Document:

EMPLOYMENT AGREEMENT

      Employment Agreement, dated as of December 1, 2006, by and between Charles
N. McLeod,  an individual  with an address at 1819 Pitts Road,  Richmond,  Texas
77469  ("Executive"),  and National  Actuarial Pension  Services,  Inc., a Texas
corporation  with its principal office located at 10777  Westheimer,  Suite 220,
Houston, Texas 77042 (the "Company").

                                    RECITALS

      A. Pursuant to that certain Stock Purchase Agreement, dated as of December
1,  2006  (the  "Purchase  Agreement"),  by and  among,  the  Company,  National
Investment Managers Inc. ("NIM") and Charles N. McLeod ("C. McLeod") and Mary H.
McLeod  ("M.   McLeod"  and  collectively   with  C.  McLeod,   the  "Sellers"),
contemporaneously  with the execution of this Agreement,  NIM acquired  Sellers'
equity interest in the Company.

      B. Pursuant to the Purchase Agreement, NIM has agreed to cause the Company
to retain Executive as an employee during the Term (as defined below).

      C.  Executive  desires to be employed by the Company  during the Term, all
upon the terms and conditions set forth herein.

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

1 Engagement;  Duties. Subject to the terms and conditions set forth herein, the
Company  shall employ  Executive,  and  Executive  shall serve the  Company,  as
President during the Term (as defined in Section 2). In such capacity, Executive
shall perform  duties and be assigned  responsibilities  that are  substantially
similar to those performed by the Executive immediately prior to the date hereof
and as may be assigned to him from time to time.  During the Term, the Executive
shall report to the Chief Executive  Officer and Chief Operating Officer of NIM.
During the Term,  Executive  shall use his  reasonable  efforts  to promote  the
interests of the Company,  shall perform his duties  faithfully and  diligently,
consistent  with sound  business  practices and shall devote his "full  business
time" to the  performance  of his duties for the Company in accordance  with the
terms hereof. For purposes of this Section 1, "full business time" shall mean an
average of 37.5 hours per week for the Term as extended.

2 Term.  Unless this Agreement is terminated  pursuant to Section 5, the term of
this Agreement ("Term") shall be for a period of one (1) year.

3 Compensation. As consideration for the performance by Executive of Executive's
obligations under this Agreement,  the Company shall pay Executive a base salary
as follows:

      (A) During the Term,  the Company shall pay Executive a base salary ("Base
Salary")  at the  annual  rate equal to Twelve  Thousand  Five  Hundred  Dollars
($12,500).

                                     Page 1
<PAGE>

      (B) The Base  Salary  shall be payable in  accordance  with the  Company's
normal  payroll  policy.  The Company  shall deduct from the Base Salary and any
Bonus  any  federal,   state  or  local  withholding   taxes,   social  security
contributions  and any other  amounts  which may be  required  to be deducted or
withheld by the Company  pursuant to any federal,  state or local laws, rules or
regulations.

4     Reimbursement of Expenses; Fringe Benefits.

      (A) Expenses.  During the Term, the Company shall reimburse  Executive for
ordinary  and  necessary   business   expenses  incurred  by  Executive  in  the
performance  of  Executive's  duties on behalf of the Company  including but not
limited to automobile  expense  reimbursement  at prevailing  IRS mileage rates,
provided,  however,  that such expenses were incurred in the  furtherance of the
Company's business,  that Executive presents evidence of such expenses as may be
required under the policies of the Company, and that any such expenses in excess
of $500 are approved in advance in writing.

      (B) Fringe Benefits. During the Term, Executive shall be entitled to those
fringe  benefits and  perquisites  that are provided to other  executives of the
Company  generally,  including  any health or other  insurance,  pension  and/or
retirement,  or  welfare  plan.   Notwithstanding  the  foregoing,  the  parties
acknowledge  and agree that Executive  shall not be entitled to fringe  benefits
and perquisites identified as non-recurring on Exhibit A annexed hereto.

