Document:

FUNDS ESCROW AGREEMENT

      This Agreement (this "Agreement") is dated as of the 30 day of May, 2006
among National Investment Managers, Inc., a Florida corporation (the "COMPANY"),
Laurus Master Fund, Ltd. (the "PURCHASER"), and Loeb & Loeb LLP (the "ESCROW
AGENT"):

                                   WITNESSETH:
                                   ----------

      WHEREAS, the Purchaser has advised the Escrow Agent that (a) the Company
and the Purchaser have entered into a Restricted Account Securities Purchase
Agreement (the "SECURITIES PURCHASE AGREEMENT") for the sale by the Company to
the Purchaser of a Secured Non-Convertible Term Note (the "Restricted Account
TERM NOTE"), (b) the Company has issued to the Purchaser a common stock purchase
warrant (the "WARRANT") in connection with the issuance of the Restricted
Account Term Note, and and (c) the Company and the Purchaser have entered into a
Registration Rights Agreement covering the registration of the Company's common
stock underlying the Restricted Account Term Note (the "TERM NOTE REGISTRATION
RIGHTS AGREEMENT");

      WHEREAS, the Company and the Purchaser wish the Purchaser to deliver to
the Escrow Agent copies of the Documents (as hereafter defined) and the Escrowed
Payment (as hereafter defined) to be held and released by Escrow Agent in
accordance with the terms and conditions of this Agreement; and

      WHEREAS, the Escrow Agent is willing to serve as escrow agent pursuant to
the terms and conditions of this Agreement;

      NOW THEREFORE, the parties agree as follows: ARTICLE I

                                 INTERPRETATION

      1.1. Definitions. Whenever used in this Agreement, the following terms
shall have the meanings set forth below.

            (a) "Agreement" means this Agreement, as amended, modified and/or
supplemented from time to time by written agreement among the parties hereto.

            (b) "Closing Payment" means the closing payment to be paid to Laurus
Capital Management, LLC, the fund manager, as set forth on Schedule A hereto.

            (c) "Disbursement Letter" means that certain letter delivered to the
Escrow Agent by each of the Purchaser and the Company setting forth wire
instructions and amounts to be funded at the Closing.

<PAGE>

            (d) "Documents" means copies of the Disbursement Letter, the
Securities Purchase Agreement, the Restricted Account Term Note, the Warrant and
the Term Note Registration Rights Agreement

            (e) "Escrowed Payment" means $7,000,000.

      1.2. Entire Agreement. This Agreement constitutes the entire agreement
among the parties hereto with respect to the matters contained herein and
supersedes all prior agreements, understandings, negotiations and discussions of
the parties, whether oral or written. There are no warranties, representations
and other agreements made by the parties in connection with the subject matter
hereof except as specifically set forth in this Agreement.

      1.3. Extended Meanings. In this Agreement words importing the singular
number include the plural and vice versa; words importing the masculine gender
include the feminine and neuter genders. The word "person" includes an
individual, body corporate, partnership, trustee or trust or unincorporated
association, executor, administrator or legal representative.

      1.4. Waivers and Amendments. This Agreement may be amended, modified,
superseded, cancelled, renewed or extended, and the terms and conditions hereof
may be waived, in each case only by a written instrument signed by all parties
hereto, or, in the case of a waiver, by the party waiving compliance. Except as
expressly stated herein, no delay on the part of any party in exercising any
right, power or privilege hereunder shall operate as a waiver thereof, nor shall
any waiver on the part of any party of any right, power or privilege hereunder
preclude any other or future exercise of any other right, power or privilege
hereunder.

      1.5. Headings. The division of this Agreement into articles, sections,
subsections and paragraphs and the insertion of headings are for convenience of
reference only and shall not affect the construction or interpretation of this
Agreement.

