Document:

EMPLOYMENT AGREEMENT

      Employment Agreement ("Agreement"),  dated as of February 28, 2007, by and
among Michael E. Callahan,  an individual with an address at 155 Wild Oak Drive,
Southington,  CT 06489 ("Executive"),  Pentec,  Inc., a Connecticut  corporation
with its principal office located at 72 Queen Street,  Southington,  Connecticut
06489 ("Pentec"), and Pentec Capital Management, Inc., a Connecticut corporation
with its principal office located at 72 Queen Street,  Southington,  Connecticut
06489 ("PCM", and collectively with Pentec, the "Company").

                                    RECITALS

      A. Pursuant to that certain Stock Purchase Agreement by and among National
Investment  Managers Inc.  ("NIM"),  Pentec,  PCM, and Michael E. Callahan dated
February  28,  2007  (the  "Purchase  Agreement"),  contemporaneously  with  the
execution of this Agreement, NIM has acquired the Company.

      B. Pursuant to the Purchase Agreement,  NIM has agreed to cause Pentec and
PCM to retain Executive as an employee during the Term (as defined below).

      C.  Executive  desires to be employed by the Company  during the Term, all
upon the terms and conditions set forth herein.

      NOW, THEREFORE, the Company and Executive agree as follows:

1     Engagement;  Duties. Subject to the terms and conditions set forth herein,
      the Company shall employ Executive, and Executive shall serve the Company,
      as Vice  President of PCM and Vice President of Pentec during the Term (as
      defined in Section 2). In such  capacity,  Executive  shall perform duties
      and be assigned  responsibilities  that are substantially similar to those
      performed by the Executive immediately prior to the date hereof and as may
      be assigned to Executive from time to time. During the Term, the Executive
      shall report to the Chief Executive Officer and Chief Operating Officer of
      NIM. During the Term,  Executive shall use Executive's  reasonable efforts
      to promote the interests of the Company,  shall perform Executive's duties
      faithfully and diligently,  consistent  with sound business  practices and
      shall  devote  Executive's  "full  business  time" to the  performance  of
      Executive's  duties for the Company in  accordance  with the terms hereof;
      provided,  however,  that Executive shall be entitled to spend up to 5% of
      his time on other business ventures. For purposes of this Section 1, "full
      business  time"  shall mean an average of forty (40) hours per week during
      the Term (as defined below).

2     Term. Unless this Agreement is terminated  pursuant to Section 5, the term
      of this Agreement ("Term") shall be for a period of two (2) years.

3     Compensation.  As  consideration  for  the  performance  by  Executive  of
      Executive's  obligations  under  this  Agreement,  the  Company  shall pay
      Executive a base salary, commissions and a bonus as follows:

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      (A) During the Term,  the Company shall pay Executive a base salary ("Base
Salary") at the annual rate equal to One Hundred Thousand Dollars ($100,000).

      (B) The Base  Salary  shall be payable in  accordance  with the  Company's
normal  payroll  policy.  The  Company  shall  deduct  from the Base  Salary any
federal, state or local withholding taxes, social security contributions and any
other  amounts  which may be  required to be deducted or withheld by the Company
pursuant to any federal, state or local laws, rules or regulations.

      (C) Executive shall be entitled to commissions ("Commissions") from PCM in
connection  with sales of securities  and  insurance-related  products,  and the
provision of investment advice and consulting services,  performed by the Seller
on behalf of PCM.  These  Commissions  shall be equal to 40% of net  commissions
generated (i.e., net of fees paid to brokers);  provided,  however,  that in the
case of Commissions relating to the Seller's personal account, these Commissions
shall be equal to 100% of net commissions  generated  (i.e., net of fees paid to
brokers).

      (D)  In  the  event  that  Executive  assists  NIM  in  finding  potential
acquisition or strategic  investment  targets,  Executive shall be entitled to a
payment in the  amount of  $20,000  ("Bonus")  upon the  completion  of any such
transaction; provided, however, Executive shall not be entitled to such Bonus in
connection with acquisitions or strategic investment targets that are already in
negotiation on the date hereof, or were introduced by a third party.

