Document:

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

      THIS  NON-COMPETITION,   NON-DISCLOSURE  AND  NON-SOLICITATION   AGREEMENT
("Agreement"),  dated as of  December  1, 2006 (the  "Effective  Date"),  by and
between  Charles N. McLeod  ("C.  McLeod")  and Mary H. McLeod ("M.  McLeod" and
collectively  with C. McLeod,  the "Sellers") and National  Investment  Managers
Inc., a Florida corporation ("NIM").

RECITALS

      A. Pursuant to that certain Stock Purchase Agreement, dated as of December
1, 2006, by and among, National Actuarial Pension Services,  Inc. ("NAPS"),  NIM
and  Sellers  (the  "Purchase  Agreement"),  NAPS  is  being  acquired  by  NIM.
Capitalized  terms not otherwise defined herein shall have the meanings ascribed
to such terms in the Purchase Agreement.

      B. Sellers have been principal shareholders and officers, directors and/or
employees of NAPS for many years and have developed and received special, unique
and extraordinary knowledge, information and goodwill in connection therewith.

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

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

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

      (A) be employed by, engage or participate  in the  ownership,  management,
operation or control of, or act in any  advisory,  expert,  consulting  or other
capacity in the Territory (as defined below) for, any entity or individual  that
competes  with  NIM,  NAPS or its  Affiliates  within  the  United  States  (the
"Territory");

<PAGE>

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

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

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

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

      As used in this Agreement, "Restricted Period" means the period commencing
on the date  hereof and ending on the later of (i) three (3) years from the date
hereof or (ii) two (2) years from the date of Sellers' termination of employment
or consulting  period with NIM,  NAPS or any  Affiliate of NIM or NAPS,  for any
reason; provided,  however, the Restrictive Period shall terminate within ninety
(90) days (the "Notice Period") of Sellers  notifying NIM of an event of default
under the Notes (as defined in the Purchase Agreement) and such event of default
is not cured within the Notice Period.

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

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

                                       2
<PAGE>

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

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

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

4 Injunctive  Relief. If any party shall breach or threaten to breach any of the
provisions  of Sections 1 and/or 2 hereof,  in addition to and without  limiting
any other remedies available at law or in equity, the non-breaching  party shall
be entitled to seek immediate injunctive relief in any court having jurisdiction
to restrain any such breach or threatened  breach and to enforce the  provisions
of Section 1 and/or 2, as the case may be.  The  parties  acknowledge  and agree
that there is no adequate remedy at law for any such breach or threatened breach
and, in the event that any proceeding is brought seeking  injunctive relief, the
breaching  party  shall not use as a defense  thereto  that there is an adequate
remedy at law.

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

7     General Provisions.

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

                                       3
<PAGE>

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

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

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

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

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

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

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

                                       4
<PAGE>

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

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       5
<PAGE>

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

                                       NATIONAL INVESTMENT MANAGERS INC.

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

                                           /s/ Charles N. McLeod
                                           -----------------------------
                                           Charles N. McLeod

                                           /s/Mary H. McLeod
                                           -----------------------------
                                           Mary H. McLeod

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

                                       6JOINDER AGREEMENT

            THIS JOINDER IN SUBSIDIARY  GUARANTY,  MASTER SECURITY AGREEMENT AND
STOCK PLEDGE  AGREEMENT  (this  "Joinder") is executed as of December 1, 2006 by
National Actuarial Pension Services, Inc. a Texas corporation ("National"), (the
"Joining  Party"),  and delivered to Laurus Master Fund,  Ltd., a Cayman Islands
company (the "Purchaser"). Except as otherwise defined herein, terms used herein
and defined in the November Purchase  Agreement (as defined below) shall be used
herein as therein defined.

                              W I T N E S S E T H:
                               - - - - - - - - - -

            WHEREAS,  National Investment Managers,  Inc., a Florida corporation
(the  "Company"),  certain  Subsidiaries of the Company and the Purchaser,  have
entered into (a) that certain Securities Purchase  Agreement,  dated as of March
9, 2005 (as  amended,  modified or  supplemented  from time to time,  the "March
Purchase Agreement");  (b) that certain Securities Purchase Agreement,  dated as
of November 30, 2005 (as amended,  modified or  supplemented  from time to time,
the "November Purchase  Agreement");  (c) that certain Subsidiary Guaranty dated
as of March 10, 2005, made by certain Subsidiaries in favor of the Purchaser (as
amended, modified or supplemented from time to time, the "Subsidiary Guaranty");
(d) that certain Master  Security  Agreement  dated as of March 10, 2005 made by
the Company and certain  subsidiaries  in favor of the  Purchaser  (as  amended,
modified or supplemented  from time to time, the "Master  Security  Agreement"),
(e) that certain  Stock Pledge  Agreement  dated as of March 7, 2005 made by the
Company  and  certain  Subsidiaries  in  favor  of the  Purchaser  (as  amended,
modified,  or supplemented from time to time, the "Stock Pledge  Agreement") and
(f) that certain  Securities  Purchase  Agreement,  dated as of May 30, 2006 (as
amended,  modified,  or  supplemented  from  time to  time,  the  "May  Purchase
Agreement"), and

