Document:

Exhibit 4.68

             AMENDMENT NO. 9 TO REVOLVING LINE OF CREDIT AND
                              TERM LOAN AGREEMENT

      This Amendment No. 9 to Revolving Line of Credit and Term Loan Agreement
(this  "Agreement") is by and between RBS Citizens, National Association, having
a lending office at 28 State Street, Boston, MA 02109 (the "Lender") and
National  Investment  Managers  Inc., a Florida corporation having an address of
485 Metro Place South, Suite 275, Dublin, OH 43017 (the "Borrower").

                                R E C I T A L S

A.    Reference is hereby made to a certain Revolving Line of Credit and Term
      Loan Agreement, dated as of November 30, 2007, by and between Borrower and
      Lender, as amended by (i) a certain Amendment No. 1 to Term Loan
      Agreement, dated March 31, 2008, (ii) a certain Amendment No. 2 to Term
      Loan  Agreement, dated June 30, 2008, (iii) a certain Amendment No. 3 to
      Term Loan Agreement, dated June 30, 2008 (iv) a certain Amendment No. 4 to
      Term Loan Agreement dated as of July 16, 2008 (v) a certain Amendment No.
      5 to Term Loan Agreement dated as of October 1, 2008, (vi) a certain
      Amendment No. 6 to Term Loan Agreement dated as of November 26, 2008,
      (vii) a certain Amendment No. 7 to Term Loan Agreement dated as of March
      30, 2009 and (viii) a certain Amendment No. 8 to Term Loan Agreement dated
      as of June 30, 2009 (as amended, the "Loan Agreement").  The loan
      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 (as
      amended, 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 (i) a certain
      Amendment No. 1 and Allonge to Revolving Line of Credit Note dated as of
      March 30, 2009 and (ii) a certain Amendment No. 2 and Allonge to Revolving
      Line of Credit Note of even date herewith, temporarily increasing the
      maximum principal amount to $2,500,000.00 (as amended, the "Revolving
      Note", and together with the Term Note, the "Notes"). The obligations of
      Borrower to Lender evidenced  by  the  Loan Agreement and the Notes are
      secured in part 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 (the "Stock Pledge Agreement").  All
      capitalized terms used herein and not otherwise defined herein shall have
      the meanings as set forth in the Loan Agreement.

B.    The Borrower and the Lender have agreed to temporarily increase the
      maximum principal amount available  under the Revolving Note to
      $2,500,000.00 from the date hereof until December 31, 2009 upon the terms
      and conditions set forth in this Agreement.

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Amendment No. 9 to Revolving Line of Credit and Term Loan Agreement Page 1 of 9

<PAGE>
      NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Lender and Borrower hereby agree as
follows:

I. AMENDMENTS TO LOAN AGREEMENT.

1.    In order to temporarily increase the maximum principal amount available
      under the Revolving Note to $2,500,000.00, the definition of "Maximum
      Revolving Credit" in Section 1 of the Loan Agreement is hereby amended to
      delete such definition in its entirety and to substitute the following new
      definition in its place:

         ""Maximum Revolving Credit" means $2,500,000.00 until December 31,
         2009, and thereafter means $2,000,000.00."

      After  December  31, 2009, Borrower shall be required to repay any amounts
      outstanding under the Note in excess of $2,000,000.00.

II.   CONDITIONS. As a condition of this Agreement, Borrower shall at the time
      of execution of this Agreement:

            (a)   pay to Lender an amendment fee in the amount of $10,000.00
                  upon execution of this Agreement and pay to Lender an
                  additional fee of $25,000.00 upon the earlier of an Event of
                  Default under this Agreement or July 31, 2010;

            (b)   reimburse Lender for its-out-of  pocket costs in connection
                  with this Agreement and the Modification Documents (as defined
                  below), including reasonable legal fees and expenses incurred
                  by Lender;

            (c)   deliver to Lender evidence satisfactory to Lender that the
                  terms of the existing aggregate Seller Financing which shall
                  include modifications to the principal amortization schedule
                  have been amended in accordance with the proposed schedule
                  presented by Borrower to Lender; and

            (d)   deliver   to  Lender  the  following  documents  in  form  and
                  substance reasonably satisfactory to Lender or, if applicable,
                  as required by the terms and conditions of the Loan Agreement:

                  (i)   an Amendment No. 2 and Allonge to Revolving Line of
                        Credit Note; and

                  (ii)  any other documents reasonably requested by Lender.

