Document:

NON-COMPETITION, NON-DISCLOSURE
                                       AND
                           NON-SOLICITATION AGREEMENT

         THIS  NON-COMPETITION,  NON-DISCLOSURE AND  NON-SOLICITATION  AGREEMENT
("Agreement"),  dated as of  October  3, 2006  (the  "Effective  Date"),  by and
between THE LAMCO GROUP, INC. ("Lamco") and Nicholas J. Lamoriello ("Lamoriello"
and  collectively  with Lamco,  the "Seller") and National  Investment  Managers
Inc., a Florida corporation ("NIM").

RECITALS

      A. Pursuant to that certain Stock Purchase Agreement,  dated as of October
3, 2006,  by and among NIM and Seller,  Lamoriello & Co.,  Inc.,  a  corporation
organized  under the laws of Rhode  Island  ("LCI"),  Circle  Pension,  Inc.,  a
corporation  organized under the laws of New York ("CPI"), and Southeast Pension
Services,  Inc., a corporation  organized under the laws of Florida ("SPSI," and
together with LCI and CPI, the  "Companies")  (the  "Purchase  Agreement"),  the
Companies are being  acquired by NIM.  Capitalized  terms not otherwise  defined
herein shall have the meanings ascribed to such terms in the Purchase Agreement.

      B.  Lamco has been a  principal  shareholder  and  Lamoriello  has been an
officer,  director and employee of Companies  for many years and have  developed
and  received  special,  unique and  extraordinary  knowledge,  information  and
goodwill in connection therewith.

      C. It is a condition  precedent to the  consummation  of the  transactions
contemplated by the Purchase  Agreement,  and an inducement to NIM to enter into
the  Purchase  Agreement  and effect the  purchase  of the  Companies  and their
respective  businesses thereunder and the goodwill represented thereby, that the
parties hereto execute and deliver this Agreement.

         NOW,  THEREFORE,  in  consideration  of the foregoing  premises and for
other good and valuable  consideration,  the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

1 Non-Competition; Non-Solicitation. Commencing on the date hereof and ending on
the last day of the Restricted  Period (as defined below),  Seller covenants and
agrees that Seller will not,  without NIM's prior written  consent,  directly or
indirectly, either on behalf of himself or on behalf of any business venture, as
an employee,  consultant,  partner, principal,  stockholder,  officer, director,
trustee, agent, or otherwise (other than on behalf of NIM or its Affiliates):

<PAGE>

      (A) Engage in the business of providing  record-keeping and administrative
services  for  retirement  plans and sales of  insurance  products to clients of
third party administrators (the "Restricted Business") anywhere in the Territory
(as defined  below),  or be employed by, engage or participate in the ownership,
management,  operation or control of, or act in any advisory, expert, consulting
or other  capacity  for,  any entity or  individual  engaged  in the  Restricted
Business  anywhere  in the  geographical  area  within  the United  States  (the
"Territory");

      (B) solicit or divert any  Restricted  Business or any customer  receiving
Restricted  Business  services from NIM or its  Affiliates or assist any person,
firm, corporation or other entity in doing so or attempting to do so;

      (C) cause or seek to cause any person, firm or corporation to refrain from
dealing or doing business with NIM or its Affiliates  with respect to Restricted
Business or assist any person, firm, corporation or other entity in doing so; or

      (D)  hire,  solicit  or  divert  from NIM or its  Affiliates  any of their
respective  employees,  consultants  or agents who have,  at any time during the
immediately  preceding  one (1) year  period  from the date hereof or during the
Restricted Period, been engaged by NIM or its Affiliates, nor assist any person,
firm, corporation or other entity in doing so.

      As used in this  Agreement,  the term  "Affiliates"  shall mean any entity
controlling,  controlled by or under the common  control of NIM. For the purpose
of this  Agreement,  "control"  shall mean the direct or indirect  ownership  of
fifty (50%) percent or more of the outstanding  shares or other voting rights of
an entity or possession, directly or indirectly, of the power to direct or cause
the direction of management and policies of an entity.