4     Reimbursement of Expenses; Fringe Benefits.

      (A) Expenses.  During the Term, the Company shall reimburse  Executive for
ordinary  and  necessary   business   expenses  incurred  by  Executive  in  the
performance of Executive's duties on behalf of the Company;  provided,  however,
that any such  expenses in excess of $250 are  approved in advance in writing by
the Chief Financial Officer of NIM.  Notwithstanding the foregoing,  the Company
shall  reimburse  Executive for any  professional  dues and licensing  fees that
Executive shall be required to maintain.

      (B) Fringe Benefits. During the Term, Executive shall be entitled to those
fringe  benefits and  perquisites  that are provided to other  executives of the
Company  generally,  including  any health or other  insurance,  pension  and/or
retirement,  or  welfare  plan.   Notwithstanding  the  foregoing,  the  parties
acknowledge  and agree that Executive  shall not be entitled to fringe  benefits
and perquisites identified as non-recurring on Exhibit A annexed hereto.

      (C) Vacation.  Executive shall be entitled to four (4) weeks paid vacation
days during each calendar year of the Term,  pro-rated for any partial  calendar
year, at such times as are mutually agreed upon by Executive and NIM.

5     Termination.  The Company may terminate this  Agreement  upon  Executive's
      death,  and may terminate this Agreement at any earlier time at the option
      of the Company due to  Executive's  Disability  (as defined  below) or for
      Cause (as defined  below).  Executive may terminate  this Agreement at any
      time for Good Reason (as defined below).

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<PAGE>

      (A) As used in this Agreement:

            (i)  The  term   "Disability"   means  the  inability  of  Executive
substantially to perform Executive's duties and obligations under this Agreement
for ninety (90)  consecutive  days or ninety (90) days in any one hundred eighty
(180)-day period because of any mental or physical incapacity.

            (ii) The term "Cause"  means (A) any act by Executive  that damages,
in any material respect, the reputation,  business or business  relationships of
the Company,  (B) any action by Executive  that  constitutes a fraud against the
Company,  (C) the  conviction  of  Executive  of a  misdemeanor  or felony,  (D)
Executive's  refusal or failure to perform Executive's duties that continues for
a period of ten (10)  business  days after  notice of such refusal or failure is
given by the Company to Executive,  (E) any material breach by Executive of this
Agreement or any other  agreement  between  Executive  and the  Company,  or any
affiliate of the Company,  that continues for a period of ten (10) business days
after  notice of such  breach is given by the Company to  Executive,  or (F) any
failure by Executive to maintain Executive's securities  registrations and other
regulatory licenses and authorizations  (other than insurance licenses in states
other than Connecticut),  including without limitation, any willful violation of
applicable  laws,  rules  or  regulations  by  Executive  that  results  in  the
suspension or revocation of such registrations, licenses or authorizations.

            (iii)  The term  "Good  Reason"  shall  mean (A) the  breach  by the
Company of this Agreement, the Purchase Agreement or any other agreement entered
into in connection with the transactions  contemplated by the Purchase Agreement
(collectively, the "Other Agreements"),  including the failure by the Company to
make payments required to be made to Executive under this Agreement or the Other
Agreements,  and the failure to cure such breach  within  thirty (30) days after
receipt of written  notice  thereof from  Executive,  (B) the  imposition by the
Company of a  requirement  that the  principal  office of the Company from which
Executive will perform  services under this Agreement be located  anywhere other
than in  Connecticut,  New York City or Boston,  unless such  relocation  of the
principal office of the Company is agreed to in writing by the Executive,  (C) a
material  and adverse  change in  Executive's  position  (D) at any time after a
Change in Control, Pentec or PCM is required to include any proprietary products
in its product offerings to customers, and such proprietary products account for
more than ten percent (10%) of the revenues  generated by all product  offerings
or (E) the Company terminates  Executive for Cause and Executive later obtains a
final  non-appealable  decision  from a court of competent  jurisdiction  to the
effect that the Company was not entitled to terminate Executive's employment for
"Cause" at the time of such purported termination.

            (iv) The term  "Termination  Date"  shall  mean the  earlier  of the
expiration  of  this  Agreement  or  the  effective  date  of the  Company's  or
Executive's termination of this Agreement.