            The foregoing documents and any additional documents executed
            herewith, together with this Agreement, shall be referred to herein
            as the "Modification Documents".

III.  REPRESENTATIONS AND WARRANTIES.  Borrower hereby represents and warrants
      that:  (i)  its  representations  and  warranties  set  forth  in the Loan

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Amendment No. 9 to Revolving Line of Credit and Term Loan Agreement Page 2 of 9

<PAGE>
      Agreement  are  true in all material respects on and as of the date hereof
      as  if  made  on  such  date (except to the extent that the same expressly
      relate  to  an  earlier  date  or  are  affected  by  the  consummation of
      transactions  permitted  hereby  or  by  the  Agreement);  (ii)  it  is in
      compliance  in  all material respects with all of the terms and provisions
      set  forth  in the Loan Agreement on its part to be observed or performed;
      (iii)  after  giving  effect  to any extension of credit to be made on the
      date  hereof,  no  Event  of  Default or Default Event has occurred and is
      continuing;  (iv) since the date of the financial statements most recently
      provided  to  Lender  by  Borrower, there has occurred no material adverse
      change in the assets or liabilities or the financial or other condition of
      Borrower;  (v)  it  has  full  power  to  execute, deliver and perform its
      obligations  under  the Modification Documents and the execution, delivery
      and  performance  of  the  Modification Documents have been authorized and
      directed  by  the  appropriate  parties;  (vi)  the Modification Documents
      constitute the legal, valid and binding obligations of Borrower and/or the
      Subsidiary,  as  applicable,  enforceable  in accordance with their terms;
      (vii) the execution, delivery and performance thereof will not violate any
      provision  of any existing law or regulation applicable to Borrower or the
      Subsidiary  or  their  respective  governing  documents or of any order or
      decree  of  any  court,  arbitrator  or  governmental  authority or of any
      contractual  undertaking to which either is a party or by which either may
      be  bound;  and  (viii) no consents, licenses, approvals or authorizations
      of,  exemptions  by  or  registrations  or  filings with, any governmental
      authority are required with respect to the Modification Documents.

IV.      Miscellaneous.

1.    If  Borrower  fails  to  comply  with  all the terms and conditions of the
      Modification Documents, such failure shall constitute a default under this
      Agreement  and an Event of Default under the Loan Agreement and other Loan
      Documents.

2.    No  other  changes  shall  be  made  to  the  Loan Agreement, and Borrower
      reaffirms  its  obligations  under  the  Loan  Documents (as increased and
      amended  hereby)  in  their  entirety.  This  Agreement is not intended to
      extinguish  or  affect  any  of  the  debt  evidenced  by  the Notes or to
      otherwise  modify  any of the obligations under any of the Loan Documents,
      except  as  increased  and  amended hereby. Borrower hereby reaffirms that
      Borrower  remains  indebted  to  Lender  without  defense, counterclaim or
      offset  and hereby releases Lender from any and all claims or other causes
      of action which Borrower may have against Lender with respect to the Loans
      and the Loan Documents. The Borrower hereby intends that the definition of
      "Obligations"  in  the  Security  Agreement and the Stock Pledge Agreement
      shall include the increase to the Revolving Note provided for hereunder.

3.    This  Agreement  is made in the Commonwealth of Massachusetts and shall be
      construed  in  accordance  with  its  laws without regard to principles of
      conflicts of laws. If any provision hereof is in conflict with any statute
      or  rule  of law of the Commonwealth of Massachusetts or any other statute
      or  rule  of  law  of  any  other  applicable jurisdiction or is otherwise
      unenforceable,  such  provisions shall be deemed null and void only to the
      extent  of  such conflict or unenforceability and shall be deemed separate
      from and shall not invalidate any other provision of this Agreement.

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Amendment No. 9 to Revolving Line of Credit and Term Loan Agreement Page 3 of 9

<PAGE>
4.    This  Agreement  shall  be  binding  upon  and inure to the benefit of the
      parties  hereto  and their respective successors and assigns, and no other
      parties  shall  be a beneficiary hereunder. Neither this Agreement nor any
      of  the provisions hereof can be changed, waived, discharged or terminated
      except  by  an  instrument  in  writing  signed  by the party against whom
      enforcement of the change, waiver, discharge or termination is sought.