      1.6. Law Governing this Agreement; Consent to Jurisdiction. THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. With respect to any
suit, action or proceeding relating to this Agreement or to the transactions
contemplated hereby ("Proceedings"), each party hereto irrevocably submits to
the exclusive jurisdiction of the courts of the County of New York, State of New
York and the United States District court located in the county of New York in
the State of New York. Each party hereto hereby irrevocably and unconditionally
(a) waives trial by jury in any Proceeding relating to this Agreement and for
any related counterclaim and (b) waives any objection which it may have at any
time to the laying of venue of any Proceeding brought in any such court, waives
any claim that such Proceedings have been brought in an inconvenient forum and
further waives the right to object, with respect to such Proceedings, that such
court does not have jurisdiction over such party. As between the Company and the
Purchaser, the prevailing party shall be entitled to recover from the other
party its reasonable attorneys' fees and costs. In the event that any provision
of this Agreement is determined by a court of competent jurisdiction to be
invalid or unenforceable, then the remainder of this Agreement shall not be
affected and shall remain in full force and effect.

                                       2
<PAGE>

      1.7. Construction. Each party acknowledges that its legal counsel
participated in the preparation of this Agreement and, therefore, stipulates
that the rule of construction that ambiguities are to be resolved against the
drafting party shall not be applied in the interpretation of this Agreement to
favor any party against the other.

                                   ARTICLE II

                APPOINTMENT OF AND DELIVERIES TO THE ESCROW AGENT

      2.1. Appointment. The Company and the Purchaser hereby irrevocably
designate and appoint the Escrow Agent as their escrow agent for the purposes
set forth herein, and the Escrow Agent by its execution and delivery of this
Agreement hereby accepts such appointment under the terms and conditions set
forth herein.

      2.2. Copies of Documents to Escrow Agent. On or about the date hereof, the
Purchaser shall deliver to the Escrow Agent copies of the Documents executed by
the Company to the extent it is a party thereto.

      2.3. Delivery of Escrowed Payment to Escrow Agent. On or about the date
hereof, the Purchaser shall deliver to the Escrow Agent the Escrowed Payment.

      2.4. Intention to Create Escrow Over the Escrowed Payment. The Purchaser
and the Company intend that the Escrowed Payment shall be held in escrow by the
Escrow Agent and released from escrow by the Escrow Agent only in accordance
with the terms and conditions of this Agreement.

                                  ARTICLE III

                                RELEASE OF ESCROW

      3.1. Release of Escrow. Subject to the provisions of Section 4.2, the
Escrow Agent shall release the Escrowed Payment from escrow as follows:

            (a) Promptly following receipt by the Escrow Agent of (i) copies of
the fully executed Documents and this Agreement, (ii) the Escrowed Payment in
immediately available funds, (iii) joint written instructions ("JOINT
INSTRUCTIONS") executed by the Company and the Purchaser setting forth the
payment direction instructions with respect to the Escrowed Payment and (iv)
Escrow Agent's verbal instructions from David Grin and/or Eugene Grin (each of
whom is a director of the Purchaser) indicating that all closing conditions
relating to the Documents have been satisfied and directing that the Escrowed
Payment be disbursed by the Escrow Agent in accordance with the Joint
Instructions, then the Escrowed Payment shall be deemed released from escrow and
shall be promptly disbursed in accordance with the Joint Instructions. The Joint
Instructions shall include, without limitation, Escrow Agent's authorization to
retain from the Escrowed Payment Escrow Agent's fee for acting as Escrow Agent
hereunder and the Closing Payment for delivery to Laurus Capital Management, LLC
in accordance with the Joint Instructions.

                                       3
<PAGE>

            (b) Upon receipt by the Escrow Agent of a final and non-appealable
judgment, order, decree or award of a court of competent jurisdiction (a "COURT
ORDER") relating to the Escrowed Payment, the Escrow Agent shall remit the
Escrowed Payment in accordance with the Court Order. Any Court Order shall be
accompanied by an opinion of counsel for the party presenting the Court Order to
the Escrow Agent (which opinion shall be satisfactory to the Escrow Agent) to
the effect that the court issuing the Court Order is a court of competent
jurisdiction and that the Court Order is final and non-appealable.

      3.2. Acknowledgement of Company and Purchaser; Disputes. The Company and
the Purchaser acknowledge that the only terms and conditions upon which the
Escrowed Payment are to be released from escrow are as set forth in Sections 3
and 4 of this Agreement. The Company and the Purchaser reaffirm their agreement
to abide by the terms and conditions of this Agreement with respect to the
release of the Escrowed Payment. Any dispute with respect to the release of the
Escrowed Payment shall be resolved pursuant to Section 4.2 or by written
agreement between the Company and Purchaser.