      As used in this Agreement, "Restricted Period" means the period commencing
on the date  hereof and ending on the later of (i) three (3) years from the date
hereof or (ii) two (2) years from the date of Seller's termination of employment
or consulting period with NIM, or any Affiliate of NIM, for any reason.

2 Nondisclosure.  Seller understands and agrees that the business of NIM and its
Affiliates  is based upon  specialized  work and  Confidential  Information  (as
hereinafter  defined).  Seller agrees that following the termination of Seller's
employment  or  consulting  period with NIM or any  Affiliate of NIM and for all
times  thereafter,  he shall keep secret all such  Confidential  Information and
that he will not,  directly  or  indirectly,  use for his own benefit or for the
benefit of others nor  Disclose  (as  hereinafter  defined),  without  the prior
written  consent of NIM, any  Confidential  Information.  At any time upon NIM's
request,  Seller shall turn over to NIM all books,  notes,  memoranda,  manuals,
notebooks,  records and other documents made,  compiled by,  delivered to, or in
the possession or control of Seller  containing or concerning  any  Confidential
Information,  including all copies thereof, in any form or format, including any
computer  hard disks  containing  Confidential  Information,  wherever  located,
containing  any  such  information,  it  being  agreed  that  the  same  and all
information contained therein are at all times the exclusive property of NIM and
its Affiliates; provided, however, in the event that computer hard disks contain
Confidential Information as well as information confidential to the Seller, then
Seller shall make copies of all  Confidential  Information on such computer hard
disks and return such copies to NIM and delete the Confidential Information from
such computer hard disks.

                                       2
<PAGE>

      As used in this Agreement,  the term "Confidential  Information" means any
information or compilation of information  not generally  known to the public or
the industry,  that is proprietary or confidential to NIM, its Affiliates and/or
those doing business with NIM and/or its  Affiliates,  including but not limited
to know-how, process, techniques, methods, plans, specifications, trade secrets,
patents,  copyrights,  supplier lists, customer lists, mailing lists,  financial
information,  business plans and/or  policies,  methods of operation,  sales and
marketing plans and any other information acquired or developed by Seller in the
course of his past,  present and future  dealings  with NIM and its  Affiliates,
which is not available to the public.

      "Confidential  Information"  does not  include any  information,  datum or
fact: (a) currently  available to the public as of the date hereof; (b) after it
becomes  available  to the public  other than as a result of a breach  hereof or
other wrongful conduct by Executive; (c) after it becomes available to Executive
on a  nonconfidential  basis from a source other than NIM or its Affiliates or a
person  or  entity  breaching  his or its  confidentiality  agreement  or  other
relationship  of  confidence  with  NIM or  its  Affiliates;  or  (d)  developed
independently  by Seller  without  any  reference  to or use  whatsoever  of any
Confidential Information of NIM or its Affiliates.

      As used in this Agreement,  the term "Disclose" means to reveal,  deliver,
divulge, disclose, publish, copy, communicate,  show, allow or permit access to,
or otherwise make known or available to any third party, any of the Confidential
Information.

3 Covenants of NIM.  NIM, for itself and its  affiliates,  hereby  covenants and
agrees that it and they will not, during the Restricted Period hire,  solicit or
divert from Lamco Advisory Services,  Inc., an affiliate of Seller ("Advisory"),
any of its  respective  employees,  consultants  or agents who have, at any time
during the  immediately  preceding  one (1) year  period from the date hereof or
during the Restricted Period,  been engaged by Advisory,  nor assist any person,
firm, corporation or other entity in doing so.

4 Blue Pencil Doctrine. In the event that the restrictive covenants contained in
Sections 1, 2 and/or 3 of this Agreement  shall be found by a court of competent
jurisdiction  to  be  unreasonable  by  reason  of  such  restrictive  covenants
extending for too great a period of time or over too great a geographic  area or
by  reason  of such  restrictive  covenants  being  too  extensive  in any other
respect,  then such restrictive covenant shall be deemed modified to the minimum
extent  necessary to make such restrictive  covenant  reasonable and enforceable
under the circumstances.

