Document:

Southfield
Energy Corporation

    

    2010
STOCK PLAN FOR DIRECTORS, OFFICERS AND CONSULTANTS

    

    

    SECTION
1.  PURPOSE OF THE PLAN.  

    

    The
purpose of the 2010 Directors, Officers and Consultants Stock Option, Stock
Warrant and Stock Award Plan ("Plan") is to enhance the ability of the Company,
a Nevada corporation (the "Company") to attract and retain highly qualified and
experienced directors, employees and consultants and to give such directors,
employees and consultants a continued proprietary interest in the success of the
Company.  In addition the Plan is intended to encourage ownership of common
stock of the Company by the directors, employees and consultants of the Company
and its Affiliates (as defined below) and to provide increased incentive for
such persons to render services and to exert maximum effort for the success of
the Company's business.  

    

    The Plan
provides eligible employees and consultants the opportunity to participate in
the enhancement of shareholder value by the grants of warrants, options,
restricted common or convertible preferred stock [if, as and when preferred
stock is authorized by the Company and its shareholders], unrestricted common or
convertible preferred stock and other awards under this Plan and to have their
bonuses and/or consulting fees payable in warrants, restricted common or
convertible preferred stock, unrestricted common or convertible preferred stock
and other awards, or any combination thereof.  

    

    In
addition, the Company expects that the Plan will further strengthen the
identification of the directors, employees and consultants with the
stockholders.  Certain options and warrants to be granted under this Plan
are intended to qualify as Incentive Stock Options ("ISOs") pursuant to Section
422 of the Internal Revenue Code of 1986, as amended ("Code"), while other
options and warrants and preferred stock granted under this Plan will be
nonqualified options or warrants which are not intended to qualify as ISOs
("Nonqualified Options"), either or both as provided in the agreements
evidencing the options or warrants described in Section 5 hereof and shares of
preferred stock. As provided in the designation described in Section 7.
 Employees, consultants and directors who participate or become eligible to
participate in this Plan from time to time are referred to collectively herein
as "Participants".  As used in this Plan, the term "Affiliates" means any
"parent corporation" of the Company and any "subsidiary corporation" of the
Company within the meaning of Code Sections 424(e) and (f),
respectively.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    SECTION 2.  ADMINISTRATION OF
THE PLAN.

    

    (a)
Composition of Committee.  The Plan shall be administered by the Board of
Directors of the Company (the "Board") or to a committee of the Board to which
responsibility for the administration of this Plan has been assigned on behalf
of the Board.  When acting in such capacity the Board is herein referred to
as the "Committee," which shall also designate the Chairman of the Committee.
 If the Company is governed by Rule 16b-3 promulgated by the Securities and
Exchange Commission ("Commission") pursuant to the Securities Exchange Act of
1934, as amended ("Exchange Act"), no director shall serve as a member of the
Committee unless he or she is a "disinterested person" within the meaning of
such Rule 16b-3.

    

    (b)
Committee Action.  The Committee shall hold its meetings at such times and
places as it may determine.  A majority of its members shall constitute a
quorum, and all determinations of the Committee shall be made by not less than a
majority of its members.  Any decision or determination reduced to writing
and signed by a majority of the members shall be fully as effective as if it had
been made by a majority vote of its members at a meeting duly called and held.
 The Committee may designate the Secretary of the Company or other Company
employees to assist the Committee in the administration of the
Plan,

    and may
grant authority to such persons to execute award agreements or other documents
on behalf of the Committee and the Company.  Any duly constituted committee
of the Board satisfying the qualifications of this Section 2 may be appointed as
the Committee.

    

    (c)
Committee Expenses.  All expenses and liabilities incurred by the Committee
in the administration of the Plan shall be borne by the Company.  The
Committee may employ attorneys, consultants, accountants or other
persons.

    

    SECTION
3.  STOCK RESERVED FOR THE PLAN.  

    

    Subject
to adjustment as provided in Section 5(d)(xiii) hereof, the aggregate number of
shares that may be optioned, subject to conversion or issued under the Plan is
6,000,000 shares of Common Stock, warrants, options, preferred stock or any
combination thereof.  The shares subject to the Plan shall consist of
authorized but unissued shares of Common Stock and such number of shares shall
be and is hereby reserved for sale for such purpose.  Any of such shares
which may remain unsold and which are not subject to issuance upon exercise of
outstanding options or warrants or conversion of outstanding shares of preferred
stock at the termination of the Plan shall cease to be reserved for the purpose
of the Plan, but until termination of the Plan or the termination of the last of
the options or warrants granted under the Plan, whichever last occurs, the
Company shall at all times reserve a sufficient number of shares to meet the
requirements of  the Plan.  Should any option or warrant expire or be
cancelled prior to its exercise in full, the shares theretofore subject to such
option or warrant may again be made subject to an option, warrant or shares of
convertible preferred stock under the Plan.

     

    
      
         

      

      
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    SECTION
4.  ELIGIBILITY.  

    

    The
Participants shall include directors, employees, including officers, of the
Company and its divisions and subsidiaries, and consultants and attorneys who
provide bona fide services to the Company.  Participants are eligible to be
granted warrants, options, restricted common or convertible preferred stock,
unrestricted common or convertible preferred stock and other awards under this
Plan and to have their bonuses and/or consulting fees payable in warrants,
restricted common or convertible preferred stock, unrestricted common or
convertible preferred stock and other awards.  A Participant who has been
granted an option, warrant or preferred stock hereunder may be granted an
additional option, warrant options, warrants or preferred stock, if the
Committee shall so determine.

    

    SECTION 5.  GRANT OF OPTIONS OR
WARRANTS.

    

    (a)
Committee Discretion.  The Committee shall have sole and absolute
discretionary authority (i) to determine, authorize, and designate those persons
pursuant to this Plan who are to receive warrants, options, restricted common or
convertible preferred stock, or unrestricted common or convertible preferred
stock under the Plan, (ii) to determine the number of shares of Common Stock to
be covered by such grant or such options or warrants and the terms thereof,
(iii) to determine the type of Common Stock granted: restricted common or
convertible preferred stock, unrestricted common or convertible preferred stock
or a combination of restricted and unrestricted common or convertible preferred
stock, and (iv) to determine the type of option or warrant granted: ISO,
Nonqualified Option or a combination of ISO and Nonqualified Options.  The
Committee shall thereupon grant options or warrants in accordance with such
determinations as evidenced by a written option or warrant agreement.
 Subject to the express provisions of the Plan, the Committee shall have
discretionary authority to prescribe, amend and rescind rules and regulations
relating to the Plan, to interpret the Plan, to prescribe and amend the terms of
the option or warrant agreements (which need not be identical) and to make all
other determinations deemed necessary or advisable for the administration of the
Plan.

     

    
      
         

      

      
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    (b)
Stockholder Approval.  All ISOs granted under this Plan are subject to, and
may not be exercised before, the approval of this Plan by the stockholders prior
to the first anniversary date of the Board meeting held to approve the Plan, by
the affirmative vote of the holders of a majority of the outstanding shares of
the Company present, or represented by proxy, and entitled to vote at the
meeting, or by written consent in accordance with the laws of the State of
Nevada, provided that if such approval by the stockholders of the Company is not
forthcoming, all options or warrants and stock awards previously granted under
this Plan other than ISOs shall be valid in all respects.

    

    (c)
Limitation on Incentive Stock Options and Warrants.  The aggregate fair
market value (determined in accordance with Section 5(d)(ii) of this Plan at the
time the option or warrant is granted) of the Common Stock with respect to which
ISOs may be exercisable for the first time by any Participant during any
calendar year under all such plans of the Company and its Affiliates shall not
exceed $15,000,000.

    

    (d) Terms
and Conditions.  Each option or warrant granted under the Plan shall be
evidenced by an agreement, in a form approved by the Committee, which shall be
subject to the following express terms and conditions and to such other terms
and conditions as the Committee may deem appropriate:

    

    (i)
Option or Warrant Period.  The Committee shall promptly notify the
Participant of the option or warrant grant and a written agreement shall
promptly be executed and delivered by and on behalf of the Company and the
Participant, provided that the option or warrant grant shall expire if a written
agreement is not signed by said Participant (or his agent or attorney) and
returned to the Company within 60 days from date of receipt by the
Participant of such agreement.  The date of grant shall be the date the
option or warrant is actually granted by the Committee, even though the written
agreement may be executed and delivered by the Company and the Participant after
that date. Each option or warrant agreement shall specify the period for which
the option or warrant thereunder is granted (which in no event shall exceed
ten years from the date of grant) and shall provide that the option or warrant
shall expire at the end of such period.  If the original term of an option
or warrant is less than ten years from the date of grant, the option or warrant
may be amended prior to its expiration, with the approval of the Committee and
the Participant, to extend the term so that the term as amended is not more
than ten years from the date of grant. However, in the case of an ISO granted to
an individual who, at the time of grant, owns stock possessing more than 10
percent of the total combined voting power of all classes of stock of the
Company or its Affiliate ("Ten Percent Stockholder"), such period shall not
exceed five years from the date of grant.

     

    
      
         

      

      
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    (ii)
Option or Warrant Price.  The purchase price of each share of Common Stock
subject to each option or warrant granted pursuant to the Plan shall be
determined by the Committee at the time the option or warrant is granted and, in
the case of ISOs, shall not be less than 100% of the fair market value of a
share of Common Stock on the date the option or warrant is granted, as
determined by the Committee.  In the case of an ISO granted to a Ten
Percent Stockholder, the option or warrant price shall not be less than 110% of
the fair market value of a share of Common Stock on the date the option or
warrant is granted.  The purchase price of each share of Common Stock
subject to a Nonqualified Option or Warrant under this Plan shall be determined
by the Committee prior to granting the option or warrant.  The Committee
shall set the purchase price for each share subject to a Nonqualified
Option or Warrant at either the fair market value of each share on the date the
option or warrant is granted, or at such other price as the Committee in its
sole discretion shall determine.

    

    At the
time a determination of the fair market value of a share of Common Stock is
required to be made hereunder, the determination of its fair market value shall
be made by the Committee in such manner as it deems appropriate.

    

    (iii)
Exercise Period.  The Committee may provide in the option or warrant
agreement that an option or warrant may be exercised in whole, immediately, or
is to be exercisable in increments.  In addition, the Committee may provide
that the exercise of all or part of an option or warrant is subject to specified
performance by the Participant.

    

    (iv)
Procedure for Exercise.  Options or warrants shall be exercised in the
manner specified in the option or warrant agreement. The notice of exercise
shall specify the address to which the certificates for such shares are to be
mailed.  A Participant shall be deemed to be a stockholder with respect to
shares covered by an option or warrant on the date specified in the option or
warrant agreement.  As promptly as practicable, the Company shall deliver
to the Participant or other holder of the warrant, certificates for the number
of shares with respect to which such option or warrant has been so exercised,
issued in the holder's name or such other name as holder directs; provided,
however, that such delivery shall be deemed effected for all purposes when a
stock transfer agent of the Company shall have deposited such certificates with
a carrier for overnight delivery, addressed to the holder at the address
specified pursuant to this Section 6(d).

