Document:

Exhibit 10.108

                AMENDMENT NO. 1 TO SUBORDINATED PROMISSORY NOTES

      This  Amendment  No. 1 to Promissory Notes ("Amendment") is by and between
to Peter R. Stephan, as Trustee of the Stephan Family Trust Dated August 2, 1993
(the  "Stephan  Trust"),  James  R. Norman, Jr., as Trustee of the Norman Living
Trust  Dated December 7, 2005 (the "Norman Trust"), and Rise Spiegel, as Trustee
of  the  Rise Norris Spiegel Trust Dated November 16, 2005 (the "Spiegel Trust")
(the  Spiegel  Trust  collectively  with the Stephan Trust and Norman Trust, and
considered as a group, the "Holders") and National Investment Managers Inc. (the
"Maker"), effective as of September 24, 2009.

      Whereas,  reference  is  herby  made  to  a certain Promissory Note, dated
November 25, 2008, by and between the Holders and the Maker in the amount of Two
Hundred Thirty-Three Thousand Seven Hundred and Fifty dollars ($233,750.00) with
a  Maturity  Date that includes January 25, 2009. (the "Promissory Note No. 1").
All  capitalized  terms  used herein and not otherwise defined herein shall have
the meanings as set forth in the Promissory Notes;

      Whereas,  reference  is  herby  made  to  a certain Promissory Note, dated
November 25, 2008, by and between the Holders and the Maker in the amount of Two
Hundred Thirty-Three Thousand Seven Hundred and Fifty dollars ($233,750.00) with
a  Maturity  Date  that  includes January 25, 2010 (the "Promissory Note No. 2;"
collectively with Promissory Note No. 1 and considered together, the "Promissory
Notes");

      Whereas,  the  Maker  and  the  Holders  are  amending  the  terms  of the
Promissory Notes;

      Now,  therefore,  for  good  and  valuable  consideration, the receipt and
sufficiency  of  which  is hereby acknowledged, the Holders and the Maker hereby
agree as follows:

      1. To  replace  the  Maturity  Date and payment terms under the Promissory
         Notes  regarding  amounts owed the Holders with installment payments to
         be  made  in  equal  principal  monthly  installments  of  Thirty Eight
         Thousand  Nine  Hundred  and Fifty Eight Dollars and Thirty-Three cents
         ($38,958.33)  each,  plus  accrued interest, beginning on July 25, 2010
         and  ending June 25, 2011. Payments are due upon the 25th of each month
         of the payment period.

      2. The  interest  rate  applicable  to the Promissory Notes shall be Eight
         percent (8%) per annum beginning October 1, 2009.

      3. Interest  accrued  on  the  Promissory Notes through September 30, 2009
         shall  be  paid  to  the  Holder  within  fifteen (15) business days of
         January 25, 2010.

      4. No other changes to the Promissory Notes are made, except as expressly
         set forth herein.

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Exhibit 10.108

      5. This  Amendment  shall  be binding upon and inure to the benefit of the
         parties hereto and their respective successors and assign, and no other
         parties  shall  be  a beneficiary hereunder. Neither this Amendment nor
         any  of  the  provisions  hereof  can be changed, waived, discharged or
         terminated  except  by a written instrument signed by the party against
         whom  enforcement  the  change,  waiver,  discharge  or  termination is
         sought.

      6. This  Amendment  may  be  signed in counterpart, each of which shall be
         deemed  an  original  and  all  of  which,  when  taken together, shall
         constitute  one  and  the  same  instrument.  Signatures  delivered  by
         facsimile transmission shall have the same force and effect as original
         signatures delivered in person.

NATIONAL INVESTMENT MANAGERS INC.

By:_ __/s/ John M. Davis_________
Name: John M. Davis
Title: President & Chief Operating Officer

Norman Living Trust
dated December 7, 2005

______/s/ James R. Norman Jr.___
Name: James R. Norman, Jr.
Title: Trustee

Stephen Family Trust
dated August 2, 1993

______/s/ Peter R. Stephen_____
Name: Peter R. Stephen
Title: Trustee

Rise Norris Spiegel Trust
dated November 16, 2005

______/s/ Rise Norris Spiegel__
Name: Rise Norris Spiegel
Title: TrusteeExhibit 10.109

                      AMENDMENT NO. 1 TO PROMISSORY NOTES

      This  Amendment  No. 1 to Promissory Notes ("Amendment") is by and between
Ralph W. Shaw and Eileen A. Baldwin-Shaw (the "Holders") and National Investment
Managers Inc. (the "Maker"), effective as of September 25, 2009.