5 Injunctive  Relief. If any party shall breach or threaten to breach any of the
provisions of Sections 1, 2 and/or 3 hereof, in addition to and without limiting
any other remedies available at law or in equity, the non-breaching  party shall
be entitled to seek immediate injunctive relief in any court having jurisdiction
to restrain any such breach or threatened  breach and to enforce the  provisions
of Section 1, 2 and/or 3, as the case may be. The parties  acknowledge and agree
that there is no adequate remedy at law for any such breach or threatened breach
and, in the event that any proceeding is brought seeking  injunctive relief, the
breaching  party  shall not use as a defense  thereto  that there is an adequate
remedy at law.

                                       3
<PAGE>

6  Reasonableness  of  Covenants.   Seller  acknowledges  and  agrees  that  the
restrictive  covenants contained in this Agreement are a necessary inducement to
Purchaser  purchasing  Seller's ownership interests in NIM and its subsidiaries,
and that the scope  (geographic  and  otherwise)  and period of  duration of the
restrictive  covenants  contained in this Agreement are both fair and reasonable
and that the  interests  sought to be protected by NIM are  legitimate  business
interests entitled to be protected.  Seller further acknowledges and agrees that
NIM would not have  purchased  Seller's  ownership  interests  in the  Companies
pursuant to the Purchase  Agreement  unless Seller entered into this  Agreement.
NIM acknowledges and agrees that the restrictive  covenants set forth in Section
3 hereof  are a  necessary  inducement  to  Seller  entering  into the  Purchase
Agreement and other agreements  executed in connection  therewith,  and are fair
and  reasonable  in scope  and  duration,  and that the  interests  sought to be
protected by Seller are legitimate business interests entitled to protection.

7 General Provisions.

      (A) Entire Agreement. This Agreement, together with the Purchase Agreement
and any other agreements  contemplated thereby,  contain the entire agreement of
the parties hereto with respect to the subject matter hereof,  and supersede all
prior or contemporaneous  agreements and understandings,  oral or written, among
the parties  hereto and thereto  with respect to the subject  matter  hereof and
thereof.

      (B)  Amendment;  Waiver.  No amendment or waiver of any  provision of this
Agreement  shall be effective  unless the same shall be in writing and signed by
all of the parties and then such waiver  shall only be effective in the specific
instance and for the specific purpose for which it was given.

      (C) Notices.  All notices and other  communications  under this  Agreement
shall be in writing and shall be given in accordance with the notice  provisions
of the Purchase Agreement.

      (D)  Assignment.  This  Agreement  shall be binding  upon and inure to the
benefit  of  the   parties   hereto  and  their   respective   heirs,   personal
representative(s),  successors  and  permitted  assigns.  This  Agreement may be
assigned to, and thereupon shall inure to the benefit of, any organization which
succeeds  to  substantially  all of the  business  or assets  of NIM or  Seller,
whether by means of merger,  consolidation,  acquisition of all or substantially
all of the assets of NIM or Seller or otherwise,  including, without limitation,
by operation of law.

                                       4
<PAGE>

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

(F)  Recovery of  Attorneys'  Fees and Costs.  If any action for breach of or to
enforce the provisions of this Agreement is commenced,  the court in such action
shall award to the party in whose favor a judgment is entered,  a reasonable sum
as attorneys'  fees and costs.  Such  attorneys' fees and costs shall be paid by
the non-prevailing party in such action.

(G) Headings.  The headings to the paragraphs of this Agreement are intended for
the  convenience  of the  parties  only and shall in no way be held to  explain,
modify, amplify or aid in the interpretation of the provisions hereof.

(H) Severability. The provisions of this Agreement shall be deemed severable and
if any portion hereof shall be held invalid,  illegal or  unenforceable  for any
reason by a court of competent jurisdiction,  the remainder shall not thereby be
invalidated but shall remain in full force and effect.

(I) Counterparts.  This Agreement may be executed in counterparts, each of which
shall be deemed an original but all of which together  shall  constitute one and
the same  agreement.  In  addition,  the parties may execute  multiple  original
copies of this Agreement, each of which shall be considered an original, but all
of which shall be considered the same Agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       5
<PAGE>

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

                                         NATIONAL INVESTMENT MANAGERS INC.

