Exhibit 10.111
AMENDMENT NO. 1 TO PROMISSORY NOTE
This Amendment No. 1 to Promissory Note ("Amendment") is by and Xxxxxxx X.
Xxxxxxx (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]
Exhibit 10.111
NATIONAL INVESTMENT MANAGERS INC. XXXXXXX X. XXXXXXX
By:___/s/ Xxxx X. Davis_____________ By:__/s/ Xxxxxxx X. Delfino____
Name: Xxxx X. Xxxxx
Title: President & Chief Operating Officer
