Document:

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                                                                   Exhibit 10.56

NEITHER THE SECURITIES  REPRESENTED HEREBY NOR THE SECURITIES  ISSUABLE UPON THE
EXERCISE  HEREOF  HAVE BEEN  REGISTERED  UNDER THE  SECURITIES  ACT OF 1933,  AS
AMENDED (THE  "SECURITIES  ACT"),  OR ANY STATE  SECURITIES  LAWS AND MAY NOT BE
OFFERED,  SOLD,  PLEDGED,  ASSIGNED,  OR  OTHERWISE  TRANSFERRED  UNLESS  (1)  A
REGISTRATION  STATEMENT WITH RESPECT  THERETO IS EFFECTIVE  UNDER THE SECURITIES
ACT AND ANY APPLICABLE  STATE  SECURITIES  LAWS, OR (2)  IRREVOCABLE  CHILDREN'S
TRUST (THE "TRUST") OR  VENTURES-NATIONAL  INCORPORATED  ("VNI"), AS APPLICABLE,
RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF THIS WARRANT OR SUCH SECURITIES,
WHICH COUNSEL AND OPINION ARE  REASONABLY  SATISFACTORY  TO THE TRUST OR VNI, AS
APPLICABLE, THAT THIS WARRANT OR SUCH SECURITIES, AS APPLICABLE, MAY BE OFFERED,
SOLD,  PLEDGED,  ASSIGNED,  OR OTHERWISE  TRANSFERRED IN THE MANNER CONTEMPLATED
WITHOUT  AN  EFFECTIVE  REGISTRATION  STATEMENT  UNDER  THE  SECURITIES  ACT  OR
APPLICABLE STATE SECURITIES LAWS.

         THE TRANSFER OF THIS WARRANT IS RESTRICTED AS DESCRIBED HEREIN.

                          IRREVOCABLE CHILDREN'S TRUST

                            Warrant for the Purchase
                                       of
                Shares of Common Stock, Par Value $.001 per share
                                       of
                         Ventures-National Incorporated

No. 3                                                              July 29, 2003

         THIS CERTIFIES  that, for value received,  Andrew E. Glashow  (together
with all  permitted  assigns,  the  "Holder") is entitled to subscribe  for, and
purchase from,  IRREVOCABLE  CHILDREN'S TRUST (the "Trust"),  upon the terms and
conditions set forth herein,  at any time or from time to time during the period
commencing on the date hereof (the "Initial  Exercise  Date") and terminating at
5:00 p.m.,  New York City local time,  on the third  anniversary  of the Initial
Exercise Date (the "Exercise  Period"),  up to 1,000,000 shares of common stock,
par  value  $.001  per  share  (the  "Common

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Stock"), of Ventures-National  Incorporated,  a Utah corporation  ("VNI").  This
Warrant is  exercisable at an exercise price per share equal to $0.50 per share;
provided,  however,  that upon the occurrence of any of the events  specified in
Section 5 hereof,  the rights  granted by this Warrant,  including the number of
shares of Common Stock to be received upon such  exercise,  shall be adjusted as
therein specified.

         This  Warrant,  together  with the Warrants  issuable upon the transfer
hereof, are hereinafter referred to as the Warrants.  Each share of Common Stock
issuable upon the exercise hereof or thereof shall be hereinafter referred to as
a "Warrant Share".

         Section 1 Exercise of Warrant.

              This Warrant may be exercised during the Exercise  Period,  either
in  whole or in part,  by the  surrender  of this  Warrant  (accompanied  by the
election form, attached hereto,  duly executed) to Irrevocable  Children's Trust
c/o Reitler Brown LLC, 800 Third Avenue,  21st Floor,  New York, New York 10022,
Attention:  Robert  Steven  Brown,  or at such other place as is  designated  in
writing by the Trust,  together with a certified or bank cashier's check payable
to the order of the  Trust in an amount  equal to the  product  of the  Exercise
Price  and the  number  of  Warrant  Shares  for  which  this  Warrant  is being
exercised.

              In lieu of exercising this Warrant by payment of cash to the Trust
in accordance with the immediately preceding paragraph,  the Holder may elect to
receive shares equal to the value of this Warrant (or the portion  thereof being
canceled)  by surrender  of this  Warrant at the  principal  office of the Trust
together with notice of such  election,  in which event the Trust shall issue to
the Holder hereof a number of Shares computed using the following formula:

                                            Y (A - B)
                                    X =     ---------
                                                 A
                  Where:
                  X -- The  number of Shares to be issued to the  Holder of this
                       Warrant.
                  Y -- The  number of Shares  purchasable  under  this Warrant.
                  A -- The fair market value of one Share.
                  B -- The  Exercise  Price  (as  adjusted  to the  date of such
                       calculations).

For  purposes of this Section 1, the fair market value of a Share shall mean (i)
the last closing price per Share for VNI's Common Stock on the principal  market
or exchange on which VNI's shares are traded preceding the exercise date of this
Warrant or (ii) if no such market or exchange  exists,  the price per Share that
VNI could obtain from a willing buyer for Shares sold by VNI from authorized but
unissued Shares, as determined in good faith by VNI's Board of Directors.

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         Section 2 Rights Upon Registration of Transfer; Delivery of Securities.

              As soon as  practicable  after each exercise of this Warrant,  the
Trust  shall  issue and  deliver to the  Holder a  certificate  or  certificates
representing  the Warrant Shares issuable upon such exercise,  registered in the
name of the Holder or its designee.  If this Warrant should be exercised in part
only, the Trust shall, upon surrender of this Warrant for cancellation,  execute
and deliver a Warrant evidencing the right of the Holder to purchase the balance
of the aggregate number of Warrant Shares purchasable hereunder as to which this
Warrant has not been exercised or assigned.

         Section 3 Registration of Transfer and Exchange.