                                   ARTICLE IV

                           CONCERNING THE ESCROW AGENT

      4.1. Duties and Responsibilities of the Escrow Agent. The Escrow Agent's
duties and responsibilities shall be subject to the following terms and
conditions:

            (a) The Purchaser and the Company acknowledge and agree that the
Escrow Agent (i) shall not be required to inquire into whether the Purchaser,
the Company or any other party is entitled to receipt of any Document or all or
any portion of the Escrowed Payment; (ii) shall not be called upon to construe
or review any Document or any other document, instrument or agreement entered
into in connection therewith; (iii) shall be obligated only for the performance
of such duties as are specifically assumed by the Escrow Agent pursuant to this
Agreement; (iv) may rely on and shall be protected in acting or refraining from
acting upon any written notice, instruction, instrument, statement, request or
document furnished to it hereunder and believed by the Escrow Agent in good
faith to be genuine and to have been signed or presented by the proper person or
party, without being required to determine the authenticity or correctness of
any fact stated therein or the propriety or validity or the service thereof; (v)
may assume that any person purporting to give notice or make any statement or
execute any document in connection with the provisions hereof has been duly
authorized to do so; (vi) shall not be responsible for the identity, authority
or rights of any person, firm or company executing or delivering or purporting
to execute or deliver this Agreement or any Document or any funds deposited
hereunder or any endorsement thereon or assignment thereof; (vii) shall not be
under any duty to give the property held by Escrow Agent hereunder any greater
degree of care than Escrow Agent gives its own similar property; and (viii) may
consult counsel satisfactory to Escrow Agent (including, without limitation,
Loeb & Loeb, LLP or such other counsel of Escrow Agent's choosing), the opinion
of such counsel to be full and complete authorization and protection in respect
of any action taken, suffered or omitted by Escrow Agent hereunder in good faith
and in accordance with the opinion of such counsel.

                                       4
<PAGE>

            (b) The Purchaser and the Company acknowledge that the Escrow Agent
is acting solely as a stakeholder at their request and that the Escrow Agent
shall not be liable for any action taken by Escrow Agent in good faith and
believed by Escrow Agent to be authorized or within the rights or powers
conferred upon Escrow Agent by this Agreement. The Purchaser and the Company
hereby, jointly and severally, indemnify and hold harmless the Escrow Agent and
any of Escrow Agent's partners, employees, agents and representatives from and
against any and all actions taken or omitted to be taken by Escrow Agent or any
of them hereunder and any and all claims, losses, liabilities, costs, damages
and expenses suffered and/or incurred by the Escrow Agent arising in any manner
whatsoever out of the transactions contemplated by this Agreement and/or any
transaction related in any way hereto, including the fees of outside counsel and
other costs and expenses of defending itself against any claims, losses,
liabilities, costs, damages and expenses arising in any manner whatsoever out
the transactions contemplated by this Agreement and/or any transaction related
in any way hereto, except for such claims, losses, liabilities, costs, damages
and expenses incurred by reason of the Escrow Agent's gross negligence or
willful misconduct. The Escrow Agent shall owe a duty only to the Purchaser and
the Company under this Agreement and to no other person.

            (c) The Purchaser and the Company shall jointly and severally
reimburse the Escrow Agent for its reasonable out-of-pocket expenses (including
counsel fees (which counsel may be Loeb & Loeb LLP or such other counsel of the
Escrow Agent's choosing) incurred in connection with the performance of its
duties and responsibilities hereunder, which shall not (subject to Section
4.1(b)) exceed $2,000.