            (v) A  "Change  in  Control"  means  any of the  following:  (i) any
"Person" or "group"  (as such terms are  defined in Sections  13(d) and 14(d) of
the  Securities  Exchange Act of 1934,  as amended (the  "Exchange  Act")) 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 50% or more on a fully diluted

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<PAGE>

basis of the then  outstanding  voting  equity  interests  of NIM (other  than a
"Person"  or  "group"  that  beneficially  owns 50% or more of such  outstanding
voting equity interests on the date hereof);  (ii) NIM sells, leases,  transfers
or otherwise  disposes of all or substantially  all of its assets;  or (iii) NIM
merges or consolidates  with or into any other  "Person",  or any other "Person"
merges or  consolidates  with or into NIM,  in each case unless the holders of a
majority of the outstanding  voting equity interests of NIM immediately prior to
such merger or  consolidation  continue  to hold a majority  of the  outstanding
voting equity interests of the resulting or surviving entity.

      (B) Payments to Executive Upon Termination of This Agreement.

            (i)  In  the  event  this  Agreement  is  terminated  prior  to  the
expiration  of the Term by the Company  without  Cause or by Executive  for Good
Reason, the Company shall pay to Executive the amounts set forth in this Section
5(B)(i) within thirty (30) days of the Termination  Date: (a) an amount equal to
Executive's accrued but unpaid Base Salary and earned but unpaid Commissions and
Bonus; (b)  reimbursement  for any reimbursable  business  expenses  incurred in
accordance with this Agreement  prior to the  Termination  Date; (c) Executive's
Base Salary for the remainder of the Term,  payable as and when such Base Salary
otherwise  would have been  payable in  accordance  with the  Company's  payroll
practices;  and (d) any other  amounts or benefits due under this  Agreement and
any benefit  plan,  or program  through the  remainder of the Term in accordance
with the terms of said plan or program, but without duplication.

            (ii)  In  the  event  this  Agreement  is  terminated  prior  to the
expiration of the Term by the Company for Cause or due to  Executive's  death or
Disability,  or by  Executive  without  Good  Reason,  the Company  shall pay to
Executive the amounts set forth in this Section 5(B)(ii): (a) an amount equal to
Executive's accrued but unpaid Base Salary and earned but unpaid Commissions and
Bonus prior to the  Termination  Date; (b)  reimbursement  for any  reimbursable
business  expenses  incurred  in  accordance  with this  Agreement  prior to the
Termination  Date;  and (c) any  other  amounts  or  benefits  due  through  the
Termination  Date under  this  Agreement  and any  benefit  plan,  or program in
accordance with the terms of said plan or program, but without duplication.

            (iii)  Upon  expiration  of  the  Term,  the  Company  shall  pay to
Executive  the  amounts  set  forth  in  this  Section  5(B)(iii):  (a)  all  of
Executive's accrued but unpaid Base Salary and earned but unpaid Commissions and
Bonus; (b)  reimbursement  for any reimbursable  business  expenses  incurred in
accordance  with this Agreement  prior to the end of the Term; and (c) any other
amounts or benefits due through the end of the Term under this Agreement and any
benefit plan,  or program in accordance  with the terms of said plan or program,
but without duplication.

The Company's  obligations under Sections 5(B)(i),  (ii) and (iii) shall survive
termination of this Agreement.

6     Non-Disclosure; Non-Competition and Non-Solicitation. Reference is made to
      the  Non-Competition,  Non-Solicitation and Non-Disclosure  Agreement,  of
      even date  herewith,  among  NIM,  the  Company  and  Executive,  which is
      incorporated  herein by  reference  and shall  survive the  expiration  or
      termination of this Agreement.

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<PAGE>

7     Representation  and  Warranty  of  Executive.   Executive  represents  and
      warrants to the Company that the execution and delivery of this  Agreement
      and the performance of Executive's  obligations  pursuant hereto shall not
      conflict  with  or  result  in a  breach  of any  provisions  of  any  (a)
      agreement, commitment, undertaking,  arrangement or understanding to which
      Executive  is a party  or by  which  Executive  is  bound;  or (b)  order,
      judgment or decree of any court or arbitrator.