              Any Warrants  issued upon the transfer or exercise in part of this
Warrant  shall be numbered and shall be  registered  in a Warrant  register (the
"Warrant Register") as they are issued. The Trust shall be entitled to treat the
registered  holder of any Warrant on the  Warrant  Register as the owner in fact
thereof for all  purposes,  and shall not be bound to recognize any equitable or
other claim to, or interest  in, such  Warrant on the part of any other  person,
and shall not be liable for any  registration  or transfer of Warrants which are
registered  or to be  registered  in the name of a fiduciary or the nominee of a
fiduciary  unless made with the actual  knowledge that a fiduciary or nominee is
committing a breach of trust in requesting  such  registration  of transfer,  or
with the knowledge of such facts that its  participation  therein amounts to bad
faith.  This Warrant shall be  transferable  on the books of the Trust only upon
delivery thereof duly endorsed by the Holder or by his duly authorized  attorney
or representative, or accompanied by proper evidence of succession,  assignment,
or  authority to  transfer.  In all cases of transfer by an attorney,  executor,
administrator,  guardian,  or other  legal  representative,  duly  authenticated
evidence of his, her, or its authority shall be produced.  Upon any registration
of  transfer,  the Trust  shall  deliver a new Warrant or Warrants to the person
entitled  thereto.  This Warrant may be exchanged,  at the Warrant of the Holder
thereof, for another Warrant, or other Warrants of different  denominations,  of
like tenor and representing in the aggregate the right to purchase a like number
of Warrant Shares (or portions thereof), upon surrender to the Trust or its duly
authorized  agent.  Notwithstanding  the  foregoing,  the  Trust  shall  have no
obligation to cause Warrants to be transferred on its books to any person if, in
the  opinion of counsel to the Trust,  such  transfer  does not comply  with the
provisions of the Securities Act and the rules and regulations thereunder.

         Section 4 Reservation of Shares.

              The Trust shall at all times reserve and keep available out of the
shares of Common  Stock of VNI held by it,  solely for the purpose of  providing
for the  exercise  of the  Warrants,  such  number of shares of Common  Stock as
shall, from time to time, be sufficient therefor.  The Trust represents that all
shares of Common Stock  issuable upon exercise of this Warrant are  beneficially
owned by the Trust  free and clear of any and all liens and  encumbrances,  and,
when issued against payment therefore in accordance with the terms hereof, shall
be validly issued, fully paid, and nonassessable, without any

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personal liability  attaching to the ownership thereof and will not be issued in
violation of any preemptive or similar rights of stockholders.

         Section 5 Antidilution.

              (a) In the  event  that VNI shall at any time  after  the  Initial
Exercise Date: (i) declare a dividend on the outstanding Common Stock payable in
shares of the Trust's  capital  stock;  (ii)  subdivide the  outstanding  Common
Stock;  (iii)  combine the  outstanding  Common  Stock into a smaller  number of
shares; or (iv) issue any shares of its capital stock by reclassification of the
Common  Stock  (including  any  such   reclassification  in  connection  with  a
consolidation or merger in which the Trust is the continuing  entity),  then, in
each case,  the  Exercise  Price per Warrant  Share in effect at the time of the
record date for the  determination  of  stockholders  entitled  to receive  such
dividend  or  distribution  or  of  the  effective  date  of  such  subdivision,
combination,  or  reclassification  shall be adjusted so that it shall equal the
price determined by multiplying such Exercise Price by a fraction, the numerator
of which shall be the number of shares of Common Stock  outstanding  immediately
prior to such action, and the denominator of which shall be the number of shares
of Common Stock outstanding after giving effect to such action.  Such adjustment
shall be made successively whenever any event listed above shall occur and shall
become effective at the close of business on such record date or at the close of
business on the date immediately preceding such effective date, as applicable.

              (b) All  calculations  under  this  Section 5 shall be made to the
nearest cent or to the nearest one-hundredth of a share, as the case may be.

              (c) In any case in which  this  Section  5 shall  require  that an
adjustment in the number of Warrant Shares be made effective as of a record date
for a specified  event,  the Trust may elect to defer,  until the  occurrence of
such event,  issuing  transfering  to the Holder,  if the Holder  exercised this
Warrant after such record date, the Warrant Shares,  if any,  issuable upon such
exercise over and above the number of Warrant Shares issuable upon such exercise
on the basis of the  number of  shares of Common  Stock in effect  prior to such
adjustment;  provided, however, that the Trust shall deliver to the Holder a due
bill or other  appropriate  instrument  evidencing the Holder's right to receive
such  additional  shares  of  Common  Stock  upon the  occurrence  of the  event
requiring such adjustment.

              (d)  Whenever  there  shall be an  adjustment  as provided in this
Section  5, the Trust  shall  within 15 days  thereafter  cause  written  notice
thereof to be sent by the Company by registered mail,  postage  prepaid,  to the
Holder, at its address as it shall appear in the Warrant Register,  which notice
shall be  accompanied  by an officer's  certificate  setting forth the number of
Warrant Shares issuable and the Exercise Price thereof after such adjustment and
setting forth a brief  statement of the facts  requiring such adjustment and the
computation thereof, which officer's certificate shall be conclusive evidence of
the correctness of any such adjustment absent manifest error.

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              (e) The Trust shall not be required to issue  fractions  of shares
of Common Stock or other capital stock of VNI upon the exercise of this Warrant.
If any  fraction of a share of Common Stock would be issuable on the exercise of
this Warrant (or specified portions  thereof),  the Trust shall pay lieu of such
fraction an amount in cash equal to the same  fraction of the last  closing sale
price prior to the date of exercise.

              (f) No adjustment in the Exercise Price per Warrant Share shall be
required  if such  adjustment  is less than $.01;  provided,  however,  that any
adjustments  which by reason of this Section 5 are not required to be made shall
be carried forward and taken into account in any subsequent adjustment.

