Document:

SECURED NON-CONVERTIBLE TERM NOTE

            FOR VALUE RECEIVED, NATIONAL INVESTMENT MANAGERS INC., a Florida
corporation (the "COMPANY"), promises to pay to LAURUS MASTER FUND, LTD., c/o
M&C Corporate Services Limited, P.O. Box 309 GT, Ugland House, South Church
Street, George Town, Grand Cayman, Cayman Islands, Fax: 345-949-8080 (the
"HOLDER") or its registered assigns or successors in interest, the sum of Seven
Million Dollars ($7,000,000), together with any accrued and unpaid interest
hereon, on May 30, 2010 (the "MATURITY DATE") if not sooner paid. The original
principal amount of this Secured Non-Convertible Term Note subject to amortizing
payments pursuant to Section 1.3 hereof is hereinafter referred to as the
"AMORTIZING PRINCIPAL AMOUNT" and the remaining original principal amount of
this Secured Non-Convertible Term Note is hereinafter referred to as the
"NON-AMORTIZING PRINCIPAL AMOUNT." The Amortizing Principal Amount and the
Non-Amortizing Principal Amount are collectively referred to herein as the
"PRINCIPAL AMOUNT".

            Capitalized terms used herein without definition shall have the
meanings ascribed to such terms in that certain Securities Purchase Agreement
dated as of the date hereof by and between the Company and the Holder (as
amended, modified and/or supplemented from time to time, the "PURCHASE
AGREEMENT").

            The Principal Amount of this Secured Non-Convertible Term Note that
is contained in the Restricted Account (as defined in the Restricted Account
Agreement referred to in the Purchase Agreement) on the date of the issuance of
this Secured Non-Convertible Term Note is $7,000,000.

            The following terms shall apply to this Secured Non-Convertible Term
Note (this "NOTE"):

                                   ARTICLE I
                         CONTRACT RATE AND AMORTIZATION

            1.1 Contract Rate. Subject to Sections 3.2 and 4.10, interest
payable on the outstanding Principal Amount of this Note shall be calculated on
the basis of a 360 day year and shall accrue at a rate per annum equal to up to
seventeen and one-half percent (17 1/2%) (the "CONTRACT RATE"), payable as
follows:

            (a) Interest in the amount of ten percent (10%) per annum (the "10%
INTEREST TRANCHE") shall accrue but not be payable during the period commencing
on the date hereof and ending on May 30, 2006. The 10% Interest Tranche shall be
payable monthly, in arrears, commencing on July 1, 2006 and on the first day of
each consecutive calendar month thereafter (each, a "REPAYMENT DATE") through
and including the Maturity Date, and on the Maturity Date, whether by
acceleration or otherwise. On each Repayment Date, amounts payable by the
Company under the 10% Interest Tranche shall be reduced by the dollar amount of
interest earned on funds on deposit in the Restricted Account at North Fork Bank
pursuant to the Restricted Account Agreement.

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            (b) Interest in the amount of seven and one-half percent (7.5%) per
annum (the "7.5% INTEREST TRANCHE") shall accrue on funds that are released to
Borrower from the Restricted Account (each, a "RELEASED AMOUNT"), commencing on
the date of release of such funds ( each such date referred to as a "RELEASE
DATE"). The 7.5% Interest Tranche shall be payable monthly in arrears on each
Released Amount commencing on the Release Date to which such Released Amount
relates and on each Repayment Date thereafter and on the Maturity Date, whether
by acceleration or otherwise or, in the event of the redemption of all or any
portion of the Principal Amount, accrued interest on the amount so redeemed
shall be paid on the date of redemption. Notwithstanding the foregoing, the
Borrower may elect, in lieu of paying the 7.5% Interest Tranche on a given
Repayment Date, to add the amount of the 7.5% Interest Tranche that is due on
such Repayment Date to the Principal Amount (such added amount, the "7.5%
INTEREST AMOUNT"). If the Borrower elects to add the 7.5% Interest Amount to the
Principal Amount outstanding on a given Repayment Date, then the Borrower shall
give written notice to the Holder of such election, which notice shall be
received by the Holder no later than three (3) business days prior to such
Repayment Date.

            1.2 Contract Rate Payments. The Contract Rate shall be calculated on
the last business day of each calendar month hereafter until the Maturity Date.

            1.3 Principal Payments. Amortizing payments of the aggregate
Principal Amount outstanding under this Note at any time and not contained in
the Restricted Account (as defined in the Restricted Account Agreement) shall be
made by the Company commencing on April 1, 2007 and on the first business day of
each succeeding month thereafter through and including the Maturity Date (each,
an "AMORTIZATION DATE"). In the event that the Release Date has not occurred by
March 31, 2007, the funds in the Restricted Account may be returned to the
Holder at the Holder's sole discretion. Commencing on the first Amortization
Date, the Company shall make monthly payments of principal to the Holder on each
Amortization Date, each such payment in the amount of (a) $116,666.67, if all
funds in the Restricted Account have been released as of the first Amortization
Date, or (b) one-sixtieth of the aggregate of amounts released from the
Restricted Account if less than all funds in the Restricted Account have been
released (the "MONTHLY PRINCIPAL AMOUNT"), together with any accrued and unpaid
interest on such portion of the Amortizing Principal Amount plus any and all
other unpaid amounts which are then owing under this Note, the Purchase
Agreement and/or any other Related Agreement (collectively, the "MONTHLY
AMOUNT"). Any outstanding Principal Amount together with any accrued and unpaid
interest and any and all other unpaid amounts which are then owing by the
Company to the Holder under this Note, the Purchase Agreement and/or any other
Related Agreement shall be due and payable on the Maturity Date.