      (C)  Vacation/CE.  Executive  shall be entitled to 15 paid  vacation  days
during each calendar year of the Term,  pro-rated for any partial calendar year,
at such times as are mutually  agreed upon by Executive  and NIM.  Executive may
attend  continuing  education  conferences  in  accordance  with Company  policy
without  loss of  compensation,  which  shall  include  attendance  at  Board of
Directors  and  other  committee   meetings  for  American  Society  of  Pension
Professionals and Actuaries and similar organizations.

      (D) Sick Leave.  Executive  shall be entitled to sick leave in  accordance
with Company policy.

5 Termination.  The Company may terminate this Agreement upon Executive's death,
and may  terminate  this  Agreement  at any  earlier  time at the  option of the
Company  due to  Executive's  Disability  (as  defined  below)  or for Cause (as
defined  below).  The Executive may  terminate  this  Agreement for Good Reason,
immediately upon written notice from the Executive to the Company.

      (A) As used in this Agreement:

            (i)  The  term   "Disability"   means  the  inability  of  Executive
substantially  to perform his duties and  obligations  under this  Agreement for
thirty  (30)  consecutive  days or thirty  (30) days in any one  hundred  eighty
(180)-day period because of any mental or physical incapacity.

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<PAGE>

            (ii) The term "Cause"  means (A) any act by Executive  that damages,
in any material respect, the reputation,  business or business  relationships of
the Company,  (B) any action by Executive  that  constitutes a fraud against the
Company,  (C) the  conviction  of  Executive  of a  misdemeanor  or felony,  (D)
Executive's refusal or failure to perform his duties that continues for a period
of five (5) days after written notice of such refusal or failure is given by the
Company to Executive,  (E) any material breach by Executive of this Agreement or
any other agreement between  Executive and the Company,  or any affiliate of the
Company,  that  continues for a period of five (5) days after written  notice of
such  breach is given by the  Company to  Executive,  or (F) any  failure by the
Executive to maintain his securities registrations and other regulatory licenses
and  authorizations,  including  without  limitation,  any willful  violation of
applicable  laws,  rules or  regulations  by the  Executive  that results in the
suspension or revocation of such registrations, licenses or authorizations.

            (iii) The term  "Termination  Date"  shall  mean the  earlier of the
expiration of this Agreement or the effective date of the Company's  termination
of this Agreement.

            (iv) The term "Good Reason" shall mean (a) the breach by the Company
of this  Agreement,  including  the  failure  by the  Company  to make  payments
required to be made to the  Executive  under this  Agreement  and the failure to
cure such breach  within 15 days after  receipt of written  notice  thereof from
Executive,  or (b) the  imposition  by the  Company  of a  requirement  that the
principal  office of the Company from which the Executive will perform  services
under this Agreement be located outside of the Houston,  Texas metropolitan area
unless such  relocation of the  principal  office of the Company is agreed to in
writing by the Executive.

      (B) Payments to Executive Upon Termination of This Agreement.

            (i)  In  the  event  this  Agreement  is  terminated  prior  to  the
expiration of the Term by the Company without Cause or by the Executive for Good
Reason, the Company shall pay to Executive the amounts set forth in this Section
5(B)(i)  within thirty (30) days of the effective  date of  termination:  (a) an
amount equal to Executive's  accrued but unpaid Base Salary;  (b)  reimbursement
for  any  reimbursable  business  expenses  incurred  in  accordance  with  this
Agreement  prior to the Termination  Date; (c)  Executive's  Base Salary for the
remainder of the Term, payable as and when such Base Salary otherwise would have
been payable in accordance  with the Company's  payroll  practices;  and (d) any
other  amounts or benefits due under this  Agreement  and any benefit  plan,  or
program through the remainder of the original employment term in accordance with
the terms of said plan or program, but without duplication.