5.    This  Agreement  may  be  signed  in  counterparts, each of which shall be
      deemed an original and all of which, when taken together, shall constitute
      one   and   the   same   instrument.  Signatures  delivered  by  facsimile
      transmission  shall  have the same force and effect as original signatures
      delivered in person.

                                        [Signatures on following page]

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Amendment No. 9 to Revolving Line of Credit and Term Loan Agreement Page 4 of 9

<PAGE>
Exhibit 4.68

EXECUTED under seal as of the ___ day of September, 2009.

                                              LENDER:

                                              RBS CITIZENS, NATIONAL ASSOCIATION

 /s/ N. C. Hafen                              By:  /s/ David Bugbee
----------------------------                  ----------------------------
Witness                                       Name: David Bugbee
                                              Title: Senior Vice President

                                              BORROWER:

                                              NATIONAL INVESTMENT MANAGERS INC.

 /s/ Gail Ross                                By:  /s/ Steven J. Ross
--------------------------                    ----------------------------
Witness                                       Name: Steven J. Ross
                                              Title: CEO
--------------------------------------------------------------------------------

The  Guarantors hereby (i) consent to the terms of the foregoing Agreement, (ii)
confirm  and  ratify  their  respective  obligations under the Guaranties, (iii)
intend  that  the  definition  of  "Guaranteed  Obligations" in their respective
Guaranties  shall  include  the  increase  to  the  Revolving  Note provided for
hereunder,  and  (iv)  confirm  that  the  Guarantors  do hereby intend that the
Guarantors'  Security  Agreements  shall  continue  to secure all obligations of
Borrower  to  Lender  as amended and increased hereunder. The undersigned hereby
signs  in  his  capacity  as  an officer and authorized signatory of each of the
Guarantors set forth in Schedule A attached hereto.

                                              As to all Guarantors:

 /s/ Gail Ross                                /s/ Steven J. Ross
--------------------------                    ----------------------------
Witness                                       Steven J. Ross, duly authorized

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Amendment No. 9 to Revolving Line of Credit and Term Loan Agreement Page 5 of 9

<PAGE>
Exhibit 4.68

                                   SCHEDULE A
                                   ----------

1.      ABR Advisors, Inc.
        a New York corporation
        2985 Navajo Street
        Yorktown Heights, NY  10598

2.      Alan N. Kanter & Associates, Inc.
        a Maryland corporation
        31 Walker Avenue, 2nd Floor
        Baltimore, MD  21208

3.      Alaska Pension Services, Ltd.
        an Alaskan corporation
        400 D Street, Suite 300
        Anchorage, AK  99501

4.      Asset Preservation Corp.
        a Pennsylvania corporation
        110 Gibraltar Road, Suite 101
        Horsham, PA  19044-2376

5.      Benefit Dynamics, Inc.
        a Pennsylvania corporation
        89 N. Haddon Avenue, Suite D
        Haddonfield, NJ  08033

6.      Benefit Management Inc.
        a Massachusetts corporation
        3 Lyons Way
        North Attleboro, MA  02763

7.      BPI/PPA Inc.
        a Delaware corporation
        1013 Centre Road
        Wilmington, DE  10805

8.      California Investment Annuity Sales, Inc.
        a California corporation
        4640 Admiralty Way
        Marina Del Ray, CA  90292

9.      Circle Pension, Inc.
        a New York corporation
        Empire State Building
        350 Fifth Ave., Suite 534
        New York, NY  10118
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Amendment No. 9 to Revolving Line of Credit and Term Loan Agreement Page 6 of 9

<PAGE>
10.     Complete Investment Management, Inc. of Philadelphia
        a Pennsylvania corporation
        110 Gibraltar Road, Suite 101
        Pennsylvania Business Campus
        Horsham, PA  19044

11.     Haddon Strategic Alliances, Inc.
        a New Jersey corporation
        426 Queensboro Lane
        Haddonfield, NJ  08033

12.     Lamoriello & Co., Inc.
        a Rhode Island corporation
        2374 Post Road, Suite 1
        Warwick, RI  02886

13.     National Actuarial Pension Services, Inc.
        a Texas corporation
        10777 Westheimer, Suite 220
        Houston, TX  77042

14.     National Associates, Inc., N.W.
        a Washington corporation
        2212 2nd Avenue W.
        Seattle, Washington  98119

15.     Pension Administration Services, Inc.
        a Pennsylvania corporation
        110 Gibraltar Road, Suite 101
        Horsham, PA  19044-2376