                                   ARTICLE II
                                   REDEMPTION

            2.1 Optional Redemption of Amortizing Principal Amount. The Company
may prepay outstanding Amortizing Principal Amount, in whole or in part, (the
"OPTIONAL AMORTIZING REDEMPTION") by paying to the Holder a sum of money equal
to one hundred percent (100%) of the Amortizing Principal Amount to be redeemed
together with accrued but unpaid interest thereon and any and all other sums
due, accrued or payable to the Holder arising under this Note, the Purchase
Agreement or any other Related Agreement (the "AMORTIZING REDEMPTION AMOUNT")
outstanding on the Amortizing Redemption Payment Date (as defined below). The
Company shall deliver to the Holder a written notice of redemption (the "NOTICE
OF AMORTIZING REDEMPTION") specifying the date for such Optional Amortizing
Redemption (the "AMORTIZING REDEMPTION PAYMENT DATE"), which date shall be seven
(7) business days after the date of the Notice of Amortizing Redemption (the
"REDEMPTION PERIOD"). On the Amortizing Redemption Payment Date, the Amortizing
Redemption Amount must be paid in good funds to the Holder. In the event the
Company fails to pay the Amortizing Redemption Amount on the Amortizing
Redemption Payment Date as set forth herein, then such Notice of Amortizing
Redemption will be null and void.

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<PAGE>

            2.2 Optional Redemption of Non-Amortizing Principal Amount. The
Borrower will have the option of repaying the outstanding Non-Amortizing
Principal Amount ("OPTIONAL NON-AMORTIZING REDEMPTION"), in whole or in part, by
paying the Holder a sum of money equal to one hundred percent (100%) of the
Non-Amortizing Principal Amount to be redeemed, together with accrued but unpaid
interest thereon (the "NON-AMORTIZING REDEMPTION AMOUNT") on the Non-Amortizing
Redemption Date (as defined below). The Borrower shall deliver to the Holder a
written notice of redemption (the "NOTICE OF NON-AMORTIZING REDEMPTION")
specifying the date for such Optional Non-Amortizing Redemption (the
"NON-AMORTIZING REDEMPTION DATE"), which date shall be not less than seven (7)
business days after the date of the Notice of Non-Amortizing Redemption (the
"NON-AMORTIZING REDEMPTION PERIOD"). On the Non-Amortizing Redemption Date, the
Non-Amortizing Redemption Amount shall be paid (i) in good funds to the Holder,
or (ii) by furnishing the Holder written direction to notify the bank holding
the Restricted Account to release from the Restricted Account and deliver to the
Holder a sum of money equal to the Non-Amortizing Redemption Amount.

            2.3 Mandatory Redemption. The total outstanding Principal Amount,
together with any accrued and unpaid interest and any and all other unpaid
amounts that are then owing by Borrower and its subsidiaries to Holder under
this Note, the Purchase Agreement and/or any Related Agreement shall be due and
payable on the Maturity Date.

                                  ARTICLE III
                                EVENTS OF DEFAULT

            3.1 Events of Default. The occurrence of any of the following events
set forth in this Section 3.1 shall constitute an event of default ("EVENT OF
DEFAULT") hereunder:

                  (a) Failure to Pay. The Company fails to pay when due any
installment of principal, interest or other fees hereon in accordance herewith,
or the Company fails to pay any of the other Obligations (under and as defined
in the Master Security Agreement, as amended, modified or supplemented) when
due, and, in any such case, such failure shall continue for a period of three
(3) days following the date upon which any such payment was due.

                  (b) Breach of Covenant. The Company or any of its Subsidiaries
breaches any covenant or any other term or condition of this Note in any
material respect and such breach, if subject to cure, continues for a period of
twenty (20) days after the occurrence thereof.

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<PAGE>

                  (c) Breach of Representations and Warranties. Any
representation, warranty or statement made or furnished by the Company or any of
its Subsidiaries in this Note, the Purchase Agreement or any other Related
Agreement shall at any time be false or misleading in any material respect on
the date as of which made or deemed made.

                  (d) Default Under Other Agreements. The occurrence and
continuation of any default (or similar term) in the observance or performance
of any other agreement or condition relating to any indebtedness or contingent
indebtedness obligation of the Company or any of its Subsidiaries (including,
without limitation, the indebtedness evidenced by the Subordinated Debt
Documentation) beyond the period of grace (if any), the effect of which default
is to cause, or permit the holder or holders of such indebtedness or beneficiary
or beneficiaries of such contingent indebtedness obligation to cause, such not
less than $50,000 of such indebtedness to become due prior to its stated
maturity or such contingent indebtedness obligation to become payable;

                  (e) Material Adverse Effect. Any change or the occurrence of
any event which could reasonably be expected to have a Material Adverse Effect;

                  (f) Bankruptcy. The Company or any of its Subsidiaries shall
(i) apply for, consent to or suffer to exist the appointment of, or the taking
of possession by, a receiver, custodian, trustee or liquidator of itself or of
all or a substantial part of its property, (ii) make a general assignment for
the benefit of creditors, (iii) commence a voluntary case under the federal
bankruptcy laws (as now or hereafter in effect), (iv) be adjudicated a bankrupt
or insolvent, (v) file a petition seeking to take advantage of any other law
providing for the relief of debtors, (vi) acquiesce to, without challenge within
ten (10) days of the filing thereof, or failure to have dismissed, within thirty
(30) days, any petition filed against it in any involuntary case under such
bankruptcy laws, or (vii) take any action for the purpose of effecting any of
the foregoing;

                  (g) Judgments. Attachments or levies in excess of $100,000 in
the aggregate are made upon the Company or any of its Subsidiary's assets or a
judgment is rendered against the Company's property involving a liability of
more than $100,000 which shall not have been vacated, discharged, stayed or
bonded within thirty (30) days from the entry thereof;

                  (h) Insolvency. The Company or any of its Subsidiaries shall
admit in writing its inability, or be generally unable, to pay its debts as they
become due or cease operations of its present business;