8     General Provisions.

      (A) Notices.  All notices and other  communications  under this  Agreement
shall be in  writing  and may be  given  by  personal  delivery,  registered  or
certified  mail,   postage  prepaid,   return  receipt  requested  or  generally
recognized overnight delivery service.  Notices shall be sent to the appropriate
party at that party's  address set forth above or at such other address for that
party as shall be specified by notice given under this Section. All such notices
and  communications  shall be deemed  received  upon (a)  actual  receipt by the
addressee or (b) actual delivery to the appropriate  address.  Copies of notices
hereunder  shall be sent as follows:  If to Executive - to: Michael E. Callahan,
155 Wild Oak Drive, Southington,  Connecticut 06489, e-mail: me2332@aol.com; and
to: Shipman & Goodwin LLP, One Constitution Plaza, Hartford,  Connecticut 06103,
fax no.  860 251 5311,  attention:  Marcus  D.  Wilkinson,  Esq.;  and if to the
Company,  to: National Investment Managers Inc., 420 Lexington Avenue, New York,
NY 10170,  attention:  Chief Financial Officer,  and to: Sichenzia Ross Friedman
Ference LLP, 1065 Avenue of the Americas,  21st Floor, New York, New York 10018,
fax no. 212 930 9725, attention: Gregory Sichenzia, Esq.

      (B)  Assignment.  This  Agreement  shall be binding upon, and inure to the
benefit of, the parties' respective successors, permitted assigns, and heirs and
legal  representatives.  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  the   Company,   whether  by  means  of  merger,
consolidation,  acquisition  of all or  substantially  all of the  assets of the
Company or  otherwise,  including,  without  limitation,  by  operation  of law,
provided,  however,  that  in  the  event  of  any  such  assignment,  equitable
adjustments  shall be made to any financial  criteria or targets  required to be
met by Executive.  This Agreement is a personal services contract and may not be
assigned by Executive nor may the duties of Executive  hereunder be delegated by
Executive to any other person.

      (C) Severability.  If any provision of this Agreement,  or the application
of any provision to any person or  circumstance,  shall for any reason or to any
extent be invalid or  unenforceable,  the  remainder of this  Agreement  and the
application  of that  provision to other persons or  circumstances  shall not be
affected, but shall be enforced to the full extent permitted by law.

      (D) No Waiver.  The failure of a party to insist upon strict  adherence to
any term of this  Agreement on any occasion  shall not be considered a waiver or
deprive that party of the right  thereafter  to insist upon strict  adherence to
that term or any other term of this Agreement. Any waiver must be in writing.

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<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  court in the  Southern  District 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) Counterparts.  This Agreement may be executed in counterparts, each of
which  shall  be  considered  an  original,  but each of  which  together  shall
constitute the same  instrument.  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.

      (G) Entire  Agreement;  Amendment.  This  Agreement  contains the complete
statement  of all the  arrangements  between  the  parties  with  respect to its
subject  matter,  supersedes all prior  agreements  between them with respect to
that subject matter,  and may not be changed or terminated orally. Any amendment
or modification must be in writing and signed by the party to be charged.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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<PAGE>

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

                                            PENTEC, INC.

                                            By: /s/ Michael E. Callahan
                                            Name:  Michael E. Callahan
                                            Title: President

                                            PENTEC CAPITAL MANAGEMENT, INC.

                                            By: /s/ Michael E. Callahan
                                            Name:  Michael E. Callahan
                                            Title: President

                                            EXECUTIVE:

                                            /s/ Michael  E. Callahan
                                            Michael E. Callahan

                [SIGNATURE PAGE - CALLAHAN EMPLOYMENT AGREEMENT]

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<PAGE>

                                    EXHIBIT A

                          Non-Recurring Fringe Benefits

Auto reimbursement in excess of IRS mileage rate
Cell phones for wives
Reimbursement of Personal Disability Coverage
Reimbursement of Personal Long Term Care Insurance
Club Dues
Key Man
Insurance
Exotic Travel

                                       8NON-COMPETITION, NON-DISCLOSURE
                                       AND
                           NON-SOLICITATION AGREEMENT

            THIS NON-COMPETITION,  NON-DISCLOSURE AND NON-SOLICITATION AGREEMENT
("Agreement"),  dated as of February  28, 2007 (the  "Effective  Date"),  by and
between  Michael E. Callahan (the  "Seller")  and National  Investment  Managers
Inc., a Florida corporation ("NIM").

