Document:

SECURED
      PROMISSORY NOTE

    

    

    $40,000.00

    Denver,
      Colorado

    January
      1, 2005

    

    

    For
      value
      received, the undersigned, Spicy Pickle Franchising LLC (herein referred to
      as
      the “Obligor”), promises to pay the order of Spicy Pickle LLC (the “Obligee”),
      located at 90 Madison St., Suite 700, Denver Colorado, 80206, the principal
      sum
      of $40,000.00, together with interest thereon, in installments as
      follows:

    

    1.
      Principal in the amount of $10,000 and interest thereon at the rate of 7% shall
      be due and payable on or before January 1, 2006.

    

    2.
      Principal in the amount of $30,000 and interest thereon at the rate of 7% shall
      be due and payable on or before January 1, 2007.

    

    A
      final
      payment of all interest, together with the outstanding principal balance of
      this
      Secured Promissory Note (this “Note’), shall be made on the date of maturity (as
      hereinafter defined). Interest hereunder shall be computed for the actual number
      of days elapsed on the basis of a year consisting of 360 days.

    

    As
      used
      herein, the term “date of maturity” shall mean the first (1st)
      day of
      January 2007, or such earlier date on which the entire principal amount
      evidenced by this Note and all accrued interest thereon shall be paid or be
      required to be paid in full, whether by prepayment, acceleration or
      otherwise.

    

    Each
      payment when received shall be applied first to accrued interest, and the
      balance, if any, of the payment, to the reduction of principal.

    

    After
      maturity the interest rate provided for herein shall immediately, without
      notice, become twelve percent (12%)(“Default Rate”). 

    

    All
      such
      payments are to be made in such manner, by wire transfer or check as the legal
      holder of this Note may from time to time designate in writing.

    

    The
      payment of this Note is secured by a Security Agreement of even date herewith
      (the “Security Agreement”), granting a security interest and lien in the
      property and assets of the Spicy Pickle Franchising LLC assets acquired from
      the
      holder on January 1, 2005. The Security Agreement is referred to herein as
      the
“Security Document.” Reference is made to the Security Document for additional
      events of default that may give to the holder of this Note further right as
      to
      the acceleration of the indebtedness evidenced by this Note, or as to the other
      remedies that the holder may elect. The terms, covenants, agreements and
      conditions contained in the Security Document are deemed to be included in
      this
      Note.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    It
      is
      agreed that at the election of the holder or holders hereof, without notice,
      the
      principle sum remaining unpaid hereon, together with the accrued interest
      thereon, shall become at once due and payable at the place of payment aforesaid
      in case of default in the payment of principal or interest when due in
      accordance with the terms hereof and a failure to pay fifteen (15) days after
      written notice to Obligor of such default, provided there shall be no cure
      period for any payment default after the third payment default hereunder in
      any
      twelve (12) month period. Failure to exercise this option shall not constitute
      a
      waiver of the right to exercise the same in the event of any subsequent default.
      

    

    It
      shall
      be a default under this Note if any of the terms and conditions in any of the
      Security Documents shall be breached and a failure to cure such breach fifteen
      (15) days after written notice to Obligor of such breach, provided there shall
      be no cure period with respect to any such breach after the third breach under
      the Security Document in any twelve (12) month period. Upon the occurrence
      of a
      default of any such term or condition, the principal sum remaining unpaid
      hereon, together with accrued interest thereon, shall, at the option of the
      legal holder hereof, thereupon become immediately due and payable without
      notice.

    

    If
      this
      Note, or any installment hereof of any interest hereon is not paid when due,
      and
      this Note is placed in the hands of an attorney or attorneys for collection,
      for
      realization upon the collateral in the Security Document, or the holder or
      holders of Note are made party to any litigation because of the existence of
      the
      indebtedness evidenced by this Note, the undersigned promises to pay, in
      addition to any amounts due hereunder, the reasonable costs and expenses
      thereof, including attorney fees.

    

    This
      Note
      may be prepaid in whole or in part at any time, provided that any prepayment
      of
      the whole amount of this Note shall include all accrued interest thereon. Any
      partial prepayment shall be applied first to accrued interest and second to
      principal in inverse order of maturity.

    

    Notwithstanding
      anything in this Note or in the Security Document, neither this Note nor the
      Security Document shall be deemed to impose on Obligor any obligation for
      payment of interest or other charges, except to the extent that the same may
      be
      legally enforceable under the laws of the State of Colorado.

