Document:

GUARANTY

     

    GUARANTY,
      dated as of November 30, 2007, by the Guarantors identified as such on the
      signature pages hereof (the “Guarantors”,
      and
      individually, a “Guarantor”)
      in
      favor of (i) Woodside Agency Services, LLC, as collateral agent (hereinafter,
      in
      such capacity, the “Collateral Agent”)
      for
      itself and the Holders (as such term is defined in the Purchase Agreement
      referred to below) under the Securities Purchase and Loan Agreement, dated
      as of
      November 30, 2007 (as amended and in effect from time to time, the “Purchase
      Agreement”),
      among
      National Investment Managers Inc., a Florida corporation (the “Company”),
      the
      Holders and the Collateral Agent and (ii) each of the Holders.

     

    WHEREAS,
      the Company and the Guarantors are members of a group of related corporations,
      the success of any one of which is dependent in part on the success of the
      other
      members of such group;

     

    WHEREAS,
      each Guarantor expects to receive substantial direct and indirect benefits
      from
      the extensions of credit accommodations to the Company by the Holders pursuant
      to the Purchase Agreement (which benefits are hereby acknowledged);

     

    WHEREAS,
      it is a condition precedent to the Holders’ extending any credit accommodations
      to the Company under the Purchase Agreement that the Guarantors execute and
      deliver to the Collateral Agent and the Holders, a guaranty substantially in
      the
      form hereof; and

     

    WHEREAS,
      each Guarantor wishes to guaranty the Company’s obligations to the Holders and
      the Collateral Agent under or in respect of the Purchase Agreement as provided
      herein;

     

    NOW,
      THEREFORE, the Guarantor hereby agrees with the Holders and the Collateral
      Agent
      as follows:

     

    1. Definitions.
      The
      term “Obligations” and all other capitalized terms used herein without
      definition shall have the respective meanings provided therefor in the Purchase
      Agreement.

     

    2. Guaranty
      of Payment and Performance.
      Each
      Guarantor hereby guarantees to the Holders and the Collateral Agent the full
      and
      punctual payment when due (whether at stated maturity, by required pre-payment,
      by acceleration or otherwise), as well as the performance, of all of the
      Obligations including all such which would become due but for the operation
      of
      the automatic stay pursuant to §362(a) of the Federal Bankruptcy Code and the
      operation of §§502(b) and 506(b) of the Federal Bankruptcy Code. This Guaranty
      is an absolute, unconditional and continuing guaranty of the full and punctual
      payment and performance of all of the Obligations and not of their
      collectibility only and is in no way conditioned upon any requirement that
      the
      Collateral Agent or any Holder first attempt to collect any of the Obligations
      from the Company or resort to any collateral security or other means of
      obtaining payment. Should the Company default in the payment or performance
      of
      any of the Obligations, the obligations of each Guarantor hereunder with respect
      to such Obligations in default shall, upon demand by the Collateral Agent or
      the
      Majority Holders, become immediately due and payable to the Collateral Agent,
      for the benefit of the Holders and the Collateral Agent, without demand or
      notice of any nature, all of which are expressly waived by each Guarantor.
      Payments by each Guarantor hereunder may be required by the Collateral Agent
      or
      the Marjority Holders on any number of occasions. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3. Guarantors’
      Agreement to Pay Enforcement Costs, etc.
      Each
      Guarantor further agrees, as the principal obligor and not as a guarantor only,
      to pay to the Collateral Agent, on demand, all costs and expenses (including
      court costs and legal expenses) incurred or expended by the Collateral Agent
      or
      any Holder in connection with the Obligations, this Guaranty and the enforcement
      thereof, together with interest on amounts recoverable under this §3 from the
      time when such amounts become due until payment, whether before or after
      judgment, at the rate of interest for overdue principal set forth in the
      Purchase Agreement, provided that if such interest exceeds the maximum amount
      permitted to be paid under applicable law, then such interest shall be reduced
      to such maximum permitted amount.

     