            (ii)  In  the  event  this  Agreement  is  terminated  prior  to the
expiration of the Term by the Company for Cause or due to  Executive's  death or
Disability,  the Company  shall pay to  Executive  the amounts set forth in this
Section  5(B)(ii):  (a) an amount equal to  Executive's  accrued but unpaid Base
Salary  and  earned  but  unpaid  Bonus  prior  to  the  Termination  Date;  (b)
reimbursement for any reimbursable business expenses incurred in accordance with
this  Agreement  prior to the  Termination  Date;  and (c) any other  amounts or
benefits due through the  Termination  Date under this Agreement and any benefit
plan,  or  program in  accordance  with the terms of said plan or  program,  but
without duplication.

                                       3
<PAGE>

            (iii)  Upon  expiration  of  the  Term,  the  Company  shall  pay to
Executive  the  amounts  set  forth  in  this  Section  5(B)  (iii):  (a) all of
Executive's   accrued  but  unpaid  Base  Salary;   (b)  reimbursement  for  any
reimbursable  business expenses incurred in accordance with this Agreement prior
to the end of the Term;  and (c) any other  amounts or benefits  due through the
end of the Term  under  this  Agreement  and any  benefit  plan,  or  program in
accordance with the terms of said plan or program, but without duplication.

      The Company's  obligations  under Sections  5(B)(i),  (ii) and (iii) shall
survive termination of this Agreement.

6 Non-Disclosure; Non-Competition and Non-Solicitation. Reference is made to the
Non-Competition,  Non-Solicitation  and Non-Disclosure  Agreement,  of even date
herewith,  between NIM and Executive,  which is incorporated herein by reference
and shall survive the expiration or termination of this Agreement.

7 Representation and Warranty of Executive. Executive represents and warrants to
Company that the execution and delivery of this Agreement and the performance of
Executive's  obligations  pursuant hereto shall not conflict with or result in a
breach  of  any  provisions  of  any  (a)  agreement,  commitment,  undertaking,
arrangement or understanding to which Executive is a party or by which Executive
is bound; or (b) order, judgment or decree of any court or arbitrator.

8     General Provisions.

      (A) Notices.  All notices and other  communications  under this  Agreement
shall be in  writing  and may be  given  by  personal  delivery,  registered  or
certified  mail,   postage  prepaid,   return  receipt  requested  or  generally
recognized overnight delivery service.  Notices shall be sent to the appropriate
party at that party's  address set forth above or at such other address for that
party as shall be specified by notice given under this Section. All such notices
and  communications  shall be deemed  received  upon (a)  actual  receipt by the
addressee or (b) actual delivery to the appropriate  address.  Copies of notices
hereunder  shall be sent as  follows:  If to  Executive  - to:1819  Pitts  Road,
Richmond,  Texas  77469,  fax no.  ______________;  and if to the  Company,  to:
National  Investment  Managers  Inc.,  shall be in writing and shall be given in
accordance with the notice provisions of the Purchase Agreement.

      (B)  Assignment.  This  Agreement  shall be binding upon, and inure to the
benefit of, the parties' respective successors, permitted assigns, and heirs and
legal  representatives.  This Agreement may be assigned to, and thereupon  shall
inure to the benefit of, any organization which succeeds to substantially all of
the   business  or  assets  of  the   Company,   whether  by  means  of  merger,
consolidation,  acquisition  of all or  substantially  all of the  assets of the
Company or  otherwise,  including,  without  limitation,  by  operation  of law,
provided,  however,  that  in  the  event  of  any  such  assignment,  equitable
adjustments  shall be made to any financial  criteria or targets  required to be
met by Executive.  This Agreement is a personal services contract and may not be
assigned by Executive nor may the duties of Executive  hereunder be delegated by
Executive to any other person.

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

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<PAGE>

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

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

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

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

                  [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 ACTUARIAL PENSION SERVICES, INC.

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

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

           [SIGNATURE PAGE - CHARLES N. MCLEOD EMPLOYMENT AGREEMENT]

                                       6
<PAGE>

                                    EXHIBIT A

                          Non-Recurring Fringe Benefits

Auto reimbursement in excess of IRS mileage rate
Cell phones for wives
Reimbursement of Personal Disability Coverage
Reimbursement of Personal Long Term Care Insurance
Club Dues
Key Man Insurance
Exotic Travel

                                       7EMPLOYMENT AGREEMENT

      Employment Agreement, dated as of December 1, 2006, by and between MARY H.
McLEOD, an individual with an address at 1819 Pitts Road, Richmond,  Texas 77469
("Executive"),   and  National   Actuarial  Pension  Services,   Inc.,  a  Texas
corporation  with its principal office located at 10777  Westheimer,  Suite 220,
Houston, Texas 77042 (the "Company").