                                         By: /s/Leonard A. Neuhaus
                                         Name: Leonard A. Neuhaus
                                         Title: COO/CFO

                                         /s/Nicholas J. Lamoriello
                                         Nicholas J. Lamoriello

                                         LAMCO GROUP, INC.

                                         By: /s/Nicholas J. Lamoriello
                                         Name: Nicholas J. Lamoriello
                                         Title: President

                                [SIGNATURE PAGE -
                       NON-COMPETITION, NON-DISCLOSURE AND
                           NON-SOLICITATION AGREEMENT]

                                       6JOINDER AGREEMENT
                                -----------------

         THIS JOINDER IN  SUBSIDIARY  GUARANTY,  MASTER  SECURITY  AGREEMENT AND
STOCK PLEDGE  AGREEMENT  (this  "Joinder")  is executed as of October 3, 2006 by
Lamoriello  & Co.,  Inc.  a  Rhode  Island  corporation  ("Lamoriello"),  Circle
Pension,  Inc., a New York  corporation  ("Circle"),  and  Southeastern  Pension
Services,  Inc., a Florida corporation  ("SPS")  (individually and collectively,
"Joining  Party"),  and delivered to Laurus Master Fund,  Ltd., a Cayman Islands
company (the "Purchaser"). Except as otherwise defined herein, terms used herein
and defined in the November Purchase  Agreement (as defined below) shall be used
herein as therein defined.

                              W I T N E S S E T H:

         WHEREAS, National Investment Managers, Inc., a Florida corporation (the
"Company"),  certain Subsidiaries of the Company and the Purchaser, have entered
into (a) that certain Securities Purchase  Agreement,  dated as of March 9, 2005
(as amended,  modified or  supplemented  from time to time, the "March  Purchase
Agreement");  (b)  that  certain  Securities  Purchase  Agreement,  dated  as of
November 30, 2005 (as amended,  modified or supplemented  from time to time, the
"November Purchase Agreement"); (c) that certain Subsidiary Guaranty dated as of
March 10,  2005,  made by certain  Subsidiaries  in favor of the  Purchaser  (as
amended, modified or supplemented from time to time, the "Subsidiary Guaranty");
(d) that certain Master  Security  Agreement  dated as of March 10, 2005 made by
the Company and certain  subsidiaries  in favor of the  Purchaser  (as  amended,
modified or supplemented  from time to time, the "Master  Security  Agreement"),
(e) that certain  Stock Pledge  Agreement  dated as of March 7, 2005 made by the
Company  and  certain  Subsidiaries  in  favor  of the  Purchaser  (as  amended,
modified,  or supplemented from time to time, the "Stock Pledge  Agreement") and
(f) that certain  Securities  Purchase  Agreement,  dated as of May 30, 2006 (as
amended,  modified,  or  supplemented  from  time to  time,  the  "May  Purchase
Agreement"), and

         WHEREAS,  the Joining  Party is a direct or indirect  Subsidiary of the
Company and  desires,  or is required  pursuant to the  provisions  of the March
Purchase Agreement, the November Purchase Agreement, the May Purchase Agreement,
and Master  Security  Agreement  to become,  a  Guarantor  under the  Subsidiary
Guaranty,  an Assignor under the Master  Security  Agreement and a Pledgor under
the Stock Pledge Agreement;

         NOW,  THEREFORE,  in  consideration of the foregoing and other benefits
accruing to the Joining Party,  the receipt and  sufficiency of which are hereby
acknowledged,  the Joining Party hereby makes the following  representations and
warranties to the  Purchaser and hereby  covenants and agrees with the Purchaser
as follows:

         NOW, THEREFORE, the Joining Party agrees as follows:

         1. By this  Joinder,  the Joining Party becomes (i) a Guarantor for all
purposes under the Subsidiary Guaranty,  (ii) an Assignor for all purposes under
the Master  Security  Agreement  and (iii) a Pledgor for all purposes  under the
Stock Pledge Agreement.