              (g)  Whenever  the Exercise  Price  payable upon  exercise of this
Warrant is adjusted  pursuant  to  subsection  (a) above,  the number of Warrant
Shares issuable upon exercise of this Warrant shall  simultaneously  be adjusted
by multiplying the number of Warrant Shares  theretofore  issuable upon exercise
of this Warrant by the  Exercise  Price  theretofore  in effect and dividing the
product so obtained by the Exercise Price, as adjusted.

         Section 6 Reclassification; Reorganization; Merger.

              (a) In case of any capital reorganization, other than in the cases
referred to in Section 5(a) hereof,  or the  consolidation or merger of VNI with
or into another  corporation  (other than a merger or consolidation in which VNI
is the continuing  corporation and which does not result in any reclassification
of the outstanding  shares of Common Stock or the conversion of such outstanding
shares  of  Common  Stock  into  shares of other  stock or other  securities  or
property),  or in  the  case  of any  sale,  lease,  or  conveyance  to  another
corporation  of the  property  and assets of any nature of VNI as an entirety or
substantially  as an  entirety  (such  actions  being  hereinafter  collectively
referred to as  "Reorganizations"),  there shall  thereafter be deliverable upon
exercise of this  Warrant (in lieu of the number of Warrant  Shares  theretofore
deliverable)  the number of shares of stock or other  securities  or property to
which a holder of the respective  number of Warrant Shares which would otherwise
have been deliverable upon the exercise of this Warrant would have been entitled
upon such  Reorganization if this Warrant had been exercised in full immediately
prior  to  such  Reorganization.  In  case  of any  Reorganization,  appropriate
adjustment,  as determined in good faith by the Trustees or other governing body
of the Trust,  shall be made in the  application  of the  provisions  herein set
forth  with  respect  to the  rights  and  interests  of the  Holder so that the
provisions  set  forth  herein  shall  thereafter  be  applicable,  as nearly as
possible,  in relation to any shares or other  property  thereafter  deliverable
upon exercise of this  Warrant.  Any such  adjustment  shall be made by, and set
forth in, a supplemental  agreement between the Trust, or any successor thereto,
and the Holder, with respect to this Warrant,  and shall for all purposes hereof
conclusively be deemed to be an appropriate  adjustment.  VNI shall use its best
efforts to ensure that VNI shall not effect any such Reorganization unless, upon
or prior to the consummation thereof, the successor corporation, or if VNI shall
be the surviving corporation in any such Reorganization and is not the issuer of
the shares of stock or other  securities  or property to be delivered to holders
of shares of the Common

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Stock outstanding at the effective time thereof,  then such issuer, shall assume
by written  instrument  the  obligation  to deliver to the Holder such shares of
stock,  securities,  cash, or other property as such Holder shall be entitled to
purchase in  accordance  with the  foregoing  provisions.  In the event of sale,
lease, or conveyance or other transfer of all or substantially all of the assets
of VNI or the Trust as part of a plan for  liquidation of VNI or the Trust,  all
rights to exercise this Warrant shall terminate 30 days after written notice has
been given to the Holder that such sale or conveyance or other transfer has been
consummated.

              (b) In case of any  reclassification  or change  of the  shares of
Common Stock  issuable upon exercise of this Warrant (other than a change in par
value or from a  specified  par  value  to no par  value,  or as a  result  of a
subdivision or  combination,  but including any change in the shares into two or
more classes or series of shares),  or in case of any consolidation or merger of
another  corporation into VNI in which VNI is the continuing  corporation and in
which there is a reclassification  or change (including a change to the right to
receive  cash or other  property)  of the shares of Common  Stock  (other than a
change in par value,  or from no par value to a  specified  par  value,  or as a
result of a subdivision or  combination,  but including any change in the shares
into two or more  classes  or series of  shares),  the Holder or holders of this
Warrant shall have the right thereafter to receive upon exercise of this Warrant
solely  the kind and amount of shares of stock and other  securities,  property,
cash, or any combination thereof receivable upon such reclassification,  change,
consolidation,  or merger by a holder of the number of Warrant  Shares for which
this   Warrant   might   have   been   exercised   immediately   prior  to  such
reclassification,  change,  consolidation,  or merger.  Thereafter,  appropriate
provision shall be made for adjustments  which shall be as nearly  equivalent as
practicable to the adjustments in Section 5.

              (c) The above  provisions of this Section 6 shall  similarly apply
to  successive  reclassifications  and changes of shares of Common  Stock and to
successive consolidations, mergers, sales, leases, or conveyances.

         Section 7 Notice of Certain Events.

         In case at any time the Trust shall receive notice or become aware that
VNI proposes:

         (a) to pay any  dividend or make any  distribution  on shares of Common
Stock in shares  of Common  Stock or make any  other  distribution  (other  than
regularly  scheduled cash dividends  which are not in a greater amount per share
than the most recent such cash dividend) to all holders of Common Stock; or

         (b) to issue any rights,  Warrants,  or other securities to all holders
of Common Stock entitling them to purchase any additional shares of Common Stock
or any other rights, Warrants, or other securities; or

<PAGE>

         (c) to effect any  reclassification  or change of outstanding shares of
Common  Stock or any  consolidation,  merger,  sale,  lease,  or  conveyance  of
property, as described in Section 6; or

         (d) to effect any liquidation, dissolution, or winding-up of VNI; or

         (e) to take any other  action  which would cause an  adjustment  to the
Exercise Price per Warrant Share;

then,  and in any one or more of such  cases,  the Trust shall cause VNI to give
prompt written notice thereof by registered mail, postage prepaid, to the Holder
at the Holder's  address as it shall appear in the Warrant  Register,  mailed at
least 10 days prior to and such notice shall  include:  (i) the date as of which
the  holders of record of shares of Common  Stock to be  entitled to receive any
such dividend,  distribution,  rights,  Warrants,  or other securities are to be
determined;  (ii)  the  date on  which  any  such  reclassification,  change  of
outstanding  shares  of  Common  Stock,  consolidation,   merger,  sale,  lease,
conveyance of property,  liquidation,  dissolution, or winding-up is expected to
become  effective and the date as of which it is expected that holders of record
of shares of Common  Stock  shall be  entitled  to  exchange  their  shares  for
securities or other property,  if any,  deliverable upon such  reclassification,
change of outstanding shares, consolidation,  merger, sale, lease, conveyance of
property,  liquidation,  dissolution,  or winding-up;  or (iii) the date of such
action  which would  require an  adjustment  to the  Exercise  Price per Warrant
Share.