                                    RECITALS

      A. Pursuant to that certain Stock Purchase Agreement, dated as of December
1,  2006  (the  "Purchase  Agreement"),  by and  among,  the  Company,  National
Investment Managers Inc. ("NIM") and Charles N. McLeod ("C. McLeod") and Mary H.
McLeod  ("M.   McLeod"  and  collectively   with  C.  McLeod,   the  "Sellers"),
contemporaneously  with the execution of this Agreement,  NIM acquired  Sellers'
equity interest in the Company.

      B. Pursuant to the Purchase Agreement, NIM has agreed to cause the Company
to retain Executive as an employee during the Term (as defined below).

      C.  Executive  desires to be employed by the Company  during the Term, all
upon the terms and conditions set forth herein.

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

1 Engagement;  Duties. Subject to the terms and conditions set forth herein, the
Company  shall employ  Executive,  and  Executive  shall serve the  Company,  as
Assistant Treasurer during the Term (as defined in Section 2). In such capacity,
Executive  shall  perform  duties  and be  assigned  responsibilities  that  are
substantially  similar to those performed by the Executive  immediately prior to
the date  hereof  and as may be  assigned  to him from time to time.  During the
Term,  the  Executive  shall  report to the Chief  Executive  Officer  and Chief
Operating  Officer of NIM.  During the Term,  Executive shall use his reasonable
efforts to promote  the  interests  of the  Company,  shall  perform  his duties
faithfully and diligently,  consistent  with sound business  practices and shall
devote his "full business time" to the performance of his duties for the Company
in  accordance  with the terms  hereof.  For  purposes of this  Section 1, "full
business  time"  shall  mean an  average  of 37.5 hours per week for the Term as
extended.

2 Term.  Unless this Agreement is terminated  pursuant to Section 5, the term of
this Agreement ("Term") shall be for a period of one (1) year.

3 Compensation. As consideration for the performance by Executive of Executive's
obligations under this Agreement,  the Company shall pay Executive a base salary
as follows:

      (A) During the Term,  the Company shall pay Executive a base salary ("Base
Salary")  at the  annual  rate equal to Twelve  Thousand  Five  Hundred  Dollars
($12,500).

                                     Page 1
<PAGE>

      (B) The Base  Salary  shall be payable in  accordance  with the  Company's
normal  payroll  policy.  The Company  shall deduct from the Base Salary and any
Bonus  any  federal,   state  or  local  withholding   taxes,   social  security
contributions  and any other  amounts  which may be  required  to be deducted or
withheld by the Company  pursuant to any federal,  state or local laws, rules or
regulations.

4     Reimbursement of Expenses; Fringe Benefits.

      (A) Expenses.  During the Term, the Company shall reimburse  Executive for
ordinary  and  necessary   business   expenses  incurred  by  Executive  in  the
performance  of  Executive's  duties on behalf of the Company  including but not
limited to automobile  expense  reimbursement  at prevailing  IRS mileage rates,
provided,  however,  that such expenses were incurred in the  furtherance of the
Company's business,  that Executive presents evidence of such expenses as may be
required under the policies of the Company, and that any such expenses in excess
of $500 are approved in advance in writing.

      (B) Fringe Benefits. During the Term, Executive shall be entitled to those
fringe  benefits and  perquisites  that are provided to other  executives of the
Company  generally,  including  any health or other  insurance,  pension  and/or
retirement,  or  welfare  plan.   Notwithstanding  the  foregoing,  the  parties
acknowledge  and agree that Executive  shall not be entitled to fringe  benefits
and perquisites identified as non-recurring on Exhibit A annexed hereto.