    4. Waivers
      by Guarantors; Holders’ Freedom to Act.
      Each
      Guarantor agrees that the Obligations will be paid and performed strictly in
      accordance with their respective terms, regardless of any law, regulation or
      order now or hereafter in effect in any jurisdiction affecting any of such
      terms
      or the rights of the Collateral Agent or any Holder with respect thereto. Each
      Guarantor waives promptness, diligence, presentment, demand, protest, notice
      of
      acceptance, notice of any Obligations incurred and all other notices of any
      kind, all defenses which may be available by virtue of any valuation, stay,
      moratorium law or other similar law now or hereafter in effect, any right to
      require the marshalling of assets of the Company or any other entity or other
      person primarily or secondarily liable with respect to any of the Obligations,
      and all suretyship defenses generally. Without limiting the generality of the
      foregoing, each Guarantor agrees to the provisions of any instrument evidencing,
      securing or otherwise executed in connection with any Obligation and agrees
      that
      the obligations of such Guarantor hereunder shall not be released or discharged,
      in whole or in part, or otherwise affected by (i) the failure of the Collateral
      Agent or any Holder to assert any claim or demand or to enforce any right or
      remedy against the Company or any other entity or other person primarily or
      secondarily liable with respect to any of the Obligations; (ii) any extensions,
      compromise, refinancing, consolidation or renewals of any Obligation; (iii)
      any
      change in the time, place or manner of payment of any of the Obligations or
      any
      rescissions, waivers, compromise, refinancing, consolidation or other amendments
      or modifications of any of the terms or provisions of the Purchase Agreement,
      the other Financing Agreements or any other agreement evidencing, securing
      or
      otherwise executed in connection with any of the Obligations, (iv) the addition,
      substitution or release of any entity or other person primarily or secondarily
      liable for any Obligation; (v) the adequacy of any rights which the Collateral
      Agent or any Holder may have against any collateral security or other means
      of
      obtaining repayment of any of the Obligations; (vi) the impairment of any
      collateral securing any of the Obligations, including without limitation the
      failure to perfect or preserve any rights which the Collateral Agent or any
      Holder might have in such collateral security or the substitution, exchange,
      surrender, release, loss or destruction of any such collateral security; or
      (vii) any other act or omission which might in any manner or to any extent
      vary
      the risk of such Guarantor or otherwise operate as a release or discharge of
      such Guarantor, all of which may be done without notice to such Guarantor.
      To
      the fullest extent permitted by law, each Guarantor hereby expressly waives
      any
      and all rights or defenses arising by reason of (A) any “one action” or
“anti-deficiency” law which would otherwise prevent the Collateral Agent or any
      Holder from bringing any action, including any claim for a deficiency, or
      exercising any other right or remedy (including any right of set-off), against
      such Guarantor before or after the Collateral Agent’s or such Holder’s
      commencement or completion of any foreclosure action, whether judicially, by
      exercise of power of sale or otherwise, or (B) any other law which in any other
      way would otherwise require any election of remedies by the Collateral Agent
      or
      any Holder.

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    5. Unenforceability
      of Obligations Against Company.
      If for
      any reason the Company has no legal existence or is under no legal obligation
      to
      discharge any of the Obligations, or if any of the Obligations have become
      irrecoverable from the Company by reason of the Company’s insolvency, bankruptcy
      or reorganization or by other operation of law or for any other reason, this
      Guaranty shall nevertheless be binding on each Guarantor to the same extent
      as
      if such Guarantor at all times had been the principal obligor on all such
      Obligations. In the event that acceleration of the time for payment of any
      of
      the Obligations is stayed upon the insolvency, bankruptcy or reorganization
      of
      the Company, or for any other reason, all such amounts otherwise subject to
      acceleration under the terms of the Purchase Agreement, the other Financing
      Agreements, or any other agreement evidencing, securing or otherwise executed
      in
      connection with any Obligation shall be immediately due and payable by each
      Guarantor.

     

    6. Subrogation;
      Subordination. 

     

    6.1. Waiver
      of Rights Against Company.
      Until
      the final payment and performance in full of all of the Obligations, each
      Guarantor shall not exercise and hereby waives any rights against the Company
      arising as a result of payment by such Guarantor hereunder, by way of
      subrogation, reimbursement, restitution, contribution or otherwise, and will
      not
      prove any claim in competition with the Collateral Agent or any Holder in
      respect of any payment hereunder in any bankruptcy, insolvency or reorganization
      case or proceedings of any nature; each Guarantor will not claim any setoff,
      recoupment or counterclaim against the Company in respect of any liability
      of
      such Guarantor to the Company; and each Guarantor waives any benefit of and
      any
      right to participate in any collateral security which may be held by the
      Collateral Agent or any Holder.

     

    6.2. Subordination.
      The
      payment of any amounts due with respect to any indebtedness of the Company
      for
      money borrowed or credit received now or hereafter owed to any Guarantor is
      hereby subordinated to the prior payment in full of all of the Obligations.
      Each
      Guarantor agrees that, after the occurrence of any default in the payment or
      performance of any of the Obligations, such Guarantor will not demand, sue
      for
      or otherwise attempt to collect any such indebtedness of the Company to such
      Guarantor until all of the Obligations shall have been paid in full. If,
      notwithstanding the foregoing sentence, such Guarantor shall collect, enforce
      or
      receive any amounts in respect of such indebtedness while any Obligations are
      still outstanding, such amounts shall be collected, enforced and received by
      such Guarantor as trustee for the Holders and the Collateral Agent and be paid
      over to the Collateral Agent, for the benefit of the Holders and the Collateral
      Agent, on account of the Obligations without affecting in any manner the
      liability of such Guarantor under the other provisions of this
      Guaranty.

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    6.3. Provisions
      Supplemental.
      The
      provisions of this §6 shall be supplemental to and not in derogation of any
      rights and remedies of the Holders and the Collateral Agent under any separate
      subordination agreement which the Collateral Agent or any Holder may at any
      time
      and from time to time enter into with the Guarantors for the benefit of the
      Holders and the Collateral Agent.

     

    7. Security;
      Setoff.
      Each
      Guarantor grants to each of the Collateral Agent and the Holders, as security
      for the full and punctual payment and performance of all of such Guarantor’s
      obligations hereunder, a continuing lien on and security interest in all
      securities or other property belonging to such Guarantor now or hereafter held
      by the Collateral Agent or such Holder and in all deposits (general or special,
      time or demand, provisional or final) and other sums credited by or due from
      the
      Collateral Agent or such Holder to such Guarantor or subject to withdrawal
      by
      such Guarantor. Regardless of the adequacy of any collateral security or other
      means of obtaining payment of any of the Obligations, each of the Collateral
      Agent and the Holders is hereby authorized at any time and from time to time,
      without notice to any Guarantor (any such notice being expressly waived by
      each
      Guarantor) and to the fullest extent permitted by law, to set off and apply
      such
      deposits and other sums against the obligations of any Guarantor under this
      Guaranty, whether or not the Collateral Agent or such Holder shall have made
      any
      demand under this Guaranty and although such obligations may be contingent
      or
      unmatured.