         Section 8 Charges and Taxes.

              The issuance of any shares or other  securities  upon the exercise
of  this  Warrant  and  the  delivery  of  certificates  or  other   instruments
representing such shares or other securities shall be made without charge to the
Holder for any tax or other charge in respect of such issuance.  Neither VNI nor
the Trust  shall be  required  to pay any tax which may be payable in respect of
any  transfer  involved in the issue and delivery of any  certificate  in a name
other than that of the Holder and neither the Trust nor VNI shall be required to
issue or  deliver  any such  certificate  unless and until the person or persons
requesting  the issue  thereof  shall have paid to VNI the amount of such tax or
shall have  established to the  satisfaction of the Trust that such tax has been
paid.

         Section 9 Periodic Reports.

              The Trust agrees that until all the Warrant Shares shall have been
sold pursuant to Rule 144 under the Securities  Act or a Registration  Statement
under the  Securities  Act,  it shall use its best  efforts to cause VNI to keep
current in filing all reports,  statements,  and other materials  required to be
filed with the  Commission to permit  holders of the Warrant Shares to sell such
securities under Rule 144 under the Securities Act.

<PAGE>

         Section 10 Legend.

              Until sold  pursuant to the  provisions  of Rule 144 or  otherwise
registered  under the  Securities  Act, the Warrant Shares issued on exercise of
the Warrants  shall be subject to a stop transfer  order and the  certificate or
certificates representing the Warrant Shares shall bear the following legend:

THE SECURITIES  REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS AND
MAY NOT BE OFFERED, SOLD, PLEDGED, ASSIGNED, OR OTHERWISE TRANSFERRED UNLESS (1)
A REGISTRATION  STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES
ACT AND ANY  APPLICABLE  STATE  SECURITIES  LAWS,  OR (2) THE TRUST  RECEIVES AN
OPINION OF COUNSEL TO THE HOLDER OF THE  SECURITIES,  WHICH  COUNSEL AND OPINION
ARE REASONABLY  SATISFACTORY TO THE TRUST,  THAT SUCH SECURITIES MAY BE OFFERED,
SOLD,  PLEDGED,  ASSIGNED,  OR OTHERWISE  TRANSFERRED IN THE MANNER CONTEMPLATED
WITHOUT  AN  EFFECTIVE  REGISTRATION  STATEMENT  UNDER  THE  SECURITIES  ACT  OR
APPLICABLE STATE SECURITIES LAWS.

         Section 11 Loss; Theft; Destruction; Mutilation.

              Upon  receipt of evidence  satisfactory  to the Trust of the loss,
theft,  destruction,  or  mutilation  of any Warrant (and upon  surrender of any
Warrant if mutilated),  and upon receipt by the Trust of reasonably satisfactory
indemnification, the Trust shall execute and deliver to the Holder thereof a new
Warrant of like date, tenor, and denomination.

         Section 12 Stockholder Rights.

              The  Holder of any  Warrant  shall not have,  solely on account of
such status,  any rights of a stockholder of VNI or the Trust,  either at law or
in  equity,  or to any  notice  of  meetings  of  stockholders  or of any  other
proceedings of VNI or the Trust, except as provided in this Warrant.

         Section 14 Governing Law.

              This Warrant shall be construed in accordance with the laws of the
State of New York applicable to contracts made and performed  within such State,
without regard to principles of conflicts of law.

                     [REMAINDER OF PAGE INTENTIONALLY BLANK]

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

                                            IRREVOCABLE CHILDREN'S TRUST

                                            By: /s/ David M. Marks
                                                --------------------------------
                                                Name: David M. Marks
                                                Title: Trustee

<PAGE>

                               FORM OF ASSIGNMENT

(To be executed by the registered  holder if such holder desires to transfer the
attached Warrant.)

         FOR VALUE RECEIVED,  ______________________  hereby sells, assigns, and
transfers  unto  _________________  a Warrant to purchase  __________  shares of
Common Stock, par value $0.001 per share, of Ventures-National  Incorporated,  a
Utah corporation ("VNI") from Irrevocable Children's Trust (the "Company"),  and
does hereby irrevocably  constitute and appoint ___________ attorney to transfer
such Warrant on the books of the Trust, with full power of substitution.

Dated: _________________

                                             Signature_______________________

                                     NOTICE

         The signature on the foregoing  Assignment  must correspond to the name
as written upon the face of this Warrant in every particular, without alteration
or enlargement or any change whatsoever.

<PAGE>

                              ELECTION TO EXERCISE

To: Irrevocable Children's Trust

         The  undersigned  hereby  exercises his, her, or its rights to purchase
from  Irrevocable  Children's  Trust (the  "Trust")  ________________  shares of
common stock, par value $.001 per share of  Ventures-National  Incorporated (the
"Common Stock"),  covered by the within Warrant,  and requests that certificates
for the  securities  constituting  such shares of Common  Stock be issued in the
name of, and delivered to:

     (Print Name, Address, and Social Security or Tax Identification Number)

Method of Exercise (Please initial the applicable blank):

                  ___      The  undersigned  elects  to  exercise  the  attached
                           Warrant  by  means  of a cash  payment,  and  tenders
                           herewith  payment in full for the  purchase  price of
                           the  shares  being   purchased,   together  with  all
                           applicable transfer taxes, if any.