      (C)  Vacation/CE.  Executive  shall be entitled to 15 paid  vacation  days
during each calendar year of the Term,  pro-rated for any partial calendar year,
at such times as are mutually  agreed upon by Executive  and NIM.  Executive may
attend  continuing  education  conferences  in  accordance  with Company  policy
without  loss of  compensation,  which  shall  include  attendance  at  Board of
Directors  and  other  committee   meetings  for  American  Society  of  Pension
Professionals and Actuaries and similar organizations.

      (D) Sick Leave.  Executive  shall be entitled to sick leave in  accordance
with Company policy.

5 Termination.  The Company may terminate this Agreement upon Executive's death,
and may  terminate  this  Agreement  at any  earlier  time at the  option of the
Company  due to  Executive's  Disability  (as  defined  below)  or for Cause (as
defined  below).  The Executive may  terminate  this  Agreement for Good Reason,
immediately upon written notice from the Executive to the Company.

      (A) As used in this Agreement:

            (i)  The  term   "Disability"   means  the  inability  of  Executive
substantially  to perform his duties and  obligations  under this  Agreement for
thirty  (30)  consecutive  days or thirty  (30) days in any one  hundred  eighty
(180)-day period because of any mental or physical incapacity.

                                       2
<PAGE>

            (ii) The term "Cause"  means (A) any act by Executive  that damages,
in any material respect, the reputation,  business or business  relationships of
the Company,  (B) any action by Executive  that  constitutes a fraud against the
Company,  (C) the  conviction  of  Executive  of a  misdemeanor  or felony,  (D)
Executive's refusal or failure to perform his duties that continues for a period
of five (5) days after written notice of such refusal or failure is given by the
Company to Executive,  (E) any material breach by Executive of this Agreement or
any other agreement between  Executive and the Company,  or any affiliate of the
Company,  that  continues for a period of five (5) days after written  notice of
such  breach is given by the  Company to  Executive,  or (F) any  failure by the
Executive to maintain his securities registrations and other regulatory licenses
and  authorizations,  including  without  limitation,  any willful  violation of
applicable  laws,  rules or  regulations  by the  Executive  that results in the
suspension or revocation of such registrations, licenses or authorizations.

            (iii) The term  "Termination  Date"  shall  mean the  earlier of the
expiration of this Agreement or the effective date of the Company's  termination
of this Agreement.

            (iv) The term "Good Reason" shall mean (a) the breach by the Company
of this  Agreement,  including  the  failure  by the  Company  to make  payments
required to be made to the  Executive  under this  Agreement  and the failure to
cure such breach  within 15 days after  receipt of written  notice  thereof from
Executive,  or (b) the  imposition  by the  Company  of a  requirement  that the
principal  office of the Company from which the Executive will perform  services
under this Agreement be located outside of the Houston,  Texas metropolitan area
unless such  relocation of the  principal  office of the Company is agreed to in
writing by the Executive.

      (B) Payments to Executive Upon Termination of This Agreement.

            (i)  In  the  event  this  Agreement  is  terminated  prior  to  the
expiration of the Term by the Company without Cause or by the Executive for Good
Reason, the Company shall pay to Executive the amounts set forth in this Section
5(B)(i)  within thirty (30) days of the effective  date of  termination:  (a) an
amount equal to Executive's  accrued but unpaid Base Salary;  (b)  reimbursement
for  any  reimbursable  business  expenses  incurred  in  accordance  with  this
Agreement  prior to the Termination  Date; (c)  Executive's  Base Salary for the
remainder of the Term, payable as and when such Base Salary otherwise would have
been payable in accordance  with the Company's  payroll  practices;  and (d) any
other  amounts or benefits due under this  Agreement  and any benefit  plan,  or
program through the remainder of the original employment term in accordance with
the terms of said plan or program, but without duplication.