                  (i) Change of Control. A Change of Control (as defined below)
shall occur with respect to the Company, unless Holder shall have expressly
consented to such Change of Control in writing. A "Change of Control" shall mean
any event or circumstance as a result of which (i) any "Person" or "group" (as
such terms are defined in Sections 13(d) and 14(d) of the Exchange Act, as in
effect on the date hereof), other than the Holder, is or becomes the "beneficial
owner" (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act),
directly or indirectly, of 35% or more on a fully diluted basis of the then
outstanding voting equity interest of the Company [(other than a "Person" or
"group" that beneficially owns 35% or more of such outstanding voting equity
interests of the Company on the date hereof)], (ii) the Board of Directors of
the Company shall cease to consist of a majority of the Company's board of
directors on the date hereof (or directors appointed by a majority of the board
of directors in effect immediately prior to such appointment) or (iii) the
Company or any of its Subsidiaries merges or consolidates with, or sells all or
substantially all of its assets to, any other person or entity;

                                       4
<PAGE>

                  (j) Indictment; Proceedings. The indictment of the Company or
any of its Subsidiaries or any executive officer of the Company or any of its
Subsidiaries under any criminal statute, or commencement of criminal or civil
proceeding against the Company or any of its Subsidiaries or any executive
officer of the Company or any of its Subsidiaries pursuant to which statute or
proceeding penalties or remedies sought or available include forfeiture of any
of the property of the Company or any of its Subsidiaries;

                  (k) The Purchase Agreement and Related Agreements. (i) An
Event of Default shall occur beyond the applicable cure or grace period, if any,
under and as defined in the Purchase Agreement or any other Related Agreement,
(ii) the Company or any of its Subsidiaries shall breach any term or provision
of the Purchase Agreement or any other Related Agreement in any material respect
and such breach, if capable of cure, continues unremedied for a period of twenty
(20) days after the occurrence thereof, (iii) the Company or any of its
Subsidiaries attempts to terminate, challenges the validity of, or its liability
under, the Purchase Agreement or any Related Agreement, (iv) any proceeding
shall be brought by the Company to challenge the validity, binding effect of the
Purchase Agreement or any Related Agreement or (iv) the Purchase Agreement or
any Related Agreement ceases to be a valid, binding and enforceable obligation
of the Company or any of its Subsidiaries (to the extent such persons or
entities are a party thereto);

                  (l) Stop Trade. An SEC stop trade order or Principal Market
trading suspension of the Common Stock shall be in effect for five (5)
consecutive days or five (5) days during a period of ten (10) consecutive days,
excluding in all cases a suspension of all trading on a Principal Market,
provided that the Company shall not have been able to cure such trading
suspension within thirty (30) days of the notice thereof or list the Common
Stock on another Principal Market within sixty (60) days of such notice; or

            3.2 Default Interest. Following the occurrence and during the
continuance of an Event of Default, the Company shall pay additional interest on
the outstanding principal balance of this Note in an amount equal to two percent
(2%) per month, and all outstanding obligations under this Note, the Purchase
Agreement and each other Related Agreement, including unpaid interest, shall
accrue or continue to accrue, as applicable, interest at such additional
interest rate from the date of such Event of Default until the date such Event
of Default is cured or waived.

            3.3 Default Payment. Following the occurrence and during the
continuance of an Event of Default, the Holder, at its option, may demand
repayment in full of all obligations and liabilities owing by Company to the
Holder under this Note, the Purchase Agreement and/or any other Related
Agreement and/or may elect, in addition to all rights and remedies of the Holder
under the Purchase Agreement and the other Related Agreements and all
obligations and liabilities of the Company under the Purchase Agreement and the

                                       5
<PAGE>

other Related Agreements, to require the Company to make a Default Payment
("DEFAULT PAYMENT"). The Default Payment shall be 120% of the outstanding
principal amount of the Note (with the Company credited for any principal amount
then remaining in the Restricted Account), plus accrued but unpaid interest, all
other fees then remaining unpaid, and all other amounts payable hereunder. The
Default Payment shall be applied first to any fees due and payable to the Holder
pursuant to this Note, the Purchase Agreement, and/or the other Related
Agreements, then to accrued and unpaid interest due on this Note and then to the
outstanding principal balance of this Note. The Default Payment shall be due and
payable immediately on the date that the Holder has exercised its rights
pursuant to this Section 3.3.

                                   ARTICLE IV
                                  MISCELLANEOUS

            4.1 Issuance of New Note. Upon any partial redemption of this Note,
a new Note containing the same date and provisions of this Note shall, at the
request of the Holder, be issued by the Company to the Holder for the principal
balance of this Note and interest which shall not have been converted or paid.
Subject to the provisions of Article III of this Note, the Company shall not pay
any costs, fees or any other consideration to the Holder for the production and
issuance of a new Note.

            4.2 Cumulative Remedies. The remedies under this Note shall be
cumulative.

            4.3 Failure or Indulgence Not Waiver. No failure or delay on the
part of the Holder hereof in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such power, right or privilege preclude other or further
exercise thereof or of any other right, power or privilege.

            4.4 Notices. Any notice herein required or permitted to be given
shall be in writing and shall be deemed effectively given: (a) upon personal
delivery to the party notified, (b) when sent by confirmed telex or facsimile if
sent during normal business hours of the recipient, if not, then on the next
business day, (c) five business days after having been sent by registered or
certified mail, return receipt requested, postage prepaid, or (d) one business
day after deposit with a nationally recognized overnight courier, specifying
next day delivery, with written verification of receipt. All communications
shall be sent to the Company at the address provided in the Purchase Agreement
executed in connection herewith, and to the Holder at the address provided in
the Purchase Agreement for such Holder, with a copy to John E. Tucker, Esq., 825
Third Avenue, 14th Floor, New York, New York 10022, facsimile number (212)
541-4434, or at such other address as the Company or the Holder may designate by
ten days advance written notice to the other parties hereto.

            4.5 Amendment Provision. The term "Note" and all references thereto,
as used throughout this instrument, shall mean this instrument as originally
executed, or if later amended or supplemented, then as so amended or
supplemented, and any successor instrument as such successor instrument may be
amended or supplemented.