    

    (v)
Termination of Employment.  If an executive officer to whom an option or
warrant is granted ceases to be employed by the Company for any reason other
than death or disability, any option or warrant which is exercisable on the date
of such termination of employment may be exercised during a period beginning on
such date and ending at the time set forth in the option or warrant agreement;
provided, however, that if a Participant's employment is terminated because of
the Participant's theft or embezzlement from the Company, disclosure of trade
secrets of the Company or the commission of a willful, felonious act while in
the employment of the Company (such reasons shall hereinafter be collectively
referred to as "for cause"), then any option or warrant or unexercised
portion thereof granted to said Participant shall expire upon such termination
of employment.  Notwithstanding the foregoing, no ISO may be exercised
later than three months after an employee's termination of employment for any
reason other than death or disability.

    

    (vi)
Disability or Death of Participant.  In the event of the determination of
disability or death of a Participant under the Plan while he or she is employed
by the Company, the options or warrants previously granted to him may be
exercised (to the extent he or she would have been entitled to do so at the date
of the determination of disability or death) at any time and from time to time,
within a period beginning on the date of such determination of disability or
death and ending at the time set forth in the option or warrant agreement, by
the former employee, The guardian of his estate, the executor or administrator
of his estate or by the person or persons to whom his rights under the option or
warrant shall pass by will or the laws of descent and distribution, but in no
event may the option or warrant be exercised after its expiration under the
terms of the option or warrant agreement.  Notwithstanding the foregoing,
no ISO may be exercised later than one year after the determination of
disability or death.  A Participant shall be deemed to be disabled if, in
the opinion of a physician selected by the Committee, he or she is incapable of
performing services for the Company of the kind he or she was performing at the
time the disability occurred by reason of any medically determinable physical or
mental impairment which can be expected to result in death or to be of long,
continued and indefinite duration. The date of determination of disability for
purposes hereof shall be the date of such determination by such
physician.

     

    
      
         

      

      
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    (vii)
Assignability.  An option or warrant shall be assignable or otherwise
transferable, in whole or in part, by a Participant as provided in the option,
warrant or designation of the series of preferred stock.

    

    (viii)
Incentive Stock Options.  Each option or warrant agreement may contain such
terms and provisions as the Committee may determine to be necessary or desirable
in order to qualify an option or warrant designated as an incentive stock
option.

    

    (ix)
Restricted Stock Awards.  Awards of restricted stock under this Plan shall
be subject to all the applicable provisions of this Plan, including the
following terms and conditions, and to such other terms and conditions
not inconsistent therewith, as the Committee shall determine:

    

    (A)
Awards of restricted stock may be in addition to or in lieu of option or warrant
grants.  Awards may be conditioned on the attainment of particular
performance goals based on criteria established by the Committee at the time of
each award of restricted stock. During a period set forth in the agreement (the
"Restriction Period"), the recipient shall not be permitted to sell,
transfer, pledge, or otherwise encumber the shares of restricted stock;
except that such shares may be used, if the agreement permits, to pay the option
or warrant price pursuant to any option or warrant granted under this Plan,
provided an equal number of shares delivered to the Participant shall carry the
same restrictions as the shares so used.  Shares of restricted stock shall
become free of all restrictions if during the Restriction Period, (i) the
recipient dies, (ii) the recipient's directorship, employment, or consultancy
terminates by reason of permanent disability, as determined by the Committee,
(iii) the recipient retires after attaining both 59 1/2 years of age and five
years of continuous service with the Company and/or a division or subsidiary, or
(iv) if provided in the agreement, there is a "change in control" of the Company
(as defined in such agreement). The Committee may require medical evidence of
permanent disability, including medical examinations by physicians selected by
it.  Unless and to the extent otherwise provided in the
agreement, shares of restricted stock shall be forfeited and revert to the
Company upon the recipient's termination of directorship, employment or
consultancy during the Restriction Period for any reason other than death,
permanent disability, as determined by the Committee, retirement after
attaining both 59 1/2 years of age and five years of continuous service with the
Company and/or a subsidiary or division, or, to the extent provided in the
agreement, a "change in control" of the Company (as defined in such agreement),
except to the extent the Committee, in its sole discretion, finds that such
forfeiture might not be in the best interests of the Company and, therefore,
waives all or part of the application of this provision to the restricted stock
held by such recipient. Certificates for restricted stock shall be registered in
the name of the recipient but shall be imprinted with the appropriate legend and
returned to the Company by the recipient, together with a stock power endorsed
in blank by the recipient.  The recipient shall be entitled to vote
shares of restricted stock and shall be entitled to all dividends paid thereon,
except that dividends paid in Common Stock or other property shall also be
subject to the same restrictions.

     

    
      
         

      

      
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    (B)
Restricted Stock shall become free of the foregoing restrictions upon expiration
of the applicable Restriction Period and the Company shall then deliver to the
recipient Common Stock certificates evidencing such unrestricted
stock.

    

    Restricted
stock and any Common Stock received upon the expiration of the restriction
period shall be subject to such other transfer restrictions and/or legend
requirements as are specified in the applicable agreement.

    

    (x)
Bonuses and Past Salaries and Fees Payable in Unrestricted Stock.

    

    (A) In
lieu of cash bonuses otherwise payable under the Company's or applicable
division's or subsidiary's compensation practices to employees and consultants
eligible to participate in this Plan, the Committee, in its sole discretion, may
determine that such bonuses shall be payable in unrestricted Common Stock or
partly in unrestricted Common Stock and partly in cash.  Such bonuses
shall be in consideration of services previously performed and as an incentive
toward future services and shall consist of shares of unrestricted Common Stock
subject to such terms as the Committee may determine in its sole discretion. The
number of shares of unrestricted Common Stock payable in lieu of a bonus
otherwise payable shall be determined by dividing such bonus amount by the fair
market value of one share of Common Stock on the date the bonus is payable, with
fair market value determined as of such date in  accordance with Section
5(d)(ii).

    

    (B) In
lieu of salaries and fees otherwise payable by the Company to employees,
attorneys and consultants eligible to participate in this Plan that were
incurred for services rendered during, prior or after the year of 2005, the
Committee, in its sole discretion, may determine that such unpaid salaries and
fees shall be payable in unrestricted Common Stock or partly in unrestricted
Common Stock and partly in cash.  Such awards shall be in consideration of
services previously performed and as an incentive toward future services and
shall consist of shares of unrestricted Common Stock subject to such terms as
the Committee may determine in its sole discretion.  The number of shares
of unrestricted Common Stock payable in lieu of a salaries and fees otherwise
payable shall be determined by dividing each calendar month's of unpaid salary
or fee amount by the average trading value of the Common Stock for the calendar
month during which the subject services were provided.

    

    (xi) No
Rights as Stockholder.  No Participant shall have any rights as a
stockholder with respect to shares covered by an option or warrant until the
option or warrant is exercised as provided in clause (d) above.

     

    
      
         

      

      
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    (xii)
Extraordinary Corporate Transactions.  The existence of outstanding options
or warrants shall not affect in any way the right or power of the Company or its
stockholders to make or authorize any or all adjustments, recapitalizations,
reorganizations, exchanges, or other changes in the Company's capital structure
or its business, or any merger or consolidation of the Company, or any issuance
of Common Stock or other securities or subscription rights thereto, or any
issuance of bonds, debentures, preferred or prior preference stock ahead of or
affecting the Common Stock or the rights thereof, or the dissolution or
liquidation of the Company, or any sale or transfer of all or any part of its
assets or business, or any other corporate act or proceeding, whether of a
similar character or otherwise.  If the Company recapitalizes
or otherwise changes its capital structure, or merges, consolidates,
sells all of its assets or dissolves (each of the foregoing a "Fundamental
Change"), then thereafter upon any exercise of an option or warrant theretofore
granted the Participant shall be entitled to purchase under such option or
warrant, in lieu of the number of shares of Common Stock as to which option or
warrant shall then be exercisable, the number and class of shares of stock and
securities to which the Participant would have been entitled pursuant to
the terms of the Fundamental Change if, immediately prior to such Fundamental
Change, the Participant had been the holder of record of the number of shares of
Common Stock as to which such option or warrant is then exercisable.  If
(i) the Company shall not be the surviving entity in any merger or consolidation
(or survives only as a subsidiary of another entity), (ii) the Company sells all
or substantially all of its assets to any other person or entity (other than a
wholly-owned subsidiary), (iii) any person or entity (including a "group" as
contemplated by Section 13(d)(3) of the Exchange Act) acquires or gains
ownership or control of (including, without limitation, power to vote) more than
50% of the outstanding shares of Common Stock, (iv) the Company is to be
dissolved and liquidated, or (v) as a result of or in connection with a
contested election of directors, the persons who were directors of the Company
before such election shall cease to constitute a majority of the Board (each
such event in clauses (i) through (v) above is referred to herein as a
"Corporate Change"), the Committee, in its sole discretion, may accelerate the
time at which all or a portion of a Participant's option or warrants may be
exercised for a limited period of time before or after a specified
date.

     

    (xiii)
Changes in Company's Capital Structure.  If the outstanding shares of
Common Stock or other securities of the Company, or both, for which the option
or warrant is then exercisable at any time be changed or exchanged
by

    declaration
of a stock dividend, stock split, combination of shares, recapitalization, or
reorganization, the number and kind of shares of Common Stock or other
securities which are subject to the Plan or subject to any options or warrants
theretofore granted, and the option or warrant prices, shall be adjusted only as
provided in the option or warrant.

     

    
      
         

      

      
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    (xiv)
Acceleration of Options and Warrants.  Except as hereinbefore expressly
provided, (i) the issuance by the Company of shares of stock or any class of
securities convertible into shares of stock of any class, for
cash, property, labor or services, upon direct sale, upon the exercise of
rights or warrants to subscribe therefor, or upon conversion of shares or
obligations of the Company convertible into such shares or other securities,
(ii) the payment of a dividend in property other than Common Stock or (iii) the
occurrence of any similar transaction, and in any case whether or not for fair
value, shall not affect, and no adjustment by reason thereof shall be made with
respect to, the number of shares of Common Stock subject to options or warrants
theretofore granted or the purchase price per share, unless the Committee shall
determine, in its sole discretion, that an adjustment is necessary to
provide equitable treatment to Participant.  Notwithstanding Anything to
the contrary contained in this Plan, the Committee may, in its sole discretion,
accelerate the time at which any option or warrant may be exercised, including,
but not limited to, upon the occurrence of the events specified in this
Section 5, and is authorized at any time (with the consent of the
Participant) to purchase options or warrants pursuant to Section 6.

    

    SECTION
6.  RELINQUISHMENT OF OPTIONS OR WARRANTS.