16.     Pension Technical Services, Inc. (d/b/a REPTECH Corp.)
        a Colorado corporation
        6400 South Fiddler's Green Circle, Suite 500
        Greenwood Village, CO  80111

17.     Pentec, Inc.
        a Connecticut corporation
        72 Queen Street
        Southington, CT  06489

18.     Pentec Capital Management, Inc.
        a Connecticut corporation
        72 Queen Street
        Southington, CT  06489
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Amendment No. 9 to Revolving Line of Credit and Term Loan Agreement Page 7 of 9

<PAGE>
19.     Southeastern Pension Services, Inc.
        a Florida corporation
        1525 International Parkway, Suite 2071
        Lake Mary, FL  32746

20.     Stephen H. Rosen & Associates, Inc.
        a New Jersey corporation
        89 North Haddon Avenue
        Haddonfield, NJ  08033

21.     The Pension Alliance, Inc.
        a Pennsylvania corporation
        2578 Interstate Drive, Suite 102
        Harrisburg, PA  17110

22.     The Pension Group, Inc.
        a California corporation
        23046 Avenida De La Carlota, Suite 500
        Laguna Hills, CA  92653

23.     Valley Forge Consulting Corporation
        a Pennsylvania corporation
        998 Old Eagle School Rd., Suite 1206
        Wayne, PA  19087

24.     Valley Forge Enterprises, Ltd. (f/k/a VFE Merger Corp.)
        a Pennsylvania corporation
        998 Old Eagle School Rd., Suite 1206
        Wayne, PA  19087

25.     VEBA Administrators, Inc. (d/b/a Benefit Planning, Inc.)
        a California corporation
        4640 Admiralty Way, 9th Floor
        Marina Del Rey, CA  90292

26.     V.F. Associates, Inc.
        a Pennsylvania corporation
        998 Old Eagle School Rd., Suite 1206
        Wayne, PA  19087

27.     V.F. Investment Services Corp.
        a Pennsylvania corporation
        998 Old Eagle School Rd., Suite 1206
        Wayne, PA  19087

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<PAGE>

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Amendment No. 9 to Revolving Line of Credit and Term Loan Agreement Page 9 of 9

<PAGE>Exhibit 4.69

          CONSENT AND AMENDMENT NO. 8 TO SECURITIES PURCHASE AND LOAN
                                   AGREEMENT

      This CONSENT AND AMENDMENT NO. 8 TO SECURITIES PURCHASE AND LOAN AGREEMENT
(this "Amendment") dated as of September 29, 2009, is by and among National
Investment Managers Inc.,  a Florida corporation (the "Company"), Woodside
Capital Partners IV, LLC ("Woodside IV"), Woodside Capital Partners IV QP, LLC
("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
Brother Commercial Bank) ("Woodside V QP", and together with Woodside IV, QP,
and Woodside V, the "Holders") and Woodside Agency Services, LLC as collateral
agent for the Holders (the "Collateral Agent").

      WHEREAS,  the Company, the Holders and the Collateral Agent are parties to
that certain Securities Purchase and Loan Agreement, dated November 30, 2007 (as
amended,  restated,  supplemented  or  otherwise modified from time to time, the
"Securities  Purchase Agreement"). Capitalized terms used but not defined herein
shall have the same meanings herein as in the Securities Purchase Agreement.

      WHEREAS,  the  Company  has  informed the Holders that the Company and the
Senior  Creditor  intend  to  modify  certain terms and conditions of the Senior
Documents  pursuant  to the agreements attached hereto as Exhibit A (the "Senior
Amendments").

      WHEREAS,  the  Company has requested that the Holders and Collateral Agent
(i)  consent to the Senior Amendments and (ii) agree to amend certain provisions
of the Securities Purchase Agreement.

      WHEREAS,  the  Holders and the Collateral Agent are willing to (i) consent
to the Senior Amendments and

(ii)  amend  certain  provisions  of  the Securities Purchase Agreement, in each
case,  subject  to  the  terms,  conditions  and  other provisions as more fully
provided herein.

      NOW, THEREFORE, in consideration of the mutual agreements contained in the
Securities   Purchase   Agreement,  herein  and  for  other  good  and  valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

      SECTION 1. CONSENT. The Collateral Agent and the Holders hereby consent to
the  Senior  Amendments; provided that, for the avoidance of doubt, any increase
to  the  Senior  Debt  provided in the Senior Amendments shall count towards the
Senior  Debt Cap (as defined in the Intercreditor Agreement) and the Senior Debt
Cap  shall  not  be  increased  as  a  result  of this Senior Amendments or this
Amendment.