            4.6 Assignability. This Note shall be binding upon the Company and
its successors and assigns, and shall inure to the benefit of the Holder and its
successors and assigns, and may be assigned by the Holder in accordance with the
requirements of the Purchase Agreement. The Company may not assign any of its
obligations under this Note without the prior written consent of the Holder, any
such purported assignment without such consent being null and void.

                                       6
<PAGE>

            4.7 Cost of Collection. In case of any Event of Default under this
Note, the Company shall pay the Holder reasonable costs of collection, including
reasonable attorneys' fees.

            4.8 Governing Law, Jurisdiction and Waiver of Jury Trial.

                  (a) THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW.

                  (b) THE COMPANY HEREBY CONSENTS AND AGREES THAT THE STATE OR
FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK SHALL HAVE
EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE
COMPANY, ON THE ONE HAND, AND THE HOLDER, ON THE OTHER HAND, PERTAINING TO THIS
NOTE OR ANY OF THE OTHER RELATED AGREEMENTS OR TO ANY MATTER ARISING OUT OF OR
RELATED TO THIS NOTE OR ANY OF THE RELATED AGREEMENTS; PROVIDED, THAT THE
COMPANY ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY
A COURT LOCATED OUTSIDE OF THE COUNTY OF NEW YORK, STATE OF NEW YORK; AND
FURTHER PROVIDED, THAT NOTHING IN THIS NOTE SHALL BE DEEMED OR OPERATE TO
PRECLUDE THE HOLDER FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER
JURISDICTION TO COLLECT THE OBLIGATIONS, TO REALIZE ON THE COLLATERAL OR ANY
OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT
ORDER IN FAVOR OF THE HOLDER. THE COMPANY EXPRESSLY SUBMITS AND CONSENTS IN
ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT,
AND THE COMPANY HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF
PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS. THE COMPANY
HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS
ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS,
COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL
ADDRESSED TO THE COMPANY AT THE ADDRESS SET FORTH IN THE PURCHASE AGREEMENT AND
THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF THE COMPANY'S
ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAILS, PROPER
POSTAGE PREPAID.

                                       7
<PAGE>

                  (c) THE COMPANY DESIRES THAT ITS DISPUTES BE RESOLVED BY A
JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION
OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE COMPANY HERETO
WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO
RESOLVE ANY DISPUTE, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE
HOLDER AND THE COMPANY ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO
THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS NOTE, ANY
OTHER RELATED AGREEMENT OR THE TRANSACTIONS RELATED HERETO OR THERETO.

            4.9 Severability. In the event that any provision of this Note is
invalid or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of
law. Any such provision which may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision of this
Note.

            4.10 Maximum Payments. Nothing contained herein shall be deemed to
establish or require the payment of a rate of interest or other charges in
excess of the maximum permitted by applicable law. In the event that the rate of
interest required to be paid or other charges hereunder exceed the maximum rate
permitted by such law, any payments in excess of such maximum rate shall be
credited against amounts owed by the Company to the Holder and thus refunded to
the Company.

            4.11 Security Interest and Guarantee. The Holder has been granted a
security interests (i) in certain assets of the Company and its Subsidiaries as
more fully described in the Master Security Agreement dated as of March 9, 2005,
as amended, modified or supplemented and as reaffirmed by the Reaffirmation
Agreement and (ii) in the equity interests of the Companies' Subsidiaries
pursuant to the Stock Pledge Agreement dated as of March 9, 2005 as amended,
modified or supplemented and as reaffirmed by the Reaffirmation Agreement. The
obligations of the Company under this Note are guaranteed by certain
Subsidiaries of the Company pursuant to the Subsidiary Guaranty dated as of
March 9, 2005 as amended, modified or supplemented and as reaffirmed by the
Reaffirmation Agreement.

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

            4.13 Registered Obligation. This Note is intended to be a registered
obligation within the meaning of Treasury Regulation Section 1.871-14(c)(1)(i)
and the Company (or its agent) shall register this Note (and thereafter shall
maintain such registration) as to both principal and any stated interest.
Notwithstanding any document, instrument or agreement relating to this Note to
the contrary, transfer of this Note (or the right to any payments of principal
or stated interest thereunder) may only be effected by (i) surrender of this
Note and either the reissuance by the Company of this Note to the new holder or
the issuance by the Company of a new instrument to the new holder, or (ii)
transfer through a book entry system maintained by the Company (or its agent),
within the meaning of Treasury Regulation Section 1.871-14(c)(1)(i)(B).

       [Balance of page intentionally left blank; signature page follows]

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<PAGE>

      IN WITNESS WHEREOF, the Company has caused this Secured Term Note to be
signed in its name effective as of this 30th day of May_, 2006.

                                             NATIONAL INVESTMENT MANAGERS INC.

                                             By:______________________________
                                                  Name:
                                                  Title:

WITNESS:

----------------------------------

                                       9THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS
      WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, OR ANY STATE SECURITIES LAWS. THIS WARRANT AND THE COMMON STOCK
      ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE,
      PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
      STATEMENT AS TO THIS WARRANT UNDER SAID ACT AND ANY APPLICABLE STATE
      SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
      NATIONAL INVESTMENT ADVISERS, INC. THAT SUCH REGISTRATION IS NOT REQUIRED.

                    Right to Purchase up to 700,000 Shares of
                Common Stock of National Investment Managers Inc.
                   (subject to adjustment as provided herein)

                          COMMON STOCK PURCHASE WARRANT

No. _________________                                Issue Date:   May 30, 2006

      National Investment Managers Inc., a corporation organized under the laws
of the State of Florida (the "Company"), hereby certifies that, for value
received, LAURUS MASTER FUND, LTD., or assigns (the "Holder"), is entitled,
subject to the terms set forth below, to purchase from the Company (as defined
herein) from and after the Issue Date of this Warrant and at any time or from
time to time before 5:00 p.m., New York time, through the close of business May
__, 2011 (the "Expiration Date"), up to 700,000 fully paid and nonassessable
shares of Common Stock (as hereinafter defined), $0.001 par value per share, at
the applicable Exercise Price per share (as defined below). The number and
character of such shares of Common Stock and the applicable Exercise Price per
share are subject to adjustment as provided herein.

