Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into as of
the 17th day of September, 2008, by and between WHITNEY INFORMATION NETWORK,
INC., a Colorado corporation (the “Company”), and CHARLES M. PECK (“Executive”)
(collectively, the “Parties”).

 

Recitals

 

A.                                   The
Board of Directors of the Company (the “Board”) recognizes and desires
to assure the Company of Executive’s employment in an executive capacity and to
compensate him therefor; and

 

B.                                     Executive
is willing to make his services available to the Company on the terms and
conditions set forth in this Agreement.

 

Agreement

 

NOW,
THEREFORE, in consideration of the premises and mutual covenants set forth in
this Agreement, the Parties agree as follows:

 

1.                                       Employment

 

1.1.          Employment
and Term.  The Company agrees to
employ Executive, and Executive agrees to serve the Company, on the terms and
conditions set forth in this Agreement, for the period commencing on September 17,
2008 (the “Effective Date”), and expiring on the fourth anniversary of
the Effective Date, unless sooner terminated as set forth in this Agreement
(the “Term”).

 

1.2.                              Position
and Duties of Executive

 

(a)                                  Executive
shall serve as the Chief Executive Officer of the Company and shall report
directly to the Board.  Executive shall
also serve on the Board without additional compensation.  Executive shall also, if requested by the
Board, serve as an executive officer of any Company subsidiary or joint venture
company and/or as a fiduciary of any Company, subsidiary or joint venture
company benefit plan(s).

 

(b)                                 Executive
shall have such duties and responsibilities as are customary for Executive’s
position and any other duties or responsibilities that may be assigned or
delegated to him from time to time by the Board.  Executive shall devote substantially all of
his working time and attention to the business and affairs of the Company; provided,
however, it shall not be a violation of this Agreement for Executive:  (a) to serve on the board of directors
(or any committee of the board of directors) of Indigo Interactive (a/k/a
Virtumundo), or, subject to the approval of the Board (which approval may be
withdrawn for any good reason, as determined by the Board in its sole
discretion), to serve on the board(s) of any other corporate, civic or
charitable organizations, so long as such service is not inconsistent with his
fiduciary responsibilities to the Company; or (b) manage personal
interests, so long as such activities do not materially interfere with the
performance of Executive’s responsibilities as an employee of the Company (or
as a director of the Company), in accordance with this Agreement.

 

2.                                       Compensation

 

2.1.          Base
Salary.  Throughout the term of this
Agreement, Executive shall receive a base salary at the annual rate of not less
than $380,000.00 (the “Base

 

	
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Salary”).  Beginning with the 2010 calendar year, Base
Salary shall be reviewed annually for merit increases (if any) and may, by
approval and in the discretion of the Board, be increased effective retroactive
to January 1st of such year. 
Base Salary shall be payable in installments consistent with the Company’s
normal payroll schedule.

 

2.2.                              Incentive
Compensation.  Beginning January 1,
2009, Executive shall be eligible to receive an annual bonus (the “Annual
Bonus”) which will be intended to comply with Section 162(m) of
the Internal Revenue Code of 1986, as amended (the “Code”).  The Annual Bonus will be based on the
achievement of Company and individual performance goals to be established by
the Compensation Committee, with annual target incentive bonuses of 100% of the
Base Salary (the “Bonus”).  The
Bonus shall be payable no later than thirty days after the completion of the
audit of the Company’s financial statements with respect to the fiscal year to
which the performance period relates (the “Payment Date”).  Executive shall only be entitled to a Bonus
if he is employed by the Company on the Payment Date.  It is agreed that such Annual Bonus shall not
create any implication that the Compensation Committee shall award any such
bonus or incentive compensation unless targets are met.  For the 2008 calendar year, Executive shall
receive an incentive bonus equal to 100% of the Base Salary paid to Executive
during 2008, provided that Executive is employed with the Company on December 31,
2008.  For purposes of this Section 2.2,
if Executive’s employment is terminated after the end of a fiscal year but prior
to the Payment Date with respect to such fiscal year, and if such termination
is by the Company without Cause (as defined 
below in Section 4.4), by the Executive with Good Reason (as
defined below in Section 4.5) or by the Company with Cause under Section 4.3(h) because
of Executive’s death or under Section 4.3(i) (because of Executive’s
Disability (as defined below in 4.4(i)), Executive shall be treated as if he
were employed on the Payment Date with respect to the Bonus relating to the
fiscal year prior to such termination, and such Bonus (if any) shall be paid no
later than the last day of the year in which Executive’s employment was
terminated.

 

2.3.                              Performance
Shares.  The Company shall grant to
Executive restricted performance shares (the “Performance Shares”) in
accordance with and subject to the Company’s equity incentive plan, which shall be approved by the shareholders
of the Company no later than one (1) year after the Effective Date, and
as provided for by the performance share agreement entered into between the
Parties, effective as of the Effective Date (the “Performance Share
Agreement”) in substantially the same form as Exhibit A.

 

2.4.                              Sign-On
Bonus.  Executive shall receive a
one-time “sign-on” bonus   (the “Sign-On
Bonus”) in the amount of Five Thousand Dollars and No Cents ($5,000.00),
due within thirty (30) days of the Effective Date.

 

2.5.                              Withholding.  All payments under this Agreement or
otherwise pursuant to Executive’s employment relationship shall be made net of
any applicable withholding taxes or other amounts required to be withheld by
law.

 

3.                                       Expense
Reimbursement and Other Benefits

 

3.1.          Business
and Temporary Living/Transportation Expense Reimbursement. .  During the Term of Executive’s employment
under this Agreement, within thirty (30) days after the submission of
reasonable supporting documentation by Executive and in accordance with the
Company’s reimbursement policy, the Company shall reimburse Executive for all
reasonable and customary business, travel, and

 

	
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entertainment
expenses incurred by Executive in the course of and pursuant to the business of
the Company.  During the initial twelve
(12) months of the Term, the Company shall also reimburse Executive for
reasonable business-related travel expenses Executive incurs in traveling to
Cape Coral, Florida, and for reasonable temporary living expenses Executive
incurs for  room and board in the Cape Coral,
Florida area.  Notwithstanding anything
herein to the contrary or otherwise, except to the extent any expense or
reimbursement provided pursuant to this Agreement does not constitute a “deferral
of compensation” within the meaning of Section 409A of the Internal
Revenue Code of 1986, as amended from time to time, and its implementing
regulations and guidance (“Section 409A”) (a) the amount of
expenses eligible for reimbursement provided to Executive during any calendar
year will not affect the amount of expenses eligible for reimbursement or
in-kind benefits provided to Executive in any other calendar year, (b) the
reimbursements for expenses for which Executive is entitled to be reimbursed
shall be made on or before the last day of the calendar year following the
calendar year in which the applicable expense is incurred, (c) the right
to payment or reimbursement or in-kind benefits hereunder may not be liquidated
or exchanged for any other benefit and (d) the reimbursements shall be
made pursuant to objectively determinable and nondiscretionary Company policies
and procedures regarding such reimbursement of expenses.

 

3.2.                              Employee
Benefit Plans.  During the Term of
Executive’s employment under this Agreement, Executive shall be entitled to
participate in all incentive, savings, and retirement plans, practices,
policies and programs provided by the Company to other officer-level executives
of the Company, in each case, in accordance with their respective terms in
effect from time to time.  Nothing in this
Agreement shall preclude the Company from amending or terminating any such plan
at any time.

 

3.3.                              Health
and Welfare Benefit Plans.  During
the Term of Executive’s employment under this Agreement, Executive and/or
Executive’s family, as the case may be, shall be eligible for participation in and
shall receive all benefits under health and welfare benefit plans, practices,
policies and programs provided by the Company to other officer-level  executives of the Company, in each case, in
accordance with their respective terms in effect from time to time.  Nothing in this Agreement shall preclude the
Company from amending or terminating any such plan at any time.

 

3.4.                              Working
Facilities.  Executive shall be based
at the Company’s headquarters, unless otherwise agreed to in writing by the
Board.  During the Term of Executive’s
employment under this Agreement, the Company shall furnish Executive with an
office, a secretary and such other facilities and services suitable to his
position and adequate for the performance of his duties under this Agreement.

 

3.5.                              Vacation.  During the Term of Executive’s employment
under this Agreement, Executive shall be entitled to four (4) weeks of
paid annual vacation.

 

3.6.                              Relocation
Expenses.  If, during the Term of
this Agreement, the Board determines that Executive’s relocation of his
permanent residence is in the best interest of the Company, the Company shall
provide Executive with relocation assistance in accordance with the Company’s
Relocation Package Policy for Senior Executives.

 

	
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4.                                       Termination

 

4.1.          Termination
by Either Party.

 

(a)                                  The
Company or Executive may terminate this Agreement for any reason or no reason
at any time upon written notice to the other Party.  For purposes of this Agreement, the “Termination
Date” shall mean:  (i) in the case
of a termination with Cause, the date of the written notice (except to the
extent that a cure period is required to be provided by this Agreement, in
which case the Termination Date will be the date as of which the cure period
concludes without cure); (ii) in the case of Executive’s resignation
without Good Reason, the date which is thirty (30) days after the date of the
written notice or such earlier date as determined in the sole discretion of the
Board; (iii) in the case of a termination without Cause or Executive’s
resignation with Good Reason, the date which is thirty (30) days after the date
of the written notice (except to the extent that a cure period is required to
be provided by this Agreement, in which case the Termination Date will be the
date as of which the cure period concludes without cure).

 

(b)                                 If
the Company terminates this Agreement without Cause or Executive terminates
this Agreement with Good Reason, subject to Executive’s execution (and
non-revocation, if applicable) of the Company’s standard waiver and release in
substantially the same form as Exhibit B (the “Release”) (which
Release shall be provided by the Company to the Executive within twenty (20)
calendar days of the Termination Date), the Company shall pay Executive:  (i) all Base Salary (and benefits)
earned by Executive and all other compensation earned by Executive pursuant to
this Agreement (to the extent such payment has not been made) as of the
Termination Date; (ii) any Bonus owed pursuant to Section 2.2, if
any; and (iii) an amount equal to twelve (12) months of Executive’s Base
Salary in effect as of the Termination Date (the “Separation Compensation”).  The Separation Compensation shall be payable
in the manner and at such times as the Base Salary otherwise would have been
payable, but in no event shall begin later than fifteen (15) calendar days
after the effective date of the Release. 
If at any time during the period that the Company is obligated to pay
Separation Compensation under this Agreement, the Company determines that
Executive has breached any obligation provided for in the Covenant Agreement
referenced in Section 5 of this Agreement, in addition to any other rights
and remedies that the Company may have, the Company’s obligation to pay such
Separation Compensation under this Agreement shall be immediately suspended,
pending the final determination by a court of competent jurisdiction or by
other mutually-agreed resolution by the parties, and in the event the final
determination by the court of competent jurisdiction is that the Executive has
breached any material obligation provided for by the Covenant Agreement
referenced in Section 5 of this Agreement, in addition to any other rights
and remedies that the Company may have, the Company’s obligation to pay such
Separation Compensation under this Agreement shall be immediately terminated.

 

(c)                                  If
the Company terminates this Agreement with Cause or Executive terminates this
Agreement without Good Reason, the Company shall pay to Executive all Base
Salary (and benefits) earned by Executive and all other compensation earned by
Executive pursuant to this Agreement (to the extent such payment has not been
made) as of the Termination Date; provided, however, if the Company
terminates this Agreement with Cause under Section 4.3(h) because of
Executive’s death or under Section 4.3(i) because of Executive’s

 

	
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Disability, subject to
Executive’s execution (and non-revocation, if applicable) of the Company’s
standard Release (which Release shall be provided by the Company to the
Executive within twenty (20) calendar days of the Termination Date), the
Company shall pay Executive, in addition to the amounts in this Section 4.1(c),
any Bonus owed pursuant to Section 2.2, if any.