                  ___      The  undersigned  elects  to  exercise  the  attached
                           Warrant by means of the net  exercise  provisions  of
                           Section 2 of the Warrant.

and, if such  number of shares of Common  Stock  shall not  constitute  all such
shares of Common Stock covered by the within Warrant, that a new Warrant for the
balance of the shares of Common  Stock  covered by the within  Warrant  shall be
registered  in the name of, and  delivered  to, the  undersigned  at the address
stated below.

Dated: __________________                   Name________________________
                                                (Print)
Address:

                                            ------------------------
                                            (Signature)<PAGE>

                                                                   Exhibit 10.57

NEITHER THE SECURITIES  REPRESENTED HEREBY NOR THE SECURITIES  ISSUABLE UPON THE
EXERCISE  HEREOF  HAVE BEEN  REGISTERED  UNDER THE  SECURITIES  ACT OF 1933,  AS
AMENDED (THE  "SECURITIES  ACT"),  OR ANY STATE  SECURITIES  LAWS AND MAY NOT BE
OFFERED,  SOLD,  PLEDGED,  ASSIGNED,  OR  OTHERWISE  TRANSFERRED  UNLESS  (1)  A
REGISTRATION  STATEMENT WITH RESPECT  THERETO IS EFFECTIVE  UNDER THE SECURITIES
ACT AND ANY APPLICABLE  STATE  SECURITIES  LAWS, OR (2)  IRREVOCABLE  CHILDREN'S
TRUST (THE "TRUST") OR  VENTURES-NATIONAL  INCORPORATED  ("VNI"), AS APPLICABLE,
RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF THIS WARRANT OR SUCH SECURITIES,
WHICH COUNSEL AND OPINION ARE  REASONABLY  SATISFACTORY  TO THE TRUST OR VNI, AS
APPLICABLE, THAT THIS WARRANT OR SUCH SECURITIES, AS APPLICABLE, MAY BE OFFERED,
SOLD,  PLEDGED,  ASSIGNED,  OR OTHERWISE  TRANSFERRED IN THE MANNER CONTEMPLATED
WITHOUT  AN  EFFECTIVE  REGISTRATION  STATEMENT  UNDER  THE  SECURITIES  ACT  OR
APPLICABLE STATE SECURITIES LAWS.

         THE TRANSFER OF THIS WARRANT IS RESTRICTED AS DESCRIBED HEREIN.

                          IRREVOCABLE CHILDREN'S TRUST

                            Warrant for the Purchase
                                       of
                Shares of Common Stock, Par Value $.001 per share
                                       of
                         Ventures-National Incorporated

No. 3                                                              July 24, 2003

         THIS CERTIFIES  that, for value  received,  SBI-USA  (together with all
permitted  assigns,  the  "Holder") is entitled to  subscribe  for, and purchase
from, IRREVOCABLE CHILDREN'S TRUST (the "Trust"),  upon the terms and conditions
set forth herein,  at any time or from time to time during the period commencing
on the date hereof (the "Initial  Exercise  Date") and terminating at 5:00 p.m.,
New York City local time, on the first  anniversary of the Initial Exercise Date
(the "Exercise  Period"),  up to 500,000 shares of common stock, par value $.001
per share  (the  "Common  Stock"),  of

<PAGE>

Ventures-National  Incorporated,  a Utah  corporation  ("VNI").  This Warrant is
exercisable at an exercise  price per share equal to $0.38 per share;  provided,
however,  that upon the  occurrence of any of the events  specified in Section 5
hereof,  the rights  granted by this Warrant,  including the number of shares of
Common  Stock to be received  upon such  exercise,  shall be adjusted as therein
specified.

         This  Warrant,  together  with the Warrants  issuable upon the transfer
hereof, are hereinafter referred to as the Warrants.  Each share of Common Stock
issuable upon the exercise hereof or thereof shall be hereinafter referred to as
a "Warrant Share".

         Section 1 Exercise of Warrant.

                  This  Warrant may be  exercised  during the  Exercise  Period,
either in whole or in part, by the surrender of this Warrant (accompanied by the
election form, attached hereto,  duly executed) to Irrevocable  Children's Trust
c/o Reitler Brown LLC, 800 Third Avenue,  21st Floor,  New York, New York 10022,
Attention:  Robert  Steven  Brown,  or at such other place as is  designated  in
writing by the Trust,  together with a certified or bank cashier's check payable
to the order of the  Trust in an amount  equal to the  product  of the  Exercise
Price  and the  number  of  Warrant  Shares  for  which  this  Warrant  is being
exercised.

         Section 2 Rights Upon Registration of Transfer; Delivery of Securities.

                  As soon as  practicable  after each  exercise of this Warrant,
the Trust shall issue and deliver to the Holder a  certificate  or  certificates
representing  the Warrant Shares issuable upon such exercise,  registered in the
name of the Holder or its designee.  If this Warrant should be exercised in part
only, the Trust shall, upon surrender of this Warrant for cancellation,  execute
and deliver a Warrant evidencing the right of the Holder to purchase the balance
of the aggregate number of Warrant Shares purchasable hereunder as to which this
Warrant has not been exercised or assigned.

         Section 3 Registration of Transfer and Exchange.

