepared and signed by an officer of GTFV, which documentation shall be filed
      with the Secretary of State of Nevada upon the Closing.

    

    SECTION
      5.6 OPTIONS AND WARRANTS. All options and warrants to purchase common stock
      of
      CryoPort outstanding as of the Closing, shall, upon the Closing be converted
      into options and warrants to purchase an equal number of shares of GTFV common
      stock at the same exercise prices.

    

    ARTICLE
      VI

    

    TERMINATION

    

    SECTION
      6.1. TERMINATION BY MUTUAL CONSENT. This Agreement may be terminated and the
      transactions contemplated hereby may be abandoned at any time prior to the
      Closing by the written consent of each party hereto.

    

    SECTION
      6.2. TERMINATION BY EITHER GTFV OR CRYOPORT. This Agreement may be terminated
      (upon written notice from the terminating party hereto to the other party
      hereto) and the transactions contemplated hereby may be abandoned by action
      of
      any party hereto, if (a) the Closing shall not have occurred on or prior to
      ___________, 2005 (unless, as of such time, a minimum of 50.1% of the GTFV
      Shares have been tendered for exchange), or (b) any Federal, state or local
      government or any court, administrative agency or commission or other
      governmental authority or agency, domestic or foreign shall have issued a Law
      or
      Order permanently restraining, enjoining or otherwise prohibiting the
      transactions contemplated hereby and such Law or Order shall have become final
      and nonappealable.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SECTION
      6.3. EFFECT OF TERMINATION AND ABANDONMENT. In the event of termination of
      this
      Agreement pursuant to this Article VI hereof, no party hereto or, its directors
      or officers or other controlling persons shall have any liability or further
      obligation to any other party hereto pursuant to this Agreement, except that
      Article VIII hereof shall survive termination of this Agreement and nothing
      herein will relieve any party hereto from liability for any breach of this
      Agreement occurring prior to such termination.

    

    ARTICLE
      VII

    

    INDEMNIFICATION

    

    SECTION
      7.1 The GTFV Shareholder hereby agrees to defend, indemnify and hold harmless
      each of GTFV, CryoPort and the CryoPort Shareholders (each an “Indemnified
      Party”), from an against, and to reimburse each Indemnified Party with respect
      to, all liabilities, losses, costs and expenses, including, without limitation,
      reasonable attorneys’ fees and disbursements, asserted against or incurred by
      such Indemnified Party by reason of, arising out of, or in connection with
      any
      (i) transaction, act or omission to act by GTFV and/or any shareholder, director
      or officer thereof prior to the Closing Date, and (ii) material breach of any
      representation or warranty contained in this Agreement made by GTFV and/or
      the
      GTFV Shareholder or in any document or certificate delivered by GTFV and/or
      the
      GTFV Shareholder pursuant to the provisions of this Agreement or in any
      connection with the transactions contemplated thereby. As security for the
      foregoing indemnification obligation, the GTFV shareholder agrees to place
      into
      a mutually acceptable escrow 200,000 shares of GTFV common stock for a period
      of
      one year. The shares held in escrow shall be sold and the proceeds used to
      satisfy any indemnification claim that the GTFV and/or the GTFV Shareholder
      shall be required to satisfy pursuant to Section 7.3 below.

    

    Section
      7.2 Indemnity
      of GTFV.
      CryoPort agrees to defend, indemnify and hold harmless GTFV and the GTFV
      Shareholder from and against, and to reimburse the Company with respect to,
      all
      liabilities, losses, costs and expenses, including, without limitation,
      reasonable attorneys' fees and disbursements, asserted against or incurred
      by
      such Seller by reason of, arising out of, or in connection with any material
      breach of any representation or warranty contained in this Agreement and made
      by
      CryoPOrt or in any document or certificate delivered by CryoPort pursuant to
      the
      provisions of this Agreement or in connection with the transactions contemplated
      thereby.