      As used herein the following terms, unless the context otherwise requires,
have the following respective meanings:

            (a) The term "Company" shall include National Investment Advisors,
      Inc. and any person or entity which shall succeed, or assume the
      obligations of, National Investment Advisors, Inc. hereunder.

            (b) The term "Common Stock" includes (i) the Company's Common Stock,
      par value $0.001 per share; and (ii) any other securities into which or
      for which any of the securities described in the preceding clause (i) may
      be converted or exchanged pursuant to a plan of recapitalization,
      reorganization, merger, sale of assets or otherwise.

            (c) The term "Other Securities" refers to any stock (other than
      Common Stock) and other securities of the Company or any other person
      (corporate or otherwise) which the holder of the Warrant at any time shall
      be entitled to receive, or shall have received, on the exercise of the
      Warrant, in lieu of or in addition to Common Stock, or which at any time
      shall be issuable or shall have been issued in exchange for or in
      replacement of Common Stock or Other Securities pursuant to Section 4 or
      otherwise.

<PAGE>

      (d)   The "Exercise Price" applicable under this Warrant shall be $0.01
            per share.

      1. Exercise of Warrant.

            1.1. Number of Shares Issuable upon Exercise. From and after the
date hereof through and including the Expiration Date, the Holder shall be
entitled to receive, upon exercise of this Warrant in whole or in part, by
delivery of an original or fax copy of an exercise notice in the form attached
hereto as Exhibit A (the "Exercise Notice"), shares of Common Stock of the
Company, subject to adjustment pursuant to Section 4.

            1.2. Fair Market Value. For purposes hereof, the "Fair Market Value"
of a share of Common Stock as of a particular date (the "Determination Date")
shall mean:

            (a) If the Company's Common Stock is traded on the American Stock
      Exchange or another national exchange or is quoted on the National Market
      or Capital Market of The Nasdaq Stock Market, Inc.("Nasdaq"), then the
      closing or last sale price, respectively, reported for the last business
      day immediately preceding the Determination Date.

            (b) If the Company's Common Stock is not traded on the American
      Stock Exchange or another national exchange or on the Nasdaq but is traded
      on the NASD Over the Counter Bulletin Board, then the mean of the average
      of the closing bid and asked prices reported for the last ten (10)
      business days immediately preceding the Determination Date.

            (c) Except as provided in clause (d) below, if the Company's Common
      Stock is not publicly traded, then as the Holder and the Company agree or
      in the absence of agreement by arbitration in accordance with the rules
      then in effect of the American Arbitration Association, before a single
      arbitrator to be chosen from a panel of persons qualified by education and
      training to pass on the matter to be decided.

            (d) If the Determination Date is the date of a liquidation,
      dissolution or winding up, or any event deemed to be a liquidation,
      dissolution or winding up pursuant to the Company's charter, then all
      amounts to be payable per share to holders of the Common Stock pursuant to
      the charter in the event of such liquidation, dissolution or winding up,
      plus all other amounts to be payable per share in respect of the Common
      Stock in liquidation under the charter, assuming for the purposes of this
      clause (d) that all of the shares of Common Stock then issuable upon
      exercise of the Warrant are outstanding at the Determination Date.

            1.3. Company Acknowledgment. The Company will, at the time of the
exercise of this Warrant, upon the request of the holder hereof acknowledge in
writing its continuing obligation to afford to such holder any rights to which
such holder shall continue to be entitled after such exercise in accordance with
the provisions of this Warrant. If the holder shall fail to make any such
request, such failure shall not affect the continuing obligation of the Company
to afford to such holder any such rights.

                                       2
<PAGE>

            1.4. Trustee for Warrant Holders. In the event that a bank or trust
company shall have been appointed as trustee for the holders of this Warrant
pursuant to Subsection 3.2, such bank or trust company shall have all the powers
and duties of a warrant agent (as hereinafter described) and shall accept, in
its own name for the account of the Company or such successor person as may be
entitled thereto, all amounts otherwise payable to the Company or such
successor, as the case may be, on exercise of this Warrant pursuant to this
Section 1.

      2.    Procedure for Exercise.

            2.1. Delivery of Stock Certificates, Etc., on Exercise. The Company
agrees that the shares of Common Stock purchased upon exercise of this Warrant
shall be deemed to be issued to the Holder as the record owner of such shares as
of the close of business on the date on which this Warrant shall have been
surrendered and payment made for such shares in accordance herewith. As soon as
practicable after the exercise of this Warrant in full or in part, and in any
event within three (3) business days thereafter, the Company at its expense
(including the payment by it of any applicable issue taxes) will cause to be
issued in the name of and delivered to the Holder, or as such Holder (upon
payment by such Holder of any applicable transfer taxes) may direct in
compliance with applicable securities laws, a certificate or certificates for
the number of duly and validly issued, fully paid and nonassessable shares of
Common Stock (or Other Securities) to which such Holder shall be entitled on
such exercise, plus, in lieu of any fractional share to which such holder would
otherwise be entitled, cash equal to such fraction multiplied by the then Fair
Market Value of one full share, together with any other stock or other
securities and property (including cash, where applicable) to which such Holder
is entitled upon such exercise pursuant to Section 1 or otherwise.