     

    8. Further
      Assurances.
      Each
      Guarantor agrees that it will from time to time, at the request of the
      Collateral Agent or the Majority Holders, do all such things and execute all
      such documents as the Collateral Agent or the Majority Holders may consider
      necessary or desirable to give full effect to this Guaranty and to perfect
      and
      preserve the rights and powers of the Holders and the Collateral Agent
      hereunder. Each Guarantor acknowledges and confirms that such Guarantor itself
      has established its own adequate means of obtaining from the Company on a
      continuing basis all information desired by such Guarantor concerning the
      financial condition of the Company and that such Guarantor will look to the
      Company and not to the Collateral Agent or any Holder in order for such
      Guarantor to keep adequately informed of changes in the Company’s financial
      condition.

     

    9. Termination;
      Reinstatement.
      This
      Guaranty shall remain in full force and effect until the final and indefeasible
      payment in full in cash of all of the Obligations. This Guaranty shall be
      reinstated, notwithstanding the foregoing, if at any time any payment made
      with
      respect to any Obligation is rescinded or must otherwise be returned by the
      Collateral Agent or any Holder upon the insolvency, bankruptcy or reorganization
      of the Company, or otherwise, all as though such payment had not been made
      or
      value received.

     

    10. Successors
      and Assigns.
      This
      Guaranty shall be binding upon each Guarantor, its successors and assigns,
      and
      shall inure to the benefit of the Collateral Agent and the Holders and their
      respective successors, transferees and assigns. No Guarantor may assign any
      of
      its obligations hereunder.

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    11. Amendments
      and Waivers.
      No
      amendment or waiver of any provision of this Guaranty nor consent to any
      departure by any Guarantor therefrom shall be effective unless the same shall
      be
      in writing and signed by the Collateral Agent with the consent of the Majority
      Holders. No failure on the part of the Collateral Agent or any Holder to
      exercise, and no delay in exercising, any right hereunder shall operate as
      a
      waiver thereof; nor shall any single or partial exercise of any right hereunder
      preclude any other or further exercise thereof or the exercise of any other
      right.

     

    12. Notices.
      All
      notices and other communications called for hereunder shall be made in writing
      and, unless otherwise specifically provided herein, shall be deemed to have
      been
      duly made or given when delivered by hand or mailed first class, postage
      prepaid, or, in the case of telegraphic or telexed notice, when transmitted,
      answer back received, addressed as follows: if to a Guarantor, at the address
      set forth beneath its signature hereto, and if to the Collateral Agent or any
      Holder, at the address for notices to the Collateral Agent or such Holder set
      forth in Section 17 of the Purchase Agreement, or at such address as any such
      party may designate in writing to the other.

     

    13. Governing
      Law; Consent to Jurisdiction.
      THIS
      GUARANTY IS INTENDED TO TAKE EFFECT AS A SEALED INSTRUMENT AND SHALL BE GOVERNED
      BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF
      MASSACHUSETTS. Each Guarantor agrees that any suit for the enforcement of this
      Guaranty may be brought in the courts of the Commonwealth of Massachusetts
      or
      any federal court sitting therein and consents to the nonexclusive jurisdiction
      of such court and to service of process in any such suit being made upon such
      Guarantor by mail at the address specified by reference in §12. Each Guarantor
      hereby waives any objection that it may now or hereafter have to the venue
      of
      any such suit or any such court or that such suit was brought in an inconvenient
      court.

     

    14. Waiver
      of Jury Trial.
      EACH
      GUARANTOR HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION
      OR
      CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS GUARANTY, ANY RIGHTS
      OR
      OBLIGATIONS HEREUNDER OR THE PERFORMANCE OF ANY OF SUCH RIGHTS OR OBLIGATIONS.
      Except as prohibited by law, each Guarantor hereby waives any right which it
      may
      have to claim or recover in any litigation referred to in the preceding sentence
      any special, exemplary, punitive or consequential damages or any damages other
      than, or in addition to, actual damages. Each Guarantor (i) certifies that
      neither the Collateral Agent nor any Holder nor any representative, agent or
      attorney of the Collateral Agent or any Holder has represented, expressly or
      otherwise, that the Collateral Agent or any Holder would not, in the event
      of
      litigation, seek to enforce the foregoing waivers and (ii) acknowledges that,
      in
      entering into the Purchase Agreement and the other Financing Agreements to
      which
      the Collateral Agent or any Holder is a party, the Collateral Agent and the
      Holders are relying upon, among other things, the waivers and certifications
      contained in this §14.

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    15. Miscellaneous.
      This
      Guaranty constitutes the entire agreement of the Guarantors with respect to
      the
      matters set forth herein. The rights and remedies herein provided are cumulative
      and not exclusive of any remedies provided by law or any other agreement, and
      this Guaranty shall be in addition to any other guaranty of or collateral
      security for any of the Obligations. The invalidity or unenforceability of
      any
      one or more sections of this Guaranty shall not affect the validity or
      enforceability of its remaining provisions. Captions are for the ease of
      reference only and shall not affect the meaning of the relevant provisions.
      The
      meanings of all defined terms used in this Guaranty shall be equally applicable
      to the singular and plural forms of the terms defined.