                  Any  Warrants  issued upon the transfer or exercise in part of
this Warrant  shall be numbered and shall be  registered  in a Warrant  register
(the  "Warrant  Register")  as they are  issued.  The Trust shall be entitled to
treat the registered  holder of any Warrant on the Warrant Register as the owner
in fact  thereof  for all  purposes,  and  shall not be bound to  recognize  any
equitable  or other  claim to, or interest  in, such  Warrant on the part of any
other  person,  and shall not be liable  for any  registration  or  transfer  of
Warrants  which are registered or to be registered in the name of a fiduciary or
the  nominee  of a  fiduciary  unless  made  with the  actual  knowledge  that a
fiduciary  or  nominee  is  committing  a breach  of trust  in  requesting  such
registration  of  transfer,  or with  the  knowledge  of  such  facts  that  its
participation  therein amounts to bad faith.  This Warrant shall be transferable
on the books of the Trust only upon delivery thereof duly endorsed by the Holder
or by his duly authorized  attorney or representative,  or accompanied by proper
evidence of succession,  assignment,  or authority to transfer.  In

<PAGE>

all cases of transfer by an  attorney,  executor,  administrator,  guardian,  or
other legal  representative,  duly  authenticated  evidence of his,  her, or its
authority shall be produced.  Upon any registration of transfer, the Trust shall
deliver a new Warrant or Warrants to the person entitled  thereto.  This Warrant
may be exchanged,  at the Warrant of the Holder thereof, for another Warrant, or
other Warrants of different denominations, of like tenor and representing in the
aggregate  the right to  purchase a like number of Warrant  Shares (or  portions
thereof),   upon  surrender  to  the  Trust  or  its  duly   authorized   agent.
Notwithstanding  the  foregoing,  the Trust  shall have no  obligation  to cause
Warrants  to be  transferred  on its books to any person  if, in the  opinion of
counsel to the Trust,  such transfer does not comply with the  provisions of the
Securities Act and the rules and regulations thereunder.

         Section 4 Reservation of Shares.

                  The Trust shall at all times reserve and keep available out of
the  shares  of  Common  Stock  of VNI held by it,  solely  for the  purpose  of
providing  for the  exercise  of the  Warrants,  such number of shares of Common
Stock as shall, from time to time, be sufficient therefor.  The Trust represents
that all shares of Common  Stock  issuable  upon  exercise  of this  Warrant are
beneficially  owned  by the  Trust  free  and  clear  of any and all  liens  and
encumbrances,  and, when issued against payment therefore in accordance with the
terms hereof,  shall be validly issued,  fully paid, and nonassessable,  without
any personal liability attaching to the ownership thereof and will not be issued
in violation of any preemptive or similar rights of stockholders.

         Section 5 Antidilution.

                  (a) In the event that VNI shall at any time after the  Initial
Exercise Date: (i) declare a dividend on the outstanding Common Stock payable in
shares of the Trust's  capital  stock;  (ii)  subdivide the  outstanding  Common
Stock;  (iii)  combine the  outstanding  Common  Stock into a smaller  number of
shares; or (iv) issue any shares of its capital stock by reclassification of the
Common  Stock  (including  any  such   reclassification  in  connection  with  a
consolidation or merger in which the Trust is the continuing  entity),  then, in
each case,  the  Exercise  Price per Warrant  Share in effect at the time of the
record date for the  determination  of  stockholders  entitled  to receive  such
dividend  or  distribution  or  of  the  effective  date  of  such  subdivision,
combination,  or  reclassification  shall be adjusted so that it shall equal the
price determined by multiplying such Exercise Price by a fraction, the numerator
of which shall be the number of shares of Common Stock  outstanding  immediately
prior to such action, and the denominator of which shall be the number of shares
of Common Stock outstanding after giving effect to such action.  Such adjustment
shall be made successively whenever any event listed above shall occur and shall
become effective at the close of business on such record date or at the close of
business on the date immediately preceding such effective date, as applicable.

                  (b) All calculations under this Section 5 shall be made to the
nearest cent or to the nearest one-hundredth of a share, as the case may be.

<PAGE>

                  (c) In any case in which this Section 5 shall  require that an
adjustment in the number of Warrant Shares be made effective as of a record date
for a specified  event,  the Trust may elect to defer,  until the  occurrence of
such event,  issuing  transfering  to the Holder,  if the Holder  exercised this
Warrant after such record date, the Warrant Shares,  if any,  issuable upon such
exercise over and above the number of Warrant Shares issuable upon such exercise
on the basis of the  number of  shares of Common  Stock in effect  prior to such
adjustment;  provided, however, that the Trust shall deliver to the Holder a due
bill or other  appropriate  instrument  evidencing the Holder's right to receive
such  additional  shares  of  Common  Stock  upon the  occurrence  of the  event
requiring such adjustment.

                  (d) Whenever  there shall be an adjustment as provided in this
Section  5, the Trust  shall  within 15 days  thereafter  cause  written  notice
thereof to be sent by the Company by registered mail,  postage  prepaid,  to the
Holder, at its address as it shall appear in the Warrant Register,  which notice
shall be  accompanied  by an officer's  certificate  setting forth the number of
Warrant Shares issuable and the Exercise Price thereof after such adjustment and
setting forth a brief  statement of the facts  requiring such adjustment and the
computation thereof, which officer's certificate shall be conclusive evidence of
the correctness of any such adjustment absent manifest error.

                  (e) The Trust  shall not be  required  to issue  fractions  of
shares of Common Stock or other  capital  stock of VNI upon the exercise of this
Warrant.  If any  fraction  of a share of Common  Stock would be issuable on the
exercise of this Warrant (or specified  portions  thereof),  the Trust shall pay
lieu of such  fraction an amount in cash equal to the same  fraction of the last
closing sale price prior to the date of exercise.

                  (f) No  adjustment  in the  Exercise  Price per Warrant  Share
shall be required if such adjustment is less than $.01; provided,  however, that
any  adjustments  which by reason of this  Section 5 are not required to be made
shall be carried forward and taken into account in any subsequent adjustment.

                  (g) Whenever the Exercise  Price payable upon exercise of this
Warrant is adjusted  pursuant  to  subsection  (a) above,  the number of Warrant
Shares issuable upon exercise of this Warrant shall  simultaneously  be adjusted
by multiplying the number of Warrant Shares  theretofore  issuable upon exercise
of this Warrant by the  Exercise  Price  theretofore  in effect and dividing the
product so obtained by the Exercise Price, as adjusted.