 

4.2                                 Termination
Without Cause or With Good Reason Following a Change in Control.  If during the twelve (12) month period
following a Change in Control (as defined below), the Company terminates this
Agreement without Cause or Executive terminates this Agreement with Good
Reason, subject to Executive’s execution (and non-revocation, if applicable) of
the Release (which Release shall be provided by the Company to the Executive
within twenty (20) calendar days of the Termination Date), in lieu
of the amounts payable to Executive pursuant to Section 4.1(b) of
this Agreement, the Company shall pay Executive: (a) all Base Salary (and
benefits) earned by Executive and all other compensation earned by Executive
pursuant to this Agreement (to the extent such payment has not been made) as of
the Termination Date; (b) a prorated bonus, such prorated bonus being in
an amount equal to the target bonus under the Company Annual Incentive Bonus
Plan in the year of the Change in Control, multiplied by a fraction, the
numerator of which is the number of completed days of employment during such
performance period and the denominator of which is the total number of days in
the performance period (the “Termination Prorated Bonus”); and (c) an
amount equal to twelve (12) months of Executive’s Base Salary in effect as of
the Termination Date.  All payments under
this Section 4.2, shall be payable in one lump sum within thirty (30) days
after the Termination Date. 
Notwithstanding anything contained in any Company Annual Incentive Bonus
Plan, payment of any Termination Prorated Bonus pursuant to this Section 4.2
shall be in complete and total satisfaction of any obligation of the Company to
Executive under such Annual Incentive Bonus Plan with respect to the
performance period to which the Termination Prorated Bonus relates.

 

4.3  For the purpose of this Agreement, a “Change
in Control” shall mean the occurrence of one of the following events after
the date of this Agreement:

 

(a)                                  Any
individual, entity or group (within the meaning of Section 13(d)(3) or
14(d)(2) of the Securities Exchange Act of 1934, (an “Acquiring Person”)
shall acquire voting securities of the Company and immediately thereafter is a
beneficial owner (within the meaning of Rule 13d-3 promulgated under the
Securities Exchange Act of 1934) of 50% or more of either (i) the then
outstanding shares of common stock of the Company or (ii) the combined
voting power of the then outstanding voting securities of the Company entitled
to vote generally in the election of directors (the “Outstanding Company
Voting Securities”); provided, however, that an Acquiring Person shall not
include the Company, any employee benefit plan of the Company, or any person or
entity organized, appointed or established by the Company for or pursuant to
the terms of any such plan; or

 

(b)                                 The
shareholders of the Company approve a merger or consolidation of the Company
with any other corporation, and the merger or consolidation has been
consummated, other than a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
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any parent corporation (within
the meaning of Section 424(e) of the Code) of such surviving entity)
at least a majority of the Outstanding Company Voting Securities, such
surviving entity or the parent corporation of such surviving entity outstanding
immediately after such merger or consolidation; or

 

(c)                                  The
shareholders of the Company approve a plan of reorganization (other than a
reorganization under the United States Bankruptcy Code) or complete liquidation
of the Company or an agreement for the sale or disposition by the Company of
all or substantially all of the Company’s assets, and the Company has taken the
first substantive step pursuant to the plan of reorganization or complete
liquidation or the sale or disposition has been consummated.

 

4.4.                      Termination
for Cause by Company.  For purposes
of this Agreement, “Cause” means any one or more of the following:

 

(a)                                  a
material breach or default by Executive of this Agreement (except a breach of
fiduciary duty as covered by subparagraph (f) below or any breach or
default which is caused by Executive’s death or Disability, which breach or
default remains uncured after thirty (30) days following Executive’s receipt
from the Company of written notice specifying such breach or default, if
subject to cure;

 

(b)                                 a
material breach or default by Executive of the Confidentiality, Non-Compete and
Non-Solicitation Agreement  (the “Covenant
Agreement”) referenced in Section 5 and attached to this Agreement as Exhibit C;

 

(c)                                  any
failure or refusal by Executive to perform the duties of the position, except
by reason of Executive’s death or Disability, which failure or refusal remains
uncured after thirty (30) days following Executive’s receipt from the Company
of written notice specifying such failure or refusal, if subject to cure;

 

(d)                                 any
material violation by Executive of the Company’s discrimination, harassment, or
retaliation policies or procedures, as may be established from time to time;

 

(e)                                  any
conduct that is a material violation of the laws, rules, regulations or orders
of any governmental agency applicable to the Company;

 

(f)                                    any
material breach of a fiduciary duty owed by Executive to the Company;

 

(g)                                 any
conviction of, withhold of adjudication as to, or plea of no contest (nolo
contendre) to a felony involving an act of fraud, misappropriation of funds or
embezzlement in connection with Executive’s duties;

 

(h)                                 Executive’s
death; or

 

(i)                                     Executive’s
inability to perform the essential functions of his position under this
Agreement, with or without reasonable accommodation, for any period of thirty
(30) consecutive or non-consecutive days (“Disability”).

 

	
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4.5.                              Termination
for Good Reason by Executive.  For
purposes of this Agreement, “Good Reason” means any one or more of the
following without the consent of the Executive:

 

(a)                                  a
material breach or default by the Company of this Agreement;

 

(b)                                 a
material reduction in Executive’s duties and/or responsibilities with the
Company, provided that the Company becoming a subsidiary of another entity or
otherwise ceasing to be a publicly-held company shall not in and of itself
constitute circumstances described in this subsection (b) unless a
material reduction described in this subsection (b) otherwise occurs in
connection therewith; or

 

(c)                                  a
reduction in the Base Salary.

 

Notwithstanding
the foregoing, the Executive shall not be deemed to have terminated this
Agreement for Good Reason unless:  (x) the
Executive terminates this Agreement no later than 2 years following the initial
existence of one or more of the above referenced conditions; and (y) the Executive
provides to the Company a written notice of the existence of the
above-referenced condition(s) within 
90 days following the initial existence of such condition(s) and
the Company fails to remedy such condition(s) within 30 days following the
receipt of such notice.

 

4.6                                 Termination
of Other Positions.  Upon termination
of employment for any reason, Executive hereby resigns as an officer and
director of the Company, any subsidiary or affiliate, and as a fiduciary of any
benefit plan of any of the foregoing. 
Executive shall promptly execute any further documentation as requested
by the Company and, if Executive is to receive any payments from the Company,
execution of such further documentation shall be a condition precedent thereto.

 

5.                                       Restrictive
Covenants.  Executive agrees to
execute the Covenant Agreement contemporaneously with the execution of this
Agreement and agrees to comply with the Covenant Agreement.  The restrictions provided for in the Covenant
Agreement shall survive the termination of this Agreement and the termination
of Executive’s employment and shall survive the expiration of this Agreement
and the expiration of Executive’s employment.

 

6.                                       Indemnification.  The Company shall indemnify and hold harmless
Executive to the extent provided in the Certificate of Incorporation and
By-Laws of the Company for any action or inaction of Executive while serving as
an officer and/or director of the Company or, at the Company’s request, as an
officer and/or director of any other subsidiary or joint venture company of the
Company or as a fiduciary of any benefit plan. 
The Company shall cover Executive under directors and officers’
liability insurance both during and, while potential liability exists, after
the Term in the same amount and to the same extent as the Company covers its
other officers and directors.

 

7.                                       Governing
Law; Negotiation and Arbitration

 

(a)                                  Governing
Law.  This Agreement shall be
governed by and construed in accordance with the laws of the State of Florida
without reference to principles of conflicts of laws.

 

(b)                                 Negotiation
and Arbitration. If the Parties should have a material dispute arising

 

	
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out of or
relating to this Agreement or the Parties’ respective rights and duties
hereunder, except as otherwise provided this subsection (b) or the
Covenant Agreement referenced in Section 5, then the Parties will resolve
such dispute in the following manner:  (a) any
Party may at any time deliver to the other a written dispute notice setting
forth a brief description of the issue for which such notice initiates the
dispute resolution mechanism contemplated by this Section; (b) during the
twenty (20) day period following the delivery of the notice described in
subsection (a) above, appropriate representatives of the various Parties
will meet and seek to resolve the disputed issue through negotiation; (c) if
representatives of the Parties are unable to resolve the disputed issue through
negotiation, then within ten (10) days after the period described in
subsection (b), the Parties will refer the issue (to the exclusion of a court
of law) to final and binding arbitration exclusively in the state and county in
which the Company’s principal office is located.  In any arbitration pursuant to this
Agreement: (x) the rules and regulations (“Rules”) promulgated
by the America Arbitration Association (“AAA”) shall apply to the
proceedings and judgment on the award rendered by the arbitrator(s) may be
entered in any court having jurisdiction thereof; (y) discovery shall be
allowed and governed by the Florida Rules of Civil Procedure; and (z) the
award or decision shall be rendered by a majority of  the members of a Board of Arbitration
consisting of three (3) members, one of whom shall be appointed by each of
the respective Parties and the third of whom shall be the chairman of the panel
and be appointed by mutual agreement of said two Party-appointed
arbitrators.  In the event of failure of
said two arbitrators to agree within thirty (30) days after the commencement of
the arbitration proceeding upon the appointment of the third arbitrator, the
third arbitrator shall be appointed by the AAA in accordance with the
Rules.  In the event that either Party
shall fail to appoint an arbitrator within ten (10) days after the
commencement of the arbitration proceedings, such arbitrator and the third
arbitrator shall be appointed by the AAA in accordance with the Rules.  Nothing set forth above shall be interpreted
to prevent the Parties from agreeing in writing to submit any dispute to a
single arbitrator in lieu of a three (3) member Board of Arbitration.  Upon the completion of the selection of the
Board of Arbitration (or if the Parties otherwise agree in writing to a single
arbitrator) an award or decision shall be rendered within no more than thirty
(30) days.  Notwithstanding the
foregoing, the request by either Party for preliminary or permanent injunctive
relief, whether prohibitive or mandatory, shall not be subject to arbitration
and may be adjudicated by the courts located exclusively in the state and
county in which the Company’s principal office is located.  ANY RIGHT
TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM OR PROCEEDING RELATING TO OR ARISING
OUT OF THIS AGREEMENT, OR ANY TRANSACTION OR CONDUCT IN CONNECTION HEREWITH, IS
WAIVED.

 

8.                                       Notices.  Any notice required or permitted to be given
under this Agreement shall be in writing and shall be deemed to have been given
when delivered by hand or when deposited in the United States mail, by
registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

 

If to the Company:                                                                                             Marie
B. Code, Esq.

General Counsel

Whitney Information Network, Inc.

1612 East Cape Coral Parkway

Cape Coral, FL 33904

 

	
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If to Executive:                                                                                                              Charles
M. Peck

(at the last address provided by Executive to the Company’s Human
Resources Department)

 

or to such other addresses as
either Party hereto may from time to time give notice of to the other in the
aforesaid manner.

 

9.                                       Successors
and Assign

 

(a)           This Agreement is personal to
Executive and without the prior written consent of the Company shall not be
assigned by Executive otherwise than by will or the laws of descent and
distribution.  This Agreement shall inure
to the benefit of and be enforceable by Executive’s legal representatives.

 

(b)                                 The
Company may assign this Agreement.  This
Agreement shall inure to the benefit of, be enforceable by, and be binding upon
the Company’s successors and assigns.

 

10.                                 Severability;
Survival.  In the event that any
paragraph or provision of this Agreement shall be held to be illegal or
unenforceable, the entire Agreement shall not fall on account thereof, but
shall otherwise remain in full force and effect, and such paragraph or
provision shall be enforced to the maximum extent permissible.  The respective rights and obligations of the
Parties shall survive any termination of Executive employment or any termination
or expiration of this Agreement to the extent necessary to the agreed
preservation of such rights and obligations.