            WHEREAS, the Joining Party is a direct or indirect Subsidiary of the
Company and  desires,  or is required  pursuant to the  provisions  of the March
Purchase Agreement, the November Purchase Agreement, the May Purchase Agreement,
and Master  Security  Agreement  to become,  a  Guarantor  under the  Subsidiary
Guaranty,  an Assignor under the Master  Security  Agreement and a Pledgor under
the Stock Pledge Agreement;

            NOW, THEREFORE, in consideration of the foregoing and other benefits
accruing to the Joining Party,  the receipt and  sufficiency of which are hereby
acknowledged,  the Joining Party hereby makes the following  representations and
warranties to the  Purchaser and hereby  covenants and agrees with the Purchaser
as follows:

            NOW, THEREFORE, the Joining Party agrees as follows:

            1. By this  Joinder,  the Joining  Party becomes (i) a Guarantor for
all purposes  under the Subsidiary  Guaranty,  (ii) an Assignor for all purposes
under the Master  Security  Agreement and (iii) a Pledgor for all purposes under
the Stock Pledge Agreement.

            2. The Joining Party agrees that, upon its execution hereof, it will
become a Guarantor under the Subsidiary Guaranty with respect to all Obligations
(as  defined  in the  Subsidiary  Guaranty),  and will be  bound  by all  terms,
conditions and duties  applicable to a Guarantor under the Subsidiary  Guaranty,
the March Purchase Agreement and the other Related  Agreements,  as such term is
defined in the March Purchase  Agreement (the "March Related  Agreements"),  the
November Purchase Agreement and other Related Agreements as such term is defined
in the November Purchase Agreement (the "November Related Agreements"),  and the
May Purchase  Agreement and the other Related Agreements as such term is defined
in the May Purchase Agreement (the "May Related Agreements"). Without limitation
of the foregoing,  and in furtherance thereof, the Joining Party unconditionally
and irrevocably,  and guarantees the due and punctual payment and performance of
all Obligations (on the same basis as the other  Guarantors under the Subsidiary
Guaranty).

<PAGE>

                                                                          Page 2

            3. The Joining Party agrees that, upon its execution hereof, it will
become a Pledgor under, and as defined in, the Stock Pledge Agreement,  and will
be  bound,  jointly  and  severally  with  the  other  Pledgors,  by all  terms,
conditions and duties  applicable to a Pledgor under the Stock Pledge Agreement.
Without limitation of the foregoing and in furtherance  thereof, as security for
the due and punctual payment of the Indebtedness (as defined in the Stock Pledge
Agreement), the Joining Party hereby pledges, hypothecates,  assigns, transfers,
sets over and  delivers  to the  Purchaser  grants to the  Purchaser  a security
interest in all Collateral (as defined in the Stock Pledge  Agreement),  if any,
now owned or, to the extent  provided in the Stock Pledge  Agreement,  hereafter
acquired by it.

            4. The Joining Party agrees that, upon its execution hereof, it will
become an Assignor under, and as defined in, the Master Security Agreement,  and
will be bound by all terms,  conditions  and duties  applicable  to an  Assignor
under the Master Security Agreement.  Without limitation of the foregoing and in
furtherance  thereof,  as  security  for  the due and  punctual  payment  of the
Obligations  (as defined in the Master  Security  Agreement),  the Joining Party
hereby pledges, hypothecates,  assigns, transfers, sets over and delivers to the
Purchaser and grants to the Purchaser a security  interest in all Collateral (as
defined in the Master Security  Agreement),  if any, now owned or, to the extent
provided in the Master Security Agreement, hereafter acquired by it.

            5. In connection  with the grant by the Joining  Party,  pursuant to
paragraphs 3 and 4 above, of a security interest in all of its right,  title and
interest in the Collateral (as defined in each of the Master Security  Agreement
and the Stock Pledge Agreement) in favor of the Purchaser, the Joining Party (i)
agrees to deliver to the Purchaser,  together with the delivery of this Joinder,
each of the items  specified  in Section 3 of the Stock Pledge  Agreement,  (ii)
agrees to execute (if  necessary)  and deliver to the Purchaser  such  financing
statements, in form acceptable to the Purchaser, as the Purchaser may request or
as are  necessary or desirable in the opinion of the  Purchaser to establish and
maintain a valid, enforceable, first priority perfected security interest in the
Collateral  (as defined in each of the Master  Security  Agreement and the Stock
Pledge Agreement) owned by the Joining Party,  (iii) authorizes the Purchaser to
file any such  financing  statements  without the signature of the Joining Party
where  permitted  by law  (such  authorization  includes  a  description  of the
Collateral  as "all assets and all personal  property,  whether now owned and/or
hereafter  acquired" of the Joining Party all assets and all personal  property,
whether now owned  and/or  hereafter  acquired"  (or any  substantially  similar
variation  thereof))  and (iv) agrees to execute  and  deliver to the  Purchaser
assignments  of  United  States  trademarks,  patents  and  copyrights  (and the
respective applications therefor) to the extent requested by the Purchaser.