    

    In
      the
      event the interest provisions hereof or any exactions provided for herein (or
      in
      the Security Document or any other instruments securing this Note) shall result,
      at any time during the life of the loan, in an effective rate of interest,
      which, for any week, transcends the limits of the usury or any other law
      applicable to the loan evidenced hereby, all sum in excess of those lawfully
      collectible as interest for the period in question shall, without further
      agreement or notice between or by any party hereto, be applied upon principal
      immediately upon receipt of such moneys by the holder hereof, with the same
      force and effect as though the payer had specifically designated such extra
      sum
      to be so applied to principal and the holder hereof and agreed to accept such
      extra payment(s) as a premium-free prepayment. In no such even shall any agreed
      to or actual exaction as consideration for this loan transcend the limits
      imposed or provided by the law applicable to this transaction or the makers
      hereof for the use or detention of money.

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    No
      delay
      on the part of the holder of this Note in the exercise of any power or right
      under this Note, under the Security Document or under any other instrument
      executed pursuant hereto shall operate as a waiver thereof, nor shall a single
      or partial exercise of any other power or right. Enforcement by the holder
      of
      this Note of any security for the payment thereof shall not constitute any
      election by it or remedies so as to preclude the exercise of any other remedy
      available to it.

    

    Presentment,
      notice of dishonor and protest are hereby waived by all makers, sureties,
      guarantors and endorsers hereof. This Note shall be the joint and several
      obligations of all makers, sureties, guarantors and endorsers, and shall be
      binding upon them their successors and assigns.

    

    Any
      notice to Obligor or Obligee provided for in this Note shall be given in the
      same manner as provided for in the Asset Purchase Agreement. 

    

    This
      Note
      has been delivered, and is to be performed in the State of Colorado, and the
      laws of such state shall govern the validity, construction, enforcement and
      interpretation of this Note.

    

    
      	 	 	MADE BY: 	 
	 	 	Spicy Pickle Franchising LLC 	 
	 	 	 	 
	 	 	OBLIGOR 	 
	 	 	By:__________________________ 
	 	 	Its: Managing Partner 	 
	 	 	90 Madison St., Suite 700 	 
	 	 	
              Denver,
                CO 80206

            	 

    

     

    
      
         

      

      
        3EMPLOYMENT AGREEMENT

      This Employment Agreement ("Agreement") is entered on October 24, 2006
(the "Execution Date") and is effective as of September 29, 2006 ("Effective
Date") between National Investment Managers Inc. ("Company") and Steven J. Ross
("Executive").

                                    RECITALS

      Company wishes to employ Executive as its President and Chief Executive
Officer and Executive wishes to accept such employment under the terms and
conditions set forth in this Agreement.

      IT IS AGREED as follows:

      1. Employment. Company hereby employs Executive as its President and Chief
Executive Officer. Executive accepts such employment.

      2. Term. The term of employment under this Agreement shall commence on the
Effective Date and shall continue, unless otherwise terminated earlier under
Section 10, until March 31, 2008. The Term shall be automatically extended for
an additional one (1) year period unless at least thirty (30) days prior to such
anniversary date, either Company or Executive furnishes the other with written
notice that the Term not be so extended.

      3. Duties. Executive shall devote his full-time efforts to the proper and
faithful performance of all duties customarily discharged by a President and
Chief Executive Officer, consistent with Company policies and budgets and
directives of Company's Board of Directors, together with any additional duties
assigned to him from time to time by the Board of Directors. Executive agrees to
use his best efforts and comply with all fiduciary and professional standards in
the performance of his duties. Executive shall provide services to any
subsidiary or affiliate of Company without additional compensation and benefits
beyond those set forth in this Agreement. Executive shall serve on the Board(s)
of Directors of Company and any affiliate or subsidiary.

      4. Base Salary. Executive shall be paid a base salary of Three Hundred
Fifty Thousand Dollars ($350,000.00) per annum for the Term payable, less
applicable withholding, in equal monthly payments or more frequently in
accordance with Company's regular practice. Upon Company reaching a quarterly
Earnings before Interest Taxes Depreciation Amortization and Stock based
Compensation ("EBITDA SBC") of $2,250,000, the base salary shall increase to
Four Hundred Thousand Dollars ($400,000.00) per annum, effective the first pay
period of the quarter immediately following the attainment of the aforementioned
target. Upon extension of the Term, Executive's base salary will be set by the
Compensation Committee of Company; provided, however, that Executive's base
salary shall not be reduced from the base salary in effect prior to the
extension of the Term. In addition to his base salary, Executive shall receive
compensation for service on the Board of Directors in an amount consistent with
other non-employee Board members, including annual stock option grants issued to
Board members.

<PAGE>

      5. Bonus. Executive shall be eligible to receive an incentive bonus during
each fiscal year of the Term. A 2006 bonus of One Hundred Thousand Dollars
($100,000.00) shall be paid with the signing of the Employment Contract. The
2007 bonus shall be targeted at fifty percent (50%) of Executive's base salary
based upon the achievement of 2007 EBITDA SBC of Ten Million Dollars
($10,000,000.00).