            (d) The Escrow Agent may at any time resign as Escrow Agent
hereunder by giving five (5) business days prior written notice of resignation
to the Purchaser and the Company. Prior to the effective date of resignation as
specified in such notice, the Purchaser and Company will issue to the Escrow
Agent a Joint Instruction authorizing delivery of the Documents and the Escrowed
Payment to a substitute Escrow Agent selected by the Purchaser and the Company.
If no successor Escrow Agent is named by the Purchaser and the Company, the
Escrow Agent may apply to a court of competent jurisdiction in the State of New
York for appointment of a successor Escrow Agent, and deposit the Documents and
the Escrowed Payment with the clerk of any such court and/or otherwise commence
an interpleader or similar action for a determination of where to deposit the
same.

                                       5
<PAGE>

            (e) The Escrow Agent does not have and will not have any interest in
the Documents and the Escrowed Payment, but is serving only as escrow agent,
having only possession thereof.

            (f) The Escrow Agent shall not be liable for any action taken or
omitted by it in good faith and reasonably believed by it to be authorized
hereby or within the rights or powers conferred upon it hereunder, nor for
action taken or omitted by it in good faith, and in accordance with advice of
counsel (which counsel may be Loeb & Loeb, LLP or such other counsel of the
Escrow Agent's choosing), and shall not be liable for any mistake of fact or
error of judgment or for any acts or omissions of any kind except to the extent
any such liability arose from its own willful misconduct or gross negligence.

            (g) This Agreement sets forth exclusively the duties of the Escrow
Agent with respect to any and all matters pertinent thereto and no implied
duties or obligations shall be read into this Agreement.

            (h) The Escrow Agent shall be permitted to act as counsel for the
Purchaser or the Company, as the case may be, in any dispute as to the
disposition of the Documents and the Escrowed Payment, in any other dispute
between the Purchaser and the Company, whether or not the Escrow Agent is then
holding the Documents and/or the Escrowed Payment and continues to act as the
Escrow Agent hereunder.

            (i) The provisions of this Section 4.1 shall survive the resignation
of the Escrow Agent or the termination of this Agreement.

      4.2. Dispute Resolution; Judgments. Resolution of disputes arising under
this Agreement shall be subject to the following terms and conditions:

            (a) If any dispute shall arise with respect to the delivery,
ownership, right of possession or disposition of the Documents and/or the
Escrowed Payment, or if the Escrow Agent shall in good faith be uncertain as to
its duties or rights hereunder, the Escrow Agent shall be authorized, without
liability to anyone, to (i) refrain from taking any action other than to
continue to hold the Documents and the Escrowed Payment pending receipt of a
Joint Instruction from the Purchaser and the Company, (ii) commence an
interpleader or similar action, suit or proceeding for the resolution of any
such dispute; and/or (iii) deposit the Documents and the Escrowed Payment with
any court of competent jurisdiction in the State of New York, in which event the
Escrow Agent shall give written notice thereof to the Purchaser and the Company
and shall thereupon be relieved and discharged from all further obligations
pursuant to this Agreement. The Escrow Agent may, but shall be under no duty to,
institute or defend any legal proceedings which relate to the Documents and the
Escrowed Payment. The Escrow Agent shall have the right to retain counsel if it
becomes involved in any disagreement, dispute or litigation on account of this
Agreement or otherwise determines that it is necessary to consult counsel which
such counsel may be Loeb & Loeb LLP or such other counsel of the Escrow Agent's
choosing.

                                       6
<PAGE>

            (b) The Escrow Agent is hereby expressly authorized to comply with
and obey any Court Order. In case the Escrow Agent obeys or complies with a
Court Order, the Escrow Agent shall not be liable to the Purchaser and the
Company or to any other person, firm, company or entity by reason of such
compliance. ARTICLE V

                                 GENERAL MATTERS

      5.1. Termination. This escrow shall terminate upon disbursement of the
Escrowed Payment in accordance with the terms of this Agreement or earlier upon
the agreement in writing of the Purchaser and the Company or resignation of the
Escrow Agent in accordance with the terms hereof.