    

    Section
      7.3 Indemnification
      Procedure.
      A party
      (an "Indemnified Party") seeking indemnification shall give prompt notice to
      the
      other party (the "Indemnifying Party") of any claim for indemnification arising
      under this Article VII. The Indemnifying Party shall have the right to assume
      and to control the defense of any such claim with counsel reasonably acceptable
      to such Indemnified Party, at the Indemnifying Party's own cost and expense,
      including the cost and expense of reasonable attorneys' fees and disbursements
      in connection with such defense, in which event the Indemnifying Party shall
      not
      be obligated to pay the fees and disbursements of separate counsel for such
      in
      such action. In the event, however, that such Indemnified Party's legal counsel
      shall determine that defenses may be available to such Indemnified Party that
      are different from or in addition to those available to the Indemnifying Party,
      in that there could reasonably be expected to be a conflict of interest if
      such
      Indemnifying Party and the Indemnified Party have common counsel in any such
      proceeding, or if the Indemnified Party has not assumed the defense of the
      action or proceedings, then such Indemnifying Party may employ separate counsel
      to represent or defend such Indemnified Party, and the Indemnifying Party shall
      pay the reasonable fees and disbursements of counsel for such Indemnified Party.
      No settlement of any such claim or payment in connection with any such
      settlement shall be made without the prior consent of the Indemnifying Party
      which consent shall not be unreasonably withheld.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    ARTICLE
      VIII

    

    GENERAL
      PROVISIONS; OTHER AGREEMENTS

    

    SECTION
      8.1. PRESS RELEASES. Other than any required filings under the Federal
      securities laws, none of the parties hereto will, without first obtaining the
      approval of the other, make any public announcement, directly or indirectly,
      regarding this Agreement, nor the nature of the transaction contemplated by
      this
      Agreement, to any person except as required by law or regulatory bodies and
      other than to the respective principals or other representatives of the Parties,
      each of whom shall be similarly bound by such confidentiality obligations.
      If
      any such press release or public announcement is so required by either party
      (except in the case of any disclosure required under the Federal securities
      laws
      to be made in a filing with the Securities and Exchange Commission), the
      disclosing party shall consult with the other parties prior to making such
      disclosure, and the parties shall use all reasonable efforts, acting in good
      faith, to agree upon a text for such disclosure which is satisfactory to each
      of
      the parties.

    

    SECTION
      8.2. TAX-FREE TRANSACTION. From and after the date of this Agreement, CryoPort
      shall use all reasonable efforts to cause the transactions contemplated hereby
      to qualify, and shall not knowingly take any actions or permit any actions
      to be
      taken that could reasonably be expected to prevent said transactions from
      qualifying as a "reorganization" under Section 368(a) of the Code. This
      Agreement shall be, and hereby is, adopted by CryoPort as a plan of
      reorganization for purposes of Section 368 of the Code.

    

    Section
      8.3 Survival
      of Representations, Warranties and Agreements.
      All
      representations and warranties and statements made by a party to in this
      Agreement or in any document or certificate delivered pursuant hereto shall
      survive the Closing Date for so long as the applicable statute of limitations
      shall remain open. Each of the parties hereto is executing and carrying out
      the
      provisions of this agreement in reliance upon the representations, warranties
      and covenants and agreements contained in this agreement or at the closing
      of
      the transactions herein provided for and not upon any investigation which it
      might have made or any
      representations, warranty, agreement, promise or information, written or oral,
      made by the other party or any other person other than as specifically set
      forth
      herein.

    

    Section
      8.4 Access
      to Books and Records.
      During
      the course of this transaction through Closing, each party agrees to make
      available for inspection all corporate books, records and assets, and otherwise
      afford to each other and their respective representatives, reasonable access
      to
      all documentation and other information concerning the business, financial
      and
      legal conditions of each other for the purpose of conducting a due diligence
      investigation thereof. Such due diligence investigation shall be for the purpose
      of satisfying each party as to the business, financial and legal condition
      of
      each other for the purpose of determining the desirability of consummating
      the
      proposed transaction. The parties further agree to keep confidential and not
      use
      for their own benefit, except in accordance with this Agreement any information
      or documentation obtained in connection with any such investigation. 

