Document:

WOODSIDE
      CAPITAL PARTNERS V, LLC

    WOODSIDE
      CAPITAL PARTNERS V QP, LLC

    25
      Mall
      Road

    Burlington,
      MA 01803

    

    

    

    November
      3, 2008

    National
      Investment Managers Inc.

    485
      Metro
      Place South, Suite 275

    Dublin,
      OH 43017

    Attn:
      Steven J. Ross, Chief Executive Officer

    

    

    
      	 	
              Re:

            	
              Securities
                Purchase and Loan Agreement

            

    

     

    Ladies
      and Gentlemen:

     

    We
      refer
      to (a) that certain Securities Purchase and Loan Agreement, dated as of November
      30, 2007 (as amended, modified, or supplemented from time to time, the
“Securities
      Purchase Agreement”),
      by
      and among Woodside Capital Partners IV, LLC (“Woodisde
      IV”),
      Woodside Capital Partners IV QP, LLC (“Woodisde
      IV QP”),
      Woodside Capital Partners V, LLC, as
      assignee of Woodlands Commercial Bank (f/k/a Lehman Brothers Commercial
      Bank)
      (“Woodside
      V”),
      Woodside Capital Partners V QP, LLC, as
      assignee of Woodlands Commercial Bank (f/k/a Lehman Brothers Commercial
      Bank)
      (“Woodside
      V QP”,
      and
      together with Woodside V, the “Assignees”)
      (Woodside IV, Woodside IV QP, Woodside V and Woodside V QP are collectively
      referred to herein as the “Holders”),
      Woodside Agency Services, LLC, as Collateral Agent, and National Investment
      Managers Inc. (the “Company”);
      (b)
      that certain Fee Agreement, dated as of November 30, 2007 (the “Fee
      Agreement”)
      among
      the Company and the Holders; (c) that certain Contingent Interest Payment
      Agreement, dated as of November 30, 2007 (the “CIP
      Agreement”)
      among
      the Company and the Holders; and (d) those certain Warrants (evidenced by
      Warrant Certificate Numbers WC-3, WC-6 and WC-9) issued to Woodlands
      Commercial Bank (f/k/a Lehman
      Brothers Commercial Bank) (“Woodlands”)
      on
      November 30, 2007 and subsequently assigned by Woodlands to the Assignees and
      reissued as Warrant Certificate Numbers WC-10, WC-11, WC-12, WC-13, WC-14 and
      WC-15 (the “Assigned
      Warrants”).
      Capitalized terms used herein without definition shall have the meanings
      assigned to such terms in the Securities Purchase Agreement.

     

    Notwithstanding
      anything contained in the Securities Purchase Agreement, the Fee Agreement,
      the
      CIP Agreement, the Assigned Warrants or any other Financing Agreement to the
      contrary, in the event that a Capital Transaction is consummated on or prior
      to
      May 4, 2009, each Assignee hereby agrees that it shall (a) surrender each of
      the
      Assigned Warrants held by it to the Company for cancellation and (b) forfeit
      its
      right to receive its portion of the CIP Amount (as defined in the CIP Agreement)
      assigned to it by Woodlands
      and
      the
      Fee Amount (as defined in the Fee Agreement) assigned to it by Woodlands.
      For the
      avoidance of doubt, the provisions of this paragraph shall only apply to the
      Assigned Warrants and the portion of the CIP Amount and Fee Amount assigned
      to
      the Assignees by Woodlands
      and
      shall not apply to any other Warrants issued to any Holder or any other portion
      of the CIP Amount and Fee Amount owing to any Holder.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Any
      notice pursuant to this Agreement to the Company or any Assignee shall be in
      writing and shall be deemed to have been duly given (a) if mailed by certified
      or registered mail, postage prepaid, return receipt requested, when received,
      (b) if by facsimile transmission, when electronic confirmation of receipt is
      received, and (c) if by overnight courier, when receipted for, in each case
      when
      addressed to them at their respective addresses set forth above (or such other
      address as any of them may designate by written notice to the others, in
      accordance herewith).

     

    THE
      COMPANY HEREBY AGREES TO SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS
      IN
      AND OF THE COMMONWEALTH OF MASSACHUSETTS OVER ANY SUIT, ACTION OR PROCEEDING
      EXISTING UNDER OR RELATING TO THIS LETTER AGREEMENT, AND CONSENTS THAT SERVICE
      OF PROCESS WITH RESPECT TO ALL COURTS IN AND OF THE COMMONWEALTH OF
      MASSACHUSETTS MAY BE MADE BY REGISTERED MAIL TO IT AT ITS ADDRESS DETERMINED
      PURSUANT TO THE
      IMMEDIATELY PRECEDING PARAGRAPH.