     

    16. Contribution.
      To the
      extent any Guarantor makes a payment hereunder in excess of the aggregate amount
      of the benefit received by such Guarantor in respect of the extensions of credit
      accommodations under the Purchase Agreement (the “Benefit 
      Amount”),
      then
      such Guarantor, after the payment in full, in cash, of all of the Obligations,
      shall be entitled to recover from each other guarantor of the Obligations such
      excess payment, pro 
      rata,
      in
      accordance with the ratio of the Benefit Amount received by each such other
      guarantor to the total Benefit Amount received by all guarantors of the
      Obligations, and the right to such recovery shall be deemed to be an asset
      and
      property of such Guarantor so funding; provided,
      that
      all such rights to recovery shall be subordinated and junior in right of payment
      to the final and indefeasible payment in full in cash of all of the
      Obligations.

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF,
      each
      Guarantor has caused this Guaranty to be executed and delivered as of the date
      first above written.

    

      
        	
                ABR
                  ADVISORS, INC.

              
	
                ASSET
                  PRESERVATION CORP.

              
	
                BENEFIT
                  DYNAMICS, INC.

              
	
                BENEFIT
                  MANAGEMENT INC.

              
	
                BPI/PPA,
                  INC.

              
	
                CIRCLE
                  PENSION, INC.

              
	
                COMPLETE
                  INVESTMENT MANAGEMENT, INC. OF PHILADELPHIA

              
	
                HADDON
                  STRATEGIC ALLIANCES, INC.

              
	
                LAMORIELLO
                  & CO., INC.

              
	
                NATIONAL
                  ACTUARIAL PENSION SERVICES, INC.

              
	
                NATIONAL
                  ASSOCIATES, INC., N.W.

              
	
                PENSION
                  ADMINISTRATION SERVICES, INC.

              
	
                PENTEC,
                  INC.

              
	
                PENTEC
                  CAPITAL MANAGEMENT, INC.

              
	
                SOUTHEASTERN
                  PENSION SERVICES, INC.

              
	
                STEPHEN
                  H. ROSEN & ASSOCIATES, INC.

              
	
                THE
                  PENSION ALLIANCE, INC.

              
	
                VALLEY
                  FORGE ENTERPRISES, LTD.

              
	
                V.F.
                  ASSOCIATES, INC.

              
	
                VF
                  INVESTMENT SERVICES, CORP.

              
	
                VALLEY
                  FORGE CONSULTING
                  CORPORATION

              

      

    

     

    
      	 	
              By:

            	
              /s/Steven
                Ross

            
	 	 	
              Name:Steven
                Ross

            
	 	 	
              Title:
                CEOSECURITIES
      PURCHASE AGREEMENT

     

    SECURITIES
      PURCHASE AGREEMENT
      (the
“Agreement”),
      dated
      as of ______________ ___, 2007, by and among National Investment Managers Inc.
      (f/k/a Fast Eddie Racing Stables, Inc.), a Florida corporation (the
‘Company’),
      and
      the buyers set out on Schedule
      A
      hereto
      (each a “Buyer”
      and
      together, the “Buyers”).

     

    WHEREAS:

     

    A. The
      Company and Buyers are executing and delivering this Agreement in reliance
      upon
      the exemption from securities registration afforded by Section 4(2) of the
      Securities Act of 1933, as amended (the “1933
      Act”),
      and
      Rule 506 of Regulation D (“Regulation
      D”)
      as
      promulgated by the United States Securities and Exchange Commission (the
“SEC”)
      under
      the 1933 Act; and

     

    B. Each
      Buyer wishes to purchase, and the Company wishes to sell, upon the terms and
      conditions stated in this Agreement, the number of shares of Common Stock,
      par
      value $0.01 per share, of the Company (“Common
      Stock”),
      set
      forth in Section
      1
      below.

     

    NOW,
      THEREFORE,
      the
      Company and each Buyer hereby agree as follows:

     

    
      	 	
              1.

            	
              PURCHASE
                AND SALE OF COMMON STOCK.

            

    

     

    (a) Purchase
      of Common Stock.
      The
      Company agrees to issue and sell to each Buyer, and each Buyer agrees to
      purchase from the Company on the Closing Date (as defined below), such number
      of
      shares of Common Stock set forth opposite such Buyer’s name on Schedule
      A
      (the
“Common
      Shares”).
      

     

    (b) Purchase
      Price.
      The
      purchase price for the Common Shares to be purchased by the Buyers at the
      Closing shall be $0.50
      per
      share
      (the “Purchase
      Price”).

     

    (c) Closing
      Date.
      The
      purchase and sale of the Common Shares (the “Closing”)
      shall
      take place at 10:00 a.m., New York City Time, on the date hereof (the
“Closing
      Date”)
      (or
      such other date and time as is mutually agreed to by the Company and each
      Buyer).

     

    (d) Form
      of Payment.
      On the
      Closing Date, (i) each Buyer shall pay the Purchase Price to the Company for
      the
      Common Shares to be issued and sold to such Buyer at the Closing, by wire
      transfer of immediately available funds in accordance with the Company's written
      wire instructions, and (ii) the Company shall deliver to each Buyer (A) one
      or more stock certificates, free and clear of all restrictive and other legends
      (except as expressly provided in Section 2(f) hereof), evidencing the number
      of
      Common Shares such Buyer is purchasing, duly executed on behalf of the Company
      and registered in the name of such Buyer.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
            	2.	
              BUYER'S
                REPRESENTATIONS AND WARRANTIES.