         Section 6 Reclassification; Reorganization; Merger.

                  (a) In case of any capital  reorganization,  other than in the
cases referred to in Section 5(a) hereof,  or the consolidation or merger of VNI
with or into another  corporation (other than a merger or consolidation in which
VNI  is  the   continuing   corporation   and  which  does  not  result  in  any
reclassification  of the outstanding shares of Common Stock or the conversion of
such  outstanding  shares of Common  Stock into

<PAGE>

shares of other stock or other  securities or  property),  or in the case of any
sale, lease, or conveyance to another  corporation of the property and assets of
any nature of VNI as an entirety or  substantially  as an entirety (such actions
being hereinafter  collectively referred to as  "Reorganizations"),  there shall
thereafter be  deliverable  upon exercise of this Warrant (in lieu of the number
of  Warrant  Shares  theretofore  deliverable)  the number of shares of stock or
other  securities  or  property  to which a holder of the  respective  number of
Warrant Shares which would otherwise have been  deliverable upon the exercise of
this Warrant would have been entitled upon such  Reorganization  if this Warrant
had been exercised in full immediately prior to such Reorganization.  In case of
any Reorganization,  appropriate adjustment,  as determined in good faith by the
Trustees or other governing body of the Trust,  shall be made in the application
of the  provisions  herein set forth with respect to the rights and interests of
the  Holder  so that  the  provisions  set  forth  herein  shall  thereafter  be
applicable,  as nearly as possible,  in relation to any shares or other property
thereafter  deliverable upon exercise of this Warrant. Any such adjustment shall
be made by, and set forth in, a supplemental agreement between the Trust, or any
successor thereto,  and the Holder, with respect to this Warrant,  and shall for
all purposes hereof conclusively be deemed to be an appropriate adjustment.  VNI
shall  use its best  efforts  to  ensure  that VNI  shall  not  effect  any such
Reorganization  unless, upon or prior to the consummation thereof, the successor
corporation,  or  if  VNI  shall  be  the  surviving  corporation  in  any  such
Reorganization  and is not the issuer of the shares of stock or other securities
or property to be delivered to holders of shares of the Common Stock outstanding
at the  effective  time  thereof,  then such  issuer,  shall  assume by  written
instrument  the  obligation  to  deliver  to the  Holder  such  shares of stock,
securities, cash, or other property as such Holder shall be entitled to purchase
in accordance  with the foregoing  provisions.  In the event of sale,  lease, or
conveyance or other transfer of all or substantially all of the assets of VNI or
the Trust as part of a plan for  liquidation of VNI or the Trust,  all rights to
exercise  this Warrant  shall  terminate 30 days after  written  notice has been
given to the Holder  that such sale or  conveyance  or other  transfer  has been
consummated.

                  (b) In case of any reclassification or change of the shares of
Common Stock  issuable upon exercise of this Warrant (other than a change in par
value or from a  specified  par  value  to no par  value,  or as a  result  of a
subdivision or  combination,  but including any change in the shares into two or
more classes or series of shares),  or in case of any consolidation or merger of
another  corporation into VNI in which VNI is the continuing  corporation and in
which there is a reclassification  or change (including a change to the right to
receive  cash or other  property)  of the shares of Common  Stock  (other than a
change in par value,  or from no par value to a  specified  par  value,  or as a
result of a subdivision or  combination,  but including any change in the shares
into two or more  classes  or series of  shares),  the Holder or holders of this
Warrant shall have the right thereafter to receive upon exercise of this Warrant
solely  the kind and amount of shares of stock and other  securities,  property,
cash, or any combination thereof receivable upon such reclassification,  change,
consolidation,  or merger by a holder of the number of Warrant  Shares for which
this   Warrant   might   have   been   exercised   immediately   prior  to  such
reclassification,  change,  consolidation,  or merger.  Thereafter,  appropriate
provision shall be made for adjustments  which shall be as nearly  equivalent as
practicable to the adjustments in Section 5.

<PAGE>

              (c) The above  provisions of this Section 6 shall  similarly apply
to  successive  reclassifications  and changes of shares of Common  Stock and to
successive consolidations, mergers, sales, leases, or conveyances.

         Section 7 Notice of Certain Events.

         In case at any time the Trust shall receive notice or become aware that
VNI proposes:

         (a) to pay any  dividend or make any  distribution  on shares of Common
Stock in shares  of Common  Stock or make any  other  distribution  (other  than
regularly  scheduled cash dividends  which are not in a greater amount per share
than the most recent such cash dividend) to all holders of Common Stock; or

         (b) to issue any rights,  Warrants,  or other securities to all holders
of Common Stock entitling them to purchase any additional shares of Common Stock
or any other rights, Warrants, or other securities; or

         (c) to effect any  reclassification  or change of outstanding shares of
Common  Stock or any  consolidation,  merger,  sale,  lease,  or  conveyance  of
property, as described in Section 6; or

         (d) to effect any liquidation, dissolution, or winding-up of VNI; or

         (e) to take any other  action  which would cause an  adjustment  to the
Exercise Price per Warrant Share;

then,  and in any one or more of such  cases,  the Trust shall cause VNI to give
prompt written notice thereof by registered mail, postage prepaid, to the Holder
at the Holder's  address as it shall appear in the Warrant  Register,  mailed at
least 10 days prior to and such notice shall  include:  (i) the date as of which
the  holders of record of shares of Common  Stock to be  entitled to receive any
such dividend,  distribution,  rights,  Warrants,  or other securities are to be
determined;  (ii)  the  date on  which  any  such  reclassification,  change  of
outstanding  shares  of  Common  Stock,  consolidation,   merger,  sale,  lease,
conveyance of property,  liquidation,  dissolution, or winding-up is expected to
become  effective and the date as of which it is expected that holders of record
of shares of Common  Stock  shall be  entitled  to  exchange  their  shares  for
securities or other property,  if any,  deliverable upon such  reclassification,
change of outstanding shares, consolidation,  merger, sale, lease, conveyance of
property,  liquidation,  dissolution,  or winding-up;  or (iii) the date of such
action  which would  require an  adjustment  to the  Exercise  Price per Warrant
Share.