    

    (a) The
Committee, in granting options or warrants hereunder, shall have discretion to
determine whether or not options or warrants shall include a right of
relinquishment as hereinafter provided by this Section 6.  The Committee
shall also have discretion to determine whether an option or warrant agreement
evidencing an option or warrant initially granted by the Committee without a
right of relinquishment shall be amended or supplemented to include such a right
of relinquishment. Neither the Committee nor the Company shall be under any
obligation or incur any liability to any person by reason of the Committee's
refusal to grant or include a right of relinquishment in any option or warrant
granted hereunder or in any option or warrant agreement evidencing the same.
Subject to the Committee's determination in any case that the grant by it of a
right of relinquishment is consistent with Section 1 hereof, any option or
warrant granted under this Plan, and the option or warrant agreement
evidencing such option or warrant, may provide:

    

    (i) That
the Participant, or his or her heirs or other legal representatives to the
extent entitled to exercise the option or warrant under the terms thereof, in
lieu of purchasing the entire number of shares subject to purchase thereunder,
shall have the right to relinquish all or any part of the then unexercised
portion of the option or warrant (to the extent

    then
exercisable) for a number of shares of Common Stock to be determined in
accordance with the following provisions of this clause (i):

     

    
      
         

      

      
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    (A) The
written notice of exercise of such right of relinquishment shall state the
percentage of the total number of shares of Common Stock issuable pursuant to
such relinquishment (as defined below) that the Participant elects to
receive;

    

    (B) The
number of shares of Common Stock, if any, issuable pursuant to such
relinquishment shall be the number of such shares, rounded to the next greater
number of full shares, as shall be equal to the quotient obtained by dividing
(i) the Appreciated Value by (ii) the purchase price for each of such shares
specified in such option or warrant;

    

    (C) For
the purpose of this clause (C), "Appreciated Value" means the excess, if any, of
(x) the total current market value of the shares of Common Stock covered by the
option or warrant or the portion thereof to be relinquished over (y) the total
purchase price for such shares specified in such option or warrant;

    

    (ii) That
such right of relinquishment may be exercised only upon receipt by the Company
of a written notice of such relinquishment which shall be dated the date of
election to make such relinquishment; and that, for the purposes of this Plan,
such date of election shall be deemed to be the date

    when such
notice is sent by registered or certified mail, or when receipt is acknowledged
by the Company, if mailed by other than registered or certified mail or if
delivered by hand or by any telegraphic communications equipment of the sender
or otherwise delivered; provided, that, in the event the method just described
for determining such date of election shall not be or remain consistent with the
provisions of Section 16(b) of the Exchange Act or the rules and regulations
adopted by the Commission thereunder, as presently existing or as may be
hereafter amended, which regulations exempt from the operation of Section 16(b)
of the Exchange Act in whole or in part any such relinquishment transaction,
then such date of election shall be determined by such other method consistent
with Section 16(b) of the Exchange Act or the rules and regulations thereunder
as the Committee shall in its discretion select and apply;

     

    
      
         

      

      
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    (iii)
That the "current market value" of a share of Common Stock on a particular date
shall be deemed to be its fair market value on that date as determined in
accordance with Paragraph 5(d)(ii); and

    

    (iv) That
the option or warrant, or any portion thereof, may be relinquished only to the
extent that (A) it is exercisable on the date written notice of relinquishment
is received by the Company, and (B) the holder of such option or warrant pays,
or makes provision satisfactory to the Company for the payment of, any taxes
which the Company is obligated to collect with respect to such
relinquishment.

    

    (b) The
Committee shall have sole discretion to consent to or disapprove, and neither
the Committee nor the Company shall be under any liability by reason of the
Committee's disapproval of, any election by a holder of preferred stock to
relinquish such preferred stock in whole or in part as provided in Paragraph
7(a), except that no such consent to or approval of a relinquishment shall be
required under the following circumstances.  Each Participant who is
subject to the short-swing profits recapture provisions of Section 16(b) of the
Exchange Act ("Covered Participant") shall not be entitled to receive shares of
Common Stock when options or warrants are relinquished during any window period
commencing on the third business day following the Company's release of a
quarterly or annual summary statement of sales and earnings and ending on the
twelfth business day following such release ("Window Period"). A Covered
Participant shall be entitled to receive shares of Common Stock upon the
relinquishment of options or warrants outside a Window Period.

    

    (c) The
Committee, in granting options or warrants hereunder, shall have discretion to
determine the terms upon which such options or warrants shall be relinquishable,
subject to the applicable provisions of this Plan, and including such provisions
as are deemed advisable to permit the exemption from the operation from Section
16(b) of the Exchange Act of any such relinquishment transaction, and options or
warrants outstanding, and option agreements evidencing such options, may be
amended, if necessary, to permit such exemption.  If options or warrants
are relinquished, such option or warrant shall be deemed to have been exercised
to the extent of the number of shares of Common Stock covered by the option or
warrant or part thereof which is relinquished, and no further options or
warrants may be granted covering such shares of Common Stock.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

    (d) Any
options or warrants or any right to relinquish the same to the Company as
contemplated by this Paragraph 6 shall be assignable by the Participant,
provided the transaction complies with any applicable securities
laws.

    

    (e)
Except as provided in Section 6(f) below, no right of relinquishment may be
exercised within the first six months after the initial award of any option or
warrant containing, or the amendment or supplementation of any existing
option or warrant agreement adding, the right of relinquishment.

    

    (f) No
right of relinquishment may be exercised after the initial award of any option
or warrant containing, or the amendment or supplementation of any existing
option or warrant agreement adding the right of relinquishment, unless such
right of relinquishment is effective upon the Participant's death, disability or
termination of his relationship with the Company for a reason other than "for
cause."

    

    SECTION
7.  GRANT OF CONVERTIBLE PREFERRED STOCK.

    

    (a)
Committee Discretion.  The Committee shall have sole and absolute
discretionary authority (i) to determine, authorize, and designate those persons
pursuant to this Plan who are to receive restricted preferred stock, or
unrestricted preferred stock under the Plan, and (ii) to determine the number of
shares of Common Stock to be issued upon conversion of such shares of preferred
stock and the terms thereof.  The Committee shall thereupon grant shares of
preferred stock in accordance with such determinations as evidenced by a written
preferred stock designation.  Subject to the express provisions of the
Plan, the Committee shall have discretionary authority to prescribe, amend and
rescind rules and regulations relating to the Plan, to interpret the Plan, to
prescribe and amend the terms of the preferred stock designation (which
need not be identical) and to make all other determinations deemed necessary or
advisable for the administration of the Plan.

    

    (b) Terms
and Conditions.  Each series of preferred stock granted under the Plan
shall be evidenced by a designation in the form for filing with the Secretary of
State of the state of incorporation of the Company, containing such terms as
approved by the Committee, which shall be subject to the following express terms
and conditions and to such other terms and conditions as the Committee may deem
appropriate:

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    

    (i)
Conversion Ratio.  The number of shares of Common Stock issuable upon
conversion of each share of preferred stock granted pursuant to the Plan shall
be determined by the Committee at the time the preferred stock is granted.
 The conversion ration may be determined by reference to the fair market
value of each share of Common Stock on the date the preferred stock is granted,
or at such other price as the Committee in its sole discretion shall
determine.

    

    At the
time a determination of the fair market value of a share of Common Stock is
required to be made hereunder, the determination of its fair market value shall
be made in accordance with Paragraph 5(d)(ii).

    

    (ii)
Conversion Period.  The Committee may provide in the preferred stock
agreement that an preferred stock may be converted in whole, immediately, or is
to be convertible in increments.  In addition, the Committee may provide
that the conversion of all or part of an preferred stock is subject to specified
performance by the Participant.

    

    (iii)
Procedure for Conversion.  Shares of preferred stock shall be converted in
the manner specified in the preferred stock designation.  The notice of
conversion shall specify the address to which the certificates for such shares
are to be mailed.  A Participant shall be deemed to be a stockholder with
respect to shares covered by preferred stock on the date

    specified
in the preferred stock agreement.  As promptly as practicable, the Company
shall deliver to the Participant or other holder of the warrant, certificates
for the number of shares with respect to which such preferred stock has been so
converted, issued in the holder's name or such other name

    as holder
directs; provided, however, that such delivery shall be deemed effected for all
purposes when a stock transfer agent of the Company shall have deposited such
certificates with a carrier for overnight delivery, addressed to the holder at
the address specified pursuant to this Section 6(d).

    

    (iv)
Termination of Employment.  If an executive officer to whom preferred stock
is granted ceases to be employed by the Company for any reason other than death
or disability, any preferred stock which is convertible on the date of such
termination of employment may be converted during a period

    beginning
on such date and ending at the time set forth in the preferred stock agreement;
provided, however, that if a Participant's employment is terminated because of
the Participant's theft or embezzlement from the Company, disclosure of trade
secrets of the Company or the commission of a willful, felonious act while in
the employment of the Company (such reasons shall hereinafter be collectively
referred to as "for cause"), then any preferred stock or unconverted portion
thereof granted to said Participant shall expire upon such termination of
employment.  Notwithstanding the foregoing, no ISO may be converted later
than three months after an employee's termination of employment for any reason
other than death or disability.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

    (v)
Disability or Death of Participant.  In the event of the determination of
disability or death of a Participant under the Plan while he or she is employed
by the Company, the preferred stock previously granted to him may be converted
(to the extent he or she would have been entitled to do so at the date of the
determination of disability or death) at any time and from time to time,
within a period beginning on the date of such determination of disability or
death and ending at the time set forth in the preferred stock agreement, by the
former employee, the guardian of his estate, the executor or administrator of
his estate or by the person or persons to whom his rights under the preferred
stock shall pass by will or the laws of descent and distribution, but in no
event may the preferred stock be converted after its expiration under the terms
of the preferred stock agreement.  Notwithstanding the foregoing, no ISO
may be converted later than one year after the determination of disability or
death.  A Participant shall be deemed to be disabled if, in the
opinion of a physician selected by the Committee, he or she is incapable of
performing services for the Company of the kind he or she was performing at the
time the disability occurred by reason of any medically determinable physical or
mental impairment which can be expected to result in death or to be of
long, continued and indefinite duration.  The date of determination of
disability for purposes hereof shall be the date of such determination by such
physician.

    

    (vi)
Assignability.  Preferred stock shall be assignable or otherwise
transferable, in whole or in part, by a Participant.