<PAGE>
                                                                          Page 2

         2. The Joining Party agrees that,  upon its execution  hereof,  it will
become a Guarantor,  jointly and severally with the other Guarantors,  under the
Subsidiary  Guaranty  with  respect  to  all  Obligations  (as  defined  in  the
Subsidiary  Guaranty),  and will be bound by all  terms,  conditions  and duties
applicable to a Guarantor  under the  Subsidiary  Guaranty,  the March  Purchase
Agreement and the other Related Agreements, as such term is defined in the March
Purchase  Agreement  (the "March  Related  Agreements"),  the November  Purchase
Agreement and other  Related  Agreements as such term is defined in the November
Purchase  Agreement (the "November Releated  Agreements"),  and the May Purchase
Agreement  and the other  Related  Agreements as such term is defined in the May
Purchase  Agreement (the "May Related  Agreements").  Without  limitation of the
foregoing,  and in furtherance  thereof,  the Joining Party  unconditionally and
irrevocably, and jointly and severally,  guarantees the due and punctual payment
and performance of all  Obligations  (on the same basis as the other  Guarantors
under the Subsidiary Guaranty).

         3. The Joining Party agrees that,  upon its execution  hereof,  it will
become a Pledgor under, and as defined in, the Stock Pledge Agreement,  and will
be  bound ,  jointly  and  severally  with the  other  Pledgors,  by all  terms,
conditions and duties  applicable to a Pledgor under the Stock Pledge Agreement.
Without limitation of the foregoing and in furtherance  thereof, as security for
the due and punctual payment of the Indebtedness (as defined in the Stock Pledge
Agreement), the Joining Party hereby pledges, hypothecates,  assigns, transfers,
sets over and delivers to the  Purchaser  grants to the  Purchaser,  jointly and
severally  with the other  Pledgors,  a security  interest in all Collateral (as
defined  in the Stock  Pledge  Agreement),  if any,  now owned or, to the extent
provided in the Stock Pledge Agreement, hereafter acquired by it.

         4. The Joining Party agrees that,  upon its execution  hereof,  it will
become an Assignor under, and as defined in, the Master Security Agreement,  and
will be bound,  jointly and severally  with the other  Assignors,  by all terms,
conditions  and duties  applicable  to an  Assignor  under the  Master  Security
Agreement.  Without limitation of the foregoing and in furtherance  thereof,  as
security for the due and punctual  payment of the Obligations (as defined in the
Master  Security  Agreement),  the Joining Party hereby  pledges,  hypothecates,
assigns,  transfers,  sets over and delivers to the  Purchaser and grants to the
Purchaser,  jointly and severally with the other Assignors,  a security interest
in all Collateral  (as defined in the Master  Security  Agreement),  if any, now
owned or, to the extent  provided in the Master  Security  Agreement,  hereafter
acquired by it.

         5. In  connection  with the grant by the  Joining  Party,  pursuant  to
paragraphs 3 and 4 above, of a security interest in all of its right,  title and
interest in the Collateral (as defined in each of the Master Security  Agreement
and the Stock Pledge Agreement) in favor of the Purchaser, the Joining Party (i)
agrees to deliver to the Purchaser,  together with the delivery of this Joinder,
each of the items  specified  in Section 3 of the Stock Pledge  Agreement,  (ii)
agrees to execute (if  necessary)  and deliver to the Purchaser  such  financing
statements, in form acceptable to the Purchaser, as the Purchaser may request or
as are  necessary or desirable in the opinion of the  Purchaser to establish and
maintain a valid, enforceable, first priority perfected security interest in the
Collateral  (as defined in each of the Master  Security  Agreement and the Stock
Pledge Agreement) owned by the Joining Party,  (iii) authorizes the Purchaser to
file any such  financing  statements  without the signature of the Joining Party
where  permitted  by law  (such  authorization  includes  a  description  of the
Collateral  as "all assets and all personal  property,  whether now owned and/or
hereafter  acquired" of the Joining Party all assets and all personal  property,
whether now owned  and/or  hereafter  acquired"  (or any  substantially  similar
variation  thereof))  and (iv) agrees to execute  and  deliver to the  Purchaser
assignments  of  United  States  trademarks,  patents  and  copyrights  (and the
respective applications therefor) to the extent requested by the Purchaser.