<PAGE>
                                     - 2 -

      SECTION  2.  AMENDMENT  TO SECURITIES PURCHASE AGREEMENT. Section 9 of the
Securities  Purchase  Agreement  is  hereby  amended  by  deleting  Section 9.12
contained therein and substituting in lieu thereof the following:

            "9.12  Independent  Directors.  On or prior to (a) October 30, 2009,
      the  Company's  board  of  directors  shall  nominate  an  individual  for
      appointment  to  the  Company's  board of directors in accordance with the
      terms  of  its  Charter as an Independent Director that is satisfactory to
      the  Holders,  (b)  October 3, 2009, the Company shall have recommended to
      the  Holders an individual to be nominated as such an Independent Director
      and  (c) December 31, 2009, the Company shall have appointed or elected to
      its  board  of  directors  in  accordance with the terms of its Charter an
      Independent Director that is satisfactory to the Holders and, at all times
      thereafter,  at least one Independent Director that is satisfactory to the
      Holders shall be a member of the Company's board of directors."

      SECTION 3. PRESIDENT AND CHIEF OPERATING OFFICER. The Company, the Holders
and  the Collateral Agent hereby acknowledge and agree that it shall be an Event
of  Default  if  the  employment  of John Davis as President and Chief Operating
Officer   of   the  Company  shall  be  terminated  for  any  reason,  including
resignation, or if John Davis is otherwise legally restricted from acting as the
President  and  Chief Operating Officer of the Company, unless the Company shall
have  hired  a replacement President and Chief Operating Officer within 120 days
thereafter that is acceptable to the Majority Holders.

      SECTION 4. CONSENT AND AMENDMENT FEE. In consideration for the consent and
the  amendments provided by the Holders herein, the Company agrees to pay to the
Collateral  Agent,  for  the  pro  rata  account  of the Holders, a fee equal to
$17,500  (the "Fee"). The Fee shall be fully earned on the date hereof and shall
be due and payable in full (in cash) on the earlier of (a) the Maturity Date and
(b)  the  date  the  Notes  are  accelerated. Commencing on the date hereof, the
unpaid  portion  of the Fee outstanding from time to time shall bear interest at
the  same  rate  applicable  to  the  Notes  as  set forth in Section 3.5 of the
Securities  Purchase  Agreement, with such interest being due and payable at the
times set forth in Section 3.5 of the Securities Purchase Agreement.

      SECTION  5.  AFFIRMATION  AND  ACKNOWLEDGMENT  OF THE COMPANY. The Company
hereby  affirms its absolute and unconditional promise to pay to the Holders and
the  Collateral Agent all amounts due under the Securities Purchase Agreement as
amended  hereby  and  the Financing Agreements. The Company hereby confirms that
the  Obligations  are secured pursuant to the Security Documents and pursuant to
all  other  instruments  and  documents executed and delivered by the Company as
security for the Obligations.

      SECTION   6.   EFFECTIVENESS  OF  AMENDMENT.  The  parties  hereto  hereby
acknowledge  and  agree  that  this  Amendment  shall  become effective upon the
Collateral  Agent's receipt of (a) a copy of this Amendment duly executed by the
Company  and the Holders, (b) fully executed copies of the Senior Amendments and
(c) evidence satisfactory to the Collateral Agent that the terms of the existing
seller  subordinated  debt  have  been  modified in accordance with the proposed
amortization schedules presented by the Company to the Holders.

