DEPOSIT ESCROW AGREEMENT

 

                                                               EXECUTION VERSION

 

                            DEPOSIT ESCROW AGREEMENT

 

      THIS  DEPOSIT  ESCROW  AGREEMENT  (this  "Escrow  Agreement")  is made and

entered into as of November 1, 2005, by and among NATIONAL  INVESTMENT  MANAGERS

INC., a Florida  corporation  ("Buyer"),  JPMORGAN  CHASE BANK,  N.A., as escrow

agent (the "Escrow Agent"), and AMERICAN BENEFIT RESOURCES,  INC., a Connecticut

corporation (the "Seller").

 

                                    RECITALS

 

      A. Buyer and Seller have entered into an Asset Purchase  Agreement,  dated

as of November 1, 2005 (the "Asset Purchase Agreement"), pursuant to which Buyer

is acquiring substantially all of the assets of Seller.

 

      B. The Asset  Purchase  Agreement  contemplates  the  establishment  of an

escrow  arrangement  to provide  for the  deposit and release of the Deposit (as

defined  in  Section  2.4(c)  of the Asset  Purchase  Agreement)  consisting  of

$1,000,000 in cash.

 

      C. The Asset  Purchase  Agreement  provides  that (i) the Deposit  will be

deposited into the escrow arrangement contemplated hereby on the date hereof and

(ii) on the date of the closing of the  transactions  contemplated  by the Asset

Purchase Agreement (the "Closing Date"), (y) an escrow agreement will be entered

into by the parties  hereto (or, in lieu of the Escrow Agent,  by another escrow

agent reasonably satisfactory to the other parties hereto) (the "Indemnification

Escrow  Agreement")  to provide  for the  payment of any  Adjustment  Amount (as

defined  in the  Indemnification  Escrow  Agreement)  and to cover  the  matters

contemplated by Article VIII of the Asset Purchase Agreement,  and (z) an escrow

agreement  will be entered into by the parties hereto (or, in lieu of the Escrow

Agent,  by another  escrow agent  reasonably  satisfactory  to the other parties

hereto) (the "A/R Escrow  Agreement")  to provide for the payment of any Overdue

A/R (as defined in the Asset Purchase Agreement) collected by Buyer.

 

                                    AGREEMENT

 

      The parties, intending to be legally bound, agree as follows:

 

1.  Defined  Terms.  Capitalized  terms used in this  Escrow  Agreement  and not

otherwise  defined shall have the meanings  given to them in the Asset  Purchase

Agreement.

 

2. Accounts.

 

      2.1.  Deposit  Account.  On the date hereof,  Buyer is depositing with the

Escrow Agent (the "Deposit  Account") One Million Dollars  ($1,000,000.00)  (the

"Deposit  Amount")  pursuant to Section 2.4(c) of the Asset Purchase  Agreement.

The Escrow Agent agrees to accept delivery of the Deposit Amount and to hold the

Deposit Amount subject to the terms and conditions of this Escrow  Agreement and

the Asset Purchase  Agreement (but the Escrow Agent shall have no responsibility

with  respect  to the  Asset  Purchase  Agreement  other  than  to  perform  its

obligations as provided in this Escrow  Agreement and, if it is the escrow agent

thereunder,  the Indemnification Escrow Agreement and the A/R Escrow Agreement).

Escrow Agent agrees to hold the Deposit  Amount in a segregated  escrow  account

that will bear interest.

 

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      2.2.  Investment.  During the term of this  Escrow  Agreement,  the Escrow

Agent  shall  invest and  reinvest  the Deposit  Amount in one of the  following

investments:  (a) the JPMorgan 100% U.S. Treasuries Securities Money Market Fund

- Premier Share Class,  (b) JPMorgan Chase Bank, N.A. Money Market Account,  (c)

certificates  of  deposit  of the Escrow  Agent or (d)  treasury  bills or other

investments  backed by the full faith and credit of the United States of America

("Treasuries"),  in any  such  case  with a  remaining  maturity  at the time of

investment  not  exceeding 30 days,  or such other  instruments  as are mutually

acceptable  to Buyer,  Seller and the Escrow  Agent.  In the  absence of written

instructions  from Buyer and  Seller,  the Escrow  Funds will be  invested  in a

JPMorgan Chase Bank, N.A. Money Market Account.

 

      All investment  orders  involving  Treasuries,  commercial paper and other

direct  obligations  will be executed  through JPMorgan Fleming Asset Management

("JPMFAM"),  in the  investment  management  division  of  JPMorgan  Chase Bank.