<PAGE>

         Section 8 Charges and Taxes.

              The issuance of any shares or other  securities  upon the exercise
of  this  Warrant  and  the  delivery  of  certificates  or  other   instruments
representing such shares or other securities shall be made without charge to the
Holder for any tax or other charge in respect of such issuance.  Neither VNI nor
the Trust  shall be  required  to pay any tax which may be payable in respect of
any  transfer  involved in the issue and delivery of any  certificate  in a name
other than that of the Holder and neither the Trust nor VNI shall be required to
issue or  deliver  any such  certificate  unless and until the person or persons
requesting  the issue  thereof  shall have paid to VNI the amount of such tax or
shall have  established to the  satisfaction of the Trust that such tax has been
paid.

         Section 9 Periodic Reports.

              The Trust agrees that until all the Warrant Shares shall have been
sold pursuant to Rule 144 under the Securities  Act or a Registration  Statement
under the  Securities  Act,  it shall use its best  efforts to cause VNI to keep
current in filing all reports,  statements,  and other materials  required to be
filed with the  Commission to permit  holders of the Warrant Shares to sell such
securities under Rule 144 under the Securities Act.

         Section 10 Legend.

              Until sold  pursuant to the  provisions  of Rule 144 or  otherwise
registered  under the  Securities  Act, the Warrant Shares issued on exercise of
the Warrants  shall be subject to a stop transfer  order and the  certificate or
certificates representing the Warrant Shares shall bear the following legend:

THE SECURITIES  REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS AND
MAY NOT BE OFFERED, SOLD, PLEDGED, ASSIGNED, OR OTHERWISE TRANSFERRED UNLESS (1)
A REGISTRATION  STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES
ACT AND ANY  APPLICABLE  STATE  SECURITIES  LAWS,  OR (2) THE TRUST  RECEIVES AN
OPINION OF COUNSEL TO THE HOLDER OF THE  SECURITIES,  WHICH  COUNSEL AND OPINION
ARE REASONABLY  SATISFACTORY TO THE TRUST,  THAT SUCH SECURITIES MAY BE OFFERED,
SOLD,  PLEDGED,  ASSIGNED,  OR OTHERWISE  TRANSFERRED IN THE MANNER CONTEMPLATED
WITHOUT  AN  EFFECTIVE  REGISTRATION  STATEMENT  UNDER  THE  SECURITIES  ACT  OR
APPLICABLE STATE SECURITIES LAWS.

         Section 11 Loss; Theft; Destruction; Mutilation.

              Upon  receipt of evidence  satisfactory  to the Trust of the loss,
theft,  destruction,  or  mutilation  of any Warrant (and upon  surrender of any
Warrant if mutilated),  and upon receipt by the Trust of reasonably satisfactory
indemnification, the Trust shall execute and deliver to the Holder thereof a new
Warrant of like date, tenor, and denomination.

<PAGE>

         Section 12 Stockholder Rights.

              The  Holder of any  Warrant  shall not have,  solely on account of
such status,  any rights of a stockholder of VNI or the Trust,  either at law or
in  equity,  or to any  notice  of  meetings  of  stockholders  or of any  other
proceedings of VNI or the Trust, except as provided in this Warrant.

         Section 14 Governing Law.

              This Warrant shall be construed in accordance with the laws of the
State of New York applicable to contracts made and performed  within such State,
without regard to principles of conflicts of law.

                     [REMAINDER OF PAGE INTENTIONALLY BLANK]

<PAGE>

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

                                   IRREVOCABLE CHILDREN'S TRUST

                                   By: /s/ David M. Marks
                                       ------------------------------------
                                       Name: David M. Marks
                                       Title: Trustee

<PAGE>

                               FORM OF ASSIGNMENT

(To be executed by the registered  holder if such holder desires to transfer the
attached Warrant.)

         FOR VALUE RECEIVED,  ______________________  hereby sells, assigns, and
transfers  unto  _________________  a Warrant to purchase  __________  shares of
Common Stock, par value $0.001 per share, of Ventures-National  Incorporated,  a
Utah corporation ("VNI") from Irrevocable Children's Trust (the "Company"),  and
does hereby irrevocably  constitute and appoint ___________ attorney to transfer
such Warrant on the books of the Trust, with full power of substitution.

Dated: _________________

                                                 Signature_____________________

                                     NOTICE

         The signature on the foregoing  Assignment  must correspond to the name
as written upon the face of this Warrant in every particular, without alteration
or enlargement or any change whatsoever.

<PAGE>

                              ELECTION TO EXERCISE

To: Irrevocable Children's Trust

         The  undersigned  hereby  exercises his, her, or its rights to purchase
from Irrevocable Children's Trust (the "Company") _____________ shares of common
stock,  par value $.001 per share (the  "Common  Stock"),  of  Ventures-National
Incorporated,  a Utah  corporation (the "VNI") covered by the within Warrant and
tenders  payment  herewith in the amount of $_____ in accordance  with the terms
thereof,  and requests that  certificates for the securities  constituting  such
shares of Common Stock be issued in the name of, and delivered to:

     (Print Name, Address, and Social Security or Tax Identification Number)

and, if such  number of shares of Common  Stock  shall not  constitute  all such
shares of Common Stock covered by the within Warrant, that a new Warrant for the
balance of the shares of Common  Stock  covered by the within  Warrant  shall be
registered  in the name of, and  delivered  to, the  undersigned  at the address
stated below.

Dated: __________________                   Name ________________________
                                                 (Print)

Address:

                                                 ------------------------
                                                 (Signature)

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