            2.2. Exercise.

            (a) Payment may be made either (i) in cash or by certified or
      official bank check payable to the order of the Company equal to the
      applicable aggregate Exercise Price, (ii) by delivery of this Warrant, or
      shares of Common Stock and/or Common Stock receivable upon exercise of
      this Warrant in accordance with the formula set forth in subsection (b)
      below, or (iii) by a combination of any of the foregoing methods, for the
      number of Common Shares specified in such Exercise Notice (as such
      exercise number shall be adjusted to reflect any adjustment in the total
      number of shares of Common Stock issuable to the Holder per the terms of
      this Warrant) and the Holder shall thereupon be entitled to receive the
      number of duly authorized, validly issued, fully-paid and non-assessable
      shares of Common Stock (or Other Securities) determined as provided
      herein.

            (b) Notwithstanding any provisions herein to the contrary, if the
      Fair Market Value of one share of Common Stock is greater than the
      Exercise Price (at the date of calculation as set forth below), in lieu of
      exercising this Warrant for cash, the Holder may elect to receive shares
      equal to the value (as determined below) of this Warrant (or the portion
      thereof being exercised) by surrender of this Warrant at the principal
      office of the Company together with the properly endorsed Exercise Notice
      in which event the Company shall issue to the Holder a number of shares of
      Common Stock computed using the following formula:

                                       3
<PAGE>

        X=                  Y(A-B)
                            ------
                              A

        Where X =           the number of shares of Common Stock to be issued to
                            the Holder

        Y =                 the number of shares of Common Stock purchasable
                            under this Warrant or, if only a portion of this
                            Warrant is being exercised, the portion of this
                            Warrant being exercised (at the date of such
                            calculation)

        A =                 the Fair Market  Value of one share of the
                            Company's  Common Stock (at the date of such
                            calculation)

        B = the Exercise Price per share (as adjusted to the date of such
calculation)

      3. Effect of Reorganization, Etc.; Adjustment of Exercise Price.

            3.1. Reorganization, Consolidation, Merger, Etc. In case at any time
or from time to time, the Company shall (a) effect a reorganization, (b)
consolidate with or merge into any other person, or (c) transfer all or
substantially all of its properties or assets to any other person under any plan
or arrangement contemplating the dissolution of the Company, then, in each such
case, as a condition to the consummation of such a transaction, proper and
adequate provision shall be made by the Company whereby the Holder, on the
exercise hereof as provided in Section 1 at any time after the consummation of
such reorganization, consolidation or merger or the effective date of such
dissolution, as the case may be, shall receive, in lieu of the Common Stock (or
Other Securities) issuable on such exercise prior to such consummation or such
effective date, the stock and other securities and property (including cash) to
which such Holder would have been entitled upon such consummation or in
connection with such dissolution, as the case may be, if such Holder had so
exercised this Warrant, immediately prior thereto, all subject to further
adjustment thereafter as provided in Section 4.

            3.2. Dissolution. In the event of any dissolution of the Company
following the transfer of all or substantially all of its properties or assets,
the Company, concurrently with any distributions made to holders of its Common
Stock, shall at its expense deliver or cause to be delivered to the Holder the
stock and other securities and property (including cash, where applicable)
receivable by the Holder pursuant to Section 3.1, or, if the Holder shall so
instruct the Company, to a bank or trust company specified by the Holder and
having its principal office in New York, NY as trustee for the Holder (the
"Trustee").

                                       4
<PAGE>

            3.3. Continuation of Terms. Upon any reorganization, consolidation,
merger or transfer (and any dissolution following any transfer) referred to in
this Section 3, this Warrant shall continue in full force and effect and the
terms hereof shall be applicable to the shares of stock and other securities and
property receivable on the exercise of this Warrant after the consummation of
such reorganization, consolidation or merger or the effective date of
dissolution following any such transfer, as the case may be, and shall be
binding upon the issuer of any such stock or other securities, including, in the
case of any such transfer, the person acquiring all or substantially all of the
properties or assets of the Company, whether or not such person shall have
expressly assumed the terms of this Warrant as provided in Section 4. In the
event this Warrant does not continue in full force and effect after the
consummation of the transactions described in this Section 3, then the Company's
securities and property (including cash, where applicable) receivable by the
Holder will be delivered to the Holder or the Trustee as contemplated by Section
3.2.

      4. Extraordinary Events Regarding Common Stock. In the event that the
Company shall (a) issue additional shares of the Common Stock as a dividend or
other distribution on outstanding Common Stock or any preferred stock issued by
the Company (b) subdivide its outstanding shares of Common Stock, or (c) combine
its outstanding shares of the Common Stock into a smaller number of shares of
the Common Stock, then, in each such event, the Exercise Price shall,
simultaneously with the happening of such event, be adjusted by multiplying the
then Exercise Price by a fraction, the numerator of which shall be the number of
shares of Common Stock outstanding immediately prior to such event and the
denominator of which shall be the number of shares of Common Stock outstanding
immediately after such event, and the product so obtained shall thereafter be
the Exercise Price then in effect. The Exercise Price, as so adjusted, shall be
readjusted in the same manner upon the happening of any successive event or
events described herein in this Section 4. The number of shares of Common Stock
that the Holder shall thereafter, on the exercise hereof as provided in Section
1, be entitled to receive shall be adjusted to a number determined by
multiplying the number of shares of Common Stock that would otherwise (but for
the provisions of this Section 4) be issuable on such exercise by a fraction of
which (a) the numerator is the Exercise Price that would otherwise (but for the
provisions of this Section 4) be in effect, and (b) the denominator is the
Exercise Price in effect on the date of such exercise (taking into account the
provisions of this Section 4). Notwithstanding the foregoing, in no event shall
the Exercise Price be less than the par value of the Common Stock.