 

11.                                 Waivers.  The waiver by either Party hereto of a breach
or violation of any term or provision of this Agreement shall not operate or be
construed as a waiver of any subsequent breach or violation.  Any such waiver must be in writing and signed
by the Executive or an authorized officer of the Company, as the case may be.

 

12.                                 Damages.  Nothing contained herein shall be construed
to prevent the Company or Executive from seeking and recovering from the other
damages sustained by either or both of them as a result of its or his breach of
any term or provision of this Agreement.

 

13.                                 No
Third Party Beneficiary.  Nothing
expressed or implied in this Agreement is intended or shall be construed, to
confer upon or give any person (other than the Parties hereto and, in the case
of Executive, his heirs, personal representative(s) and/or legal
representative) any rights or remedies under or by reason of this Agreement.

 

14.                                 Compliance
with Code Section 409A

 

(a)                                  General.     It is the intention of both
the Company and Executive that the benefits and rights to which Executive could
be entitled pursuant to this Agreement comply with Section 409A of the Code
and the Treasury Regulations and other guidance promulgated or issued
thereunder (“Section 409A”), to the extent that the requirements of
Section 409A are applicable thereto, and the provisions of this Agreement
shall be construed in a manner consistent with that intention. If Executive or
the Company believes, at any time, that any such

 

	
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benefit or right that is
subject to Section 409A does not so comply, it shall promptly advise the
other and shall negotiate reasonably and in good faith to amend the terms of
such benefits and rights such that they comply with Section 409A (with the
most limited possible economic effect on Executive and on the Company).

 

(b)                                 Distributions
on Account of Separation from Service.  If and to the extent required
to comply with Section 409A, no payment or benefit required to be paid
under this Agreement on account of termination of Executive’s employment shall
be made unless and until Executive incurs a “separation from service” within
the meaning of Section 409A.

 

(c)                                  Six
Month Delay for Specified Employees.  If Executive is a “specified
employee,” then no payment or benefit that is payable on account of
Executive’s “separation from service”, as that term is defined for purposes of Section 409A,
shall be made before the date that is six months after Executive’s “separation
from service” (or, if earlier, the date of Executive’s death) if and to the
extent that such payment or benefit constitutes deferred compensation (or may
be nonqualified deferred compensation) under Section 409A and such
deferral is required to comply with the requirements of Section 409A. Any
payment or benefit delayed by reason of the prior sentence shall be paid out or
provided in a single lump sum at the end of such required delay period in order
to catch up to the original payment schedule.  For purposes of this Section 13,
Executive shall be considered to be a “specified employee” if, at the time of
his or her separation from service, Executive is a “key employee”,
within the meaning of Section 416(i) of the Code, of the Company (or
any person or entity with whom the Company would be considered a single
employer under Section 414(b) or Section 414(c) of the
Code) any stock in which is publicly traded on an established securities market
or otherwise.

 

(d)                                 No
Acceleration of Payments.  Neither the Company nor Executive,
individually or in combination, may accelerate any payment or benefit that is
subject to Section 409A, except in compliance with Section 409A and
the provisions of this Agreement, and no amount that is subject to Section 409A
shall be paid prior to the earliest date on which it may be paid without
violating Section 409A.

 

(e)                                  Treatment
of Each Installment as a Separate Payment.  For purposes of applying
the provisions of Section 409A to this Agreement, each separately
identified amount to which Executive is entitled under this Agreement shall be
treated as a separate payment. In addition, to the extent permissible under Section 409A,
any series of installment payments under this Agreement shall be treated as a
right to a series of separate payments.

 

15.                                 Merger
Clause.  This Agreement and the
Exhibits attached to this Agreement contain the complete, full, and exclusive
understanding of Executive and the Company as to its subject matter.  Any amendments to this Agreement shall be
effective and binding on Executive and the Company only if any such amendments
are in writing and signed by both Parties.

 

16.                                 No
Set-off.  In the event of any
termination of employment under this Agreement, Executive shall be under no
obligation to seek other employment and there shall be no offset against any
amounts due Executive under this Agreement on account of any remuneration
attributable to any subsequent employment that Executive may obtain.

 

	
  CMP

  	
   

  	
  SCB

  
	
  EXECUTIVE

  	
   

  	
  COMPANY

  

 

10

 

17.                                 Counterparts.  This Agreement may be signed in counterparts,
each of which shall be an original, with the same effect as if the signatures
were upon the same instrument.

 

[Remainder of Page Intentionally Left
Blank]

 

	
  CMP

  	
   

  	
  SCB

  
	
  EXECUTIVE

  	
   

  	
  COMPANY

  

 

11

 

IN WITNESS
WHEREOF, the undersigned have executed this Agreement as of the date first
above written.

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  WHITNEY
  INFORMATION NETWORK,

  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven
  C. Barre

  
	
   

  	
   

  	
  Steven C.
  Barre, Lead Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Charles
  M. Peck

  
	
   

  	
  Charles M.
  Peck

  

 

12

 

Exhibit “A”

 

Whitney Information Network, Inc. 2008
Long-Term Incentive Plan

 

RESTRICTED PERFORMANCE SHARE AGREEMENT

 

THIS AGREEMENT is
made as of the             
day of September, 2008 (the “Grant Date”), between Whitney Information Network, Inc.,
a Colorado corporation (the “Company”), and Charles M. Peck (“Grantee”).
Capitalized terms not defined herein (including Appendix A) shall have the
meaning ascribed thereto in the Whitney Information Network, Inc. 2008
Long-Term Incentive Plan (the “Plan”).

 

1.            Award.

 

(a)           Shares. 
Pursuant to the Plan, the Company hereby grants the Grantee six hundred
thousand (600,000) restricted performance shares (the “Shares”) of the Company’s
Common Stock, par value $              
pursuant to the terms and conditions set forth herein (the “Award”); provided,
however, that this Award is subject to the Plan being approved by the
shareholders of the Company within one year from the Grant Date.   In the event the Plan is not approved within
one year from the Grant Date by the shareholders of the Company, in accordance
with the Company’s Articles of Incorporation and Bylaws and all applicable law,
this Award shall be null and void.

 

(b)           Plan Incorporated.  Grantee acknowledges receipt of a copy of the
Plan, and agrees that this Award shall be subject to all of the terms and
conditions set forth in the Plan, including future amendments thereto, if any,
pursuant to the terms thereof, which Plan is incorporated herein by reference
as a part of this Agreement.

 

2.            Vesting and Termination
of Employment.

 

(a)           Vesting.

 

(i)    Provided
that Grantee remains continuously employed by the Company from the Grant Date
until the fourth anniversary of the Grant Date (the “Performance Period”) the
Shares shall vest pursuant to the achievement of the  performance targets (the “Performance Targets”),
as set forth in Section 2(a)(ii).

 

(ii)   One
hundred thousand (100,000) Shares of the Award shall vest upon the achievement
of each of the following Performance Targets:

 

(A)          the
Closing Price (as such term is defined in Appendix A) of the Company’s Common
Stock equals or exceeds two dollars ($2) over the course of any twenty (20)
consecutive Trading Days (as such term is defined in Appendix A);

 

 

(B)           the
Closing Price of the Company’s Common Stock equals or exceeds four dollars ($4)
over the course of any twenty (20) consecutive Trading Days;

 

(C)           the
Closing Price of the Company’s Common Stock equals or exceeds six dollars ($6)
over the course of any twenty (20) consecutive Trading Days;

 

(D)          the
Closing Price of the Company’s Common Stock equals or exceeds eight dollars
($8) over the course of any twenty (20) consecutive Trading Days;

 

(E)           the
Closing Price of the Company’s Common Stock equals or exceeds ten dollars ($10)
over the course of any twenty (20) consecutive Trading Days; and

 

(F)           the
Closing Price of the Company’s Common Stock equals or exceeds twelve dollars
($12) over the course of any twenty (20) consecutive Trading Days;

 

For avoidance of doubt it is understood that
no more than one hundred thousand (100,000) Shares may vest in connection with
the achievement of each Performance Target, and it is further understood that
several Performance Targets may be reached simultaneously in connection with
the achievement of a certain Closing Price, in which case more than one hundred
thousand (100,000) Shares may vest in connection with such Closing Price.

 

(b)           Termination
of Employment.

 

(i)    In
the event Grantee’s employment is terminated for any reason other than by
Grantee for Good Reason (as such term is defined in Appendix A) or by the
Company without Cause (as such term is defined in Appendix A) prior to the
expiration of the Performance Period, all Shares granted pursuant to this Award
shall be forfeited.

 

(ii)   In
the event Grantee’s employment is terminated by Grantee for Good Reason or by
the Company without Cause prior to the expiration of the Performance Period,
the Performance Period shall be treated as ending on the 90th day
following such termination, or if earlier, the Performance Period (the “Revised
Performance Period”) and Shares shall vest to the extent the Performance
Targets are met on or before the last day of the Revised Performance Period.

 

(c)           Change in Control.

 

(i)    If prior to
the expiration of the Performance Period, an Acquisition of the Company occurs,
all unvested Shares shall vest effective immediately prior to the consummation
of such transaction.

 

2

 

(ii)   In
the event Grantee’s employment is terminated by Grantee for Good Reason or by
the Company without Cause prior to the expiration of the Performance Period,
and if such termination of employment occurs during the twelve (12) month
period following a Change in Control of the Company, the Performance Period
shall be treated as ending on the on the 90th day following such
termination, or if earlier, the Performance Period (the “Change in Control
Performance Period”) and Shares shall vest to the extent the Performance
Targets are met on or before the last day of the Change in Control Performance
Period.

 

(d)           Expiration of Performance Period.  Notwithstanding anything in this Agreement to
the contrary, any Shares that have not vested at the expiration of the
Performance Period (or the Revised Performance Period, as applicable) shall be
forfeited and revert back to the Company.

 

(e)           Forfeited Shares.   Grantee shall have no rights whatsoever with
respect to any Shares that are forfeited and such Shares shall revert back to
the Company.

 

3.            Recapitalizations and Similar Transactions.  If the outstanding shares of Common Stock of
the Company are increased or decreased or changed into or exchanged for a
different number or kind of shares or other securities of the Company by reason
of any recapitalization, reclassification, reorganization, stock split, reverse
split, combination of shares, exchange of shares, stock dividend or other
distribution payable in capital stock of the Company or other increase or
decrease in such shares effected without receipt of consideration by the
Company occurring after the Grant Date, an equitable, appropriate and
proportionate adjustment to the Performance Targets and/or Shares shall be made
by the Committee.

 

4.            Transferability/Escrow.  The Shares may not be sold, assigned,
pledged, exchanged, hypothecated or otherwise transferred, encumbered or
disposed of, until such Shares have vested pursuant to this Agreement. To
ensure the Grantee’s compliance with this Section 4, the certificate
evidencing the Shares may be held in escrow for the Grantee, until such time
when the certificate may be distributed to the Grantee following the vesting of
Shares to which such certificates relate.

 

5.            Certificates.  With respect to Shares issued pursuant to
this Agreement, each certificate representing such Shares shall bear the
following legend:

 

“The sale or other transfer of the shares of stock represented by this
certificate, whether voluntary, involuntary, or by operation of law, are
subject to restrictions on transfer and other terms and conditions, which are
set forth in the Whitney Information Network, Inc. 2008 Long-Term
Incentive Plan (the “Plan”), and in an Agreement entered into by and between
the registered owner of such shares and Whitney Information Network, Inc.
(the “Company”), dated                 ,
2008 (the “Award Agreement”).  A copy of
the Plan and the Award Agreement may be obtained from the Secretary of the
Company.”

 

3

 

6.            Withholding.  To the extent that the grant, the receipt or
the vesting of any Shares results in income to Grantee for federal or state
income tax purposes, Grantee shall deliver to the Company at the time of such
grant, receipt or vesting, as the case may be, such amount of money as the
Company may require to meet its withholding obligation under applicable tax
laws or regulations, and, if Grantee fails to do so, the Company, may in its
sole discretion, (i) cause the Shares and the Grantee’s right to receive
the Shares to be forfeited or (ii) withhold from any cash or stock
remuneration then or thereafter payable to Grantee any tax required to be
withheld by reason of such resulting compensation income.