      5.2. Notices. All notices, requests, demands and other communications
required or permitted hereunder shall be in writing and shall be deemed to have
been duly given one (1) day after being sent by telecopy (with copy delivered by
overnight courier, regular or certified mail):

                 (a)  If to the Company, to:         National Investment
                      Managers, Inc.
                                                     830 Third Avenue
                                                     New York, NY 10022
                                                     Fax:  (212) 355-5199
                                                     Attention: Len Neuhaus,

                 With a copy to:   Adam Stein

                                   Cohen Tauber Spievack & Wagner

                                   420 Lexington Ave.

                                   Suite 2400

                                   New York, NY 10170______________
                                                     ______________
                                                     ______________

         (b)     If to the Purchaser, to:      Laurus Master Fund, Ltd.
                                               M&C Corporate Services Limited,
                                               P.O. Box 309 GT, Ugland House
                                               South Church Street, George Town
                                               Grand Cayman, Cayman Islands
                                               Fax: 345-949-8080
                                               Attention: John Tucker, Esq.

                                       7
<PAGE>

         (c)     If to the Escrow Agent, to:  Loeb & Loeb LLP
                                              345 Park Avenue
                                              New York, New York 10154
                                              Fax: (212) 407-4990
                                              Attention: Scott J. Giordano, Esq.

or to such other address as any of them shall give to the others by notice made
pursuant to this Section 5.2.

      5.3. Interest. The Escrowed Payment shall not be held in an interest
bearing account nor will interest be payable in connection therewith.

      5.4. Assignment; Binding Agreement. Neither this Agreement nor any right
or obligation hereunder shall be assignable by any party without the prior
written consent of the other parties hereto. This Agreement shall inure to the
benefit of and be binding upon the parties hereto and their respective legal
representatives, successors and assigns.

      5.5. Invalidity. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal, or unenforceable in any respect for any reason, the validity,
legality and enforceability of any such provision in every other respect and of
the remaining provisions contained herein shall not be in any way impaired
thereby, it being intended that all of the rights and privileges of the parties
hereto shall be enforceable to the fullest extent permitted by law.

      5.6. Counterparts/Execution. This Agreement may be executed in any number
of counterparts and by different signatories hereto on separate counterparts,
each of which, when so executed, shall be deemed an original, but all such
counterparts shall constitute but one and the same agreement. This Agreement may
be executed by facsimile transmission.

                                       8
<PAGE>

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

                                             COMPANY:

                                             NATIONAL INVESTMENT MANAGERS, INC.

                                             By:_______________________________
                                             Name:
                                             Title:

                                             PURCHASER:

                                             LAURUS MASTER FUND, LTD.

                                             By:_______________________________
                                             Name:
                                             Title:

                                             ESCROW AGENT:

                                             LOEB & LOEB LLP

                                             By:_______________________________
                                             Name:
                                             Title:

Funds Escrow Agreement                  9
<PAGE>

                      SCHEDULE A TO FUNDS ESCROW AGREEMENT

<TABLE>
<CAPTION>

------------------------------------------------------- ------------------------------------------------------
PURCHASER                                               PRINCIPAL NOTE AMOUNT
------------------------------------------------------- -----------------------------------------------------
<S>                                                     <C>
LAURUS MASTER FUND, LTD.,                               Restricted   Account   Term  Note  in  an   aggregate
M&C Corporate Services Limited, P.O. Box 309 GT,        principal amount of 7,000,000
Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands,
Fax: 345-949-8080                                       ,
------------------------------------------------------- -----------------------------------------------------
TOTAL                                                   $7,000,000
------------------------------------------------------- -----------------------------------------------------

------------------------------------------------------- -----------------------------------------------------
FUND MANAGER                                            CLOSING PAYMENT
------------------------------------------------------- -----------------------------------------------------
LAURUS CAPITAL MANAGEMENT, L.L.C.                       Closing    payment   payable   in   connection   with
825 Third Avenue, 14th Floor                            investment  by Laurus  Master  Fund,  Ltd.  for which
New York, New York 10022                                Laurus Capital Management, L.L.C. is the Manager.
Fax: 212-541-4434
------------------------------------------------------- -----------------------------------------------------
TOTAL                                                   $245,000
------------------------------------------------------- -----------------------------------------------------