    

    THIS
      LETTER AGREEMENT IS INTENDED TO TAKE EFFECT AS A SEALED INSTRUMENT AND MAY
      BE
      EXECUTED IN ANY NUMBER OF COUNTERPARTS WHICH TOGETHER SHALL CONSTITUTE ONE
      INSTRUMENT AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
      DOMESTIC SUBSTANTIVE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS WITHOUT GIVING
      EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE THAT WOULD CAUSE
      THE
      APPLICATION OF THE DOMESTIC SUBSTANTIVE LAWS OF ANY OTHER STATE, AND SHALL
      BIND
      AND INURE TO THE BENEFIT OF THE PARTIES HERETO AND THEIR RESPECTIVE SUCCESSORS
      AND ASSIGNS.

    

    THE
      COMPANY HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION
      OR
      CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS LETTER AGREEMENT,
      ANY
      RIGHTS OR OBLIGATIONS HEREUNDER OR THE PERFORMANCE OF ANY OF SUCH RIGHTS OR
      OBLIGATIONS. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    This
      letter agreement sets forth the entire understanding of the parties hereto
      with
      respect to the matters set forth herein. The rights and remedies herein provided
      are cumulative and not exclusive of any remedies provided by law or any other
      agreement. The invalidity or unenforceability of any one or more sections of
      this letter agreement shall not affect the validity or enforceability of its
      remaining provisions. Captions are for the ease of reference only and shall
      not
      affect the meaning of the relevant provisions. The meanings of all defined
      terms
      used in this letter agreement shall be equally applicable to the singular and
      plural forms of the terms defined.

     

    This
      letter agreement may be executed in any number of counterparts, and all such
      counterparts shall together constitute but one instrument. In making proof
      of
      this letter agreement it shall not be necessary to produce or account for more
      than one counterpart signed by each party hereto by and against which
      enforcement hereof is sought. Any signature delivered by a party by facsimile
      transmission or other electronic method of transmission (including without
      limitation in “pdf” format) shall be deemed to be an original signature
      hereto.

     

    [Signature
      page follows]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	 	Sincerely yours,
	 	 
	 	
              WOODSIDE
                CAPITAL PARTNERS V, LLC

               

              By:
                Woodside Opportunity Partners II, LLC, its Manager

              By:
                Woodside Capital Management, LLC, its Manager

            
	 	 
	 	 
	 	
              By: 
                /s/David Ray

              Name:
                David Ray

              Title:
                Executive Vice President

            
	 	 
	 	
              WOODSIDE
                CAPITAL PARTNERS V QP, LLC

               

              By:
                Woodside Opportunity Partners II, LLC, its Manager

              By:
                Woodside Capital Management, LLC, its Manager

            
	 	 
	 	
              By: 
                /s/David Ray

              Name:
                David Ray

              Title:
                Executive Vice President

            

    

     

     

    Acknowledged
      and Agreed:

    

    

    NATIONAL
      INVESTMENT MANAGERS INC.

    

     

    By: /s/Steven
      Ross

    Name:
      Steven Ross

    Title:
      CEO

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    WOODSIDE
      CAPITAL PARTNERS IV, LLC 

    

    By:
      Woodside Opportunity Partners, LLC, its Manager

    By:
      Woodside Capital Management, LLC, its Manager 

    

    

    By:/s/David
      Ray

    Name:
      David Ray

    Title:
      Executive Vice President

    

    WOODSIDE
      CAPITAL PARTNERS IV QP, LLC

    

    By:   
      Woodside Opportunity Partners, LLC, its Manager

    By:   Woodside
      Capital Management, LLC, its Manager 

    

    By:/s/David
      Ray

    Name:
      David Ray

    Title:
      Executive Vice President

    

    

    WOODSIDE
      AGENCY SERVICES, LLC,
      as
      Collateral Agent

    

    By:
      Woodside Capital Management, LLC, its Manager

    

    By:/s/David
      Ray

    Name:
      David Ray

    Title:
      Executive Vice PresidentSTOCK
      TRANSFER AGREEMENT

     

    THIS
      STOCK TRANSFER AGREEMENT
      (“Agreement”)
      dated
      October 30, 2008 among IBF Fund Liquidating LLC, a Delaware limited liability
      company (“IBF”),
      National Investment Managers Inc., a Florida corporation (“NIM”),
      DCI
      Master LDC (“DCI”),
      and
      Duncan Capital Group LLC (“DCG”).
      Capitalized terms used in this Agreement but not otherwise defined shall have
      the meanings assigned to them in the Put Agreement (as defined below).