 

7.            Status as a Shareholder.  Until the restriction on the transfer of
Shares pursuant to Section 4 of this Agreement has lapsed, the Grantee
shall have no rights as a shareholder, including the right to vote the Shares.
Additionally, any distributions that are made with respect to Shares shall be
subject to the same restrictions and conditions as the Shares with respect to
which they were paid.  Notwithstanding
anything to the contrary, at the discretion of the Company, all such
distributions may be held in escrow (subject to the same restrictions and
conditions) until all restrictions on the respective Shares have lapsed.

 

8.            Status and Issuance of Shares.  Grantee agrees that the Shares will not be
sold or otherwise disposed of in any manner which would constitute a violation
of any applicable federal or state securities laws.  Grantee also agrees (i) that the
certificates representing the Shares may bear such legend or legends as the
Company deems appropriate in order to assure compliance with applicable
securities laws, (ii) that the Company may refuse to register the transfer
of the Shares on the stock transfer records of the Company if such proposed
transfer would be in the opinion of counsel satisfactory to the Company
constitute a violation of any applicable securities law and (iii) that the
Company may give related instructions to its transfer agent, if any, to stop
registration of the transfer of the Shares. 
Notwithstanding any other provisions of this Agreement, the issuance or
delivery of Shares may be postponed for such period as may be required to
comply with applicable requirements of any national securities exchange or any
requirements under any law or regulation applicable to the issuance or delivery
of such Shares.  The Company shall not be
obligated to issue or deliver the Shares if the issuance or delivery thereof
shall constitute a violation of any provision of any law or of any regulation
of any governmental authority or any national securities exchange.

 

9.            Committee’s Powers.  No provision contained in this Agreement
shall in any way terminate, modify or alter, or be construed or interpreted as
terminating, modifying or altering any of the powers, rights or authority
vested in the Committee or, to the extent delegated, in its delegate pursuant
to the terms of the Plan or resolutions adopted in furtherance of the Plan,
including, without limitation, the right to make certain determinations and
elections with respect to the Shares.

 

10.          Binding Effect.  This Agreement shall be binding upon and
inure to the benefit of any successors to the Company and all persons lawfully
claiming under Grantee.

 

4

 

11.          Governing Law.  This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Florida.

 

[SIGNATURES ON
FOLLOWING PAGE]

 

5

 

IN WITNESS WHEREOF,
the Company has caused this Agreement to be duly executed by an officer
thereunto duly authorized, and Grantee has executed this Agreement, all as of
the date first above written.

 

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  WHITNEY
  INFORMATION

  
	
   

  	
  NETWORK, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GRANTEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Charles M.
  Peck

  

 

6

 

APPENDIX A

 

SELECTED DEFINITIONS

 

“Acquisition of the Company”
means any Change in Control of the Company which is triggered by the either of
the events described in paragraphs (b) or (c) of the definition of “Change
in Control” as set forth in this Exhibit A.

 

“Cause” means any one or more of the
following:

 

(a)           a material breach or
default by Grantee of his employment agreement with the Company (“Employment
Agreement”), which breach or default remains uncured after thirty (30) days
following Grantee’s receipt from the Company of written notice specifying such
breach or default, if subject to cure;

 

(b)           a material breach or
default by Grantee of any confidentiality, non-compete and non-solicitation
agreement with the Company;

 

(c)           any failure or refusal by Grantee to
perform the duties required of him pursuant to his Employment Agreement, except
by reason of Grantee’s death or Disability, which failure or refusal remains
uncured after thirty (30) days following Grantee’s receipt from the Company of
written notice specifying such failure or refusal, if subject to cure;

 

(d)           any material violation by Grantee of
the Company’s discrimination, harassment, or retaliation policies or procedures,
as may be established from time to time;

 

(e)           any conduct that is a material
violation of the laws, rules, regulations or orders of any governmental agency
applicable to the Company;

 

(f)            any material breach of a fiduciary
duty owed by Grantee to the Company;

 

(g)           any conviction of, withhold of
adjudication as to, or plea of no contest (nolo contendre) to a felony
involving an act of fraud, misappropriation of funds or embezzlement in
connection with Grantee’s duties;

 

(h)           Grantee’s death or inability to
perform the essential functions of his position under his Employment Agreement,
with or without reasonable accommodation, for any period of thirty (30)
consecutive or non-consecutive days (“Disability”).

 

7

 

“Change in Control”
means the occurrence of one of the following events after the date of this
Award:

 

(a)           any
individual, entity or group (within the meaning of Section 13(d)(3) or
14(d)(2) of the Securities Exchange Act of 1934, (an “Acquiring Person”)
shall acquire voting securities of the Company and immediately thereafter is a
beneficial owner (within the meaning of Rule 13d-3 promulgated under the
Securities Exchange Act of 1934) of 50% or more of either (i) the then
outstanding shares of common stock of the Company  or (ii) the combined voting power of the
then outstanding voting securities of the Company entitled to vote generally in
the election of directors (the “Outstanding Company Voting Securities”);
provided, however, that an Acquiring Person shall not include the Company, any
employee benefit plan of the Company, or any person or entity organized,
appointed or established by the Company for or pursuant to the terms of any
such plan;

 

(b)           the
shareholders of the Company approve a merger or consolidation of the Company
with any other corporation, and the merger or consolidation has been
consummated, other than a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity or any parent corporation
(within the meaning of Section 424(e) of the Code) of such surviving
entity) at least a majority of the Outstanding Company Voting Securities, such
surviving entity or the parent corporation of such surviving entity outstanding
immediately after such merger or consolidation; or

 

 (c)          The shareholders of the Company
approve a plan of reorganization (other than a reorganization under the United
States Bankruptcy Code) or complete liquidation of the Company or an agreement
for the sale or disposition by the Company of all or substantially all of the
Company’s assets, and the Company has taken the first substantive step pursuant
to the plan of reorganization or complete liquidation or the sale or
disposition has been consummated.

 

“Closing Price” means if
the shares of Common Stock are listed on the New York Stock Exchange or NASDAQ,
the closing price of the Common Stock on the date for which Closing Price is
being determined. If the shares are not then listed on the New York Stock
Exchange or NASDAQ, and if the shares of Common Stock are then listed on any
other national securities exchange or traded on the over-the-counter market,
the closing price value shall be the closing price on the largest such
exchange, or if the closing price is not available, the mean of the closing bid
and asked prices of the shares of  Common
Stock on the over-the-counter market, as reported by NASDAQ, the National
Association of Securities Dealers OTC Bulletin Board or the National Quotation
Bureau, Inc., as the case may be, on the day on which the determination is

 

8

 

made or, if there is no closing price or bid or asked price on that
day, the closing price or mean of the closing bid and asked prices on the most
recent day (no more than ten days prior to the day of determination) preceding
the day on which the determination is made for which such prices are
available.  If the Closing Price cannot
be determined pursuant to the above methodology, Closing Price shall equal the
fair market value of Common Stock as determined in good faith by the Committee.

 

“Good Reason means any one or more of the
following without the consent of the Grantee:

 

(a)           a material breach or
default by the Company of the Employment Agreement;

 

(b)           a material reduction
in Grantee’s duties and/or responsibilities with the Company, provided that the
Company becoming a subsidiary of another entity or otherwise ceasing to be a
publicly-held company shall not in and of itself constitute circumstances
described in this subsection (b) unless a material reduction described in
this subsection (b) otherwise occurs in connection therewith; or

 

(c)           a reduction in
Grantee’s Base Salary.

 

Notwithstanding
the foregoing, the Grantee shall not be deemed to have terminated with Good
Reason unless:  (x) the Grantee
terminates his employment with the Company no later than 2 years following the
initial existence of one or more of the above referenced conditions; and (y) the
Grantee provides to the Company a written notice of the existence of the
above-referenced condition(s) within 
90 days following the initial existence of such condition(s) and
the Company fails to remedy such condition(s) within 30 days following the
receipt of such notice.

 

“Trading Day” means each
day on which the New York Stock Exchange is open.

 

9

 

EXHIBIT “B”

 

WAIVER AND RELEASE

 

This Waiver and General Release (the “Agreement”)
is entered into by and between WHITNEY INFORMATION NETWORK, INC., a Colorado
corporation (the “Company”), and CHARLES M. PECK (“Executive”)
(collectively, the “Parties”).

 

RECITALS

 

WHEREAS,
the previously-executed Employment Agreement between the Parties (“Employment
Agreement”) provides for certain payments and benefits to be conferred upon
Executive upon his separation from employment with the Company (under certain
circumstances as delineated in the Employment Agreement); and

 

WHEREAS,
the Parties agree that Executive’s separation from employment involves such
delineated circumstances.

 

NOW,
THEREFORE, in consideration of the premises and of the mutual promises and
agreements contained in this Agreement, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Executive and the Company agree as follows:

 

1.             Termination of
Employment: As of [INSERT DATE],
Executive’s employment with the Company has ended.  Executive shall no longer be eligible to
participate in, or be covered by, any employee benefit plan or program offered
by or through the Company, and he shall not receive any benefits or payments
from the Company, except as otherwise specified in this Agreement.

 

2.             Payments:  Executive shall also be entitled to [the payments identified in the Employment Agreement, as applicable].

 

3.             Benefits:  Executive shall also be entitled to [the benefits/shares identified in the Employment Agreement, as
applicable].  The Company
does not make any representations to Executive about the tax implications of
the vesting of shares, and Executive acknowledges that he has had the
opportunity to meet with an attorney, accountant and/or tax professional to
discuss this Agreement.

 

4.             General Waiver
and Release of All Claims:  [To be modified as necessary to comport with
applicable state and local laws and to comply with then-current state of the
law].  In exchange for the promises contained in this
Agreement, Executive agrees that Executive or any person acting by, through, or
under Executive, VOLUNTARILY, KNOWINGLY AND WILLINGLY RELEASES AND FOREVER
DISCHARGES the Company, including its parent and subsidiary corporations,
affiliates, all related domestic and foreign businesses, entities,
corporations, and partnerships, including but not limited to                                       ,
as well as all current and former directors, officers, executives,
shareholders, partners, employees, successors in interest, predecessors,
representatives, agents, insurers, attorneys, divisions, joint venturers,
investors, and assigns and each of them (collectively “Company Releasees”),
FROM ANY AND ALL CLAIMS OR OBLIGATIONS OF ANY KIND OR NATURE WHATSOEVER whether
now known or unknown and later discovered, suspected or unsuspected, which
arose on or before the 

 

1

 

Effective Date (as herein defined) of this Agreement; provided,
however, that Executive does not waive any vested rights in any Company
plan or program or under the previously-executed Performance Share Agreement
between the Parties (“Performance Share Agreement”), or any right to be
provided a defense or to be indemnified that he may have under any indemnification
agreement or the Company’s Articles of Incorporation or Bylaws.  Executive understands that this release
includes but is not limited to any right that Executive may have relating in
any way to Executive’s employment by the Company or the conclusion of such
employment, including without limitation any claims under the law of contracts
or torts, the Age Discrimination in Employment Act of 1967, as amended (29
U.S.C. Sections 621 et. seq.), including the Older Workers Benefit Protection
Act of 1990; Title VII of the Civil Rights Act of 1964, as amended (42 U.S.C.
Sections 2000e et. seq.), including the Civil Rights Act of 1991 and the Civil
Rights Acts of 1886, 1970 and 1971 (42 U.S.C. Sections 1981 et. seq.); the
Americans With Disabilities Act (42 U.S.C. Sections 12101 et. seq.); and the
Rehabilitation Act of 1973; or any other federal, state, or local statutory or
common laws relating to discrimination or employment.  Executive declares and represents that the Executive
has been paid all wages or other compensation owed by any or all of the Company
Releasees and represents that he has not suffered any on-the-job injuries or
work-related accidents or injuries, occupational diseases or disabilities,
whether temporary, permanent, partial, or total, for which the Executive has
not been fully compensated. Executive further agrees that he has been granted
all leave, including all leave under the Family and Medical Leave Act, to which
he may have been entitled, if any.