<PAGE>
                                     - 3 -

      SECTION  7.  RELEASE.  In  order  to  induce  the Collateral Agent and the
Holders  to  enter  into  this  Amendment,  the  Company  and  its  Subsidiaries
acknowledge and agree that: (a) the Company and its Subsidiaries do not have any
claim  or  cause of action against the Collateral Agent or any Holder (or any of
its  respective  directors,  officers, employees or agents); (b) the Company and
its  Subsidiaries  do  not have any offset right, counterclaim or defense of any
kind  against  any of its respective obligations, indebtedness or liabilities to
the Collateral Agent or any Holder; and (c) the Collateral Agent and each Holder
have  heretofore  properly performed and satisfied in a timely manner all of its
obligations   to   the  Company  and  its  Subsidiaries.  The  Company  and  its
Subsidiaries  wish  to eliminate any possibility that any past conditions, acts,
omissions,  events, circumstances or matters would impair or otherwise adversely
affect  the  Collateral  Agent's  or  any Holder's rights, interests, contracts,
collateral  security  or  remedies.  Therefore, the Company and its Subsidiaries
unconditionally   release,   waive   and  forever  discharge  (i)  any  and  all
liabilities,  obligations,  duties,  promises or indebtedness of any kind of the
Collateral  Agent  or any Holder to the Company and its Subsidiaries, except the
obligations  to  be  performed by the Collateral Agent or any Holder on or after
the  date  hereof as expressly stated in this Amendment, the Securities Purchase
Agreement  and  the  other  Financing  Agreements, and (ii) all claims, offsets,
causes  of  action,  suits  or defenses of any kind whatsoever (if any), whether
arising at law or in equity, whether known or unknown, which the Company and its
Subsidiaries  might  otherwise  have against the Collateral Agent, any Holder or
any of its directors, officers, employees or agents, in either case (i) or (ii),
on  account  of  any past or presently existing condition, act, omission, event,
contract,  liability, obligation, indebtedness, claim, cause of action, defense,
circumstance or matter of any kind.

         Section 8.       Miscellaneous Provisions.

      (a)  Except  as otherwise expressly provided by this Amendment, all of the
terms,  conditions  and  provisions  of  the Securities Purchase Agreement shall
remain  the  same.  It is declared and agreed by each of the parties hereto that
the  Securities  Purchase  Agreement,  as amended hereby, shall continue in full
force  and effect, and that this Amendment and the Securities Purchase Agreement
shall  be  read  and  construed  as  one  instrument.  Nothing contained in this
Amendment  shall  (i)  be  construed  to  imply a willingness on the part of the
Collateral  Agent  or the Holders to grant any similar or other future waiver or
amendment  of  any  of  the  terms  and  conditions  of  the Securities Purchase
Agreement or the other Financing Agreements or (ii) in any way prejudice, impair
or  effect  any  rights or remedies of the Collateral Agent or the Holders under
the Securities Purchase Agreement or the other Financing Agreements.

      (b)  The  Company hereby represents and warrants that, after giving effect
to  the  provisions  hereof: (i) its representations and warranties set forth in
the Securities Purchase Agreement are true in all material respects on and as of
the  date  hereof  as  if  made on such date (except to the extent that the same

<PAGE>
                                     - 4 -

expressly  relate  to  an  earlier  date  or are affected by the consummation of
transactions  permitted hereby or by the Securities Purchase Agreement); (ii) it
is  in  compliance in all material respects with all of the terms and provisions
set  forth  in  the  Securities Purchase Agreement on its part to be observed or
performed;  (iii) no Default or Event of Default has occurred and is continuing;
(iv)  since  the  date of the financial statements most recently provided to the
Collateral  Agent and the Holders by the Company, there has occurred no material
adverse  change in the assets or liabilities or the financial or other condition
of  the  Company  and  its Subsidiaries; (v) the Company and the Guarantors each
have  full  power  to  execute, deliver and perform their respective obligations
under  the  this  Amendment  and the execution, delivery and performance of this
Amendment has been authorized and directed by the appropriate parties; (vi) this
Amendment  constitutes  the  legal, valid and binding obligations of the Company
and  the  Guarantors, enforceable in accordance with their terms, subject to any
limitations  with  respect to enforcement that may be imposed in connection with
bankruptcy,  insolvency,  reorganization,  moratorium,  fraudulent conveyance or
transfer or other laws affecting the enforcement of creditor's rights generally,
and  general  principles of equity (regardless of whether considered and applied
in  a  proceeding  at  law  or  in  equity);  (vii)  the execution, delivery and
performance of this Amendment will not violate any provision of any existing law
or  regulation  applicable  to  the Company or any Guarantor or their respective
governing  documents  or  of  any  order  or  decree of any court, arbitrator or
governmental  authority  or  of any contractual undertaking to which either is a
party  or  by  which  either  may  be  bound;  and (viii) no consents, licenses,
approvals  or authorizations of, exemptions by or registrations or filings with,
any governmental authority are required with respect to this Amendment.

      (c) If the Company fails to comply with any of the terms and conditions of
this Amendment, such failure shall constitute a default under this Amendment and
an  immediate  Event  of Default under the Securities Purchase Agreement and the
other Financing Agreements.