Subject to the principles of best execution,  transactions  shall be effected on

behalf of the Deposit Account through broker-dealers selected by JPMFAM. In this

regard,  JPMFAM seeks to attain the best overall result for the Deposit Account,

taking into consideration quality of service and reliability. An agency fee will

be assessed in connection with each transaction, which fee will be a basis point

charge in the interest rate paid on the respective investment, which will be net

of  such  charge.  The  Escrow  Agent  shall  provide  to  Buyer  and  Seller  a

notification  providing  transaction details for the Deposit Account within five

days of any securities  transaction in that account.  This notification shall be

provided without any additional cost to Buyer and Seller.

 

      The Escrow Agent shall have the right to liquidate any  investments  held,

in order to provide funds necessary to make required  payments under this Escrow

Agreement.  The Escrow Agent in its capacity as escrow agent hereunder shall not

have any liability  for any loss  sustained as a result of any  investment  made

pursuant  to the  instructions  of the  parties  hereto  or as a  result  of any

liquidation of any investment  prior to its maturity or for the failure of Buyer

and Seller to provide the Escrow Agent with investment instructions.

 

      2.3. Transferability.  The interests of Seller in the Deposit Amount shall

not be assignable or  transferable,  except to IBF Fund Liquidating LLC ("IBF").

The assignment or transfer of any of such  interests  shall not be recognized or

given effect until Buyer and the Escrow Agent shall have received written notice

of such assignment or transfer.

 

      2.4. Trust Fund.  The Deposit Amount held in the Deposit  Account shall be

held as a trust fund and shall not be subject to any lien,  attachment,  trustee

process or any other judicial  process of any creditor of Seller or of any party

hereto.  The Escrow Agent shall hold and safeguard the Deposit Account until the

Deposit Amount is released in accordance with this Escrow Agreement.

 

3. Release of Deposit Amount.

 

      3.1. Upon receipt of a written  notice from Buyer stating that the Closing

Date has  occurred,  the Escrow  Agent shall  release (i) the Deposit  Amount to

Seller by wire transfer of immediately available funds to an account or accounts

specified in writing by Seller and (ii) all earnings,  interest and gains on the

investment of the Deposit  Amount (the  "Earnings") to Buyer by wire transfer of

immediately  available  funds to an account or accounts  specified in writing by

Buyer.

 

 

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      3.2. In the event that the Asset Purchase Agreement is terminated prior to

the Closing  Date at the election of Seller  under  Section  9.1(c) of the Asset

Purchase  Agreement,  Seller shall give  written  notice to Buyer and the Escrow

Agent of such  termination  and that  such  termination  is  pursuant  to and in

compliance  with Section 9.1(c) of the Asset Purchase  Agreement.  If the Escrow

Agent receives no written  objection (a "Dispute  Notice") from the Buyer within

five (5) Business Days of Buyer's receipt of such notice (the "Dispute Period"),

the  Escrow  Agent  shall  deliver  the entire  Deposit  Amount  (including  any

Earnings)  to Seller  by wire  transfer  of  immediately  available  funds to an

account or accounts specified in writing by Seller. If the Escrow Agent receives

a Dispute  Notice from the Buyer before  expiration of the Dispute  Period,  the

Escrow Agent shall (1) promptly  forward a copy of the Dispute  Notice to Seller

and (2)  continue to hold the Deposit  Amount  (including  any  Earnings) in the

Deposit  Account,  and the Escrow Agent shall not  disburse  the Deposit  Amount

unless,  until and only to the  extent  that the  Escrow  Agent (i)  receives  a

certificate signed by Buyer and Seller regarding the disbursement of the Deposit

Amount  (including any Earnings) from the Deposit Account or (ii) is directed to

make such disbursement by a court  adjudicating such dispute.  To the extent any

party wishes to submit any dispute to adjudication, it shall do so in accordance

with  Section  8.5 hereof.  The Escrow  Agent shall not be liable for any action

taken or  omitted  by it in good  faith  except  to the  extent  that a court of

competent  jurisdiction  determines that the Escrow Agent's gross  negligence or

willful  misconduct was the primary cause of any loss to the Buyer or Seller. In

the event that the Escrow  Agent shall be  uncertain  as to its duties or rights

hereunder or shall receive instructions, claims or demands from any party hereto

which,  in its  opinion,  conflict  with any of the  provisions  of this  Escrow

Agreement,  it shall be entitled to refrain  from taking any action and its sole

obligation shall be to keep safely all property held in escrow until it shall be

directed  otherwise in writing by all of the other parties  hereto or by a final

order or judgment of a court of competent jurisdiction.