      5. Certificate as to Adjustments. In each case of any adjustment or
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise of this Warrant, the Company at its expense will promptly cause its
Chief Financial Officer or other appropriate designee to compute such adjustment
or readjustment in accordance with the terms of this Warrant and prepare a
certificate setting forth such adjustment or readjustment and showing in detail
the facts upon which such adjustment or readjustment is based, including a
statement of (a) the consideration received or receivable by the Company for any
additional shares of Common Stock (or Other Securities) issued or sold or deemed
to have been issued or sold, (b) the number of shares of Common Stock (or Other
Securities) outstanding or deemed to be outstanding, and (c) the Exercise Price
and the number of shares of Common Stock to be received upon exercise of this
Warrant, in effect immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant. The Company will forthwith
mail a copy of each such certificate to the Holder and any Warrant agent of the
Company (appointed pursuant to Section 11 hereof).

                                       5
<PAGE>

      6. Reservation of Stock, Etc., Issuable on Exercise of Warrant. The
Company will at all times reserve and keep available, solely for issuance and
delivery on the exercise of this Warrant, shares of Common Stock (or Other
Securities) from time to time issuable on the exercise of this Warrant.

      7. Assignment; Exchange of Warrant. Subject to compliance with applicable
securities laws, this Warrant, and the rights evidenced hereby, may be
transferred by any registered holder hereof (a "Transferor") in whole or in
part, provided that the Holder may not assign its rights hereunder to a
competitor of either the Company or a Subsidiary of the Company, or to any
person or entity affiliated with such competitor. On the surrender for exchange
of this Warrant, with the Transferor's endorsement in the form of Exhibit B
attached hereto (the "Transferor Endorsement Form") and together with evidence
reasonably satisfactory to the Company demonstrating compliance with applicable
securities laws, which shall include, without limitation, the provision of a
legal opinion from the Transferor's counsel (at the Transferor's expense) that
such transfer is exempt from the registration requirements of applicable
securities laws, the Company at its expense (but with payment by the Transferor
of any applicable transfer taxes) will issue and deliver to or on the order of
the Transferor thereof a new Warrant of like tenor, in the name of the
Transferor and/or the transferee(s) specified in such Transferor Endorsement
Form (each a "Transferee"), calling in the aggregate on the face or faces
thereof for the number of shares of Common Stock called for on the face or faces
of the Warrant so surrendered by the Transferor.

      8. Replacement of Warrant. On receipt of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of this Warrant
and, in the case of any such loss, theft or destruction of this Warrant, on
delivery of an indemnity agreement or security reasonably satisfactory in form
and amount to the Company or, in the case of any such mutilation, on surrender
and cancellation of this Warrant, the Company at its expense will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

      9. Registration Rights. The Holder has been granted certain registration
rights by the Company. These registration rights are set forth in a Registration
Rights Agreement entered into by the Company and Holder dated as of the date
hereof, as the same may be amended, modified and/or supplemented from time to
time.

      10. Maximum Exercise. Notwithstanding anything herein to the contrary, in
no event shall the Holder be entitled to exercise any portion of this Warrant in
excess of that portion of this Warrant upon exercise of which the sum of (1) the
number of shares of Common Stock beneficially owned by the Holder and its
Affiliates (other than shares of Common Stock which may be deemed beneficially
owned through the ownership of the unexercised portion of the Warrant or the
unexercised or unconverted portion of any other security of the Holder subject
to a limitation on conversion analogous to the limitations contained herein) and
(2) the number of shares of Common Stock issuable upon the exercise of the
portion of this Warrant with respect to which the determination of this proviso
is being made, would result in beneficial ownership by the Holder and its
Affiliates of any amount greater than 4.99% of the then outstanding shares of
Common Stock (whether or not, at the time of such exercise, the Holder and its
Affiliates beneficially own more than 4.99% of the then outstanding shares of
Common Stock). As used herein, the term "Affiliate" means any person or entity
that, directly or indirectly through one or more intermediaries, controls or is
controlled by or is under common control with a person or entity, as such terms
are used in and construed under Rule 144 under the Securities Act. For purposes
of the proviso to the second preceding sentence, beneficial ownership shall be
determined in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended, and Regulations 13D-G thereunder, except as otherwise provided
in clause (1) of such proviso. The limitations set forth herein (x) may be
waived by the Holder upon provision of no less than sixty-one (61) days prior
notice to the Company and (y) shall automatically become null and void following
notice to the Company upon the occurrence and during the continuance of an Event
of Default (as defined in the Note referred to in the Purchase Agreement dated
as of the date hereof among the Holder and the Company (as amended, modified,
restated and/or supplemented from time to time, the "Purchase Agreement")).

                                       6
<PAGE>

      11. Warrant Agent. The Company may, by written notice to the each Holder
of the Warrant, appoint an agent for the purpose of issuing Common Stock (or
Other Securities) on the exercise of this Warrant pursuant to Section 1,
exchanging this Warrant pursuant to Section 7, and replacing this Warrant
pursuant to Section 8, or any of the foregoing, and thereafter any such
issuance, exchange or replacement, as the case may be, shall be made at such
office by such agent.

      12. Transfer on the Company's Books. Until this Warrant is transferred on
the books of the Company, the Company may treat the registered holder hereof as
the absolute owner hereof for all purposes, notwithstanding any notice to the
contrary.

      13. Notices, Etc. All notices and other communications from the Company to
the Holder shall be mailed by first class registered or certified mail, postage
prepaid, at such address as may have been furnished to the Company in writing by
such Holder or, until any such Holder furnishes to the Company an address, then
to, and at the address of, the last Holder who has so furnished an address to
the Company.

      14. GRANT OF IRREVOCABLE PROXY.

            For good and valuable consideration, receipt of which is hereby
acknowledged, Laurus Master Fund, Ltd., hereby appoints the Company (the "Proxy
Holder"), with a mailing address at 830 Third Avenue, New York, NY 10022, with
full power of substitution, as proxy, to vote all shares of Common Stock of the
Company, now or in the future owned by Laurus Master Fund, Ltd., but solely to
the extent issuable upon exercise of this Warrant (the "Shares").