            

    

     

    Each
      Buyer represents and warrants that: 

     

    (a) No
      Public Sale or Distribution.
      Buyer
      is acquiring the Common Shares in the ordinary course of business for its own
      account and not with a view towards, or for resale in connection with, the
      public sale or distribution thereof, except pursuant to sales registered or
      exempted under the 1933 Act and Buyer does not have a present arrangement to
      effect any distribution of the Common Shares to or through any person or entity;
      provided,
      however,
      that by
      making the representations herein, Buyer does not agree to hold any of the
      Common Shares for any minimum or other specific term and reserves the right
      to
      dispose of the Common Shares at any time in accordance with or pursuant to
      a
      registration statement or an exemption under the 1933 Act. 

     

    (b) Accredited
      Investor Status.
      Buyer
      is an "accredited investor" as that term is defined in Rule 501(a) of Regulation
      D.

     

    (c) Reliance
      on Exemptions.
      Buyer
      understands that the Common Shares are being offered and sold to it in reliance
      on specific exemptions from the registration requirements of United States
      federal and state securities laws and that the Company is relying in part upon
      the truth and accuracy of, and Buyer’s compliance with, the representations,
      warranties, agreements, acknowledgments and understandings of such Buyer set
      forth herein in order to determine the availability of such exemptions and
      the
      eligibility of Buyer to acquire the Common Shares.

     

    (d) Information.
      Buyer
      and its advisors, if any, have been furnished with all materials relating to
      the
      business, finances and operations of the Company and materials relating to
      the
      offer and sale of the Common Shares which have been requested by Buyer. Buyer
      and its advisors, if any, have been afforded the opportunity to ask questions
      of
      the Company. Neither such inquiries nor any other due diligence investigations
      conducted by Buyer or its advisors, if any, or its representatives shall modify,
      amend or affect Buyer’s right to rely on the Company's representations and
      warranties contained herein. Buyer understands that its investment in the Common
      Shares involves a high degree of risk and is able to afford a complete loss
      of
      such investment. Buyer has sought such accounting, legal and tax advice as
      it
      has considered necessary to make an informed investment decision with respect
      to
      its acquisition of the Common Shares.

     

    (e) Transfer
      or Resale.
      Buyer
      understands that: (i) the Common Shares have not been and are not being
      registered under the 1933 Act or any state securities laws, and may not be
      offered for sale, sold, assigned or transferred unless (A) subsequently
      registered thereunder, (B) Buyer shall have delivered to the Company an opinion
      of counsel, in a form reasonably acceptable to the Company, to the effect that
      such Common Shares to be sold, assigned or transferred may be sold, assigned
      or
      transferred pursuant to an exemption from such registration, or (C) Buyer
      provides the Company with reasonable assurance that such Common Shares can
      be
      sold, assigned or transferred pursuant to Rule 144 or Rule 144A promulgated
      under the 1933 Act, as amended, (or a successor rule thereto) (collectively,
      “Rule
      144”);
      (ii)
      any sale of the Common Shares made in reliance on Rule 144 may be made only
      in
      accordance with the terms of Rule 144 and further, if Rule 144 is not
      applicable, any resale of the Common Shares under circumstances in which the
      seller (or the person through whom the sale is made) may be deemed to be an
      underwriter (as that term is defined in the 1933 Act) may require compliance
      with some other exemption under the 1933 Act or the rules and regulations of
      the
      SEC thereunder; and (iii) neither the Company nor any other person is under
      any
      obligation to register the Common Shares under the 1933 Act or any state
      securities laws or to comply with the terms and conditions of any exemption
      thereunder. Notwithstanding the foregoing, the Common Shares may be pledged
      in
      connection with a bona fide margin account or other loan secured by the Common
      Shares and such pledge of Common Shares shall not be deemed to be a transfer,
      sale or assignment of the Common Shares hereunder, and no Buyer effecting a
      pledge of Common Shares shall be required to provide the Company with any notice
      thereof or otherwise make any delivery to the Company pursuant to this Agreement
      or any other Transaction Document, including, without limitation, this Section
      2(e); provided, that in order to make any sale, transfer or assignment of Common
      Shares, Buyer and its pledgee makes such disposition in accordance with or
      pursuant to a registration statement or an exemption under the 1933
      Act.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (f) Legends.
      Buyer
      understands that the certificates or other instruments representing the Common
      Shares shall bear any legend as required by the "blue sky" laws of any state
      and
      a restrictive legend in substantially the following form (and a stop-transfer
      order may be placed against transfer of such stock certificates):

     

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE
      SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN
      THE
      ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER
      THE
      SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL, IN A FORM
      REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER
      SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.
      NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION
      WITH
      A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY
      THE
      SECURITIES.

     

    (g) Validity;
      Enforcement.
      This
      Agreement has been duly and validly authorized, executed and delivered on behalf
      of Buyer and shall constitute the legal, valid and binding obligations of Buyer
      enforceable against Buyer in accordance with its terms, except as such
      enforceability may be limited by general principles of equity or to applicable
      bankruptcy, insolvency, reorganization, moratorium, liquidation and other
      similar laws relating to, or affecting generally, the enforcement of applicable
      creditors' rights and remedies. 