 

Executive
agrees that he will not institute any action or actions, cause or causes of
action (in law or in equity), suits, debts, liens, claims, demands, now known
or unknown and later discovered, suspected or unsuspected, fixed or contingent
which Executive may have or claim to have in state or federal court, or with
any state, federal or local government agency or with any administrative or
advisory body arising from or attributable to any or all of the Company
Releasees, including but not limited to, all employee benefit plans sponsored
or administered by Company.   Executive
also agrees that if a claim is prosecuted in Executive’s name before any court
or administrative agency, Executive waives and agrees not to take any award of
money or other damages from such suit. 
Executive also agrees that if a claim is prosecuted in Executive’s name,
Executive will immediately request, in writing, that the claim on Executive’s
behalf be withdrawn.  Executive also
agrees that he is waiving on behalf of Executive and Executive’s attorneys all
claims for attorneys’ fees, expenses and court costs, including the same at all
appellate levels.

 

5.             Review and Revocation: 
Executive acknowledges that he has been advised in writing to consult
with an attorney before signing this Agreement and that he has been afforded
the opportunity to consider the terms of this Agreement for twenty-one (21)
days prior to its execution.  Executive understands that he can use all or any
part of this 21-day period to decide whether to sign this Agreement.  Executive and Company agree that any material
or non-material changes which may be made in this Agreement after the Agreement
is initially provided to the Executive shall not re-start the running of the
21-day period.  Executive further
acknowledges that he has read this Agreement in its entirety; that he fully
understands all of its terms and their significance; that he has signed it
voluntarily and of his own free will; and that he intends to abide by its
provisions without exception.

 

6.             Effective Date and Revocation:  So
long as Executive does not revoke this Agreement, this Agreement shall become
effective on the eighth day following the date the Executive signs this
Agreement (“Effective Date”).  For a period of seven (7) days following
the date the Executive signs this Agreement, Executive may revoke this
Agreement by providing written notice of revocation to:  [INSERT NAME OF GENERAL
COUNSEL].  In the
event that 

 

2

 

Executive revokes the
Agreement prior to the eighth day after his execution of it, this Agreement and
the promises contained herein shall automatically be null and void.

 

7.             No Admission of Liability:  The execution of this Agreement does not
constitute an admission by any Company Releasee or Executive of any violation
of any civil rights or other employment discrimination statute, or any other
legal statute, provision, regulation, ordinance, order or action under common
law or of any wrongdoing of any kind, and this Agreement shall not be offered
or used to establish any such liability.

 

8.             Non-disparagement; No
re-Employment:  Executive agrees not
to take any action or make or condone any communication, written or otherwise,
that disparages, criticizes or otherwise reflects adversely or encourages any
adverse action against any Company Releasee. 
In response to inquiries from third parties, Executive shall state only
that the Executive separated from the Company on mutually acceptable terms,
except to the extent that Executive has authorized the disclosure of additional
information regarding his employment and/or separation from employment, which
information shall be authorized by Executive specifically and in writing.  Executive also agrees that he will not seek
reemployment with the Company or work on the property of the Company or any
related entity as a contractor or in any other capacity at any time in the
future.

 

9.             Restrictive Covenants:  Notwithstanding anything in this Agreement,
and specifically notwithstanding the “Entire Agreement” clause of this
Agreement, any and all restrictive covenants, including but not limited to any
non-competition, non-solicitation, intellectual property or confidentiality
covenants, included in any agreement by and between the Executive and the
Company (or any entity related to the Company), including the Confidentiality,
Non-Compete and Non-Solicitation Agreement (“Covenant Agreement”), shall
survive the execution and delivery of this Agreement and shall continue in full
force and effect in accordance with their terms subsequent to the Effective
Date of this Agreement.

 

10.           Return of Property:  Executive agrees that all property of the
Company or any related entity, including but not limited to any trade secrets,
confidential information, business documents, books, records, accounts, credit
cards, and/or equipment, has been returned to the Company as of the date the
Executive executes this Agreement.

 

11.           Cooperation:  Executive agrees to cooperate with the
Company and its attorneys in connection with any threatened or pending litigation
against the Company or its Affiliates, and to make himself, upon reasonable
notice, to prepare for and appear at deposition or trial in connection with any
such matters.

 

12.           Severability:  In the event that any provision of this
Agreement shall be held to be illegal or unenforceable, the entire Agreement
shall not fall on account thereof, but shall otherwise remain in full force and
effect, and such paragraph or provision shall be enforced to the maximum extent
permissible.

 

13.           Entire Agreement:  This Agreement constitutes the complete
understanding between the parties and supersedes all prior agreements between
the parties; provided, however, that the Covenant Agreement [and]
Purchase Share Agreement shall survive the execution and delivery of this Agreement
[INSERT ALSO BY EXPRESS REFERENCE ANY OTHER
AGREEMENTS THAT ARE TO SURVIVE THIS AGREEMENT]. Executive
acknowledges the Company has not 

 

3

 

made any representation to
him other than as set forth herein.  Any
modification of this Agreement shall be in writing and signed by each of the
parties.

 

14.           Governing Law; Jurisdiction and
Venue:  This Agreement shall be
governed by and construed in accordance with the laws of the State of Florida
without reference to principles of conflicts of laws.  Executive agrees to submit to the exclusive
jurisdiction of the State of Florida; agrees that any such dispute shall be
heard by a JUDGE AND NOT A JURY; agrees that
any suit shall be brought exclusively in any state or federal court of
competent jurisdiction in Lee, Palm Beach, or Broward Counties Florida; and
agrees that the prevailing party shall be entitled to an award of reasonable
attorneys’ fees and costs.

 

15.           Successors and Assigns:  The Company may assign this Agreement.  Executive shall not assign this
Agreement.  This Agreement shall be
binding upon, inure to the benefit of, and be enforceable by the Company and
its successors and assigns.

 

16.           Confidentiality:  This Agreement is confidential and shall not
be disclosed by Executive to any other person, company or entity.  The Agreement may be used as evidence only in
a subsequent proceeding in which any of the parties allege a breach of this
Agreement.

 

The undersigned have executed this Agreement
as of the date first forth above.

 

	
  WHITNEY INFORMATION

  	
   

  	
  CHARLES M. PECK

  
	
  NETWORK, INC.

  	
   

  	
  (“Executive”)

  
	
  (“Company”)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
   

  	
  ,

  	
   

  	
   

  
	
  in his/her capacity as
  authorized representative of the

  	
   

  	
   

  
	
  Company

  	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
  Date:

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  
									

 

4

 

EXHIBIT “C”

 

CONFIDENTIALITY, NON-COMPETE

 AND NON-SOLICITATION AGREEMENT

 

THIS
CONFIDENTIALITY, NON-COMPETE AND NON-SOLICITATION AGREEMENT  and Exhibit A incorporated herein by
reference (“Agreement”) is made and entered into as of this         
day of                                             ,
20       , by and between Whitney Information
Network, Inc., its parent, subsidiaries, affiliates, successors and
assigns (hereinafter referred to as “the Company”), and Charles M. Peck
(hereinafter referred to as “you” or “Employee”).

 

WHEREAS,
the Company is engaged in the business of teaching real estate investing
principles, small business development and management principles, financial
markets trading principles, strategies and applications, national and international
finance investment, asset protection strategies, and the production and
delivery of live seminars and home study courses in a variety of disciplines;
and

 

WHEREAS,
you are presently an employee of the Company or are desirous of becoming an
employee of the Company; and

 

WHEREAS,
the Company is desirous of engaging your services as an Employee or of allowing
you to continue your current position as an employee of the Company, subject to
your agreement to the terms, provisions and conditions set forth herein;

 

NOW
THEREFORE, in consideration of the Company engaging your services as an
Employee or of allowing you to continue as an Employee of the Company in your
current position, and for other good and valuable consideration, receipt and
sufficiency of which are hereby acknowledged, it is hereby agreed that:

 

1.           Recitals.  The foregoing recitals are true and correct,
including the recital of consideration.

 

2.           Proprietary Rights.
Employee agrees that all Work Product (as defined below), in whole or in part,
created solely or jointly by Employee, arising from or related to any services
performed by Employee for or on behalf of the Company, or in the course of
Employee’s performance of Employee’s duties as an employee of the Company, or
previously performed by Employee for or on behalf of the Company, or previously
conceived in anticipation of the services to be performed in regard to the
Company’s engagement of Employee, shall be deemed “work made for hire” and
shall be the sole and exclusive property of the Company.  Employee shall execute all such assignments,
oaths, declarations and other documents as may be prepared by the Company to
effect the foregoing.  Employee hereby
irrevocably assigns all rights, title and interest including, without
limitation, all copyright and moral rights throughout the world, to all Work Product
to the Company regardless of 

 

	
   

  	
   

  	
   

  	
   

  
	
  Executive

  	
   

  	
   

  	
  Company

  

 

1

 

whether all Work Product is considered “work for hire” or otherwise.  Employee agrees to assist in every
reasonable, lawful way in protecting and/or enforcing the Company’s rights in
and to the Work Product and/or other property of the Company, and in
prosecuting and defending appeals, interferences, infringement suits and controversies
relating thereto during employment and thereafter.

 

For purposes of this Agreement, the term “Work Product” shall mean,
without limitation, by way of example, all Documentation (as defined below),
writings, correspondence, manuals, materials, creative works; documented methods,
techniques, ideas, inventions or improvements; publications, compositions,
lecture materials, customer lists and records, files, employee lists and
records, marketing plans, teaching materials, presentations to customers or
students, sales records, marketing analyses, computer programs, data, system
documentation, course work, books, software, correspondence, letters, notes,
notebooks, reports, flowcharts, proposals, business plans, marketing and
advertising materials, internal memoranda, websites, technical code, employee
manual, applications, licenses or registrations,  and other information.  For the purposes of this Agreement, the term “Documentation”
shall include, without limitation, all tangible media, now or hereafter
developed, in which information, data, ideas, methods, or designs may be fixed
or published, including, without limitation, writings, computer diskettes,
audio tape, video tape, film, computer tape, photographic film, micro disc, and
CDROM.  For the purposes of this
Agreement, “Proprietary Information” includes, without limitation, by way of
example, all intellectual property rights, patents and applications therefore,
copyrights and registrations therefore, trade and service marks and
applications therefore, trade secrets, Confidential Information, Work Product,
compliance documents, websites, product and marketing materials, and employee
names, voices, image and likenesses; officer names, voices, image and
likenesses; manager or member names, voices, image and likenesses;  contractor names, voices, image and
likenesses; director names, voices, image and likenesses; potential or actual
product or service names; project names; trade names, corporate or business
entity names, and domain names.

 

3.           Covenant Not to
Compete. Employee recognizes and acknowledges that it is essential for the
proper protection of the legitimate business interests of the Company that
Employee be restrained from competing against the Company during the term of
Employee’s employment with the Company and for a reasonable period of time
following the termination of Employee’s employment with the Company.  Therefore, as a material inducement to the
Company to allow Employee to become and/or remain an employee of the Company,
Employee agrees that, during the term of Employee’s employment with the
Company, and during the one (1) year period after termination of
Employee’s employment with the Company, regardless of whether the termination is with or without cause, or
whether by the Company or by the Employee, and whether or not Employee asserts
that Company has violated Employee’s legal rights in any regard, Employee shall
not, directly or indirectly, (a) own, manage, operate, control, be
employed by, participate in, or be connected in any manner with the ownership,
management, or control of any Competing Business or (b)  engage, whether
as principal or as agent, officer, director, member, manager, employee,
consultant, shareholder or 

 

	
   

  	
   

  	
   

  	
   

  
	
  Executive

  	
   

  	
   

  	
  Company

  

 

2

 

otherwise, alone or in association with any other person, corporation
or other entity, in any Competing Business.

