Document:

PROMISSORY
      NOTE

    

    
      	$475,000.00	
              Dublin,
                Ohio

              April
                3, 2008

            

    

    
      

    National
      Investment Managers Inc., a Florida corporation (the "Maker"), for value
      received, hereby promises to pay to Anthony S. Delfino (the "Holder"), or order,
      the principal sum of Four Hundred Seventy Five Thousand Dollars ($475,000)
      (the
“Principal”) Dollars in such coin or currency of the United States of America as
      at the time of payment shall be legal tender for the payment of public and
      private debts, which shall be payable in two equal principal installments of
      Two
      Hundred Thirty Seven Thousand Five Hundred Dollars ($237,500) each, plus accrued
      interest, on (i) June 3, 2009 and (ii) June 3, 2010; provided,
      however,
      the
      Principal and interest payable at each of the aforementioned payment dates
      may
      be adjusted pursuant to Section 2.3 of the Stock Purchase Agreement entered
      by
      and between the Maker, California Investment Annuity Sales, Inc., Richard
      L. Kaplan and Hana E. Kaplan Inter Vivos Trust Agreement dated 1/29/97 as
      amended and restated 1/10/03
      and
      Anthony S. Delfino dated April 3, 2008 (the "Stock Purchase Agreement").

    

    Further,
      in the event that the Maker and the Holder are unable to determine if the Target
      Revenue (as defined in the Stock Purchase Agreement) has been achieved pursuant
      to Section 2.3(a) of the Stock Purchase Agreement, then the aforementioned
      payment dates shall be extended to be a date five (5) business days from the
      date that the Independent Accounting Firm (as defined in the Stock Purchase
      Agreement) resolves any dispute between the Maker and the Holder. 

    

    The
      Holder shall pay such amount within 30 calendar days of such request by Maker.
      Maker further promises to pay interest on the unpaid principal balance hereof
      at
      the rate of seven percent (7%) per annum, principal and interest on the
      outstanding balance to be paid annually. Interest shall be calculated on the
      basis of a 360 day year and actual days elapsed. In no event shall the interest
      charged hereunder exceed the maximum permitted under the laws of the State
      of
      California.

    

    This
      Note
      can be prepaid in whole or in part at any time without the consent of the Holder
      provided that Maker shall pay all accrued interest on the principal so prepaid
      to date of such prepayment.

    

    The
      entire unpaid principal balance of this Note and interest accrued with respect
      thereto shall be immediately due and payable upon the occurrence of any of
      the
      following (each, an "Event of Default"):

    

    a.
      Application for, or consent to, the appointment of a receiver, trustee or
      liquidator for Maker or of its property;

    

    b.
      Admission in writing of the Maker's inability to pay its debts as they
      mature;

    

    c.
      General assignment by the Maker for the benefit of creditors;

    

    d.
      Filing
      by the Maker of a voluntary petition in bankruptcy or a petition or an answer
      seeking reorganization, or an arrangement with creditors; 

    

    e.
      Entering against the Maker of a court order approving a petition filed against
      it under the federal bankruptcy laws, which order shall not have been vacated
      or
      set aside or otherwise terminated within 60 days; or 

    

    
      
         

      

      
        Page
          1 of
          2

        
          

        

      

      
         

      

    

    f.
      Default in the payment of the principal or accrued interest on this Note, when
      and as the same shall become due and payable, whether by acceleration or
      otherwise, which such default has not been cured within thirty (30) of the
      Holder notifying the Maker in writing of such default.

    

    All
      rights and remedies available to the Holder pursuant to the provisions of
      applicable law and otherwise are cumulative, not exclusive and enforceable
      alternatively, successively and/or concurrently after default by Maker pursuant
      to the provisions of this Note.

    

    This
      Note
      may not be changed, modified or terminated orally, but only by an agreement
      in
      writing, signed by both Maker and Holder. .

    

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

    

    This
      Note
      shall be binding upon the successors, endorsees or assigns of the Maker and
      inure to the benefit of the Holder, its successors, endorsees and
      assigns.

    

    In
      the
      event of any dispute between parties to this Note, the prevailing party shall
      be
      entitled to immediate payment of all costs incurred by such party in such
      dispute, including, but not limited to, court costs and reasonable attorneys'
      fees.

    

    If
      any
      term or provision of this Note shall be held invalid, illegal or unenforceable,
      the validity of all other terms and provisions hereof shall in no way be
      affected thereby.

     

    
      
        	 	 	 
	 	NATIONAL
                INVESTMENT MANAGERS INC.
	 