<PAGE>
                                                                          Page 3

         6. Without  limiting the foregoing,  the Joining Party hereby,  jointly
and  severally,  makes  and  undertakes,  as the  case  may be,  each  covenant,
representation  and warranty made by, and as (i) each Guarantor  pursuant to the
Subsidiary  Guaranty,  (ii)  each  Assignor  pursuant  to  the  Master  Security
Agreement and (iii) each Pledgor pursuant to the Stock Pledge Agreement, in each
case as of the date  hereof  (except to the extent  any such  representation  or
warranty relates solely to an earlier date in which case such representation and
warranty  shall be true and correct as of such earlier  date),  and agrees to be
bound, jointly and severally, by all covenants,  agreements and obligations of a
Guarantor,  Assignor and Pledgor  pursuant to the  Subsidiary  Guaranty,  Master
Security Agreement and Stock Pledge Agreement, respectively, and all other March
Related  Agreements,  November Related  Agreements and May Related Agreements to
which it is or becomes a party.

         7. Each of Schedules  4.2,  4.6,  4.7, 4.14 and 6.12(e) of the November
Purchase  Agreement is hereby  amended by  supplementing  such Schedule with the
information for the Joining Party contained on Schedules 4.2, 4.6, 4.7, 4.14 and
6.12(e)  attached hereto as Annex I. Schedule A to the Stock Pledge Agreement is
hereby  amended by  supplementing  such  Schedule with the  information  for the
Joining Party  contained on Schedule A attached hereto as Annex II. In addition,
Schedule A to the Master Security  Agreement is hereby amended by  supplementing
such Schedule with the information for the Joining Party contained on Schedule A
attached hereto as Annex III.

         8. This  Joinder  shall be binding  upon the  parties  hereto and their
respective  successors  and permitted  assigns and shall inure to the benefit of
and be  enforceable  by each  of the  parties  hereto  and  its  successors  and
permitted assigns,  provided,  however,  the Joining Party may not assign any of
its  rights,  obligations  or  interest  hereunder  or under the March  Purchase
Agreement,  any other March Related Agreement,  the November Purchase Agreement,
any other November  Related  Agreement  without the prior written consent of the
Purchaser or as otherwise permitted by the March Purchase  Agreement,  any March
Related  Agreement,  the November  Purchase  Agreement,  or any November Related
Agreement.  THIS JOINDER SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE  WITH AND
GOVERNED  BY THE LAW OF THE STATE OF NEW YORK.  This  Joinder may be executed in
any number of counterparts, each of which shall be an original, but all of which
shall constitute one instrument. In the event that any provision of this Joinder
shall prove to be invalid or unenforceable, such provision shall be deemed to be
severable  from the other  provisions of this Joinder which shall remain binding
on all parties hereto.

         9. From and after the  execution  and  delivery  hereof by the  parties
hereto,  this Joinder shall constitute a "Related Agreement" for all purposes of
the  March  Purchase  Agreement,  the March  Related  Agreements,  the  November
Purchase Agreement, the November Related Agreements,  the May Purchase Agreement
and the May Related Agreements.

         11. The effective date of this Joinder is October 3, 2006.

                                      * * *

<PAGE>
                                                                          Page 4

         IN WITNESS  WHEREOF,  the Joining  Party has caused this  Joinder to be
duly executed as of the date first above written.

                                          JOINING PARTIES:

                                          LAMORIELLO & CO., INC.

                                          By: /s/Leonard A. Neuhaus
                                              Name: Leonard A. Neuhaus
                                              Title: COO/CFO

                                          CIRCLE PENSION, INC.

                                          By: /s/Leonard A. Neuhaus
                                              Name: Leonard A. Neuhaus
                                              Title: COO/CFO

                                          SOUTHEASTERN PENSION SERVICES, INC.

                                          By: /s/Leonard A. Neuhaus
                                              Name: Leonard A. Neuhaus
                                              Title: COO/CFO

<PAGE>
                                                                          Page 5

                                    Accepted and Acknowledged by:

LAURUS MASTER FUND, LTD.

By: /s/Eugene Grin
     Name: Eugene Grin
     Title: Director

<PAGE>
                                                                          Page 6

                                                                         ANNEX I

<PAGE>
                                                                          Page 7

                                                                        ANNEX II

<PAGE>
                                                                          Page 8

                                                                       ANNEX III

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