 

For purposes of this Agreement, the term “Competing Business” shall
mean the following: (a) any person, corporation or other entity which
sells or attempts to sell and/or provides or attempts to provide any products
and/or services which are the same as or similar to the products and/or
services sold by the Company at any time, and from time to time during the
longer of the term of Employee’s employment with the Company or the last two (2) years
prior to the termination of Employee’s employment with the Company; and/or (b) any
person, corporation or other entity engaged in the same or similar business as
the business of the Company and which, directly or indirectly, is or was in
competition with the Company at any time and from time to time during the
longer of the term of Employee’s employment with the Company, or the last two (2) years
prior to the termination of Employee’s employment with the Company.

 

4.           Covenant Not to
Solicit Customers/Clients. Employee recognizes and acknowledges that the
Company has expended, and will expend considerable, significant amounts of time
and money establishing relationships and good will with existing and
prospective customers/clients and developing lists of its customers/clients and
prospective customers/clients that are not available to the general public and are
trade secret, Confidential and Proprietary Information of Company. Employee also
recognizes and acknowledges that many of the Company’s competitors could not
recreate such lists without substantial efforts, that the Company’s business
would be irreparably and greatly damaged by the use of this information other
than for its benefit, and that it is essential for the proper protection of the
business of the Company that Employee be restrained from soliciting the trade
of or trading with the customers/clients of the Company for any business
purpose whatsoever during the term of Employee’s employment with the Company
and for a reasonable period following the termination of this Agreement.  Therefore, as a material inducement to the
Company to allow Employee to become and/or remain an employee of the Company,
Employee agrees that, during the term of Employee’s employment with the
Company, and during the one (1) year period after termination of
Employee’s employment with the Company, regardless of whether the termination is with or without cause, or
whether  by the Company or by the
Employee, Employee will not, directly or indirectly, solicit the trade of, or
trade with, or do business with, or attempt to solicit the trade of, or trade
with, or do business with, any of the Company’s customers/clients or
prospective customers/clients without the Company’s prior written consent
except when endorsed by the Company and done for the Company’s benefit.  Employee acknowledges and agrees that the
restrictions and limitations contained in this paragraph are reasonable as to
the scope and duration and are necessary to protect the Company’s proprietary
interests and to preserve the Company’s competitive advantage and legitimate
business interests.

 

5.           Covenant Not to
Solicit Employees, Independent Contractors and/or Vendors. Employee
recognizes and acknowledges that the Company has expended and will expend
considerable and significant amounts of time and money establishing goodwill
and relationships with and/or training its 

 

	
   

  	
   

  	
   

  	
   

  
	
  Executive

  	
   

  	
   

  	
  Company

  

 

3

 

employees, independent contractors and/or Vendors.  Employee recognizes and acknowledges that it
is essential for the proper protection of the legitimate business interests of
the Company that Employee be restrained from soliciting or inducing any
employee or independent contractor of the Company to leave the employ of the
Company and from hiring or attempting to hire any employee or independent
contractor of the Company. Employee further recognizes and acknowledges that it
is essential for the proper protection of the legitimate business interests of
the Company that Employee be restrained from soliciting or inducing any Vendor
of the Company to terminate or decrease its relationship with the Company.  “Vendors” shall mean any person or entity with
which Company has entered into a contractual relationship to render specific
services to Company and where Vendor is involved in or is privy to Company’s
marketing, promotional and/or education materials, or any of Company’s trade
secrets, Confidential or Proprietary Information.  Therefore, as a material inducement to the
Company to allow Employee to become and/or remain an employee of the Company,
Employee agrees that during the term of Employee’s employment with the Company,
and during the two (2) year period after termination of Employee’s
employment with the Company,
regardless of whether the termination is with or without cause, or whether by
the Employee or the Company, and whether or not Employee asserts that Company
has violated Employee’s legal rights in any regard, Employee will not, directly
or indirectly, solicit or induce, or attempt to solicit or induce, any
employee, independent contractor or Vendor of the Company to leave the Company
for any reason whatsoever, or hire any employee, independent contractor or
Vendor.

 

Employee further acknowledges that it is essential for the proper
protection of the business of the Company that Employee be restrained from
soliciting, attempting to solicit or accepting solicitations from any of the
Company’s independent contractors and/or Vendors regarding actual or potential
involvement in business other than for the benefit of the Company.  Therefore, as a material inducement to the
Company to allow Employee to become and/or remain an employee of the Company,
Employee agrees that during the term of Employee’s employment with the Company,
and during the two (2) year period after termination of Employee’s
employment with the Company,
regardless of whether the termination is with or without cause, or whether by
the Employee or the Company, and whether or not Employee asserts that Company
has violated Employee’s legal rights in any regard, Employee will not, directly
or indirectly, solicit or accept solicitations from any independent contractor
or vendor of the Company to engage in, be involved with, or provide work for
any Competing Business.

 

6.           Covenant Not to
Violate Company Rights.  Employee
recognizes and acknowledges that (a) during the term of Employee’s
employment with the Company, it may be necessary for Employee to acquire (and
during the course of Employee’s previous work for or on behalf of the Company
prior to the commencement of this Agreement Employee may have already acquired)
information that concerns, in whole or in part, the Company’s sales, volume
methods and proposals; customers/clients and prospective customers/clients
(including lists thereof); identity of customers/clients and prospective
customers/clients; identity of key personnel in the employ of customers; amount
or kind of customer’s/client’s purchases from and/or transactions with the 

 

	
   

  	
   

  	
   

  	
   

  
	
  Executive

  	
   

  	
   

  	
  Company

  

 

4

 

Company; the needs and requirements of any or all customers/clients;
SSN or bank account information of employees or customers/clients; the terms
and conditions under which the Company deals with customers/clients or
prospective customers/clients; the terms and conditions under which the Company
deals with suppliers or prospective suppliers; employee lists; the Company’s
sources of supply; the Company’s pricing and rate methods; course and teaching
methods, techniques, compositions, ideas or presentations; customer financial
and contact information; employee salary and contact information; all other
Company documents not readily available to the public including but not limited
to Company phone directories, personnel information, unpublished Company
reports; website and software coding, marketing and internet search engine and
advertising techniques; contracts and agreements with third parties; employee
manual, and/or any and all other confidential non-public information belonging
to the Company or relating to the Company’s business(es) and/or affairs,
whether property of the Company or property of employees, officers, manager,
members or directors thereof, or other third parties that have disclosed such
to the Company, (collectively referred to herein as the “Confidential
Information”); (b) Confidential and Proprietary Information has been
compiled by the Company at great expense and over a great amount of time; (c) the
use, misappropriation or disclosure of the Confidential and Proprietary
Information by Employee or otherwise would constitute a breach of trust and
could cause irreparable injury; and (d) it is essential to the protection
of the Company’s legitimate business interests, trade secrets, goodwill and to
the maintenance of the Company’s competitive position that Confidential
Information be kept secret and that Employee not disclose the Confidential
Information to others or use the Confidential and/or Proprietary Information to
Employee’s own advantage or the advantage of others.

 

Therefore, as a material inducement to the Company to allow Employee to
become and/or remain an employee of the Company, and as a material inducement
to the Company to disclose or allow to be known to Employee some or all of the
Confidential and Proprietary Information during the term of Employee’s
employment with the Company (at the Company’s sole and absolute discretion),
Employee hereby agrees that, throughout the term of Employee’s employment with
the Company and following the date of termination of Employee’s employment with
the Company, regardless of whether the termination is with or without cause,
whether by the Employee or the Company, and whether or not Employee asserts
that Company has violated Employee’s legal rights in any regard, Employee will (i) 
hold and safeguard the Confidential and Proprietary Information in trust for
the Company; (ii) not misappropriate, use, publish, distribute or divulge such
to any person that is not affiliated with the Company; (iii)  not display
or disclose, anonymously or by true or fictional name, in any form or fashion
including, but not limited to, publication on or via the Internet, a website,
Blog, email, discussion group, bulletin board or by means hereafter devised and
all other means of electronic dissemination, any Company Confidential or
Proprietary Information, or Employee’s affiliation with Company;  (iv) not use, copy, distribute, sell,
infringe or violate any legal right of Company including, but not limited to,
publicity rights, privacy rights, moral rights, copyright, trademark, trade
secret and patent rights, without limitation, by way of example, register,
purchase, apply for, license, or attempt to do so, any domain name containing,
in whole or in part, or any derivation of (e.g. a spelling, misspelling, typo,
singular or plural, with or without dashes or 

 

	
   

  	
   

  	
   

  	
   

  
	
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  Company

  

 

5

 

underscores) any Confidential or Proprietary Information; register,
purchase, apply for, license, obtain a license for, or attempt to do so, any
copyright registration for any creation containing, in whole or in part, or any
derivation or modification of any Confidential or Proprietary Information;
register, purchase, apply for, license, obtain a license for, or attempt to do
so, any trade or service, mark or name, containing, in whole or in part, or any
derivation or modification of any Company Confidential and Proprietary Information;
and (v) surrender all Confidential and Proprietary Information in Employee’s
possession or control upon termination of employment.

 

The preceding notwithstanding, this section shall not prohibit any
activities that are expressly permitted by law, required of Employee to conduct
Employee’s work assignments on behalf of Company and as otherwise may be
directed by Employee’s supervisor, and/or disclosure of this Agreement to
Employee’s attorney or future employers if requested to do so and upon agreement
to keep such confidential and use only for the purposes of legal evaluation.

 

7.           Covenant Not to
Violate Third Parties’ Rights; Non-Disparagement.  As a material inducement to the Company to
allow Employee to become and/or remain an employee of the Company, and as a
material inducement to the Company to disclose or allow Employee access to Company
information during the term of Employee’s employment with the Company (at the
Company’s sole and absolute discretion), Employee hereby agrees that throughout
the term of Employee’s employment with the Company and following the date of
termination of Employee’s employment with the Company, regardless of whether
the termination is with or without cause, whether by the Employee or the
Company, and whether or not Employee asserts that Company has violated Employee’s
legal rights in any regard, Employee acknowledges and agrees that he or she has
and will not (a) violate any non-competition agreement with any prior
employer or other third party; (b) violate any confidentiality agreement
with any prior employer or other third party; (c) use at, or disclose to
Company, any information protected by confidentiality, trade secret, copyright,
trademark, patent, publicity or privacy rights, or other law from any prior
employer or third party without prior express written permission obtained through
Company; (c) violate any non-solicitation agreement with any prior
employer or other third party; and/or (d) violate any other right of any
third party, including but not limited to publicity rights, privacy rights,
moral rights, copyright, trademark, trade secret, patent, trade name,
cybersquatting, etc.

 

                Employee’s
employment with the Company does not and will not conflict with, breach,
violate, or cause a default under any confidentiality agreement, restrictive
covenant, contract, agreement, instrument, order, judgment, or decree by which
Employee is bound.  Employee acknowledges and agrees that the
Company shall have the right to provide notice and a copy of this Agreement, in
whole or in part, to any of Employee’s past, current or prospective employers
or other parties that, in Company’s sole discretion, should be provided with
notice.

 

Employee will not during
Employee’s employment or at anytime thereafter, criticize, ridicule, or make
any statement which disparages or is derogatory of Company, or any of its
officers, 

 

	
   

  	
   

  	
   

  	
   

  
	
  Executive

  	
   

  	
   

  	
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6

 

directors, agents, associates, employees, consultants,
contractors, clients, customers, vendors, suppliers, or licensees.