     

    (h) No
      Conflicts.
      The
      execution, delivery and performance by Buyer of this Agreement and the
      consummation by Buyer of the transactions contemplated hereby and thereby will
      not (i) result in a violation of the organizational documents of Buyer or (ii)
      conflict with, or constitute a default (or an event which with notice or lapse
      of time or both would become a default) under, or give to others any rights
      of
      termination, amendment, acceleration or cancellation of, any agreement,
      indenture or instrument to which Buyer is a party, or (iii) result in a
      violation of any law, rule, regulation, order, judgment or decree (including
      federal and state securities laws) applicable to Buyer, except in the case
      of
      clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations
      which would not, individually or in the aggregate, reasonably be expected to
      have a material adverse effect on the ability of Buyer to perform its
      obligations hereunder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              3.

            	
              REPRESENTATIONS
                AND WARRANTIES OF THE COMPANY.

            

    

     

    The
      Company represents and warrants to each Buyer that:

     

    (a) Organization
      and Qualification.
      The
      Company is a corporation duly organized and validly existing in good standing
      under the laws of Florida, and has the requisite corporate power and
      authorization to own its properties and to carry on its business as now being
      conducted. The Company is duly qualified as a foreign corporation to do business
      and is in good standing in every jurisdiction in which its ownership of property
      or the nature of the business conducted by it makes such qualification
      necessary, except to the extent that the failure to be so qualified or be in
      good standing would not have a Material Adverse Effect. As used in this
      Agreement, “Material
      Adverse Effect”
      means
      any material adverse effect on the business, properties, assets, operations,
      results of operations, condition (financial or otherwise) or prospects of the
      Company or on the transactions contemplated hereby or on the authority or
      ability of the Company to perform its obligations under this Agreement.

     

    (b) Authorization;
      Enforcement; Validity.
      The
      Company has the requisite corporate power and authority to enter into and
      perform its obligations under this Agreement and to issue the Common Shares
      in
      accordance with the terms hereof and thereof. The execution and delivery of
      the
      Agreement by the Company and the consummation by the Company of the transactions
      contemplated hereby, including, without limitation, the issuance of the Common
      Shares, have been duly authorized by the Company’s Board of Directors and no
      further consent or authorization is required by the Company, its Board of
      Directors or its stockholders. This Agreement has been duly executed and
      delivered by the Company, and constitutes the legal, valid and binding
      obligations of the Company, enforceable against the Company in accordance with
      its terms, except as such enforceability may be limited by general principles
      of
      equity or applicable bankruptcy, insolvency, reorganization, moratorium,
      liquidation or similar laws relating to, or affecting generally, the enforcement
      of applicable creditors’ rights and remedies.

     

    (c) Issuance
      of Common Shares.
      (i) The
      Common Shares are duly authorized and, upon issuance in accordance with the
      terms hereof, shall be validly issued and free from all taxes, liens and charges
      with respect to the issue thereof and shall be fully paid and nonassessable
      with
      the holder being entitled to all rights accorded to a holder of Common Stock.
      The issuance by the Company of the Common Shares is exempt from registration
      under the 1933 Act.

     

    (ii) As
      of the
      date hereof, the authorized capital stock of the Company, as of the date hereof
      consists of 110,000,000 shares, of which 100,000,000 are shares of Common Stock,
      par value $0.001 per share, 28,006,793 shares of which are issued and
      outstanding, and 10,000,000 are shares of preferred stock, par value $0.001
      per
      share of which 8,207,184 shares of preferred stock are issued and outstanding.
      The Company hereby agrees to provide to each Buyer immediately prior to the
      issuance of the Common Shares to such Buyer an update to the representation
      set
      forth in this Section 3(c)(ii) giving effect to the issuance of such Common
      Shares.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (d) No
      Integrated Offering.
      Neither
      the Company, nor any of its subsidiaries or affiliates, nor any person
      acting on its or their behalf, has directly or indirectly made any offers or
      sales of any security or solicited any offers to buy any security under
      circumstances that would cause the offering of the Common
      Shares pursuant to this Agreement to be integrated with prior offerings by
      the Company for purposes of the Securities Act which would prevent the Company
      from selling the Common Shares pursuant to Rule 506 under the Securities
      Act, or any applicable exchange-related stockholder approval provisions, nor
      will the Company or any of its affiliates or subsidiaries take any action
      or steps that would cause the offering of the Common Shares to be
      integrated with other offerings.

     

    (e) No
      Conflicts.
      The
      execution, delivery and performance of this Agreement by the Company and the
      consummation by the Company of the transactions contemplated hereby and thereby
      (including, without limitation, the issuance of the Common Shares) will not
      (i)
      result in a violation of the Certificate of Incorporation (as defined below)
      or
      Bylaws (as defined below) of the Company or (ii) conflict with, or constitute
      a
      default (or an event which with notice or lapse of time or both would become
      a
      default) under, or give to others any rights of termination, amendment,
      acceleration or cancellation of, any material agreement, indenture or instrument
      to which the Company is a party, or (iii) result in a violation of any law,
      rule, regulation, order, judgment or decree (including federal and state
      securities laws and regulations) applicable to the Company or by which any
      property or asset of the Company is bound or affected.