    

    (vii)
Restricted Stock Awards.  Awards of restricted preferred stock under this
Plan shall be subject to all the applicable provisions of this Plan, including
the following terms and conditions, and to such other terms and conditions not
inconsistent therewith, as the Committee shall determine:

    

    (A)
Awards of restricted preferred stock may be in addition to or in lieu of
preferred stock grants.  Awards may be conditioned on the attainment of
particular performance goals based on criteria established by the Committee at
the time of each award of restricted preferred stock. During a period set forth
in the agreement (the "Restriction Period"), the recipient shall not be
permitted to sell, transfer, pledge, or otherwise encumber the shares of
restricted preferred stock.  Shares of restricted preferred stock shall
become free of all restrictions if during the Restriction Period, (i) the
recipient dies, (ii) the recipient's directorship, employment, or consultancy
terminates by reason of permanent disability, as determined by the
Committee,

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    

    (iii) the
recipient retires after attaining both 59 1/2 years of age
and five years of continuous service with the Company and/or a division or
subsidiary, or (iv) if provided in the agreement, there is a "change in control"
of the Company (as defined in such agreement). The Committee may require medical
evidence of permanent disability, including medical examinations by physicians
selected by it.  Unless and to the extent otherwise provided in the
agreement, shares of restricted preferred stock shall be forfeited and
revert to the Company upon the recipient's termination of directorship,
employment or consultancy during the Restriction Period for any reason other
than death, permanent disability, as determined by the Committee, retirement
after attaining both 59 1/2 years of age and five years of continuous
service with the Company and/or a subsidiary or division, or, to the extent
provided in the agreement, a "change in control" of the Company (as defined in
such agreement), except to the extent the Committee, in its sole discretion,
finds that such forfeiture might not be in the best interests of the Company
and, therefore, waives all or part of the application of this provision to the
restricted preferred stock held by such recipient.  Certificates for
restricted preferred stock shall be registered in the name of the recipient but
shall be imprinted with the appropriate legend and returned to the Company by
the recipient, together with a preferred stock power endorsed in blank by the
recipient.  The recipient shall be entitled to vote shares of restricted
preferred stock and shall be entitled to all dividends paid thereon, except that
dividends paid in Common Stock or other property shall also be subject to
the same restrictions.

    

    (B)
Restricted preferred stock shall become free of the foregoing restrictions upon
expiration of the applicable Restriction Period and the Company shall then
deliver to the recipient Common Stock certificates evidencing such stock.
Restricted preferred stock and any Common Stock received upon the expiration of
the restriction period shall be subject to such other transfer restrictions
and/or legend requirements as are specified in the applicable
agreement.

    

    (x)
Bonuses and Past Salaries and Fees Payable in Unrestricted Preferred
stock.

    

    (A) In
lieu of cash bonuses otherwise payable under the Company's or applicable
division's or subsidiary's compensation practices to employees and consultants
eligible to participate in this Plan, the Committee, in its sole discretion, may
determine that such bonuses shall be payable in unrestricted Common Stock or
partly in unrestricted Common Stock and partly in cash.  Such bonuses
shall be in consideration of services previously performed and as an incentive
toward future services and shall consist of shares of unrestricted Common Stock
subject to such terms as the Committee may determine in its sole discretion.
 The number of shares of unrestricted Common Stock payable in lieu of a
bonus otherwise payable shall be determined by dividing such bonus amount
by the fair market value of one share of Common Stock on the date the bonus is
payable, with fair market value determined as of such date in accordance with
Section 5(d)(ii).

    

    (B) In
lieu of salaries and fees otherwise payable by the Company to employees,
attorneys and consultants eligible to participate in this Plan that were
incurred for services rendered during, prior or after the year of 2005, the
Committee, in its sole discretion, may determine that such unpaid salaries and
fees shall be payable in unrestricted Common Stock or partly
in unrestricted Common Stock and partly in cash.  Such awards shall be
in consideration of services previously performed and as an incentive toward
future services and shall consist of shares of unrestricted Common Stock subject
to such terms as the Committee may determine in its sole discretion.  The
number of shares of unrestricted Common Stock payable in lieu of a salaries and
fees otherwise payable shall be determined by dividing each calendar month's of
unpaid salary or fee amount by the average trading value of the Common Stock for
the calendar month during which the subject services were provided.

    

    (xi) No
Rights as Stockholder.  No Participant shall have any rights as a
stockholder with respect to shares covered by an preferred stock until the
preferred stock is converted as provided in clause (b)(iii) above.

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    

    (xii)
Extraordinary Corporate Transactions.  The existence of outstanding
preferred stock shall not affect in any way the right or power of the Company or
its stockholders to make or authorize any or all adjustments, recapitalizations,
reorganizations, exchanges, or other changes in the Company's capital structure
or its business, or any merger or consolidation of the Company, or any issuance
of Common Stock or other securities or subscription rights thereto, or any
issuance of bonds, debentures, preferred or prior preference stock ahead of
or affecting the Common Stock or the rights thereof, or the dissolution or
liquidation of the Company, or any sale or transfer of all or any part of its
assets or business, or any other corporate act or proceeding, whether of a
similar character or otherwise.  If the Company recapitalizes or otherwise
changes its capital structure, or merges, consolidates, sells all of its assets
or dissolves (each of the foregoing a "Fundamental Change"), then
thereafter upon any conversion of preferred stock theretofore granted the
Participant shall be entitled to the number of shares of Common Stock upon
conversion of such preferred stock, in lieu of the number of shares of
Common Stock as to which preferred stock shall then be convertible, the number
and class of shares of stock and securities to which the Participant would
have been entitled pursuant to the terms of the Fundamental Change if,
immediately prior to such Fundamental Change, the Participant had been the
holder of record of the number of shares of Common Stock as to which such
preferred stock is then convertible.  If (i) the Company shall not be the
surviving entity in any merger or consolidation (or survives only as a
subsidiary of another entity), (ii) the Company sells all or substantially all
of its assets to any other person or entity (other than a wholly-owned
subsidiary), (iii) any person or entity (including a "group" as contemplated by
Section 13(d)(3) of the Exchange Act) acquires or gains ownership or
control of (including, without limitation, power to vote) more than 50% of the
outstanding shares of Common Stock, (iv) the Company is to be dissolved and
liquidated, or (v) as a result of or in connection with a contested election of
directors, the persons who were directors of the Company before such election
shall cease to constitute a majority of the Board (each such event in clauses
(i) through (v) above is referred to herein as a "Corporate Change"), the
Committee, in its sole discretion, may accelerate the time at which all or a
portion of a Participant's shares of preferred stock may be converted for a
limited period of time before or after a specified date.

    

    (xiii)
Changes in Company's Capital Structure.  If the outstanding shares of
Common Stock or other securities of the Company, or both, for which the
preferred stock is then convertible at any time be changed or exchanged by
declaration of a stock dividend, stock split, combination of shares,
recapitalization,
or reorganization, the number and kind of shares of Common Stock or other
securities which are subject to the Plan or subject to any preferred stock
theretofore granted, and the conversion ratio, shall be adjusted only as
provided in the designation of the preferred stock.

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    

    (xiv)
Acceleration of Conversion of Preferred Stock.  Except as hereinbefore
expressly provided, (i) the issuance by the Company of shares of stock or any
class of securities convertible into shares of stock of any class, for cash,
property, labor or services, upon direct sale, upon the conversion
of rights or warrants to subscribe therefor, or upon conversion of shares or
obligations of the Company convertible into such shares or other securities,
(ii) the payment of a dividend in property other than Common Stock or (iii) the
occurrence of any similar transaction, and in any case whether or not for fair
value, shall not affect, and no adjustment by reason thereof shall be made with
respect to, the number of shares of Common Stock subject to preferred stock
theretofore granted, unless the Committee shall determine, in its sole
discretion, that an adjustment is necessary to provide equitable treatment to
Participant. Notwithstanding anything to the contrary contained in this Plan,
the Committee may, in its sole discretion, accelerate the time at which any
preferred stock may be converted, including, but not limited to, upon the
occurrence of the events specified in this Section 7(xiv).

    

    SECTION 8.  AMENDMENTS OR
TERMINATION.  

    

    The Board
may amend, increase, alter or discontinue the Plan, but no amendment or
alteration shall be made which would impair the rights of any
Participant, without his consent, under any option, warrant or preferred
stock theretofore granted.

    

    SECTION 9.  COMPLIANCE WITH
OTHER LAWS AND REGULATIONS.  

    

    The Plan,
the grant and exercise of options or warrants and grant and conversion of
preferred stock thereunder, and the obligation of the Company to sell and
deliver shares under such options, warrants or preferred stock, shall be subject
to all applicable federal and state laws, rules and regulations and to such
approvals by any governmental or regulatory agency as may be required.  The
Company shall not be required to issue or deliver any certificates for shares of
Common Stock prior to the completion of any registration or qualification of
such shares under any federal or state law or issuance of any ruling
or regulation of any government body which the Company shall, in its sole
discretion, determine to be necessary or advisable. Any adjustments provided for
in subparagraphs 5(d)(xii), (xiii) and (xiv) shall be subject to any shareholder
action required by the corporate law of the state of incorporation of the
Company.

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    

    SECTION 10.  PURCHASE FOR
INVESTMENT.  

    

    Unless
the options, warrants, shares of convertible preferred stock and shares of
Common Stock covered by this Plan have been registered under the Securities Act
of 1933, as amended, or the Company has determined that such registration is
unnecessary, each person acquiring or exercising an option or warrant under this
Plan or converting shares of preferred stock  may be required by the
Company to give a representation in writing that he or she is acquiring such
option or warrant or such shares for his own account for investment and not with
a view to, or for sale in connection with, the distribution of any part
thereof.

    

    SECTION
11.  TAXES.

    

    (a) The
Company may make such provisions as it may deem appropriate for the
withholding of any taxes which it determines is required in connection with
any options, warrants or preferred stock granted under this Plan.

    

    (b)
Notwithstanding the terms of Paragraph 11 (a), any Participant may pay all
or any portion of the taxes required to be withheld by the Company or paid
by him or her in connection with the exercise of a nonqualified option or
warrant or conversion of preferred stock by electing to have the
Company withhold shares of Common Stock, or by delivering previously owned
shares of Common Stock, having a fair market value, determined in
accordance with paragraph 5(d)(ii), equal to the amount required to be withheld
or paid.  A Participant must make the foregoing election on or before
the date that the amount of tax to be withheld is determined ("Tax Date").
 All such elections are irrevocable and subject to disapproval by the
Committee.  Elections by Covered Participants are subject to the
following additional restrictions: (i) such election may not be made within six
months of the grant of an option or warrant, provided that this limitation shall
not apply in the event of death or disability, and (ii) such election must be
made either six months or more prior to the Tax Date or in a Window Period.
Where the Tax Date in respect of an option or warrant is deferred until six
months after exercise and the Covered Participant elects share withholding, the
full amount of shares of Common Stock will be issued or transferred to him upon
exercise of the option or warrant, but he or she shall be unconditionally
obligated to tender back to the Company the number of shares necessary to
discharge the Company's withholding obligation or his estimated tax obligation
on the Tax Date.

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    

    SECTION
12.  REPLACEMENT OF OPTIONS, WARRANTS AND PREFERRED STOCK.
 

    

    The
Committee from time to time may permit a Participant under the Plan
to surrender for cancellation any unexercised outstanding option or warrant
or unconverted Preferred stock and receive from the Company in exchange an
option, warrant or preferred stock for such number of shares of Common Stock as
may be designated by the Committee.  The Committee may, with the consent of
the holder of any outstanding option, warrant or preferred stock, amend such
option, warrant or preferred stock, including reducing the exercise price of any
option or warrant to not less than the fair market value of the Common Stock at
the time of the amendment, increasing the conversion ratio of any preferred
stock and extending the exercise or conversion term of and warrant, option or
preferred stock.