 

8.           Prior Inventions
of Employee.  If Employee wishes to
exclude from this Agreement any information, inventions or creations that
Employee asserts are owned, created or acquired by him or her prior to Employee’s
employment, performance of services or contemplation thereof for Company,
Employee must disclose these, and Employee’s employer at the time of creation
or acquisition, on Exhibit A attached hereto.  If not disclosed clearly and completely on Exhibit A,
all creations of Employee shall be presumed to be included under this Agreement’s
restrictions to the extent permitted by law.

 

9.           Enforcement.  Employee recognizes that the Company would be
irreparably injured by the breach of any provision of Sections 2, 3, 4, 5, 6 and/or
7 and that money damages alone may not be an appropriate measure of the harm to
the Company from such a breach. 
Therefore, Employee agrees that equitable relief, including specific
performance of these provisions by injunction, would be an appropriate remedy
for the breach of these provisions, and the Company may enforce the provisions
of these Sections by either suit for damages or injunction, or both, with
posting of minimal bond.  These
enforcement rights shall be cumulative with and not successive or exclusive of
any other legal remedies which may be available to the Company in law or in
equity including, without limitation, the rights and remedies available to the
Company under any applicable trade secrets laws or regulations.   The Company shall be entitled to the
full benefit of the restrictions stated in this Agreement.  Accordingly, if Employee violates any or all
of these restrictions, this Agreement shall remain in full force and effect
beyond the expiration of the term of the promise, such that the Company
receives the full benefit of its bargain. 
Employee’s obligations in this Agreement are independent of any Company
obligation.  The existence of any other
claim or cause of action by Employee, including but not limited to any other
claim or cause of action under the Employment Agreement between the Parties,
does not constitute a defense to the enforcement of this Agreement by the
Company.

 

10.         Indemnification.
Employee shall indemnify and hold the Company harmless from and against any and
all claims, demands, and actions arising out of Employee’s breach, or alleged
breach, of this Agreement, and Employee shall reimburse the Company for any and
all costs, damages and expenses, including, without limitation, all reasonable
attorney’s fees and costs, which the Company pays or becomes obligated to pay
by reason of such allegations or breach.  Company shall indemnify and hold the Employee
harmless from and against any and all claims, demands, and actions arising out
of Company’s breach, or alleged breach, of this Agreement, and Company shall
reimburse the Employee for any and all costs, damages and expenses, including,
without limitation, all reasonable attorney’s fees and costs, which the
Employee pays or becomes obligated to pay by reason of such allegations or
breach.

 

	
   

  	
   

  	
   

  	
   

  
	
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7

 

11.         Assignment.  Company may assign and/or transfer this
Agreement without restriction.  Employee
may not assign or transfer this Agreement and any such attempt shall be void.  This Agreement shall inure to the benefit of
and be enforceable by the Company’s successors and assigns.

 

12.         Notices.  Any notice required or permitted to be made
under this Agreement shall be in writing and shall be effective when actually
delivered in person or three days after being deposited in the U.S. Mail,
registered or certified, postage prepaid and addressed to the party as
follows:  (a) to Employee at the
address above; and (b) to the Company at General Counsel, 1612 E. Cape
Coral Parkway, Cape Coral, Florida 
33904.

 

13.         No
Waiver or Release.  Failure of the
Company to require performance of any provision of this Agreement shall not
limit the Company’s right to enforce the provision, nor shall the Company’s
waiver of any breach of any provision be a waiver by the Company of any
succeeding breach of any provision or a waiver of the provision itself or any
other provision.  Employee agrees that
the termination of Employee’s employment by the Company for any reason whatsoever,
whether with or without cause, or whether by the Company or by the Employee,
shall not release Employee from any of Employee’s obligations contained herein.

 

14.         Law Governing, Jurisdiction, Venue, No Jury
Trial.    This
Agreement shall be governed by and construed in accordance with the laws of the
State of Florida, notwithstanding any laws of said State or any other
jurisdiction relating to conflicts of laws. This Agreement shall be deemed to have been made in the State of
Florida.  The parties consent to personal
jurisdiction in, and all actions brought hereunder shall be brought exclusively
in, whether at law or in equity, the state or federal court(s) serving
Lee, Palm Beach or Broward Counties in the State of Florida.  Venue shall be proper in any one of these
three counties and selection of the county shall be at the sole discretion of
the Company.  THE PARTIES KNOWINGLY AND VOLUNTARILY WAIVE
THE RIGHT TO TRIAL BY JURY OF ANY DISPUTE RELATING TO THIS AGREEMENT.

 

15.         Attorney
Fees.  In the event any litigation,
suit, action, arbitration or other similar proceeding is brought by any party
under this Agreement to enforce any of its terms, or in any appeal therefrom,
it is agreed that the prevailing party shall be entitled to reasonable
attorneys’ fees and costs to be fixed by the trial court, appellate court
and/or arbitrator.

 

16.         Titles
and Captions, Pronouns and Plurals, Counterparts.    All Section and
paragraph titles or captions contained in this Agreement are for convenience
only and shall not be deemed part of the context nor affect the interpretation
of this Agreement.    All pronouns and
any variations thereof shall be deemed to refer to the masculine, feminine,
neuter, singular or plural as the identity of the person or persons may
require.  This Agreement may be executed
in any number of counterparts and by the parties on separate pages, each of
which will be deemed an original and which together shall constitute one
agreement, with the same effect as if the signatures on the counterparts were
upon a single instance of this Agreement.

 

	
   

  	
   

  	
   

  	
   

  
	
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8

 

17.         Entire Agreement,
Amendment.  This Agreement and Exhibit A
that is incorporated herein by reference contains the entire understanding
between and among the parties and supersede any prior understandings and
agreements among them respecting the subject matter of this Agreement.  Employee agrees that where any portion of
this Agreement conflicts with the Company’s then existing employment manual,
this Agreement shall control. This Agreement may only be modified and/or
amended by a written instrument executed by all parties hereto.

 

18.         Severability,
Survivability, and Savings.  The
provisions of Sections 2, 3, 4, 5, 6, 7, and 10 shall expressly survive the
termination of Employee’s employment with the Company.  The provisions of this Agreement shall
survive the termination of Employee’s employment with the Company regardless of
whether such termination is with or without cause, whether by the Company or
the Employee, and whether or not Employee asserts that Company has violated
Employee’s legal rights in any regard.  In
the event that any of the restrictions and limitations contained anywhere in any
paragraph, provision or Section are deemed to exceed the time, scope
and/or geographic or other limitations prescribed by applicable law, then such
provisions shall be reformed to the maximum time, scope, and geographic or
other limitations permitted by applicable law. 
Each provision of this Agreement is intended to be severable.  If any provision of this Agreement, or the
application of such provision to any person, entity or circumstance, shall be
held invalid, illegal, or unenforceable in any respect, the remainder of this
Agreement, or the application of such provision to persons, entities or
circumstances other than those as to which it is held invalid, shall not be
affected thereby and the Agreement shall be construed as if the illegal,
invalid or unenforceable provision were never a part hereof.

 

19.         Reapplication.  If the employment relationship between the
Company and Employee is terminated for any reason whatsoever, whether with or
without cause, whether by the Employee or by the Company, and if Employee is
later re-employed by the Company, this Agreement will be applicable to such
re-employment as if there had been no interruption of the employment
relationship, without the necessity for the execution of a new Agreement
between the parties.

 

20.         Employment
Agreement.  The Employment Agreement executed
between the Parties shall remain in full force and effect and shall be read and
interpreted in conjunction with this Agreement. 
In the event that the Employment Agreement and this Agreement conflict,
the Employment Agreement shall control.

 

21.         Negotiations.  The Company and the Employee acknowledge and
agree that the terms of this Agreement were reached based upon mutual
negotiations between the parties hereto. 
Therefore, any perceived ambiguities in the terms or conditions of this
Agreement shall not be construed against the Company as the drafter of this
Agreement.

 

	
   

  	
   

  	
   

  	
   

  
	
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9

 

22.         Independent Legal
Counsel.  Each party hereby
acknowledges that said party has had ample opportunity to seek independent
legal counsel, and has been represented by, or has otherwise waived its right
to be represented by, such independent legal counsel, with respect to the
negotiation and execution of this Agreement.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement or caused this
Agreement to be executed the day and year first above written.

 

	
  CHARLES M. PECK (“Employee”)

  	
  WHITNEY INFORMATION NETWORK,

  INC. (“Company”)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed: 

  	
   

  	
   

  	
  By:

  	
   

  	
  ,

  
	
   

  	
   

  	
   

  	
  as authorized representative of the Company

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Print
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
												

 

	
   

  	
   

  	
   

  	
   

  
	
  Executive

  	
   

  	
   

  	
  Company

  

 

10

 

Exhibit A

 

Employee Prior Inventions

 

	
  Title
  of Work

  	
   

  	
  Date
  of Creation

  	
   

  	
  Employer
  and Address at such Time

  

 

1Exhibit 10.2

 

Whitney Information Network, Inc. 2008
Long-Term Incentive Plan

 

RESTRICTED PERFORMANCE SHARE AGREEMENT

 

THIS AGREEMENT is
made as of the 17th day of September, 2008 (the “Grant Date”),
between Whitney Information Network, Inc., a Colorado corporation (the “Company”),
and Charles M. Peck (“Grantee”). Capitalized terms not defined herein
(including Appendix A) shall have the meaning ascribed thereto in the Whitney
Information Network, Inc. 2008 Long-Term Incentive Plan (the “Plan”).

 

1.                                     Award.

 

(a)                                  Shares. 
Pursuant to the Plan, the Company hereby grants the Grantee six hundred
thousand (600,000) restricted performance shares (the “Shares”) of the Company’s
Common Stock, par value $              
pursuant to the terms and conditions set forth herein (the “Award”); provided,
however, that this Award is subject to the Plan being approved by the
shareholders of the Company within one year from the Grant Date.   In the event the Plan is not approved within
one year from the Grant Date by the shareholders of the Company, in accordance
with the Company’s Articles of Incorporation and Bylaws and all applicable law,
this Award shall be null and void.

 

(b)                                 Plan Incorporated.  Grantee acknowledges receipt of a copy of the
Plan, and agrees that this Award shall be subject to all of the terms and
conditions set forth in the Plan, including future amendments thereto, if any,
pursuant to the terms thereof, which Plan is incorporated herein by reference
as a part of this Agreement.

 

2.                                     Vesting and Termination of Employment.

 

(a)                                  Vesting.

 

(i)             Provided that Grantee remains continuously
employed by the Company from the Grant Date until the fourth anniversary of the
Grant Date (the “Performance Period”) the Shares shall vest pursuant to the
achievement of the  performance targets
(the “Performance Targets”), as set forth in Section 2(a)(ii).

 

(ii)          One hundred thousand (100,000) Shares of the
Award shall vest upon the achievement of each of the following Performance
Targets:

 

(A)                              the Closing Price (as
such term is defined in Appendix A) of the Company’s Common Stock equals or
exceeds two dollars ($2) over the course of any twenty (20) consecutive Trading
Days (as such term is defined in Appendix A);

 

 

(B)                                the Closing Price of
the Company’s Common Stock equals or exceeds four dollars ($4) over the course
of any twenty (20) consecutive Trading Days;

 

(C)                                the Closing Price of
the Company’s Common Stock equals or exceeds six dollars ($6) over the course
of any twenty (20) consecutive Trading Days;

 

(D)                               the Closing Price of the
Company’s Common Stock equals or exceeds eight dollars ($8) over the course of
any twenty (20) consecutive Trading Days;

 

(E)                                 the Closing Price of
the Company’s Common Stock equals or exceeds ten dollars ($10) over the course
of any twenty (20) consecutive Trading Days; and

 

(F)                                 the Closing Price of
the Company’s Common Stock equals or exceeds twelve dollars ($12) over the
course of any twenty (20) consecutive Trading Days;

 

For avoidance of doubt it is understood that
no more than one hundred thousand (100,000) Shares may vest in connection with
the achievement of each Performance Target, and it is further understood that
several Performance Targets may be reached simultaneously in connection with
the achievement of a certain Closing Price, in which case more than one hundred
thousand (100,000) Shares may vest in connection with such Closing Price.