WARRANTS

------------------------------------------------------- -----------------------------------------------------
WARRANT RECIPIENT                                       WARRANTS IN CONNECTION WITH OFFERING
------------------------------------------------------- -----------------------------------------------------
LAURUS MASTER FUND, LTD.                                Warrant  exercisable  into  700,000  shares of common
M&C Corporate Services Limited,                         stock of the Company  issuable in connection with the
P.O. Box 309 GT,                                        Restricted Account Term Note.
Ugland House, South Church Street,
George Town, Grand Cayman, Cayman Islands
Fax:  345-949-8080

------------------------------------------------------- -----------------------------------------------------
TOTAL                                                   WARRANTS  EXERCISABLE  INTO 700,000  SHARES OF COMMON
                                                        STOCK OF THE COMPANY
------------------------------------------------------- -----------------------------------------------------
</TABLE>

                                       10RESTRICTED ACCOUNT AGREEMENT

      This Restricted Account Agreement (this "Agreement") is entered into this
30th day of May, 2006, by and among NORTH FORK BANK, a New York banking
corporation with offices at 275 Broadhollow Road, Melville, New York 11747
(together with its successors and assigns, the "Bank"), NATIONAL INVESTMENT
MANAGERS INC., a Florida corporation with offices at 830 Third Avenue, 14th
Floor, New York, NY 10022 (together with its successors and assigns, the
"Company"), and LAURUS MASTER FUND, LTD., a Cayman Islands corporation with
offices at c/o Laurus Capital Management, LLC, 825 Third Avenue, 14th Floor, New
York, New York 10022 (together with its successors and assigns, "Laurus").
Unless otherwise defined herein, capitalized terms used herein shall have the
meaning provided such terms in the Purchase Agreement referred to below.

      WHEREAS, Laurus has provided financing to the Company, which financing is
evidenced by a Securities Purchase Agreement, of even date herewith (as amended,
modified or supplemented from time to time, the "Purchase Agreement"), and the
Related Agreements referred to therein;

      WHEREAS, the Company and Laurus have retained the Bank to provide certain
services with respect to the Restricted Account (as defined below); and

      WHERERAS, the Company and Laurus have agreed that an amount of cash equal
to $7,000,000 shall be deposited by Laurus on behalf of the Company by wire
transfer of immediately available funds into the Restricted Account, which cash
shall be held by the Bank for the benefit of Laurus, as security for the
Company's and its Subsidiaries' obligations under the Purchase Agreement and the
Related Agreements. For the purposes of this Agreement, the "Restricted Account"
shall mean that certain deposit account (as defined in Section 9-102 of the
Uniform Commercial Code as in effect in the State of New York on the date
hereof) described on Exhibit B hereto, which Restricted Account shall be
maintained at the Bank and shall be in the sole dominion and control of Laurus;

      NOW THEREFORE, in consideration of the mutual promises contained herein
and for other good and valuable consideration the sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

      1. The Bank is hereby authorized to accept for deposit into the Restricted
Account the sum of $7,000,000. The Bank hereby agrees to hold any and all
monies, and other amounts from time to time on deposit and/or held in the
Restricted Account for the benefit of the Laurus and shall not release any
monies held in the Restricted Account until such time as the Bank shall have
received a notice from Laurus substantially in the form attached hereto as
Exhibit A (a "Release Notice"). Following the receipt of a Release Notice from
Laurus, the Bank agrees to promptly disburse the amount of cash referred to in
such Release Notice to such account as Laurus shall determine in its sole
discretion. The Bank hereby agrees that it will only comply with written
instructions originated by Laurus directing disposition of funds in the
Restricted Account. The Company hereby irrevocably authorizes the Bank to comply
with any and all instructions given to the Bank by Laurus with respect to the
Restricted Account without further consent by the Company. The Bank, the Company
and Laurus agree that the Restricted Account is in Laurus' sole dominion and
control.

<PAGE>

      2. Each of the Company, Laurus and the Bank hereby agrees that the
Restricted Account shall not be closed, and the account name and account number
in respect thereof shall not be changed, in any case, without the consent of the
Laurus, except as specifically provided for in Section 9 below.