    

    SECTION 13.  NO RIGHT TO COMPANY
EMPLOYMENT.  

    

    Nothing
in this Plan or as a result of any option or warrant granted pursuant to this
Plan shall confer on any individual any right to continue in the employ of the
Company or interfere in any way with the right of the Company to terminate an
individual's employment at any time.  The option, warrant or preferred
stock agreements may contain such provisions as the Committee may approve with
reference to the effect of approved leaves of absence.

    

    SECTION 14.  LIABILITY OF
COMPANY.  

    

    The
Company and any Affiliate which is in existence or hereafter comes into
existence shall not be liable to a Participant or other persons as
to:

    

    (a) The
Non-Issuance of Shares.  The non-issuance or sale of shares as to
which the Company has been unable to obtain from any regulatory body having
jurisdiction the authority deemed by the Company's counsel to be necessary to
the lawful issuance and sale of any shares hereunder; and

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    

    (b) Tax
Consequences.  Any tax consequence expected, but not realized, by any
Participant or other person due to the exercise of any option or warrant or
the conversion of any preferred stock granted hereunder.

    

    SECTION 15.  EFFECTIVENESS AND
EXPIRATION OF PLAN.  

    

    The Plan
shall be effective on the date the Board adopts the Plan.  The Plan shall
expire ten years after the date the Board approves the Plan and thereafter no
option, warrant or preferred stock shall be granted pursuant to the
Plan.

    

    SECTION
16.  NON-EXCLUSIVITY OF THE PLAN.  

    

    Neither
the adoption by the Board nor the submission of the Plan to the stockholders of
the Company for approval shall be construed as creating any limitations on the
power of the Board to adopt such other incentive arrangements as it may deem
desirable, including without limitation, the granting of restricted stock or
stock options, warrants or preferred stock otherwise than under the Plan, and
such arrangements may be either generally applicable or applicable only in
specific cases.

    

    SECTION
17.  GOVERNING LAW.  

    

    This Plan
and any agreements hereunder shall be interpreted and construed in accordance
with the laws of the state of incorporation of the Company and applicable
federal law.

    

    SECTION 18.  CASHLESS
EXERCISE.  

    

    The
Committee also may allow cashless exercises as permitted under Federal Reserve
Board's Regulation T, subject to applicable securities law restrictions, or
by any other means which the Committee determines to be consistent with the
Plan's purpose and applicable law.  The proceeds from such a payment shall
be added to the general funds of the Company and shall be used for general
corporate purposes.

    

     

    Approved
by the Board of Directors on April 15, 2010

     

    
      
         

      

      
        20Exhibit
4.75

    

    ELEVENTH AMENDMENT TO
REVOLVING LINE OF CREDIT

    AND TERM LOAN
AGREEMENT

     

    This
Eleventh Amendment to Revolving Line of Credit and Term Loan Agreement (this
“Agreement”) is
made as of the 26th day of
April, 2010 by and among RBS CITIZENS, NATIONAL ASSOCIATION, having a lending
office at 28 State Street, Boston, MA 02109 (the “Lender”), NATIONAL
INVESTMENT MANAGERS, INC., a Florida corporation having an address of 485 Metro
Place South, Suite 275, Dublin, OH 43017 (the “Borrower”), and each
of the guarantors identified as such on the signature pages hereto (each a
“Guarantor,”
and collectively, the “Guarantors”).

     

    RECITALS

     

    WHEREAS, Borrower and Lender
are parties to that certain Revolving Line of Credit and Term Loan Agreement,
dated as of November 30, 2007, as amended by (i) a certain Amendment No. 1 to
Revolving Line of Credit and Term Loan Agreement, dated March 31, 2008, (ii) a
certain Amendment No. 2 to Revolving Line of Credit and Term Loan Agreement,
dated June 30, 2008, (iii) a certain Amendment No. 3 to Revolving Line of Credit
and Term Loan Agreement, dated June 30, 2008, (iv) a certain Amendment No. 4 to
Revolving Line of Credit and Term Loan Agreement dated as of July 16, 2008, (v)
a certain Amendment No. 5 to Revolving Line of Credit and Term Loan Agreement
dated as of October 1, 2008, (vi) a certain Amendment No. 6 to Revolving Line of
Credit and Term Loan Agreement dated as of November 26, 2008, (vii) a certain
Amendment No. 7 to Revolving Line of Credit and Term Loan Agreement dated as of
March 30, 2009, (viii) a certain Amendment No. 8 to Revolving Line of Credit and
Term Loan Agreement dated as of June 30, 2009, (ix) a certain Amendment No. 9 to
Revolving Line of Credit and Term Loan Agreement dated as of September 25, 2009,
and (x) a certain Amendment No. 10 to Revolving Line of Credit and Term Loan
Agreement dated as of December 14, 2009 (collectively, the “Loan
Agreement”).  Capitalized terms used herein and not otherwise
defined shall have the meanings ascribed to them in the Loan
Agreement.

     

    WHEREAS, the obligations of
Borrower to Lender are further evidenced by (i) a certain Term Promissory Note,
dated November 30, 2007, from the Borrower to the Lender in the maximum
principal amount of up to $13,000,000.00, as amended by (a) a certain Amendment
No. 1 and Allonge to Term Promissory Note, dated as of June 30, 2008, increasing
the maximum principal amount to $15,000,000.00, (b) a certain Amendment No. 2
and Allonge to Term Promissory Note dated as of October 1, 2008, and (c) a
certain Amendment No. 3 and Allonge to Term Promissory Note dated as of March
30, 2009 (collectively, the “Term Note”); and (ii)
a certain Revolving Line of Credit Note, dated November 30, 2007, from the
Borrower to the Lender in the maximum principal amount of $2,000,000.00, as
amended by (a) a certain Amendment No. 1 and Allonge to Revolving Line of Credit
Note dated as of March 30, 2009, (b) a certain Amendment No. 2 and Allonge to
Revolving Line of Credit Note dated as of September 25, 2009, temporarily
increasing the maximum principal amount to $2,500,000.00 and (c) a certain
Amendment No. 3 and Allonge to Revolving Line of Credit Note dated as of
December 14, 2009 (collectively, the “Revolving Note”, and
together with the Term Note, the “Notes”).

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Exhibit 4.75

     

    WHEREAS, the obligations of
Borrower to Lender evidenced by the Loan Agreement and the Notes are secured by
(i) a certain Security Agreement dated as of November 30, 2007 by Borrower in
favor of Lender (the “Security Agreement”)
and (ii) a certain Stock Pledge Agreement dated as of November 30, 2007 by
Borrower in favor of Lender (as subsequently amended, the “Stock Pledge
Agreement,” and together with the Loan Agreement, the Notes and the
Security Agreement, the “Loan
Documents”).

     

    WHEREAS, the following Events
of Default (collectively, the “Identified Events of
Default”) have occurred or may occur:

     

    (i)           Borrower
has failed to comply with the Minimum EBITDA covenant set forth in Section 5(m)
of the Loan Agreement for the periods ending September 30, 2009 and December 31,
2009;

     

    (ii)          Borrower
has failed to comply with the Maximum Ratio of Total Funded Debt to Adjusted
EBITDA covenant set forth in Section 5(n) of the Loan Agreement for the periods
ending September 30, 2009 and  December 31, 2009;

     

    (iii)         Borrower
has failed to comply with the Minimum Fixed Charge Coverage Ratio covenant set
forth in Section 5(o) of the Loan Agreement for the periods ending September 30,
2009 and December 31, 2009;

     

    (iv)         Borrower
has failed to comply with Section 6(iv)(i) of the Loan Agreement due to the
occurrence of certain defaults under the Junior Loan;

     

    (v)          Borrower
has failed to comply with Section I(1) of Amendment No. 10 to the Loan
Agreement, pursuant to which Borrower was required to repay any amounts
outstanding under the Revolving Note in excess of $2,000,000 on or before
February 28, 2010; and

     

    (vi)         Borrower
anticipates that one or more Events of Default may occur during the Forbearance
Period (as defined below) under Sections 5(m), 5(n) and 5(o) of the Loan
Agreement and under Section 6(a)(iv)(ii) of the Loan Agreement with respect to
Seller Financing.

     

    WHEREAS, in consideration of
Lender entering into this Agreement and providing the accommodations to Borrower
set forth herein and in consideration of the additional risk undertaken by
Lender in so doing, Borrower has, having considered the alternatives, elected
and agreed to enter into this Agreement, under which Borrower desires that the
Lender forbear from exercising its rights and remedies in respect of the
Identified Events of Default under the Loan Documents and applicable law during
the Forbearance Period (as defined below);

     

    WHEREAS, the Lender is
willing, subject to the terms and conditions set forth herein (including,
without limitation, the satisfaction of all covenants and agreements by the
Borrower set forth herein and in the other Loan Documents), and solely with
respect to the Identified Events of Default, to forbear from exercising its
rights and remedies in respect of the Identified Events of Default, but only as and to the
extent provided herein; and

    
      
         

      

      
        - 2
-

        
          

        

      

      
         

      

    

     

    Exhibit 4.75

     

    WHEREAS, each of the Loan
Documents are hereby incorporated herein by reference and, except as altered or
modified by the terms of this Agreement, remain valid, binding and of full force
and effect.

     

    NOW, THEREFORE, with the
foregoing Recitals incorporated by reference and made a part hereof, in
consideration of the mutual agreements contained in the Loan Documents and
herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

     

    1.           Identified
Events of Default.  The Borrower acknowledges and agrees that
the Identified Events of Default have occurred or may occur under the Loan
Documents and that the Lender is entitled to exercise its rights and remedies
with respect to such Identified Events of Default under the Loan Documents and
applicable law.  The Borrower further acknowledges and agrees that the
Lender has no obligation: (i) to forbear from the exercise of its rights and
remedies except as specifically set forth herein, or (ii) to make additional
loans or advance any funds to the Borrower under the Loan Documents or
applicable law.  The Borrower further acknowledges and agrees that the
fact that the Lender has not elected to take any of the actions described in the
Loan Documents is not a waiver of the Lender’s right to do so at any time in the
future, except as specifically provided herein.