      6. Restricted Stock. Executive shall receive a grant of 800,000 shares of
restricted stock in the Company, of which 100,000 shares are to be issued
immediately, 100,000 shares on March 28, 2007, or immediately upon contract
termination, 100,000 shares upon reaching a cumulative $4,000,000 EBITDA SBC for
Q2 - Q4 2006, and 500,000 shares upon attainment of $10,000,000 EBITDA SBC in
2007. Executive is granted piggyback registration rights on all shares issued
pursuant to this contract.

      7. Stock Options. Executive retains all previously granted stock options.

      8. Benefits.

      (a)   Executive shall be entitled to participate in all Company sponsored
            retirement plans, 401(k) plans, life insurance plans, medical
            insurance plans, short-term and long-term disability insurance
            plans, and such other benefit plans generally available from time to
            time to executive management of the Company for which he qualifies
            under the terms of the plans. Executive's participation in and
            benefits under any benefit plan shall be on the terms and subject to
            the conditions specified in such plan. The Company shall supplement
            the insurance coverage and benefits in a separate executive benefits
            plan, including supplementary health insurance coverage, a minimum
            of $1 million life insurance coverage and appropriate long-term
            disability coverage, to be fully paid by Company.

      (b)   Executive will receive at least four (4) weeks of paid vacation per
            year.

      (c)   Executive shall receive a housing and office allowance of Five
            Thousand Dollars ($5,000.00) per month. Such allowance shall be paid
            to Belcourt Associates.

      9. Reimbursement of Expenses. The Company will reimburse Executive for the
ordinary and necessary expenses incurred by him in the performance of his duties
under this Agreement in accordance with the Company's policies in effect from
time to time.

      10. Termination of Employment.

      (a)   Executive's employment under this Agreement may be terminated at any
            time by the Board of Directors of Company for Cause.

      (b)   Executive's employment under this Agreement shall terminate upon
            expiration of the Term without extension as described in Section 2.

      (c)   Executive's employment under this Agreement shall terminate upon his
            retirement, resignation or death.

      (d)   Executive's employment under this Agreement shall terminate upon
            written notice by Company to Executive of a termination due to
            Disability.

                                       2
<PAGE>

      (e)   If Executive's employment terminates for Cause or for any reason
            other than as set forth in Sections 10(f) or (g), Company shall be
            obligated only to continue to pay Executive's base salary and, to
            the extent earned, accrued and unpaid, annual incentive bonus and
            furnish the then existing benefits under Section 8 up to the date of
            termination; provided, that if Executive's employment is terminated
            as a result of Executive's Disability, Executive shall remain
            eligible for benefits under any long-term disability program of
            Company, as amended from time to time, as long as his Disability
            continues.

      (f)   If Executive's employment is terminated by Company for Cause, other
            than as set forth in Section 11(a)(i) and Section 11(a)(ii), or upon
            expiration of the Term without extension, in addition to the amounts
            payable under Section 10(e), Executive shall be entitled to receive
            a lump sum severance payment equivalent to one week of his current
            base salary for every month of service, with a minimum of three
            months equivalent, and medical and other insurance benefits under
            Section 8(a) for a period of twelve (12) months. Further, any
            restricted stock earned at the time of termination, including the
            100,000 shares due March 28, 2007, will be issued to Executive. As a
            condition to the salary and benefit continuation under this Section
            10(f), Executive must first execute and deliver to Company, in a
            form prepared by Company, a release of all claims against Company
            and other appropriate parties, excluding Company's performance under
            this Section 10(f) and of Executive's vested rights under any
            Company sponsored retirement plans, 401(k) plans and stock ownership
            plans.

      11. Definitions. The meaning of certain terms in this Agreement are as
follows:

      (a)   "Cause" shall consist of any of the following:

            (i)   the Executive is convicted of, or has pleaded guilty or
                  entered a plea of nolo contendere to, a felony (under the laws
                  of the United States or any state thereof);

            (ii)  fraudulent conduct by the Executive in connection with the
                  business or other affairs of the Company or any related
                  company or the theft, embezzlement, or other criminal
                  misappropriation of funds by the Executive from the Company or
                  any related company;

            (iii) the Executive's failure to perform the duties of the President
                  and Chief Executive Officer, after reasonable notice has been
                  provided of such non-performance and, if such failure is
                  curable, Executive has not cured such failure within a
                  reasonable period following such notice; or

            (iv)  the Executive's failure to comply with reasonable directives
                  of the Board which are communicated to him in writing, after
                  reasonable notice has been provided of such non-performance
                  and, if such failure is curable, Executive has not cured such
                  failure within a reasonable period following such notice.