     

    (f) Consents.
      The
      Company is not required to obtain any consent, authorization or order of, or
      make any filing or registration with, any court, governmental agency or any
      regulatory or self-regulatory agency or any other person in order for it to
      execute, deliver or perform any of its obligations under or contemplated by
      the
      Agreement in accordance with the terms hereof. 

     

    (g) Acknowledgment
      Regarding Buyer’s Purchase of Common Shares.
      The
      Company acknowledges and agrees that each Buyer is acting solely in the capacity
      of arm’s length purchaser with respect to the Agreement and the transactions
      contemplated hereby and thereby and that Buyer is not (i) an officer or director
      of the Company, (ii) an “affiliate” of the Company (as defined in Rule 144) or
      (iii) to the knowledge of the Company, a “beneficial owner” of more than 10% of
      the Common Stock (as defined for purposes of Rule 13d-3 of the Securities
      Exchange Act of 1934, as amended (the “1934
      Act”)).
      

     

    (h) No
      General Solicitation; Placement Agent's Fees.
      Neither
      the Company, nor any of its affiliates, nor any person acting on its or their
      behalf, has engaged in any form of general solicitation or general advertising
      (within the meaning of Regulation D) in connection with the offer or sale of
      the
      Common Shares. The Company shall be responsible for the payment of any placement
      agent’s fees, financial advisory fees, or brokers’ commissions (other than for
      persons engaged by any Buyer or its investment advisor) relating to or arising
      out of the transactions contemplated hereby. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (i) SEC
      Documents; Financial Statements.
      During
      the two years prior to the date hereof, the Company has timely filed all
      reports, schedules, forms, statements and other documents required to be filed
      by it with the SEC pursuant to the reporting requirements of the 1934 Act (all
      of the foregoing filed prior to the date hereof or prior to the date of the
      Closing, and all exhibits included therein and financial statements and
      schedules thereto and documents incorporated by reference therein being
      hereinafter referred to as the “SEC
      Documents”).
      As of
      their respective dates, the SEC Documents complied in all material respects
      with
      the requirements of the 1934 Act and the rules and regulations of the SEC
      promulgated thereunder applicable to the SEC Documents, and none of the SEC
      Documents, at the time they were filed with the SEC, contained any untrue
      statement of a material fact or omitted to state a material fact required to
      be
      stated therein or necessary in order to make the statements therein, in the
      light of the circumstances under which they were made, not misleading. As of
      their respective dates, the financial statements of the Company included in
      the
      SEC Documents complied as to form in all material respects with applicable
      accounting requirements and the published rules and regulations of the SEC
      with
      respect thereto. Such financial statements have been prepared in accordance
      with
      generally accepted accounting principles, consistently applied, during the
      periods involved (except (i) as may be otherwise indicated in such financial
      statements or the notes thereto, or (ii) in the case of unaudited interim
      statements, to the extent they may exclude footnotes or may be condensed or
      summary statements) and fairly present in all material respects the financial
      position of the Company as of the dates thereof and the results of its
      operations and cash flows for the periods then ended (subject, in the case
      of
      unaudited statements, to normal year-end audit adjustments). No other
      information provided by or on behalf of the Company to the Buyer which is not
      included in the SEC Documents, including, without limitation, information
      referred to in Section 2(d) of this Agreement, contains any untrue statement
      of
      a material fact or omits to state any material fact necessary in order to make
      the statements therein, in the light of the circumstance under which they are
      or
      were made, not misleading.

     

    
      	 	
              4.

            	
              MISCELLANEOUS.

            

    

     

    (a) Governing
      Law; Jurisdiction; Jury Trial.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by the internal laws of the State of New
      York, without giving effect to any choice of law or conflict of law provision
      or
      rule (whether of the State of New York or any other jurisdictions) that would
      cause the application of the laws of any jurisdictions other than the State
      of
      New York. Each party hereby irrevocably submits to the exclusive jurisdiction
      of
      the state and federal courts sitting in The City of New York, Borough of
      Manhattan for
      the
      adjudication of any dispute hereunder or in connection herewith or with any
      transaction contemplated hereby or discussed herein, and hereby irrevocably
      waives, and agrees not to assert in any suit, action or proceeding, any claim
      that it is not personally subject to the jurisdiction of any such court, that
      such suit, action or proceeding is brought in an inconvenient forum or that
      the
      venue of such suit, action or proceeding is improper. Each party hereby
      irrevocably waives personal service of process and consents to process being
      served in any such suit, action or proceeding by mailing a copy thereof to
      such
      party at the address for such notices to it under this Agreement and agrees
      that
      such service shall constitute good and sufficient service of process and notice
      thereof. Nothing contained herein shall be deemed to limit in any way any right
      to serve process in any manner permitted by law. EACH
      PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
      REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
      CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
      HEREBY. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) Counterparts.
      This
      Agreement may be executed in two or more identical counterparts, all of which
      shall be considered one and the same agreement and shall become effective when
      counterparts have been signed by each party and delivered to the other party;
      provided that a facsimile signature shall be considered due execution and shall
      be binding upon the signatory thereto with the same force and effect as if
      the
      signature were an original, not a facsimile signature.

     

    (c) Headings.
      The
      headings of this Agreement are for convenience of reference and shall not form
      part of, or affect the interpretation of, this Agreement.