     

    2.           Confirmation
of Indebtedness; Ratification of Loan Documents.

     

    (a)           The
Borrower hereby agrees and acknowledges that:

     

    (i)           as
of the date hereof, the Borrower is indebted to the Lender for
(A) indebtedness to the Lender in connection with the Loan Documents in an
aggregate outstanding principal amount equal to $13,750,000.00, plus accrued and
unpaid interest thereon, as provided in the Loan Documents; and (B) for all
accrued and unpaid fees and expenses of the Lender (including, but not limited
to, reasonable fees and disbursements of counsel to the Lender) and other
amounts owed to the Lender under the Loan Documents, including without
limitation, any amounts Borrower is obligated to pay Lender pursuant to the
terms of this Agreement (collectively, the “Obligations”);

     

    (ii)          as
of the date hereof, (A) there exists no defense to the repayment by the Borrower
of the Obligations, and (B) the Borrower does not have any Claim (as defined
below) against the Lender in respect of any matter relating to or arising under
this Agreement or any of the Loan Documents or any of the transactions
contemplated hereby or thereby;

     

    (iii)         the
Borrower remains obligated to pay all principal, interest, fees and other
amounts owing to the Lender under and in respect of the Loan Documents when due
and payable in accordance with the terms thereof; and

     

    (iv)         the
liens and security interests granted in favor of the Lender under the terms of
the Loan Documents secure payment of the Obligations and all other obligations
under the Loan Documents, are perfected, effective, enforceable and valid and
that such liens and security interests are, in each case, a first priority lien
and security interest except to the extent otherwise expressly permitted by the
Loan Agreement or the other Loan Documents

    
      
         

      

      
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    Exhibit 4.75

     

    (b)           The
Borrower hereby (i) ratifies, confirms, and approves each of the terms and
conditions, and its liabilities and obligations under, each of the Loan
Documents (ii) for the avoidance of doubt hereby grants to Lender a continuing
security interest in and lien on the Collateral as security for the performance
of Borrower’s obligations under the Loan Documents and (iii) acknowledges and
agrees that its liabilities and obligations under the Loan Agreement and other
Loan Documents are owing without offset, defense or counterclaim. The Borrower
further acknowledges and agrees that (1) except as specifically modified by this
Agreement, all terms and conditions of the Loan Agreement and the other Loan
Documents shall be unaffected hereby and shall remain in full force and effect
and (2) it shall continue to make all payments required under the Loan Agreement
when due.

     

    (c)           Without
limiting any other provision of this Agreement, Borrower acknowledges and agrees
that the Lender is entering into this Agreement in reliance upon, among all
other agreements and representations of the Borrower, including, without
limitation, those agreements and representations of the Borrower set forth in
the Loan Documents, the agreements, acknowledgements, ratifications and
provisions set forth in this Section 2.

     

    3.           No
Present Claims; Release.  The Borrower and each Guarantor
acknowledges and agrees that: (a) it does not have any claim or cause of
action against the Lender (or any of its predecessors, directors, officers,
employees, agents, affiliates or attorneys); (b) it does not have any offset
right, counterclaim or defense of any kind against the Obligations or any
portion thereof; and (c) the Lender has heretofore properly performed and
satisfied in a timely manner all of its obligations and commitments to the
Borrower.  The Lender wishes (and the Borrower and Guarantors agree)
to eliminate any possibility that any past conditions, acts, omissions, events
or circumstances would impair or otherwise adversely affect any of the rights,
interests, security and/or remedies of the Lender.  For and in
consideration of the agreements contained in this Agreement and other good and
valuable consideration, the Borrower and each Guarantor unconditionally and
irrevocably releases, waives and forever discharges the Lender, together with
its predecessors, successors, assigns, subsidiaries, affiliates, agents and
attorneys (collectively, the “Released Parties”),
from the following (each a “Claim”): (x) any and
all liabilities, obligations, duties, promises or indebtedness of any kind of
the Released Parties to the Borrower or the Guarantors which existed, arose or
occurred at any time from the beginning of the world to the execution of this
Agreement, and (y) all claims, offsets, causes of action, suits or defenses of
any kind whatsoever (if any), which the Borrower or any Guarantor might
otherwise have against the Released Parties, or any of them, in either case (x)
or (y) on account of any condition, act, omission, event, contract, liability,
obligation, indebtedness, claim, cause of action, defense, circumstance or
matter of any kind which existed, arose or occurred at any time from the
beginning of the world to the execution of this Agreement.

    
      
         

      

      
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    Exhibit 4.75

     

    4.           Forbearance
by Lender.

     

    (a)           The
Borrower acknowledges and agrees that the Identified Events of Default have
occurred and are continuing, and further acknowledges and agrees that the Lender
has the right to immediately accelerate and commence enforcement of its rights
and remedies under the Loan Documents and applicable law as a result
thereof.  In consideration of the Borrower’s performance and strict
compliance in accordance with each term and condition of this Agreement (TIME
BEING OF THE ESSENCE), as and when due, the Lender shall forbear from enforcing
its rights and remedies under the Loan Documents and applicable law as a result
of the Identified Events of Default until the earliest of: (i) 4:00 pm (Boston
time) on January 2, 2011,  (ii) the date of the occurrence of any
Default Event or Event of Default (excluding any
Identified Events of Default) under the Loan Agreement or any other Loan
Document, (iii) the date of the occurrence of any breach by Borrower of any of
the terms set forth in this Agreement, including but not limited to the
obligations set forth in Section 6 hereof; or (iv) the date on which the
Borrower, any Guarantor, or any affiliate of the Borrower or any Guarantor, or
any person or entity claiming by or through either the Borrower or any Guarantor
joins in, assists, cooperates or participates as an adverse party or adverse
witness in any suit or other proceeding against the Lender, or any of its
affiliates, relating to the Obligations or any of the transactions contemplated
by the Loan Documents, this Agreement or any other documents, agreements or
instruments executed in connection with this Agreement.  Each of the
events described in the foregoing clauses (i), (ii), (iii) and (iv) are referred
to herein as a “Termination Event,”
and the date of the earliest to occur of any Termination Event is referred to
herein as the “Forbearance Termination
Date.”  The period commencing as of the date of the
effectiveness of this Agreement and ending on the Forbearance Termination Date
shall be referred to as the “Forbearance
Period.”  The Borrower agrees that nothing contained in this
Agreement or the fact that the Lender may, in the Lender’s sole discretion, make
Revolving Advances to the Borrower during the Forbearance Period, shall
constitute a waiver of the Identified Events of Default or of any other Default
Events or Events of Default, whether now existing or hereafter arising under the
Loan Documents.

     

    (b)           During
the Forbearance Period, Lender agrees temporarily to reduce the monthly
principal and interest payment owed to it pursuant the Term Note to interest
only, such reduction to be effective through the Expiration Date.

     

    (c)           The
Borrower acknowledges and agrees that upon the occurrence of the Forbearance
Termination Date, Lender shall have the right to immediately commence
enforcement of its rights and remedies under the Loan Documents and applicable
law in respect of all then existing Default Events and Events of Default,
including the Identified Events of Default.

     

    5.           Amendments
to Loan Agreement.

     

    (a)           Section
1 of the Loan Agreement is hereby amended by deleting the definitions of
“Expiration Date” and of “Maximum Revolving Credit” and replacing them with the
following:

     

    “Expiration Date”
means January 2, 2011.

     

    “Maximum Revolving
Credit” means $4,000,000.

     

    (b)           Section
2(a)(v) of the Loan Agreement is hereby deleted in its entirety and replaced
with the following:

    
      
         

      

      
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    Exhibit 4.75

     

    Interest Rate Applicable to
Revolving Advances.  Each Revolving Advance shall accrue
interest at a variable per annum rate of interest equal to either, at Borrower’s
election in accordance with the terms and conditions of this Agreement, (i) the
Prime Rate or (ii) the Adjusted LIBOR Rate, plus the Libor Rate Margin
for Revolving Loan (the “LIBOR Option”).  Notwithstanding the
foregoing, after the Forbearance and Amendment Agreement Effective Date (as
defined in that certain Eleventh Amendment to Revolving Line of Credit and Term
Loan Agreement dated as of April 26, 2010), Revolving Advances (including, for
the avoidance of doubt, Revolving Advances outstanding as of the Forbearance and
Amendment Agreement Effective Date and Revolving Advances made thereafter) shall
accrue interest at the Prime Rate plus six hundred (600) Basis
Points.  Changes in the interest rate applicable to any Revolving
Advance occurring as a result of changes in the Prime Rate or the LIBOR Rate, as
applicable, shall take place immediately without notice to Borrower or demand of
any kind.  Interest on each Revolving Advance shall at all times be
calculated on a 360-day year of twelve 30-day months, but shall accrue and be
payable on the actual number of days elapsed.

    

    6.           Terms of
Forbearance.

     

    (a)           Cash Flow Projections;
Performance.

     

    (i)           A
weekly cash flow projection for the Borrower for the thirteen (13) week period
commencing on April 12, 2010 (the “13 Week Cash Flow
Projection”) and a monthly cash flow projection through the Forbearance
Period commencing on April 12, 2010 (including any payments to be made on
account of Seller Financing) (the “2010 Cash Flow
Projection,” and together with the 13 Week Cash Flow Projection, the
“Cash Flow
Projections”) in form and substance reasonably acceptable to Lender have
been provided to Lender.  The Cash Flow projections shall incorporate,
among other things, all payments to be made on account of Seller
Financing.  The Borrower represents to the Lender that the Cash Flow
Projections have been, and any updates thereto will be, prepared jointly by the
Borrower and CMAG (as defined below in Section 6(b)) in good faith and that the
Borrower believes that they will represent a reasonable estimate based on the
information available to the Borrower as of the date of this
Agreement;

     

    (ii)          During
the Forbearance Period, the Borrower shall provide to the Lender on Wednesday of
each week (commencing on April 28, 2010):  (A) an updated, rolling
thirteen-week cash flow projection in form and substance reasonably satisfactory
to the Lender, which shall be deemed to update the 13 Week Cash Flow Projection;
(B) a comparison of actual cash-flow results for the prior week as compared to
the 13 Week Cash Flow Projection (as updated from time to time), in form
reasonably satisfactory to the Lender; (C) an updated,
rolling   monthly cash flow projection through January 2, 2011 in
form and substance reasonably satisfactory to the Lender, which shall be deemed
to update the 2010 Cash Flow Projection;

    
      
         

      

      
        - 6
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    Exhibit 4.75

     

    (iii)         At
no time during the Forbearance Period shall (a) Borrower’s total actual cash
receipts be less than the lesser of (i) 80% of the total cash receipts projected
for such period in the 13 Week Cash Flow Projection (as updated each Wednesday
with the Lender’s consent) and (ii) the amount that is $650,000 less than the
total cash receipts projected for such period, measured on a weekly basis
against the six calendar weeks preceding the end of any calendar week, provided, however,
that during the six week period commencing with the week beginning April 12,
2010, the basis for such measurement shall be only those weeks that have
actually elapsed during such period; provided, further, that this clause (a)
shall be deemed satisfied so long as Borrower’s cumulative total actual cash
receipts from and after April 12, 2010 are 95% or more of the cumulative total
cash receipts projected for such period in the Cash Flow Projections, or (b)
Borrower’s total actual expenditures (excluding costs associated with this
Agreement, such as legal fees and expenses of Borrower, Lender and Junior
Lender, and other non-recurring items, as well as any expenditures specifically
excluded with the consent of the Lender) exceed 110% of the total expenditures
projected for such period in the 13 Week Cash Flow Projection (as updated each
Wednesday with the Lender’s consent, and excluding such non-recurring items),
measured on a weekly basis against the six  consecutive calendar weeks
preceding the end of any calendar week, provided, however,
that during the six week period commencing with the week beginning April 12,
2010, the basis for such measurement shall be only those weeks that have
actually elapsed during such period;

     

    (iv)        During
the Forbearance Period, Borrower’s President, Chief Financial Officer, Chief
Executive Officer and CMAG each shall execute the monthly financial statements
and Covenant Compliance Certificate required by Section 5(c)(ii) of the Loan
Agreement, modified as appropriate to take into account the provisions of this
Agreement.  Such monthly financial statements shall, among other
things, attest to the accuracy of the Cash Flow Projections and represent that,
except as contemplated by the Cash Flow Projections, Borrower made no payments
on account of Seller Financing during the relevant period.