      (d)  This  Amendment  shall  constitute  a  Financing  Agreement under the
Securities  Purchase  Agreement,  and all obligations included in this Amendment
(including,  without  limitation,  all obligations for the payment of principal,
interest,  fees,  and  other  amounts and expenses) shall constitute Obligations
under  the  Securities  Purchase  Agreement  and  be  secured  by the collateral
security for such Obligations.

      (e)  This Amendment is made in the Commonwealth of Massachusetts and shall
be  construed  in  accordance  with  its  laws  without  regard to principles of
conflicts  of  laws.  If any provision hereof is in conflict with any statute or
rule of law of the Commonwealth of Massachusetts or any other statute or rule of
law  of  any  other  applicable jurisdiction or is otherwise unenforceable, such
provisions  shall be deemed null and void only to the extent of such conflict or
unenforceability  and shall be deemed separate from and shall not invalidate any
other provision of this Amendment. This Amendment may be signed in counterparts,
each of which shall be deemed an original and all of which, when taken together,
shall  constitute one and the same instrument. Signatures delivered by facsimile
or  electronic  transmission  shall  have  the same force and effect as original
signatures delivered in person.

<PAGE>
                                     - 5 -

      (f) The Company hereby agrees to pay to the Collateral Agent, on demand by
the  Collateral  Agent, all reasonable out-of-pocket costs and expenses incurred
or  sustained by the Collateral Agent in connection with the preparation of this
Amendment  and  any  documentation  executed  in  connection with this Amendment
(including reasonable legal fees).

DB1/63714055.2
<PAGE>

      IN  WITNESS WHEREOF, the parties hereto have executed this Amendment under
seal as of the date first written above.

NATIONAL INVESTMENT MANAGERS INC.

By: /s/ Steven J. Ross
    ----------------------
Name: Steven J. Ross
Title: CEO

DB1/63714055.2
<PAGE>

    WOODSIDE CAPITAL PARTNERS IV, LLC, as a Holder

             By: Woodside Opportunity Partners, LLC, its Manager
             By: Woodside Capital Management, LLC, its Manager

             By: /s/ Daphne J. Firth
                  Name: Daphne J. Firth
                  Title: EVP

    WOODSIDE CAPITAL PARTNERS IV QP, LLC, as a Holder

             By: Woodside Opportunity Partners, LLC, its Manager

    WOODSIDE CAPITAL PARTNERS V, LLC, as a Holder

             By: Woodside Opportunity Partners II, LLC, its Manager By: Woodside
                 Capital Management, LLC, its Manager

             By: /s/ Daphne J. Firth
                  Name: Daphne J. Firth
                  Title: EVP

    WOODSIDE CAPITAL PARTNERS V QP, LLC, as a Holder

             By: Woodside Opportunity Partners II, LLC, its Manager By: Woodside
                 Capital Management, LLC, its Manager

             By: /s/ Daphne J. Firth
                  Name: Daphne J. Firth
                  Title: EVP

DB1/63714055.2
<PAGE>

                          GUARANTORS' ACKNOWLEDGEMENT

      Each of the undersigned Guarantors hereby (a) acknowledges and consents to
the  foregoing  Amendment  and  the  Company's  execution thereof; (b) joins the
foregoing   Amendment;  (c)  ratifies  and  confirms  all  of  their  respective
obligations  and liabilities under the Financing Agreements to which any of them
is  a  party  and  ratifies  and  confirms that such obligations and liabilities
extend  to and continue in effect with respect to, and continue to guarantee and
secure,  as  applicable, the Obligations under the Securities Purchase Agreement
and other Financing Agreements; (d) acknowledges and confirms that the liens and
security  interests  granted pursuant to the Security Documents are and continue
to  be  valid  and  perfected  first  priority liens and security interests that
secure   all  of  the  Obligations  on  and  after  the  date  hereof;  and  (e)
acknowledges,  affirms  and  agrees  that, as of the date hereof, such Guarantor
does not have any defense, claim, cause of action, counterclaim, offset or right
of recoupment of any kind or nature against any of their respective obligations,
indebtedness or liabilities to the Collateral Agent or any Holder.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

DB1/63714055.2
<PAGE>

                        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 CONSULTING   CORPORATION

                        By:      /s/ Steven J. Ross
                        Name:  Steven J. Ross
                        Title:     CEO

DB1/63714055.2

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