This Employment Agreement (“Agreement”) is entered on November 30, 2007 (the “Execution Date”)
and is effective as of the closing of the Lehman/Woodside financing (“Effective Date”) between National
Investment Managers Inc. (“Company”) and Steven J. Ross (“Executive”).
Company wishes to employ Executive as its Chief Executive Officer and Executive wishes to accept such
employment under the terms and conditions set forth in this Agreement.
IT IS AGREED as follows:
Employment . Company hereby employs Executive as its Chief Executive Officer. Executive
accepts such employment.
Term . The term of employment under this Agreement shall commence on the Effective Date and
shall continue, unless otherwise terminated earlier under Section 11, until December 31, 2009. The Term shall be
automatically extended for an additional one (1) year period unless at least thirty (30) days prior to such
anniversary date, either Company or Executive furnishes the other with written notice that the Term not be so
Duties . Executive shall devote his full-time efforts to the proper and faithful performance of all
duties customarily discharged by a Chief Executive Officer, consistent with Company policies and budgets and
directives of Company’s Board of Directors, together with any additional duties assigned to him from time to time
by the Board of Directors. Executive agrees to use his best efforts and comply with all fiduciary and professional
standards in the performance of his duties. Executive shall provide services to any subsidiary of Company
without additional compensation and benefits beyond those set forth in this Agreement. Executive shall serve on
the Board(s) of Directors of Company and any subsidiary.
Base Salary . Executive shall be paid an initial base salary of Four Hundred Seventy-Five
Thousand Dollars ($475,000.00) per annum for the Term payable, less applicable w