     

    (v)         Without
limiting any other provision of this Agreement, Borrower shall continue to
deliver all Financial Information to the Lender required by Section 5(c) of the
Loan Agreement;

     

    (b)           Engagement of Carl
Marks.  Borrower has engaged Carl Marks Advisory Group LLC
(“CMAG”) as its
financial advisor on terms and conditions that are acceptable to the Lender and
reflected in that certain engagement letter between Borrower and CMAG dated as
of March 22, 2010.  Borrower shall not terminate or materially modify
the terms and conditions of such engagement without the Lender’s consent, which
shall not be unreasonably withheld.  Furthermore, in the event that
Borrower shall, with the consent of the Lender, terminate the CMAG engagement,
or CMAG shall resign or otherwise unilaterally initiate a termination of its
engagement by Borrower, Borrower shall engage a replacement financial advisor
reasonably acceptable to the Lender, on terms and conditions reasonably
acceptable to the Lender, by a date that is no later than ten (10) business days
following the effectiveness of such termination or resignation.

     

    (c)           Recapitalization
Initiative.  CMAG’s engagement includes advising and assisting
Borrower in exploring, evaluating and implementing one or more strategic
alternatives for the recapitalization of Borrower (the “Recapitalization
Initiative”), including refinancing its current debt, raising equity
capital and/or potentially selling Borrower to a third party.  In the
event that, in the Lender’s reasonable judgment, Borrower has not made
satisfactory progress regarding a reasonably satisfactory Recapitalization
Initiative by July 15, 2010 or any date thereafter, through the Forbearance
Termination Date, Lender may terminate its forbearance agreements under this
Agreement, provided that Lender gives written notice of such termination to
Borrower at least ten (10) business days prior to such termination.

     

    
      
         

      

      
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    Exhibit 4.75

     

    (d)           Minimum
Availability.  At no time during the Forbearance Period will
Borrower permit the sum of (i) the excess of the Maximum Revolving Credit over
the Aggregate Revolving Advances plus (ii) Borrower's  cash balance,
as determined by reference to the amount of cash held in Citizens Bank account
numbers 1311-168238 and 1311-168246 to be less than $500,000

     

    (e)           Seller Financing
Payments.  During the Forbearance Period,
Borrower  represents and agrees that it shall make no payments on
account of Seller Financing other than those set forth on the Cash Flow
Projections without the express written approval of the Lender.

     

    (f)           Monitoring
Fee.  During the Forbearance Period, Borrower shall pay to
Lender a monthly monitoring fee in the amount of $2,000 per month.

     

    (g)           
Borrower Sale
Fee.

     

    (i)           Upon
the closing of any sale of Borrower (in any single transaction or series of
related transactions) to a non-affiliated third party or group of third-parties
(a “Borrower Sale
Transaction”), Borrower shall pay to Lender a fee (the “Borrower Sale Fee”),
which fee shall be deemed to be part of the Obligations, in an amount equal to
the sum of (A) $300,000 plus (B) an amount equal to three-quarters of one
percent (.75%) of the excess of (x) the gross purchase price being paid for
Borrower, without reduction for any fees to be paid therefrom or adjustments to
be made thereto at or subsequent to closing (the “Gross Sale
Proceeds”), over (y) the total amount of Borrower's outstanding
indebtedness (including the Obligations and Borrower’s Obligations as defined in
the Junior Loan Documents) immediately prior to closing less the Exit Fee (as
defined in the Fee Agreement described in Section 9(d) of  that
certain Amendment No. 8 to Securities Purchase and Loan Agreement between
Borrower, Guarantors and the Junior Lender, dated contemporaneously herewith
(the “Junior
Amendment”)).

     

    (ii)          Borrower
agrees that the amount described above in Section 6(g)(i)(A) shall be fully
earned as of the date hereof, and shall be payable to Lender on the earlier to
occur of (A) the Expiration Date and (B) the repayment in full of all
Obligations, unless a Borrower Sale Transaction or a refinancing transaction
described in Section 6(h) hereof has occurred prior to such date.  In
the event that a Borrower Sale Transaction occurs within six (6) months after the occurrence of the
Expiration Date or the repayment in full of all Obligations, and the Gross Sale
Proceeds from such Borrower Sale Transaction would have resulted in a Borrower
Sale Fee in excess of $300,000 pursuant to the formula set forth above in
Section 6(g)(i), Borrower shall pay to Lender the difference between such
greater Borrower Sale Fee and $300,000 (such difference being referred to
hereunder as the “Clawback
Amount”).  The Clawback Amount, if any, shall be due and
payable upon the consummation of the Borrower Sale Transaction giving rise to
such Clawback Amount.

     

    (h)           Borrower Refinancing
Fee.  Borrower shall pay to Lender a fee (the “Borrower Refinancing
Fee”), payable upon closing of a refinancing transaction in which all
Obligations of Borrower to Lender are satisfied prior to the occurrence of a
Borrower Sale Transaction, which shall be deemed to be part of the Obligations,
in an amount equal to four percent (4%) of the outstanding amount of the
Obligations satisfied at closing of such refinancing transaction.  For
the avoidance of doubt, Borrower shall be obligated to pay the Lender a fee
either according to Section 6(g) hereof or according to this Section 6(h), but
in no event shall both fees apply.  Borrower has agreed to the fee
arrangements in Section 6(g) and Section 6(h), in part, because of the Lender's
agreement not to charge a higher interest rate on the Term Note on account of
the Identified Events of Default during the Forbearance Period.

    
      
         

      

      
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    Exhibit 4.75

     

    (i)           The
failure to comply with any of the requirements, agreements or milestones set
forth in this Section 6 shall constitute a Termination Event.

     

    7.           Remedies
Following Termination Event.

     

    (a)           On
and after the occurrence of a Termination Event, upon written notice to
Borrower, and in each case without any further demand, presentment, notice
and/or other action of any nature by the Lender (all of which are hereby
expressly waived by the Borrower), and without limiting any other remedy
available to the Lender under any other agreement, document or instrument or
under applicable law, the Forbearance Period shall terminate, the Lender shall
be immediately and permanently relieved of its forbearance obligations set forth
in this Agreement, and (1) at the Lender’s option, upon written notice to
Borrower, the Lender may accelerate the obligations due under the Loan Documents
and declare the full amount of such obligations to be immediately due and
payable (without further notice or demand), and (2) the Lender may proceed
to enforce its rights under and in respect of the Loan Documents and applicable
law, which rights and remedies are expressly reserved.  The failure
(or delay) of the Lender in exercising any remedy after any particular
Termination Event shall not constitute a waiver of such remedy or any other
remedy in that or in any subsequent instance, or otherwise prejudice the rights
of the Lender in any manner.

     

    (b)           Without
limiting the generality of the foregoing, and notwithstanding anything to the
contrary in this Agreement, the Borrower expressly agrees that,  at
any time after seven business days following written notice by the Lender to the
Borrower of  the occurrence of a Termination Event (the "Notice
Period"), the Lender may seek the appointment of a receiver, trustee or similar
official to take possession of all or any portion of the Collateral or to
operate same and, to the maximum extent permitted by law, may seek the
appointment of such a receiver..  If the Borrower fails by the end of
the Notice Period to initiate a legal proceeding to halt the appointment of a
receiver, the Borrower will be deemed to irrevocably consent to and waive any
right to object to or otherwise contest the appointment of a receiver, trustee
or similar officia and will be deemed to have (i) granted such waiver and
consent knowingly after having discussed the implications thereof with its
counsel; (ii) acknowledged that (A) the uncontested right to have a receiver,
trustee or similar official appointed is considered essential by the Lender in
connection with the enforcement of the Lender’s rights and remedies hereunder
and under the Loan Documents, and (B) the availability of such remedies under
the foregoing circumstances was a material factor in inducing the Lender to
enter into this Agreement; and (iii) in furtherance of the Lender’s rights under
this Section 7(b), agreed to enter into any and all stipulations in any legal
actions, or agreements or other instruments in connection with the appointment
of a receiver as provided for herein and to cooperate fully with the Lender in
connection with the assumption and exercise of control by the receiver, trustee
or similar official over all or any portion of the Collateral.

    
      
         

      

      
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    Exhibit 4.75

     

    8.           Representations
and Warranties.
Borrower represents and warrants to the Lender that:

     

    (a)           the
execution, delivery, and performance of this Agreement, the Loan Agreement and
the other Loan Documents are within Borrower’s corporate powers and have been
duly authorized by all necessary corporate action.  This Agreement has
been duly executed and delivered by Borrower and constitutes, and each of the
other previously executed Loan Documents to which Borrower is a party
constitute, legal, valid and binding obligations of Borrower, enforceable
against Borrower in accordance with their respective terms;

     

    (b)          all
financial information delivered by Borrower to Lender fairly presents in all
material respects the financial position of Borrower as at the dates thereof and
the results of operations and cash flows of Borrower for each of the periods
then ended, subject, in the case of any such unaudited financial statements, to
changes resulting from audit and normal year-end adjustments and the absence of
footnotes;

     

    (c)           Borrower
has read and fully understands each of the terms and conditions of this
Agreement and is entering into this Agreement freely and voluntarily, without
duress, after having had an opportunity for consultation with independent
counsel of its own selection and not in reliance upon any representations,
warranties or agreements made by Lender and not set forth in this
Agreement;

     

    (d)          each
of the representations and warranties in the Loan Agreement, as updated by
Schedules thereto previously delivered to the Lender, and each of the other Loan
Documents (other than the representations and warranties contained in the first
sentence of Section 3(i) and the first sentence of Section 3(r) of the Loan
Agreement) remains true, complete and correct in all material respects as of the
date hereof (except to the extent such representations and warranties expressly
relate solely to an earlier date), provided, however,
that to the extent that the representations and warranties in Sections 3(n) and
3(o) of the Loan Agreement are not true, complete and correct in all material
respects as of the date hereof solely because Schedules 3(n) and 3(o) to the
Loan Agreement have not been updated, Borrower shall not be deemed to have
violated this Section 8(d) so long as Borrower delivers to the Lender updated
Schedules 3(n) and 3(o) that are true, complete and accurate in all material
respects by no later than May 6, 2010; and

     

    (e)           no
Default Event or Event of Default (other than the Identified Events of Default)
has occurred and is continuing and no Default Event or Event of Default shall
occur or result from the consummation of this Agreement and the transactions
contemplated hereby.