     

    WHEREAS,
      American Benefit Resources, Inc., IBF, DCI, and DCG, entered into a Put
      Agreement, dated November 30, 2005 (the “Put
      Agreement”);

     

    WHEREAS,
      NIM, DCI, and DCG entered into an Agreement, dated December 20, 2006, whereby
      NIM agreed to make whole DCI and DCG with respect to obligations DCI or DCG
      may
      owe to IBF regarding the purchase of NIM shares pursuant to the Put Agreement
      (the “NIM
      Agreement”); 

     

    WHEREAS,
      on November 30, 2007, NIM , DCI, and DCG entered into an amendment to the NIM
      Agreement (the “Amendment”)
      whereby DCI and DCG agreed to sell the NIM Shares to NIM in the event that
      IBF
      exercises its put;

     

    WHEREAS,
      in a letter dated August 21, 2008, IBF notified DCI and DCG that IBF intended
      to
      exercise its rights pursuant to Section 2(a) of the Put Agreement; 

     

    WHEREAS,
      NIM intends to honor its obligations under the NIM Agreement and the Amendment
      and DCI and DCG have no objection to NIM acquiring the NIM Shares; 

     

    WHEREAS,
      IBF is willing to accept performance by NIM of the obligations of DCI and DCG
      under the Put Agreement; and

     

    WHEREAS,
      IBF, NIM, DCI and DCG wish to close the purchase of the NIM Shares whereby
      IBF
      will deliver the NIM Shares together with medallion guaranteed stock powers
      (the
“IBF
      Deliverables”)
      to NIM
      in consideration of NIM’s payment of $1,000,000 to IBF (the “NIM
      Payment”).

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants, conditions
      and promises contained herein, the parties agree as follows:

     

    
      	 	
              1.

            	
              The
                date of the closing of the purchase of the NIM shares by NIM from
                IBF and
                the delivery of the NIM Payment to IBF by NIM shall be October 30,
                2008
                (the “Closing
                Date”).
                

            

    

     

    
      	 	
              2.

            	
              On
                the Closing Date, IBF will (a) deliver the IBF Deliverables to NIM’s
                attorney, on behalf of NIM, at the Law Offices of Stephen M. Fleming,
                PLLC, 403 Merrick Avenue, 2nd
                Avenue, East Meadow, New York 11569 and (b) NIM will wire to IBF
                the NIM
                Payment in accordance with the wire instructions set forth on Exhibit
                A.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	 	
              3.

            	
              Except
                as expressly provided herein, nothing herein shall in any way modify
                the
                terms of the Put Agreement or release any obligations of DCI and
                DCG
                thereunder in the event that NIM shall fail to perform their obligations
                to IBF thereunder.

            

    

     

    
      	 	
              4.

            	
              Notwithstanding
                anything herein to the contrary, all actions to be taken and all
                documents
                to be executed and delivered by all parties at the Closing Date will
                be
                deemed to have been taken and executed simultaneously, and no action
                will
                be deemed to have been taken nor documents executed or delivered
                until all
                have been taken, executed and delivered.

            

    

     

    
      	 	
              5.

            	
              This
                Agreement may be executed (including by facsimile transmission) with
                counterpart signature pages or in two or more counterparts, each
                of which
                shall be deemed an original but all of which together shall constitute
                one
                and the same instrument.

            

    

     

     

     

    (Intentionally
      Blank; Signatures to Follow)

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

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

     

    

      
        	
                IBF
                  Fund Liquidating LLC

              	
                National
                  Investment Managers Inc.

              
	 	 
	
                By:/s/
                  Arthur J. Steinberg 

              	
                By:/s/Steven
                  Ross

              
	 	 
	
                Name:
                  Arthur J. Steinberg

              	
                Name:
                  Steven Ross 

              
	 	 
	
                Title:
                  Manager

              	
                Title:
                  CEO

              
	 	 
	 	 
	 	 
	
                DCI
                  Master LDC 

              	
                Duncan
                  Capital Group LLC

              
	 	 
	 	 
	
                By:/s/
                  Alex Clug

              	
                By:/s/
                  Michael Crow

              
	 	 
	
                Name:
                  Alex Clug

              	
                Name:
                  Michael Crow

              
	 	 
	
                Title:
                  Director 

              	
                Title:
                  CEO

              

      

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Exhibit
      A
      - IBF Wire Instructions

     

    

    • Citibank,
      N.A. 

    • 34th
      Street Branch New York, New York 

    • ABA
      Routing No.: 021-000089
      

    • Account
      Name: IBF
      Fund
      Liquidating LLC 

    • Account
      Number: 0074664299

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