 

      3.3.  In the event that the Asset  Purchase  Agreement  is  terminated  by

either Seller or Buyer for any reason other than the reason set forth in Section

3.2 above,  Seller or Buyer,  as  applicable,  shall give written  notice to the

Escrow Agent of such  termination  and the basis of such  termination  under the

Asset  Purchase  Agreement and the Escrow Agent shall deliver the entire Deposit

Amount  (including  any  Earnings)  to Buyer  by wire  transfer  of  immediately

available funds to an account or accounts specified in writing by Buyer.

 

 

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4. Fees and  Expenses.  The Buyer and Seller agree  jointly and severally to (i)

pay the Escrow Agent upon  execution of this Escrow  Agreement  and from time to

time  thereafter  reasonable  compensation  for  the  services  to  be  rendered

hereunder,  which unless  otherwise  agreed in writing  shall be as described in

Schedule 1 attached  hereto,  and (ii) pay or  reimburse  the Escrow  Agent upon

request for all  expenses,  disbursements  and  advances,  including  reasonable

attorney's  fees and  expenses,  incurred or made by it in  connection  with the

preparation,  execution, performance,  delivery, modification and termination of

this Escrow  Agreement.  Buyer, on the one hand, and Seller,  on the other hand,

shall each pay 50% of the fees of the Escrow Agent.

 

5. Limitation of Escrow Agent's Liability.

 

      5.1.  The  Escrow  Agent   undertakes   to  perform  such  duties  as  are

specifically  set forth in this  Escrow  Agreement  only and shall  have no duty

under any other agreement or document,  and no implied  covenants or obligations

shall be read into this Escrow  Agreement  against the Escrow Agent.  The Escrow

Agent may rely upon and shall not be liable for acting or refraining from acting

upon any written  notice,  instruction or request  furnished to it hereunder and

believed by it to be genuine and to have been signed or  presented by the proper

party or parties.  The Escrow  Agent  shall be under no duty to inquire  into or

investigate  the  validity,  accuracy  or content of any such  document.  In all

questions arising under this Escrow Agreement,  the Escrow Agent may rely on the

advice of counsel,  and for anything done,  omitted or suffered in good faith by

the Escrow  Agent based upon such advice the Escrow Agent shall not be liable to

anyone. Anything in this Escrow Agreement to the contrary notwithstanding, in no

event shall the Escrow  Agent be liable for special,  indirect or  consequential

losses or  damages of any kind  whatsoever  (including  but not  limited to lost

profits),  even if the Escrow Agent has been advised of the  likelihood  of such

loss or damage and regardless of the form of action.

 

      5.2.  The  Buyer  and  the  Seller   (collectively   referred  to  as  the

"Indemnitors") shall jointly and severally  indemnify,  defend and save harmless

the  Escrow  Agent  and its  directors,  officers,  agents  and  employees  (the

"Indemnitees")  from all loss,  liability  or  expense  (including  the fees and

expenses of in house or outside  counsel)  arising out of or in connection  with

(i) the Escrow  Agent's  execution  and  performance  of this Escrow  Agreement,

except in the case of any indemnitee to the extent that such loss,  liability or

expense is due to the gross negligence or willful misconduct of such indemnitee,

or (ii) its following any instructions or other directions from the Buyer or the

Seller,  except  to the  extent  that  its  following  any such  instruction  or

direction  is  expressly  forbidden  by the terms  hereof.  The  parties  hereto

acknowledge  that the foregoing  indemnities  shall survive the  resignation  or

removal of the Escrow Agent or the  termination  of this Escrow  Agreement.  The

parties  hereby grant the Escrow  Agent a lien on, right of set-off  against and

security  interest  in  the  Escrow  Fund  for  the  payment  of any  claim  for

indemnification, compensation, expenses and amounts due hereunder

 

6. Account Opening Information/TINs.

 

      6.1. IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

 

 

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For accounts opened in the US:

 

To help the  government  fight the  funding of  terrorism  and money  laundering

activities,  Federal law requires all financial  institutions to obtain, verify,

and record information that identifies each person who opens an account. When an

account is opened,  Escrow Agent will ask for information  that will allow it to

identify relevant parties.

 

For non-US accounts:

 

To help in the fight  against  the  funding of  terrorism  and money  laundering

activities,  Escrow Agent is required along with all financial  institutions  to

obtain,  verify, and record information that identifies each person who opens an

account.  When an account is opened,  Escrow Agent will ask for information that

will allow it to identify relevant parties.

 

      6.2.  TINs.  The Buyer and the  Seller  each  represent  that its  correct

Taxpayer  Identification Number ("TIN") assigned by the Internal Revenue Service

("IRS")or any other taxing  authority is set forth in Schedule 1. Upon execution

of this  Agreement,  the Buyer and Seller shall