<PAGE>

                                                                          Page 3

            6. Without  limiting the  foregoing,  the Joining Party hereby makes
and undertakes,  as the case may be, each covenant,  representation and warranty
made by, and as (i) each  Guarantor  pursuant to the Subsidiary  Guaranty,  (ii)
each Assignor  pursuant to the Master Security  Agreement and (iii) each Pledgor
pursuant  to the Stock  Pledge  Agreement,  in each  case as of the date  hereof
(except to the extent any such  representation  or warranty relates solely to an
earlier date in which case such  representation  and warranty  shall be true and
correct  as of such  earlier  date),  and  agrees to be bound by all  covenants,
agreements and obligations of a Guarantor,  Assignor and Pledgor pursuant to the
Subsidiary  Guaranty,  Master  Security  Agreement  and Stock Pledge  Agreement,
respectively,   and  all  other  March  Related  Agreements,   November  Related
Agreements and May Related Agreements to which it is or becomes a party.

            7. Each of Schedules  4.2,  4.6,  4.7, 4.14 and 6.12(e) of the March
Purchase  Agreement is hereby  amended by  supplementing  such Schedule with the
information for the Joining Party contained on Schedules 4.2, 4.6, 4.7, 4.14 and
6.12(e)  attached  hereto as Annex I. Each of Schedules  4.2, 4.6, 4.7, 4.14 and
6.12(e) of the November  Purchase  Agreement is hereby amended by  supplementing
such Schedule with the  information for the Joining Party contained on Schedules
4.2, 4.6, 4.7, 4.14 and 6.12(e)  attached  hereto as Annex II. Each of Schedules
4.2, 4.6, 4.7, 4.14 and 6.12(e) of the May Purchase  Agreement is hereby amended
by  supplementing  such  Schedule  with the  information  for the Joining  Party
contained on Schedules 4.2, 4.6, 4.7, 4.14 and 6.12(e)  attached hereto as Annex
III. Schedule A to the Stock Pledge Agreement is hereby amended by supplementing
such Schedule with the information for the Joining Party contained on Schedule A
attached  hereto as Annex II. In  addition,  Schedule A to the  Master  Security
Agreement is hereby amended by supplementing  such Schedule with the information
for the Joining Party contained on Schedule A attached hereto as Annex III.

            8. This Joinder  shall be binding upon the parties  hereto and their
respective  successors  and permitted  assigns and shall inure to the benefit of
and be  enforceable  by each  of the  parties  hereto  and  its  successors  and
permitted assigns,  provided,  however,  the Joining Party may not assign any of
its  rights,  obligations  or  interest  hereunder  or under the March  Purchase
Agreement,  any other March Related Agreement,  the November Purchase Agreement,
any other November  Related  Agreement  without the prior written consent of the
Purchaser or as otherwise permitted by the March Purchase  Agreement,  any March
Related  Agreement,  the November  Purchase  Agreement,  or any November Related
Agreement.  THIS JOINDER SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE  WITH AND
GOVERNED  BY THE LAW OF THE STATE OF NEW YORK.  This  Joinder may be executed in
any number of counterparts, each of which shall be an original, but all of which
shall constitute one instrument. In the event that any provision of this Joinder
shall prove to be invalid or unenforceable, such provision shall be deemed to be
severable  from the other  provisions of this Joinder which shall remain binding
on all parties hereto.

            9. From and after the execution  and delivery  hereof by the parties
hereto,  this Joinder shall constitute a "Related Agreement" for all purposes of
the  March  Purchase  Agreement,  the March  Related  Agreements,  the  November
Purchase Agreement, the November Related Agreements,  the May Purchase Agreement
and the May Related Agreements.

<PAGE>

                                                                          Page 4

            11. The effective date of this Joinder is December 1, 2006.

                                      * * *

<PAGE>

                                                                          Page 5

      IN WITNESS  WHEREOF,  the Joining Party has caused this Joinder to be duly
executed as of the date first above written.

                                       JOINING PARTY:

                                       NATIONAL ACTUARIAL PENSION SERVICES, INC.

                                       By: /s/Leonard Neuhaus
                                           -----------------------------
                                       Name: Leonard Neuhaus
                                       Title: CEO

<PAGE>

                                                                          Page 6

                                       Accepted and Acknowledged by:

LAURUS MASTER FUND, LTD.

By:  /s/ David Grin
     -------------------------------
Name:  David Grin
Title: Director

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