      Whereas,  reference  is  herby  made  to  a certain Promissory Note, dated
October  1, 2008, by and between the Holders and the Maker in the amount of Four
Hundred  Sixty One Thousand Three Hundred and Twenty Eight dollars ($461,328.00)
with  a  Cutoff  Date  of  December  1, 2009. (the "Promissory Note No. 1"). All
capitalized  terms  used  herein and not otherwise defined herein shall have the
meanings as set forth in the Promissory Notes;

      Whereas,  reference  is  herby  made  to  a certain Promissory Note, dated
October  1, 2008, by and between the Holders and the Maker in the amount of Four
Hundred  Sixty One Thousand Three Hundred and Twenty Eight dollars ($461,328.00)
with  a Cutoff Date of December 1, 2010 (the "Promissory Note No. 2;" Promissory
Note  No.  1  and  Promissory Note No. 2 collectively referred to as "Promissory
Notes");

      Whereas,  the  Maker  and  the  Holders  are  amending  the  terms  of the
Promissory Notes;

      Now,  Therefore,  for  good  and  valuable  consideration, the receipt and
sufficiency  of  which  is hereby acknowledged, the Holders and the Maker hereby
agree as follows:

      1. To replace the payments due and Cutoff Dates under the Promissory Notes
         with  installment  payments  to  be  made  in  equal  principal monthly
         installments  of  Seventy  Six  Thousand Eight Hundred and Eighty Eight
         Dollars  ($76,888.00) each, plus accrued interest, beginning on May 15,
         2010  and ending April 15, 2010. Payments are due upon the 15th of each
         month of the payment period.

      2. The  interest  rate  applicable  to the Promissory Notes shall be Eight
         percent (8%) per annum beginning October 1, 2009.

      3. Interest  accrued  on  the  Promissory Notes through September 30, 2009
         shall  be  paid  to  the  Holder  within  fifteen (15) business days of
         December 1, 2009

      4. No  other changes to the Promissory Notes are made, except as expressly
         set forth herein. Moreover, the above monthly installment schedule does
         not  impact  EBITDA  adjustments  to  the  principal amount pursuant to
         Section 2.6 of the Purchase Agreement and the Promissory Notes.

      5. This  Amendment  shall  be binding upon and inure to the benefit of the
         parties hereto and their respective successors and assign, and no other
         parties  shall  be  a beneficiary hereunder. Neither this Amendment nor
         any  of  the  provisions  hereof  can be changed, waived, discharged or
         terminated  except  by a written instrument signed by the party against
         whom  enforcement  the  change,  waiver,  discharge  or  termination is
         sought.

      6. This  Amendment  may  be  signed in counterpart, each of which shall be
         deemed  an  original  and  all  of  which,  when  taken together, shall
         constitute  one  and  the  same  instrument.  Signatures  delivered  by
         facsimile transmission shall have the same force and effect as original
         signatures delivered in person.

NATIONAL INVESTMENT MANAGERS INC.               RALPH W. SHAW

By:_/s/ John M. Davis_______________            By:__/s/ Ralph W. Shaw_______
Name: John M. Davis
Title: President & Chief Operating Officer

                                                EILEEN A. BALDWIN-SHAW

                                                 By:__/s/ Eileen A. Baldwin-ShawExhibit 10.110

                       AMENDMENT NO. 1 TO PROMISSORY NOTE

      This Amendment No. 1 to Promissory Note ("Amendment") is by and Richard L.
Kaplan  (the  "Holder")  and  National  Investment  Managers Inc. (the "Maker"),
effective as of September 24, 2009.

      Whereas, reference is herby made to a certain Promissory Note, dated March
16,  2009, by and between the Holder and the Maker in the amount of Four Hundred
Seventy  Five  Thousand  dollars  ($475,000.00)  (the  "Promissory  Note").  All
capitalized  terms  used  herein and not otherwise defined herein shall have the
meanings as set forth in the Promissory Note;

      Whereas,  the  Maker  and  the  Holders  are  amending  the  terms  of the
Promissory Note;

      Now,  Therefore,  for  good  and  valuable  consideration, the receipt and
sufficiency  of  which  is hereby acknowledged, the Holders and the Maker hereby
agree as follows:

      1. The  scheduled  Remaining  Installments  beginning with the October 15,
         2009 installment payment shall be replaced with the following schedule:
         (6)  equal  principal only monthly installments of Thirty Five Thousand
         Dollars  ($35,000)  each,  beginning  on  April  15,  2010  and  ending
         September  15,  2010; and three (3) equal monthly installments of Sixty
         Five  Thousand Dollars ($65,000) beginning on October 15, 2010 plus all
         accrued interest.

      2. No  other changes to the Promissory Note are made, except as expressly
         set forth herein.

      3. This  Amendment  shall  be binding upon and inure to the benefit of the
         parties hereto and their respective successors and assign, and no other
         parties  shall  be  a beneficiary hereunder. Neither this Amendment nor
         any  of  the  provisions  hereof  can be changed, waived, discharged or
         terminated  except  by a written instrument signed by the party against
         whom  enforcement  the  change,  waiver,  discharge  or  termination is
         sought.

      4. This  Amendment  may  be  signed in counterpart, each of which shall be
         deemed  an  original  and  all  of  which,  when  taken together, shall
         constitute  one  and  the  same  instrument.  Signatures  delivered  by
         facsimile transmission shall have the same force and effect as original
         signatures delivered in person.

                                               [Signatures on following page]

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Exhibit 10.110

NATIONAL INVESTMENT MANAGERS INC.               RICHARD L. KAPLAN

By:  ___/s/  John M. Davis_________             By:_/s/ Richard L. Kaplan______
Name: John M. Davis
Title: President & Chief Operating Officer

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