     

    9.           Conditions
Precedent.  The satisfaction
of each of the following shall constitute conditions precedent to the
effectiveness of Lender’s agreements hereunder:

     

    (a)           The
Cash Flow Projections, which, for the avoidance of doubt and without limitation
shall include any fees to be paid to the Junior Lender concurrently herewith or
hereafter, shall be in form and substance acceptable to the Lender;

     

    (b)           Lender
shall have received this Agreement fully executed by each of the parties
hereto;

    
      
         

      

      
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    Exhibit 4.75

     

    (c)           Lender
shall have received a fully executed amendment agreement whereby Borrower and
Lender amend the Revolving Note to effectuate the amendment contemplated by the
terms of this Agreement;

     

    (d)           Lender
shall have received a fully executed amendment agreement whereby Borrower and
Lender amend the Term Note to effectuate the amendment contemplated by the terms
of this Agreement;

     

    (e)           Lender
shall have received a fully executed copy of the Junior Amendment in form and
substance satisfactory to the Lender;

     

    (f)           Lender
shall be paid an amendment fee equal to $250,000 (the “Amendment Fee”),
which shall be fully earned as of the date hereof, shall be deemed to be part of
the Obligations, shall not be refunded in whole or in part under any
circumstance and shall be paid to Lender by Borrower as follows: (i) $50,000 on
the date hereof and (ii) $25,000 per month on the first day of each month
beginning May 1, 2010 and ending December 1, 2010;

     

    (g)           Lender
shall have received payment in full of any costs and expenses (including,
without limitation, the fees of Choate Hall & Stewart LLP) incurred by the
Lender in connection with the Loan Documents and this Agreement;

     

    (h)           The
representations and warranties in this Agreement, the Loan Agreement, as updated
by Schedules thereto previously delivered to the Lender, and each of the other
Loan Documents (other than the representations and warranties contained in the
first sentence of Section 3(i) and the first sentence of Section 3(r) of the
Loan Agreement) shall be true and correct in all material respects on and as of
the date hereof, as though made on such date (except to the extent such
representations and warranties expressly relate solely to an earlier date),
subject to the qualifications described in Section 8(d) hereof;

     

    (i)           No
Default Event or Event of Default (other than the Identified Events of Default)
shall have occurred and be continuing on the date hereof, nor shall any Default
Event or Event of Default result from the consummation of the transactions
contemplated herein; and

     

    (j)           No
injunction, writ, restraining order, or other order of any nature prohibiting,
directly or indirectly, the consummation of the transactions contemplated herein
shall have been issued and remain in force by any court or other governmental
authority against Borrower, or Lender.

     

    The date
upon the last of the foregoing events shall have occurred shall be referred to
as the “Forbearance
and Amendment Agreement Effective Date.”

     

    10.           Control.  Borrower
acknowledges and agrees that Lender has not exerted any measure of control over
Borrower, its business or any property (real and/or personal) of Borrower, nor
does the business plan of Borrower relating to the agreements herein provide for
or contemplate any of the aforementioned measures of control.  As
such, Borrower acknowledges and agrees that Lender has not taken, nor does said
plan provide for or contemplate Lender taking, any action that would make Lender
an “insider” or a “joint venture partner” of Borrower.

    
      
         

      

      
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    Exhibit 4.75

     

    11.           Business
Purpose; Compliance With Usury Laws.  Borrower
represents and warrants to Lender that the Loans are loans made to an entity
solely for business purposes.  All agreements between Borrower and
Lender are hereby expressly limited so that in no event whatsoever, whether by
reason of acceleration of maturity of the indebtedness evidenced by the Loan
Documents or otherwise, shall the amount paid or agreed to be paid to Lender for
the use or the forbearance of the indebtedness evidenced by the Loan Documents
exceed the maximum rate of interest permissible under applicable
law.  As used herein, the term "applicable law" shall
mean the law in effect as of the date hereof, provided, however, that in the
event there is a change in the law which results in a higher permissible rate of
interest, then such indebtedness shall be governed by such new law as of its
effective date.  In this regard, it is expressly agreed that it is the
intent of Borrower and Lender in the execution and delivery of this Agreement to
contract in strict compliance with the laws that are applicable to the Loans as
set forth in the Loan Documents from time to time in effect.  If,
under or from any circumstances whatsoever, fulfillment of any provision hereof
or of any of the Loan Documents at the time performance of such provision shall
be due, shall exceed the limits prescribed by such applicable law, then the
obligation to be fulfilled shall automatically be reduced to such applicable
limit, and if under or from any circumstances whatsoever Lender should ever
receive as interest an amount which would exceed the highest lawful rate, such
amount which would be excessive interest shall be applied to the reduction of
the principal balance evidenced hereby and not to the payment of
interest.

     

    12.           Assignment.  Borrower may not
assign, delegate or transfer this Agreement or any of its rights or obligations
hereunder any delegation, transfer or assignment in violation hereof shall be
null and void.  No rights are intended to be created under this
Agreement for the benefit of any third party donee, creditor or incidental
beneficiary of Borrower or any other person or entity other than
Lender.  Lender’s  ability to assign, sell or transfer all
of any part of this Agreement shall be governed by the Loan Agreement; provided
however, notwithstanding anything in the Loan Agreement to the contrary, there
shall be no limitations on the Lender’s right to assign its right, title and
interest in and to the Borrower Sale Fee or the Borrower Refinancing
Fee.  Borrower agrees hereby that, upon receiving notice information
for said assignee, Borrower shall deliver to said assignee any and all notices
and reports to said assignee that Borrower is required to provide to Lender
under the Loan Documents.

     

    13.           Entire
Agreement; Amendments and Waivers.  There are no
other understandings, express or implied, between Lender, Borrower or Guarantor
regarding the subject matter hereof.  This Agreement may not be
amended or modified, and no provision of this Agreement may be waived, orally
but only by a written agreement executed and approved in accordance with Section
7(c) of the Loan Agreement.

     

    14.           Choice of
Law.  The validity of
this Agreement, its construction, interpretation and enforcement, and the rights
of the parties hereunder, shall be determined under, governed by, and construed
in accordance with the laws of the Commonwealth of Massachusetts without regard
to conflicts of laws principles.

     

    15.           Construction.  This Agreement
constitutes a Loan Document.  Upon and after the Forbearance and
Amendment Agreement Effective Date, each reference in the Loan Agreement to
“this Agreement,” “hereunder,” “herein,” “hereof” or words of like import
referring to the Loan Agreement, and each reference in the other Loan Documents
to “the Loan Agreement,” “thereunder,” “therein,” “thereof,” or words of like
import referring to the Loan Agreement, shall mean and be a reference to the
Loan Agreement as amended hereby.

    
      
         

      

      
        - 12
-

        
          

        

      

      
         

      

    

     

    Exhibit 4.75

     

    16.           Counterparts;
Delivery by Facsimile or Electronic Mail.  This Agreement
may be executed in any number of counterparts and by different parties in
separate counterparts, each of which when so executed and delivered, shall be
deemed an original, and all of which, when taken together, shall constitute one
and the same instrument.  Delivery of an executed counterpart of a
signature page to this Agreement by facsimile or electronic mail shall be as
effective as delivery of a manually executed counterpart of this
Agreement.  Any party delivering an executed counterpart of this
Agreement by facsimile or electronic mail also shall deliver a manually executed
counterpart of this Agreement but the failure to deliver a manually executed
counterpart shall not affect the validity, enforceability, and binding effect of
this Agreement.

     

    [Signature
Pages Follow]

    
      
         

      

      
        - 13
-

        
          

        

      

      
         

      

    

     

    Exhibit 4.75

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the date first above written.

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	
                                    BORROWER:

                                  	 
	 
      	 
	
                                    NATIONAL
      INVESTMENT MANAGERS, INC.

                                  	 
	 
      	 
      	 
	
                                    By:

                                  	
                                    /s/
      Steven J. Ross

                                  	 
	
                                    Name:
      Steven J. Ross

                                  	 
	
                                    Title:  CEO

                                  	 
	 
      	 
      	 
	
                                    LENDER:

                                  	 
	 
      	 
	
                                    RBS
      CITIZENS, NATIONAL ASSOCIATION

                                  	 
	 
      	 
      	 
	
                                    By:

                                  	
                                    /s/
      Robert Barnhard

                                  	 
	
                                    Name:  Robert
      Barnhard

                                  	 
	
                                    Title:  Senior
      Vice President

                                  	 

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Exhibit 4.75

     

    
      
        
          
            	
                    GUARANTORS:

                  	 
	 
      	 
	
                    ABR
      ADVISORS, INC.

                  	 
	
                    ALAN
      N. KANTER & ASSOCIATES, INC.

                  	 
	
                    ALASKA
      PENSION SERVICES, LTD.

                  	 
	
                    ASSET
      PRESERVATION CORP.

                  	 
	
                    BENEFIT
      DYNAMICS, INC.

                  	 
	
                    BENEFIT
      MANAGEMENT INC.

                  	 
	
                    BPI/PPA,
      INC.

                  	 
	
                    CALIFORNIA
      INVESTMENT ANNUITY SALES, INC.

                  	 
	
                    CIRCLE
      PENSION, INC.

                  	 
	
                    COMPLETE
      INVESTMENT  MANAGEMENT, INC.
      OF  PHILADELPHIA

                  	 
	
                    HADDON
      STRATEGIC ALLIANCES, INC.

                  	 
	
                    LAMORIELLO
      & CO., INC.

                  	 
	
                    NATIONAL
      ACTUARIAL PENSION  SERVICES, INC.

                  	 
	
                    NATIONAL
      ASSOCIATES, INC., N.W.

                  	 
	
                    PENSION
      ADMINISTRATION SERVICES,  INC.

                  	 
	
                    PENSION
      TECHNICAL SERVICES, INC.  (d/b/a REPTECH CORP.)

                  	 
	
                    PENTEC,
      INC.

                  	 
	
                    PENTEC
      CAPITAL MANAGEMENT, INC.

                  	 
	
                    SOUTHEASTERN
      PENSION SERVICES,  INC.

                  	 
	
                    STEPHEN
      H. ROSEN & ASSOCIATES, INC.

                  	 
	
                    THE
      PENSION ALLIANCE, INC.

                  	 
	
                    THE
      PENSION GROUP, INC.

                  	 
	
                    VEBA
      ADMINISTRATORS, INC.

                  	 
	
                    VALLEY
      FORGE ENTERPRISES, LTD.

                  	 
	
                    V.F.
      ASSOCIATES, INC.

                  	 
	
                    VF
      INVESTMENT SERVICES CORP.

                  	 
	
                    VALLEY
      FORGE ONSULTING
CORPORATION

                  	 

          

        

      

    

    

    
      
        
          
            
              
                	
                        By:

                      	
                        /s/
      Steven J. Ross

                      	 
	 
      	
                         Name: Steven J. Ross

                      	 
	 
      	
                         Title:  CEO

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