                                       3
<PAGE>

      (b)   "Disability" means the inability of Executive, due to injury,
            illness, disease or bodily or mental infirmity, to engage in the
            performance of his material duties of employment with Company as
            determined in good faith by Company, for (i) any period of one
            hundred twenty (120) consecutive days or (ii) a period of one
            hundred eighty days (180) in any continuous twenty-four (24) month
            period, provided that interim returns to work of less than ten (10)
            consecutive business days in duration shall not be deemed to
            interfere with a determination of consecutive absent days if the
            reason for absence before and after the interim return are the same.
            Benefits to which Executive is entitled under any disability policy
            or plan provided by Company shall reduce the base salary paid to
            Executive during any period of Disability on a dollar-for-dollar
            basis.

      12. Confidential Information. During Executive's employment with the
Company and at all times after the termination of such employment, regardless of
the reason for such termination, Executive shall hold all Confidential
Information relating to the Company in strict confidence and shall not use,
disclose or otherwise communicate the Confidential Information to anyone other
than the Company without the prior written consent of the Company. "Confidential
Information" includes, without limitation, financial information, trade secrets,
business plans, business methods or practices, market studies, customer lists,
referral lists and other proprietary business information of the Company.
"Confidential Information" shall not include information which is or becomes in
the public domain through no action by Executive or information which is
generally disclosed by the Company to third parties without restrictions on such
third parties. Executive shall return all Confidential Information to the
Company upon termination of employment.

      13. Solicitation of Customers. During his employment with the Company and
for a period after the termination of Executive's employment, regardless of the
reason for the termination, equal to the greater of (a) one (1) year or (b) the
period for which Executive receives payment of his base salary under Section
10(f) or (g) (the "Non-Competition Period"), Executive shall not influence or
attempt to influence, directly or indirectly, any customer of the Company to
divert its business away from the Company.

      14. Soliciting Employees. Executive agrees that during his employment with
the Company and during the Non-Competition Period, he will not directly or
indirectly solicit any person who is then, or at any time within six months
prior thereto was, an employee of the Company to work for any person or entity
then in competition with the Company.

      15. Non-Competition. During his employment with the Company and for a
one-year period after termination of Executive's employment, Executive shall
not, directly or indirectly, in any capacity:

      (a)   Engage, own or have any interest in;

      (b)   Manage, operate, join, participate in, accept employment with,
            render advice to, or become interested in or be connected with;

      (c)   Furnish consultation or advice to; or

                                       4
<PAGE>

      (d)   Permit his name to be used in connection with;

any person or entity that competes with the business of the Company.
Notwithstanding the foregoing, holding five percent (5%) or less of an interest
in the equity, stock options or debt of any publicly traded company shall not be
considered a violation of this Section 15.

      16. Remedies. In the event of a material breach or threatened material
breach of Section 12, Section 13, Section 14 or Section 15, Company, in addition
to its other remedies at law or in equity, shall be entitled to injunctive or
other equitable relief in order to enforce or prevent any violations of the
aforementioned Sections. In the event of any such material breach, if applicable
Company may immediately cease payment of Executive's base salary and the
providing to Executive of benefits under Section 10(f) or (g).

      17. Severability and Savings. Each provision in this Agreement is
separate. If necessary to effectuate the purpose of a particular provision, the
Agreement shall survive the termination of Executive's employment with the
Company. If any provision of this Agreement, in whole or in part, is held to be
invalid or unenforceable, the parties agree that any such provision shall be
deemed modified to make such provision enforceable to the maximum extent
permitted by applicable law. As to any provision held to be invalid or
unenforceable, the remaining provisions of this Agreement shall remain in
effect.

      18. Binding Effect. This Agreement shall be binding upon and shall inure
to the benefit of Company and its successors and assigns. This Agreement shall
be binding upon and inure to the benefit of Executive, his heirs and personal
representatives. This Agreement is not assignable by Executive.

      19. Miscellaneous.

      (a)   No provision of this Agreement may be modified, waived or discharged
            unless such waiver, modification or discharge is agreed to in
            writing and signed by the Company and Executive. The waiver or
            nonenforcement by the Company of a breach by Executive of any
            provision of this Agreement shall not be construed as a waiver of
            any subsequent breach by Executive.

      (b)   Any notice under this Agreement must be in writing and delivered
            personally or by overnight courier, sent by facsimile transmission
            or mailed by registered or certified mail to the parties at their
            respective addresses.

      (c)   This Agreement shall be governed by the laws of the State of
            California.

      (d)   This Agreement may be executed in counterparts, which together shall
            constitute one Agreement.

      (e)   By their signatures below, the parties acknowledge that they have
            had sufficient opportunity to read and consider, and that they have
            carefully read and considered, each provision of this Agreement and
            that they are voluntarily signing this Agreement.

                                       6
<PAGE>

The parties have executed this Agreement as of the Execution Date.

                                               /s/ Steven J. Ross
                                               ------------------
                                               Steven J. Ross

                                               National Investment Managers Inc.

                                               By /s/ Richard Berman
                                                  ------------------

                                               Its
                                                   -------

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