            This proxy is irrevocable and coupled with an interest. Upon the
sale or other transfer of the Shares, in whole or in part, or the assignment of
this Warrant, this proxy shall automatically terminate (x) with respect to such
sold or transferred Shares at the time of such sale and/or transfer, and (y)
with respect to all Shares in the case of an assignment of this Warrant, at the
time of such assignment, in each case, without any further action required by
any person.

            Laurus Master Fund, Ltd. shall use its best efforts to forward to
Proxy Holder within two (2) business days following Laurus Master Fund, Ltd.'s
receipt thereof, at the address for Proxy Holder set forth above, copies of all
materials received by Laurus Master Fund, Ltd. relating, in each case, to the
solicitation of the vote of shareholders of the Company.

            This proxy shall remain in effect with respect to the Shares of the
Company during the period commencing on the date hereof and continuing until the
payment in full of all obligations and liabilities owing by the Company to
Laurus Master Fund, Ltd. (as the same may be amended, restated, extended or
modified from time to time).

                                       7
<PAGE>

      15. Miscellaneous. This Warrant and any term hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is sought. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAWS. ANY ACTION BROUGHT CONCERNING THE TRANSACTIONS CONTEMPLATED BY THIS
WARRANT SHALL BE BROUGHT ONLY IN THE STATE COURTS OF NEW YORK OR IN THE FEDERAL
COURTS LOCATED IN THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT THE HOLDER MAY
CHOOSE TO WAIVE THIS PROVISION AND BRING AN ACTION OUTSIDE THE STATE OF NEW
YORK. The individuals executing this Warrant on behalf of the Company agree to
submit to the jurisdiction of such courts and waive trial by jury. The
prevailing party shall be entitled to recover from the other party its
reasonable attorneys' fees and costs. In the event that any provision of this
Warrant is invalid or unenforceable under any applicable statute or rule of law,
then such provision shall be deemed inoperative to the extent that it may
conflict therewith and shall be deemed modified to conform with such statute or
rule of law. Any such provision which may prove invalid or unenforceable under
any law shall not affect the validity or enforceability of any other provision
of this Warrant. The headings in this Warrant are for purposes of reference
only, and shall not limit or otherwise affect any of the terms hereof. The
invalidity or unenforceability of any provision hereof shall in no way affect
the validity or enforceability of any other provision hereof. The Company
acknowledges that legal counsel participated in the preparation of this Warrant
and, therefore, stipulates that the rule of construction that ambiguities are to
be resolved against the drafting party shall not be applied in the
interpretation of this Warrant to favor any party against the other party.

                   [BALANCE OF PAGE INTENTIONALLY LEFT BLANK;
                             SIGNATURE PAGE FOLLOWS]

                                       8
<PAGE>

      IN WITNESS WHEREOF, the Company has executed this Warrant as of the date
first written above.

                                             NATIONAL INVESTMENT  MANAGERS INC.

WITNESS:
                                             By:   ____________________________
                                             Name: ____________________________
____________________________                 Title:____________________________

                                       9
<PAGE>

                                    EXHIBIT A

                              FORM OF SUBSCRIPTION
                   (To Be Signed Only On Exercise Of Warrant)

TO:   National Investment Managers Inc.

      Attention: Chief Financial Officer

      The undersigned, pursuant to the provisions set forth in the attached
Warrant (No.____), hereby irrevocably elects to purchase (check applicable box):

______      ________ shares of the Common Stock covered by such Warrant; or

______      the maximum number of shares of Common Stock covered by such Warrant
            pursuant to the cashless exercise procedure set forth in Section 2.

      The undersigned herewith makes payment of the full Exercise Price for such
shares at the price per share provided for in such Warrant, which is
$___________. Such payment takes the form of (check applicable box or boxes):

______      $__________ in lawful money of the United States; and/or

______      the cancellation of such portion of the attached Warrant as is
            exercisable for a total of _______ shares of Common Stock (using a
            Fair Market Value of $_______ per share for purposes of this
            calculation); and/or

______      the cancellation of such number of shares of Common Stock as is
            necessary, in accordance with the formula set forth in Section 2.2,
            to exercise this Warrant with respect to the maximum number of
            shares of Common Stock purchasable pursuant to the cashless exercise
            procedure set forth in Section 2.

      The undersigned requests that the certificates for such shares be issued
in the name of, and delivered to ______________________________________________
whose address is_______________________________________________________________.

      The undersigned represents and warrants that all offers and sales by the
undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of
1933, as amended (the "Securities Act") or pursuant to an exemption from
registration under the Securities Act.

Dated:___________________________   ____________________________________________
                                    (Signature must conform to name of holder as
                                    specified on the face of the Warrant)

                                    Address:____________________________________
                                            ____________________________________

Warrant                                A-1

<PAGE>

                                    EXHIBIT B

                         FORM OF TRANSFEROR ENDORSEMENT
                   (To Be Signed Only On Transfer Of Warrant)

      For value received, the undersigned hereby sells, assigns, and transfers
unto the person(s) named below under the heading "Transferees" the right
represented by the within Warrant to purchase the percentage and number of
shares of Common Stock of National Investment Managers Inc. into which the
within Warrant relates specified under the headings "Percentage Transferred" and
"Number Transferred," respectively, opposite the name(s) of such person(s) and
appoints each such person Attorney to transfer its respective right on the books
of National Investment Managers Inc. with full power of substitution in the
premises.

                                                  Percentage          Number
Transferees                  Address              Transferred       Transferred
-----------                  -------              -----------       -----------

__________________________   ___________________  ________________  ___________

__________________________   ___________________  ________________  ___________

__________________________   ___________________  ________________  ___________

__________________________   ___________________  ________________  ___________

Dated:____________________          ____________________________________________
                                    (Signature must conform to name of holder as
                                    specified on the face of the Warrant)

                                    Address:____________________________________
                                            ____________________________________

                                    SIGNED IN THE PRESENCE OF:

                                    ____________________________________________
                                                       (Name)

ACCEPTED AND AGREED:
[TRANSFEREE]
_________________________
         (Name)

Warrant                                B-1

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