    

    Section
      8.5 Further
      Assurances.
      If, at
      any time after the Closing, the parties shall consider or be advised that any
      further deeds, assignments or assurances in law or that any other things are
      necessary, desirable or proper to complete the merger in accordance with the
      terms of this agreement or to vest, perfect or confirm, of record or otherwise,
      the title to any property or rights of the parties hereto, the parties agree
      that their proper officers and directors shall execute and deliver all such
      proper deeds, assignments and assurances in law and do all things necessary,
      desirable or proper to vest, perfect or confirm title to such property or rights
      and otherwise to carry out the purpose of this Agreement, and that the proper
      officers and directors the parties are fully authorized to take any and all
      such
      action.

    

    SECTION
      8.6. EXPENSES. Regardless of whether the transactions contemplated hereby are
      consummated, all legal and other costs and expenses incurred in connection
      with
      this Agreement and the transactions contemplated hereby shall be paid by the
      party hereto incurring such costs and expenses.

    

    SECTION
      8.7. GOVERNING LAW. This Agreement shall be governed by and construed
      in

    accordance
      with the laws of the State of Nevada without regard to the conflicts of laws
      provisions thereof.

    

    SECTION
      8.5. HEADINGS. Article and Section headings used in this Agreement are for
      convenience only and shall not affect the meaning or construction of this
      Agreement.

    

    SECTION
      8.6. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement between
      the parties hereto and supersedes all prior agreements and understandings,
      both
      written and oral, with respect to the subject matter hereof.

    

    SECTION
      8.7. AMENDMENT. Any term of this Agreement may be modified or amended only
      by an
      instrument in writing signed by each of the parties hereto.

    

    SECTION
      8.8. SEVERABILITY. If one or more provisions of this Agreement are held to
      be
      unenforceable under applicable law, such provision shall be excluded from this
      Agreement and the balance of the Agreement shall be interpreted as if such
      provision were so excluded and shall be enforced in accordance with its
      terms.

    

    SECTION
      8.9. NOTICES. All
      communications, notices, requests, consents or demands given or required under
      this Agreement shall be in writing and shall be deemed to have been duly given
      when delivered to, or received by prepaid registered or certified mail or
      recognized overnight courier addressed to, or upon receipt of a facsimile sent
      to, the party for whom intended, as follows, or to such other address or
      facsimile number as may be furnished by such party by notice in the manner
      provided herein:

    

    CryoPort
      Systems, Inc.

    451
      Atlas
      Street

    Brea,
      California 92821

    Phone
      714-256-6104

    Fax
      714-256-6110

    Peter
      Berry, President and Chief Executive Officer 

    

    AND,

    

    G
      T 5-Limited

    36181
      East Lake Rd.,

    1112
      Suite 170

    Palm
      Harbor, FL34685

    Fax
      727-937-1074

    Phone
      727-937-4374 or 727-204-4627

    Dante
      M.
      Panella, President

    

    SECTION
      9. COUNTERPARTS. This Agreement may be executed in one or more counterparts,
      each of which shall be deemed an original but all of which together shall
      constitute one and the same instrument. Signatures on this Agreement may be
      communicated by facsimile transmission and shall be binding upon the parties
      hereto so transmitting their signatures. Counterparts with original signatures
      shall be provided to the other parties hereto following the applicable facsimile
      transmission; provided that the failure to provide the original counterpart
      shall have no effect on the validity or the binding nature of this
      Agreement.

    

    

    

    

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      page follows

    
      
        
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          413980.3 

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Signature
      page to Stock Exchange Agreement

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Stock Exchange Agreement
      to
      be duly executed and delivered as of the date set forth above.

    

    CryoPort
      Systems, Inc.     G
      T 5-Limited

    

    

    

    By:_/s/
      Patrick
      L. Mullens_ _     By:/s/
      Dante M. Panella 

    Patrick
      Mullens, M.D., President     Dante
      M.
      Panella, President

    

    

    
      
        
          1

          413980.3

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