      3. The Bank hereby subordinates any claims and security interests it may
have against, or with respect to, the Restricted Account (including any amounts
from time to time on deposit therein) to the security interests of Laurus
therein, and agrees that no amounts shall be charged by it to, or withheld or
set-off or otherwise recouped by it from, the Restricted Account or any amounts
from time to time on deposit therein; provided that, in connection with all
service charges and any other charges which the Bank is entitled to receive in
connection with the servicing and maintaining of the Restricted Account (such
charges, collectively, the "Charges"), each of the Company, Laurus and the Bank
hereby agrees that the Bank will collect such Charges in the following manner:
(i) first, the Bank will charge other deposit accounts maintained by the Company
with the Bank, (ii) second, in the event that there are insufficient collected
funds in such other deposit accounts to pay such Charges, the Bank will promptly
notify the Company and Laurus with respect to same and, within seven (7)
business days of the Company's receipt of such notice, the Company shall pay to
the Bank the full amount of such Charges then due, and (iii) third, if the
Company fails to pay to the Bank such Charges then due within the time period
set forth in the preceding clause (ii), the Bank will promptly provide a written
notice to Laurus of such occurrence and, in such case, the Bank is hereby
authorized, following a period of five (5) business days after the receipt of
such written notice by Laurus, to deduct such Charges then due from the
Restricted Account, unless, during such five (5) business day period, Laurus
pays the amount of any such Charges then due to the Bank from its own account.
Except for the payment of the Charges as set forth in the immediately preceding
proviso, the Bank agrees that it shall not offset, deduct or claim against the
Restricted Account unless and until Laurus has notified the Bank in writing that
all of the Company's obligations under the Purchase Agreement and the Related
Agreements have been performed.

      4. The Company and the Bank agree that the maintenance by the Bank of the
Restricted Account shall be as agent for Laurus. The Bank shall be responsible
for the performance of only such duties as are set forth herein. The Bank's
duties hereunder, however, are merely ministerial, and the Bank shall have no
liability or obligation to the Company or Laurus or to any other person for any
act or omission of the Bank in connection with the performance of the Bank's
duties in servicing and/or maintaining the Restricted Account, except for acts
of gross negligence or willful misconduct by Bank. IN NO EVENT, HOWEVER, SHALL
THE BANK HAVE ANY RESPONSIBILITY FOR CONSEQUENTIAL, INDIRECT, SPECIAL OR
EXEMPLARY DAMAGES OR LOST PROFITS, WHETHER OR NOT IT HAS NOTICE THEREOF, AND
REGARDLESS OF THE BASIS, THEORY OR NATURE OF THE ACTION UPON WHICH THE CLAIM IS
ASSERTED, NOR SHALL IT HAVE ANY RESPONSIBILITY OR LIABILITY FOR THE VALIDITY OR
ENFORCEABILITY OF ANY SECURITY INTEREST OR OTHER INTEREST OF LAURUS OR THE
COMPANY IN THE RESTRICTED ACCOUNT. In furtherance of and without limiting the
foregoing, the Company and Laurus agree that the Bank shall not be liable for
any damage or loss to them for any delay or failure of performance arising out
of the acts or omissions of any third parties, including, but not limited to,
various communication services, courier services, the Federal Reserve system,
any other bank or any third party who may be affected by funds transactions,
fire, mechanical, computer or electrical failures or other unforeseen
contingencies, strikes or any similar or dissimilar cause beyond the reasonable
control of the Bank. This paragraph shall survive the termination of this
Agreement.

                                       2
<PAGE>

      5. Except where the Bank has been grossly negligent or has acted in bad
faith, each of Laurus and the Company and their respective successors and
assigns will release the Bank from and shall indemnify and hold the Bank
harmless from and against any and all losses, claims, damages, liabilities,
costs and expenses (including, without limitation, reasonable counsel fees,
whether arising in an action or proceeding among the parties hereto or
otherwise, without regard to the merit or lack of merit thereof) to which the
Bank may become subject, or which it may suffer or incur, arising out of or
based upon this Agreement or the actions contemplated hereby. This paragraph
shall survive termination of this Agreement.

      6. The Bank shall be fully protected in acting on any order or direction
by Laurus respecting the items received by the Bank or the monies or other items
in the Restricted Account without making any independent inquiry whatsoever as
to Laurus' rights or authority to give such order or direction or as to the
application of any payments made pursuant thereto.