                                    RECITALS

      A. Pursuant to that certain Stock Purchase Agreement, dated as of February
__, 2007, by and among NIM, Seller,  Pentec,  Inc. ("Pentec") and Pentec Capital
Management,  Inc.  ("PCM" and  collectively  with Pentec,  the  "Company")  (the
"Purchase  Agreement"),  Pentec and PCM are being  acquired by NIM.  Capitalized
terms not  otherwise  defined  herein shall have the  meanings  ascribed to such
terms in the Purchase Agreement.

      B. Seller has been a principal shareholder, an officer and director of the
Company  for many  years and has  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 Company and its 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 Seller 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):

      (A) be employed by, engage or participate  in the  ownership,  management,
operation or control of, or act in any  advisory,  expert,  consulting  or other
capacity in the Territory (as defined below) for, any entity or individual  that
competes with NIM or its  Affiliates in the areas in which the Company  conducts
its business in the geographical area within Connecticut,  New York, Florida and
Massachusetts (the "Territory");
<PAGE>

      (B)  solicit  or  divert  any  business  or any  customer  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 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  eighteen  (18)  months from the date of Seller's
termination of employment with the Company, or any Affiliate of the Company, for
"Cause" (as such term is defined in Seller's Employment  Agreement,  dated as of
the date hereof,  with the Company (the  "Employment  Agreement")),  or Seller's
resignation  from the Company,  or any  Affiliate of the Company,  without "Good
Reason" (as such term is defined in the Employment  Agreement).  The "Restricted
Period" shall end  immediately  if Seller is  terminated by the Company,  or any
Affiliate  of  the  Company,   without  Cause  or  Seller  dies.  Moreover,  the
"Restricted  Period" shall end immediately in the event that NIM defaults on its
obligations  under the Note (as defined in the Purchase  Agreement) and does not
cure such default within thirty (30) days.

2     Nondisclosure.  Seller  understands  and agrees  that the  business of the
      Company and its Affiliates is based upon specialized work and Confidential
      Information  (as  hereinafter  defined).  Seller agrees that following the
      termination  of Seller's  employment  with NIM or any Affiliate of NIM and
      for all times  thereafter,  Seller shall keep secret all such Confidential
      Information  and that Seller will not,  directly  or  indirectly,  use for
      Seller's  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,  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.

      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.

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<PAGE>

      "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  non-confidential  basis  from a  source  other  than  the  Company  or its
Affiliates or a person or entity breaching his or its confidentiality  agreement
or other  relationship of confidence with the Company or its Affiliates;  or (d)
developed  independently by Executive without any reference to or use whatsoever
of any Confidential Information of the Company 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     Blue  Pencil  Doctrine.  In  the  event  that  the  restrictive  covenants
      contained in Section 1 and/or Section 2 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.

4     Injunctive Relief. If Seller shall breach or threaten to breach any of the
      provisions  of Section 1 and/or  Section  2, in  addition  to and  without
      limiting  any other  remedies  available  to NIM at law or in equity,  NIM
      shall be  entitled  to seek  immediate  injunctive  relief in any court to
      restrain  any  such  breach  or  threatened  breach  and  to  enforce  the
      provisions  of  Section  1 and/or  Section  2, as the case may be.  Seller
      acknowledges  and agrees 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,  Seller  shall  not use as a defense
      thereto that there is an adequate remedy at law.

5     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 the
      Company  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  Company  and  its
      subsidiaries pursuant to the Purchase Agreement unless Seller entered into
      this Agreement.

                                       3
<PAGE>

6     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, whether by means
of merger, consolidation,  acquisition of all or substantially all of the assets
of NIM or otherwise, including, without limitation, by operation of law.

      (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.

                                       4
<PAGE>

      (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 Neuhaus
                                            Name:  Leonard Neuhaus
                                            Title: COO

                                            /s/ Michael  E. Callahan
                                            Michael E. Callahan

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

                                       6

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