     

    (d) Severability.
      If any
      provision of this Agreement shall be invalid or unenforceable in any
      jurisdiction, such invalidity or unenforceability shall not affect the validity
      or enforceability of the remainder of this Agreement in that jurisdiction or
      the
      validity or enforceability of any provision of this Agreement in any other
      jurisdiction.

     

    (e) Entire
      Agreement; Amendments.
      This
      Agreement supersedes all other prior oral or written agreements between the
      Buyer, the Company, their affiliates and persons acting on their behalf with
      respect to the matters discussed herein, and this Agreement and the instruments
      referenced herein contain the entire understanding of the parties with respect
      to the matters covered herein and therein and, except as specifically set forth
      herein or therein, neither the Company nor Buyer makes any representation,
      warranty, covenant or undertaking with respect to such matters. No provision
      of
      this Agreement may be amended other than by an instrument in writing signed
      by
      the Company and each Buyer. No provision hereof may be waived other than by
      an
      instrument in writing signed by the party against whom enforcement is
      sought.

     

    (f) Notices.
      Any
      notices, consents, waivers or other communications required or permitted to
      be
      given under the terms of this Agreement must be in writing and will be deemed
      to
      have been delivered: (i) upon receipt, when delivered personally; (ii) upon
      receipt, when sent by facsimile (provided confirmation of transmission is
      mechanically or electronically generated and kept on file by the sending party);
      or (iii) one Business Day after deposit with an overnight courier service,
      in
      each case properly addressed to the party to receive the same. The addresses
      and
      facsimile numbers for such communications shall be:

     

    If
      to the
      Company:

     

    National
      Investment Managers, Inc.

    545
      Metro
      Place South, Suite 100

    Dublin,
      Ohio 43017

    Attention: Chief
      Financial Officer

    Facsimile: 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
If
      to any
      Buyer:

     

    c/o
      Valens Capital Management, LLC

    335
      Madison Avenue, 10th
      Floor

    New
      York, NY 10017

    Telephone:
      (212) 541-5800

    Facsimile:
      (212) 581-5037

    Attention:
      Portfolio Services

    

    or
      to
      such other address and/or facsimile number and/or to the attention of such
      other
      person as the recipient party has specified by written notice given to each
      other party five (5) days prior to the effectiveness of such change. Written
      confirmation of receipt (A) given by the recipient of such notice, consent,
      waiver or other communication, (B) mechanically or electronically generated
      by
      the sender's facsimile machine containing the time, date, recipient facsimile
      number and an image of the first page of such transmission or (C) provided
      by an
      overnight courier service shall be rebuttable evidence of personal service,
      receipt by facsimile or receipt from an overnight courier service in accordance
      with clause (i), (ii) or (iii) above, respectively.

     

    (g) Successors
      and Assigns.
      This
      Agreement shall be binding upon and inure to the benefit of the parties and
      their respective successors and assigns, including any purchasers of the Common
      Shares. The Company shall not assign this Agreement or any rights or obligations
      hereunder without the prior written consent of each Buyer, including by merger
      or consolidation. Each Buyer may assign some or all of its rights hereunder
      without the consent of the Company, in which event such assignee shall be deemed
      to be a Buyer hereunder with respect to such assigned rights.

     

    (h) No
      Third Party Beneficiaries.
      This
      Agreement is intended for the benefit of the parties hereto and their respective
      permitted successors and assigns, and is not for the benefit of, nor may any
      provision hereof be enforced by, any other person.

     

    (i) Survival.
      The
      representations and warranties of the Company and each Buyer contained in
      Sections 2 and 3 and the agreements and covenants set forth in this Section
      4
      shall survive the Closing and the delivery of Common Shares. 

     

    (j) Further
      Assurances.
      Each
      party shall do and perform, or cause to be done and performed, all such further
      acts and things, and shall execute and deliver all such other agreements,
      certificates, instruments and documents, as any other party may reasonably
      request in order to carry out the intent and accomplish the purposes of this
      Agreement and the consummation of the transactions contemplated
      hereby.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF,
      each
      Buyer and the Company have executed this Securities Purchase Agreement as of
      the
      date first written above.

     

    
      	
              NATIONAL
                INVESTMENT MANAGERS, INC.

            
	 
	 
	
              By:

            	
              /s/

            
	 	
              Name:

            
	 	
              Title:

            
	 	 
	 	 
	
              VALENS
                U.S. SPV I, LLC

            
	
              By: Valens Capital Management, LLC, its investment manager

            
	 
	 	 
	
              By:

            	
              /s/

            
	 	
              Name:
                Pat Regan

            
	 	
              Title:
                Authorized Signatory

            
	 	 
	 	 
	
              VALENS
                OFFSHORE SPV I, LTD.

            
	
              By: Valens Capital Management, LLC, its investment manager

            
	 
	 
	
              By:

            	
              /s/

            
	 	
              Name:
                Pat Regan

            
	 	
              Title:
                Authorized Signatory

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      A

     

    
      	
              Buyers

            	 	 	
              Purchase Price

            	
               

            	 	
              Number of Common Shares

            	 
	
              Valens
                U.S. SPV I, LLC, a Delaware limited liability
                company

            	 	
              
              

              $

            	
              
              

              1,530,000

            	 	 	
              
              

              3,060,000

            	 
	 	 	 	 	 	 	 	 
	
              Valens
                Offshore SPV I, Ltd., a Cayman Islands company

            	 	
              
              

              $

            	
              
              

              1,470,000

            	 	 	
              
              

              2,940,000

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