            (ii)  In  the  event  this  Agreement  is  terminated  prior  to the
expiration of the Term by the Company for Cause or due to  Executive's  death or
Disability,  the Company  shall pay to  Executive  the amounts set forth in this
Section  5(B)(ii):  (a) an amount equal to  Executive's  accrued but unpaid Base
Salary  and  earned  but  unpaid  Bonus  prior  to  the  Termination  Date;  (b)
reimbursement for any reimbursable business expenses incurred in accordance with
this  Agreement  prior to the  Termination  Date;  and (c) any other  amounts or
benefits due through the  Termination  Date under this Agreement and any benefit
plan,  or  program in  accordance  with the terms of said plan or  program,  but
without duplication.

                                       3
<PAGE>

            (iii)  Upon  expiration  of  the  Term,  the  Company  shall  pay to
Executive  the  amounts  set  forth  in  this  Section  5(B)  (iii):  (a) all of
Executive's   accrued  but  unpaid  Base  Salary;   (b)  reimbursement  for  any
reimbursable  business expenses incurred in accordance with this Agreement prior
to the end of the Term;  and (c) any other  amounts or benefits  due through the
end of the Term  under  this  Agreement  and any  benefit  plan,  or  program in
accordance with the terms of said plan or program, but without duplication.

      The Company's  obligations  under Sections  5(B)(i),  (ii) and (iii) shall
survive termination of this Agreement.

6 Non-Disclosure; Non-Competition and Non-Solicitation. Reference is made to the
Non-Competition,  Non-Solicitation  and Non-Disclosure  Agreement,  of even date
herewith,  between NIM and Executive,  which is incorporated herein by reference
and shall survive the expiration or termination of this Agreement.

7 Representation and Warranty of Executive. Executive represents and warrants to
Company that the execution and delivery of this Agreement and the performance of
Executive's  obligations  pursuant hereto shall not conflict with or result in a
breach  of  any  provisions  of  any  (a)  agreement,  commitment,  undertaking,
arrangement or understanding to which Executive is a party or by which Executive
is bound; or (b) order, judgment or decree of any court or arbitrator.

8     General Provisions.

      (A) Notices.  All notices and other  communications  under this  Agreement
shall be in  writing  and may be  given  by  personal  delivery,  registered  or
certified  mail,   postage  prepaid,   return  receipt  requested  or  generally
recognized overnight delivery service.  Notices shall be sent to the appropriate
party at that party's  address set forth above or at such other address for that
party as shall be specified by notice given under this Section. All such notices
and  communications  shall be deemed  received  upon (a)  actual  receipt by the
addressee or (b) actual delivery to the appropriate  address.  Copies of notices
hereunder  shall be sent as  follows:  If to  Executive  - to:1819  Pitts  Road,
Richmond,  Texas  77469,  fax no.  ______________;  and if to the  Company,  to:
National  Investment  Managers  Inc.,  shall be in writing and shall be given in
accordance with the notice provisions of the Purchase Agreement.

      (B)  Assignment.  This  Agreement  shall be binding upon, and inure to the
benefit of, the parties' respective successors, permitted assigns, and heirs and
legal  representatives.  This Agreement may be assigned to, and thereupon  shall
inure to the benefit of, any organization which succeeds to substantially all of
the   business  or  assets  of  the   Company,   whether  by  means  of  merger,
consolidation,  acquisition  of all or  substantially  all of the  assets of the
Company or  otherwise,  including,  without  limitation,  by  operation  of law,
provided,  however,  that  in  the  event  of  any  such  assignment,  equitable
adjustments  shall be made to any financial  criteria or targets  required to be
met by Executive.  This Agreement is a personal services contract and may not be
assigned by Executive nor may the duties of Executive  hereunder be delegated by
Executive to any other person.

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

                                       4
<PAGE>

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

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

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

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

                  [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 ACTUARIAL PENSION SERVICES, INC.

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

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

             [SIGNATURE PAGE - MARY H. McLEOD EMPLOYMENT AGREEMENT]

                                       6
<PAGE>

                                    EXHIBIT A

                          Non-Recurring Fringe Benefits

Auto reimbursement in excess of IRS mileage rate
Cell phones for wives
Reimbursement of Personal Disability Coverage
Reimbursement of Personal Long Term Care Insurance
Club Dues
Key Man Insurance
Exotic Travel

                                       7

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