      7. Nothing in this Agreement shall be deemed to prohibit the Bank from
complying with its customary procedures in the event that it is served with any
legal process with respect to the Restricted Account.

      8. The rights and powers granted in this to Laurus have been granted in
order to protect and further perfect its security interests in the Restricted
Account (including any amounts from time to time on deposit therein) and are
powers coupled with an interest and will be affected neither by any purported
revocation by the Company of this Agreement or the rights granted to Laurus
hereunder or by the bankruptcy, insolvency, conservatorship or receivership of
the Company or the Bank or by the lapse of time.

      9. This Agreement may not be amended or waived except by an instrument in
writing signed by each of the parties hereto. This Agreement may be terminated
by the Bank upon giving the Company and Laurus thirty (30) days prior written
notice. Laurus shall designate a successor bank on or prior to the effective
date of such termination and the Bank shall deliver the balance in the
Restricted Account to such successor bank. Any notice required to be given
hereunder may be given, and shall be deemed given when delivered, via telefax,
U.S. mail return receipt requested or nationally recognized overnight courier to
each of the parties at the address set forth above. This Agreement may be
executed in any number of counterparts, each of which shall be an original and
all of which, when taken together, shall constitute one agreement. Delivery of
an executed signature page of this Agreement by facsimile transmission shall be
effective as delivery of a manually executed counterpart hereof or thereof, as
the case may be. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York, without regard to its
conflict of laws principles. This Agreement sets forth the entire agreement
between the parties hereto as to the matters set forth herein and supersede all
prior communications, written or oral, with respect to the matters herein. EACH
OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO
ANY CLAIM, ACTION, SUIT OR PROCEEDING ARISING OUT OF OR CONTEMPLATED BY THIS
AGREEMENT. THE BANK, THE COMPANY AND LAURUS EACH HEREBY SUBMIT TO THE EXCLUSIVE
JURISDICTION OF THE FEDERAL AND NEW YORK STATE COURTS LOCATED IN THE COUNTY OF
NEW YORK IN CONNECTION WITH ANY DISPUTE RELATED TO THIS AGREEMENT OR ANY MATTERS
CONTEMPLATED HEREBY OR THEREBY.

                                     * * * *

                                       3
<PAGE>

                 Agreed and accepted this 30thday of May, 2006.

                                            NORTH FORK BANK

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

                                            LAURUS MASTER FUND, LTD.

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

                                            NATIONAL INVESTMENT MANAGERS INC.

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

                                       4
<PAGE>

                                    EXHIBIT A

                                 RELEASE NOTICE

TO:      NORTH FORK BANK
         404 FIFTH AVE.,  SUITE 1
         NEW YORK, NY  10018

RE:      ACCOUNT NAME: NATIONAL INVESTMENT MANAGERS, INC.____________
         ACCOUNT NUMBER: 270-405-6304_________

      Reference is made to that certain Restricted Account Agreement, dated as
of May __, 2006 (the "Restricted Account Agreement"), among North Fork Bank (the
"Bank"), National Investment Managers Inc. (the "Company"), and Laurus Master
Fund, Ltd. ("Laurus").

      This is to notify you that Laurus authorizes the release of $_____________
(the "Release Amount") from the account referenced above in accordance with the
terms of the Restricted Account Agreement. Within one business day following the
receipt of this Release Notice, the Bank hereby agrees to wire the Release
Amount (or, in the event that the amount in the Restricted Account is less than
the Release Amount, such lesser amount) to the following account in accordance
with the wire instructions set forth below:

                           [INSERT WIRE INSTRUCTIONS]

                                                     LAURUS MASTER FUND, LTD.

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

         Agreed and accepted this __ day of ___________ 2006.

         NORTH FORK BANK

         By: ______________________________
         Name:
         Title:

                                       5
<PAGE>

                                    EXHIBIT B

                               Restricted Account

o     Bank:              North Fork Bank

                         404 Fifth Avenue

                         New York, NY 10018

o     Bank Routing Number: 021407912_______]
      Account Name:     National Investment Managers, Inc.________________

      Account #:                 270-405-6304_______________

                                       6

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