 	 
 	 
 
	 	By:  	/s/ Steven
                Ross
	 	Name:	Steven Ross
	 	Title:	CEO

      

    

     

    
      
         

      

      
        Page
          2 of
          2PROMISSORY
      NOTE

     

    
      	
              $475,000.00

            	
              Dublin,
                Ohio

            
	 	
              April
                3, 2008

            

    

    

    National
      Investment Managers Inc., a Florida corporation (the "Maker"), for value
      received, hereby promises to pay to Richard
      L. Kaplan and Hana E. Kaplan Inter Vivos Trust Agreement dated 1/29/97 as
      amended and restated 1/10/03
      (the
      "Holder"), or order, the principal sum of Four Hundred Seventy Five Thousand
      Dollars ($475,000) (the “Principal”) Dollars in such coin or currency of the
      United States of America as at the time of payment shall be legal tender for
      the
      payment of public and private debts, which shall be payable in two equal
      principal installments of Two Hundred Thirty Seven Thousand Five Hundred Dollars
      ($237,500) each, plus accrued interest, on (i) June 3, 2009 and (ii) June 3,
      2010; provided,
      however,
      the
      Principal and interest payable at each of the aforementioned payment dates
      may
      be adjusted pursuant to Section 2.3 of the Stock Purchase Agreement entered
      by
      and between the Maker, California Investment Annuity Sales, Inc., Richard
      L. Kaplan and Hana E. Kaplan Inter Vivos Trust Agreement dated 1/29/97 as
      amended and restated 1/10/03
      and
      Anthony S. Delfino dated April 3, 2008 (the "Stock Purchase Agreement").

    

    Further,
      in the event that the Maker and the Holder are unable to determine if the Target
      Revenue (as defined in the Stock Purchase Agreement) has been achieved pursuant
      to Section 2.3(a) of the Stock Purchase Agreement, then the aforementioned
      payment dates shall be extended to be a date five (5) business days from the
      date that the Independent Accounting Firm (as defined in the Stock Purchase
      Agreement) resolves any dispute between the Maker and the Holder. 

    

    The
      Holder shall pay such amount within 30 calendar days of such request by Maker.
      Maker further promises to pay interest on the unpaid principal balance hereof
      at
      the rate of seven percent (7%) per annum, principal and interest on the
      outstanding balance to be paid annually. Interest shall be calculated on the
      basis of a 360 day year and actual days elapsed. In no event shall the interest
      charged hereunder exceed the maximum permitted under the laws of the State
      of
      California.

    

    This
      Note
      can be prepaid in whole or in part at any time without the consent of the Holder
      provided that Maker shall pay all accrued interest on the principal so prepaid
      to date of such prepayment.

    

    The
      entire unpaid principal balance of this Note and interest accrued with respect
      thereto shall be immediately due and payable upon the occurrence of any of
      the
      following (each, an "Event of Default"):

    

    a.
      Application for, or consent to, the appointment of a receiver, trustee or
      liquidator for Maker or of its property;

    

    b.
      Admission in writing of the Maker's inability to pay its debts as they
      mature;

    

    c.
      General assignment by the Maker for the benefit of creditors;

    

    d.
      Filing
      by the Maker of a voluntary petition in bankruptcy or a petition or an answer
      seeking reorganization, or an arrangement with creditors; 

    

    e.
      Entering against the Maker of a court order approving a petition filed against
      it under the federal bankruptcy laws, which order shall not have been vacated
      or
      set aside or otherwise terminated within 60 days; or 

    

    
      
         

      

      
        Page
          1 of 2

        
          

        

      

      
         

      

    

    f.
      Default in the payment of the principal or accrued interest on this Note, when
      and as the same shall become due and payable, whether by acceleration or
      otherwise, which such default has not been cured within thirty (30) of the
      Holder notifying the Maker in writing of such default.

    

    All
      rights and remedies available to the Holder pursuant to the provisions of
      applicable law and otherwise are cumulative, not exclusive and enforceable
      alternatively, successively and/or concurrently after default by Maker pursuant
      to the provisions of this Note.

    

    This
      Note
      may not be changed, modified or terminated orally, but only by an agreement
      in
      writing, signed by both Maker and Holder. .

    

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

    

    This
      Note
      shall be binding upon the successors, endorsees or assigns of the Maker and
      inure to the benefit of the Holder, its successors, endorsees and
      assigns.

    

    In
      the
      event of any dispute between parties to this Note, the prevailing party shall
      be
      entitled to immediate payment of all costs incurred by such party in such
      dispute, including, but not limited to, court costs and reasonable attorneys'
      fees.

    

    If
      any
      term or provision of this Note shall be held invalid, illegal or unenforceable,
      the validity of all other terms and provisions hereof shall in no way be
      affected thereby.

    

    
      	 	
              NATIONAL
                INVESTMENT MANAGERS INC.

            
	 	 	 
	 	 	 
	 	 	 
	 	
              By:

            	
                 
                

            
	 	
              Name:

            	 
	 	
              Title:

            	 

    

     

       

    
      
         

      

      
        Page
          2 of 2

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