 

(b)                                 Termination of Employment.

 

(i)             In the event Grantee’s employment is
terminated for any reason other than by Grantee for Good Reason (as such term
is defined in Appendix A) or by the Company without Cause (as such term is
defined in Appendix A) prior to the expiration of the Performance Period, all
Shares granted pursuant to this Award shall be forfeited.

 

(ii)          In the event Grantee’s employment is terminated
by Grantee for Good Reason or by the Company without Cause prior to the
expiration of the Performance Period, the Performance Period shall be treated
as ending on the 90th day following such termination, or if earlier,
the Performance Period (the “Revised Performance Period”) and Shares shall vest
to the extent the Performance Targets are met on or before the last day of the
Revised Performance Period.

 

(c)                                  Change in Control.

 

(i)             If prior to the expiration of the
Performance Period, an Acquisition of the Company occurs, all unvested Shares
shall vest effective immediately prior to the consummation of such transaction.

 

2

 

(ii)          In the event Grantee’s employment is
terminated by Grantee for Good Reason or by the Company without Cause prior to
the expiration of the Performance Period, and if such termination of employment
occurs during the twelve (12) month period following a Change in Control of the
Company, the Performance Period shall be treated as ending on the on the 90th
day following such termination, or if earlier, the Performance Period (the “Change
in Control Performance Period”) and Shares shall vest to the extent the
Performance Targets are met on or before the last day of the Change in Control
Performance Period.

 

(d)                                 Expiration of Performance Period.  Notwithstanding anything in this Agreement to
the contrary, any Shares that have not vested at the expiration of the
Performance Period (or the Revised Performance Period, as applicable) shall be
forfeited and revert back to the Company.

 

(e)                                  Forfeited Shares.   Grantee shall have no rights whatsoever with
respect to any Shares that are forfeited and such Shares shall revert back to
the Company.

 

3.                                     Recapitalizations and Similar Transactions.  If the outstanding shares of Common Stock of
the Company are increased or decreased or changed into or exchanged for a
different number or kind of shares or other securities of the Company by reason
of any recapitalization, reclassification, reorganization, stock split, reverse
split, combination of shares, exchange of shares, stock dividend or other
distribution payable in capital stock of the Company or other increase or
decrease in such shares effected without receipt of consideration by the
Company occurring after the Grant Date, an equitable, appropriate and
proportionate adjustment to the Performance Targets and/or Shares shall be made
by the Committee.

 

4.                                     Transferability/Escrow.  The Shares may not be sold, assigned,
pledged, exchanged, hypothecated or otherwise transferred, encumbered or
disposed of, until such Shares have vested pursuant to this Agreement. To
ensure the Grantee’s compliance with this Section 4, the certificate
evidencing the Shares may be held in escrow for the Grantee, until such time when
the certificate may be distributed to the Grantee following the vesting of
Shares to which such certificates relate.

 

5.                                     Certificates.  With respect to Shares issued pursuant to
this Agreement, each certificate representing such Shares shall bear the following
legend:

 

“The sale or other transfer of the shares of stock represented by this
certificate, whether voluntary, involuntary, or by operation of law, are
subject to restrictions on transfer and other terms and conditions, which are
set forth in the Whitney Information Network, Inc. 2008 Long-Term
Incentive Plan (the “Plan”), and in an Agreement entered into by and between
the registered owner of such shares and Whitney Information Network, Inc.
(the “Company”), dated                 ,
2008 (the “Award Agreement”).  A copy of
the Plan and the Award Agreement may be obtained from the Secretary of the
Company.”

 

3

 

6.                                     Withholding.  To the extent that the grant, the receipt or
the vesting of any Shares results in income to Grantee for federal or state
income tax purposes, Grantee shall deliver to the Company at the time of such
grant, receipt or vesting, as the case may be, such amount of money as the
Company may require to meet its withholding obligation under applicable tax
laws or regulations, and, if Grantee fails to do so, the Company, may in its
sole discretion, (i) cause the Shares and the Grantee’s right to receive
the Shares to be forfeited or (ii) withhold from any cash or stock
remuneration then or thereafter payable to Grantee any tax required to be
withheld by reason of such resulting compensation income.

 

7.                                     Status as a Shareholder.  Until the restriction on the transfer of
Shares pursuant to Section 4 of this Agreement has lapsed, the Grantee shall
have no rights as a shareholder, including the right to vote the Shares.
Additionally, any distributions that are made with respect to Shares shall be
subject to the same restrictions and conditions as the Shares with respect to
which they were paid.  Notwithstanding
anything to the contrary, at the discretion of the Company, all such
distributions may be held in escrow (subject to the same restrictions and
conditions) until all restrictions on the respective Shares have lapsed.

 

8.                                     Status and Issuance of Shares.  Grantee agrees that the Shares will not be
sold or otherwise disposed of in any manner which would constitute a violation
of any applicable federal or state securities laws.  Grantee also agrees (i) that the
certificates representing the Shares may bear such legend or legends as the
Company deems appropriate in order to assure compliance with applicable
securities laws, (ii) that the Company may refuse to register the transfer
of the Shares on the stock transfer records of the Company if such proposed
transfer would be in the opinion of counsel satisfactory to the Company
constitute a violation of any applicable securities law and (iii) that the
Company may give related instructions to its transfer agent, if any, to stop
registration of the transfer of the Shares. 
Notwithstanding any other provisions of this Agreement, the issuance or
delivery of Shares may be postponed for such period as may be required to
comply with applicable requirements of any national securities exchange or any
requirements under any law or regulation applicable to the issuance or delivery
of such Shares.  The Company shall not be
obligated to issue or deliver the Shares if the issuance or delivery thereof
shall constitute a violation of any provision of any law or of any regulation
of any governmental authority or any national securities exchange.

 

9.                                     Committee’s Powers.  No provision contained in this Agreement
shall in any way terminate, modify or alter, or be construed or interpreted as
terminating, modifying or altering any of the powers, rights or authority
vested in the Committee or, to the extent delegated, in its delegate pursuant
to the terms of the Plan or resolutions adopted in furtherance of the Plan,
including, without limitation, the right to make certain determinations and
elections with respect to the Shares.

 

10.                               Binding Effect.  This Agreement shall be binding upon and
inure to the benefit of any successors to the Company and all persons lawfully
claiming under Grantee.

 

4

 

11.                               Governing Law.  This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Florida.

 

[SIGNATURES ON
FOLLOWING PAGE]

 

5

 

IN WITNESS WHEREOF,
the Company has caused this Agreement to be duly executed by an officer
thereunto duly authorized, and Grantee has executed this Agreement, all as of
the date first above written.

 

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  WHITNEY
  INFORMATION

  
	
   

  	
  NETWORK, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven
  C. Barre

  
	
   

  	
   

  	
  Steven C.
  Barre, Lead Director

  
	
   

  	
   

  
	
   

  	
  GRANTEE:

  
	
   

  	
   

  
	
   

  	
  /s/ Charles M. Peck

  
	
   

  	
  Charles M.
  Peck

  

 

6

 

APPENDIX A

 

SELECTED DEFINITIONS

 

“Acquisition of the Company”
means any Change in Control of the Company which is triggered by the either of
the events described in paragraphs (b) or (c) of the definition of “Change
in Control” as set forth in this Exhibit A.

 

“Cause” means any one or more of the
following:

 

(a)                                  a
material breach or default by Grantee of his employment agreement with the
Company (“Employment Agreement”), which breach or default remains uncured after
thirty (30) days following Grantee’s receipt from the Company of written notice
specifying such breach or default, if subject to cure;

 

(b)                                 a
material breach or default by Grantee of any confidentiality, non-compete and
non-solicitation agreement with the Company;

 

(c)                                  any
failure or refusal by Grantee to perform the duties required of him pursuant to
his Employment Agreement, except by reason of Grantee’s death or Disability,
which failure or refusal remains uncured after thirty (30) days following
Grantee’s receipt from the Company of written notice specifying such failure or
refusal, if subject to cure;

 

(d)                                 any
material violation by Grantee of the Company’s discrimination, harassment, or
retaliation policies or procedures, as may be established from time to time;

 

(e)                                  any
conduct that is a material violation of the laws, rules, regulations or orders
of any governmental agency applicable to the Company;

 

(f)                                    any
material breach of a fiduciary duty owed by Grantee to the Company;

 

(g)                                 any
conviction of, withhold of adjudication as to, or plea of no contest (nolo
contendre) to a felony involving an act of fraud, misappropriation of funds or
embezzlement in connection with Grantee’s duties;

 

(h)                                 Grantee’s
death or inability to perform the essential functions of his position under his
Employment Agreement, with or without reasonable accommodation, for any period
of thirty (30) consecutive or non-consecutive days (“Disability”).

 

7

 

“Change in Control”
means the occurrence of one of the following events after the date of this
Award:

 

(a)                                  any individual,
entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of
the Securities Exchange Act of 1934, (an “Acquiring Person”) shall acquire
voting securities of the Company and immediately thereafter is a beneficial
owner (within the meaning of Rule 13d-3 promulgated under the Securities
Exchange Act of 1934) of 50% or more of either (i) the then outstanding
shares of common stock of the Company  or
(ii) the combined voting power of the then outstanding voting securities
of the Company entitled to vote generally in the election of directors (the “Outstanding
Company Voting Securities”); provided, however, that an Acquiring Person shall
not include the Company, any employee benefit plan of the Company, or any
person or entity organized, appointed or established by the Company for or
pursuant to the terms of any such plan;

 

(b)                                 the shareholders of
the Company approve a merger or consolidation of the Company with any other
corporation, and the merger or consolidation has been consummated, other than a
merger or consolidation which would result in the voting securities of the
Company outstanding immediately prior thereto continuing to represent (either
by remaining outstanding or by being converted into voting securities of the
surviving entity or any parent corporation (within the meaning of Section 424(e) of
the Code) of such surviving entity) at least a majority of the Outstanding
Company Voting Securities, such surviving entity or the parent corporation of
such surviving entity outstanding immediately after such merger or
consolidation; or

 

 (c)                               The
shareholders of the Company approve a plan of reorganization (other than a
reorganization under the United States Bankruptcy Code) or complete liquidation
of the Company or an agreement for the sale or disposition by the Company of
all or substantially all of the Company’s assets, and the Company has taken the
first substantive step pursuant to the plan of reorganization or complete
liquidation or the sale or disposition has been consummated.

 

“Closing Price” means if
the shares of Common Stock are listed on the New York Stock Exchange or NASDAQ,
the closing price of the Common Stock on the date for which Closing Price is
being determined. If the shares are not then listed on the New York Stock
Exchange or NASDAQ, and if the shares of Common Stock are then listed on any
other national securities exchange or traded on the over-the-counter market,
the closing price value shall be the closing price on the largest such
exchange, or if the closing price is not available, the mean of the closing bid
and asked prices of the shares of  Common
Stock on the over-the-counter market, as reported by NASDAQ, the National
Association of Securities Dealers OTC Bulletin Board or the National Quotation
Bureau, Inc., as the case may be, on the day on which the determination is

 

8

 

made or, if there is no closing price or bid or asked price on that
day, the closing price or mean of the closing bid and asked prices on the most
recent day (no more than ten days prior to the day of determination) preceding
the day on which the determination is made for which such prices are
available.  If the Closing Price cannot
be determined pursuant to the above methodology, Closing Price shall equal the
fair market value of Common Stock as determined in good faith by the Committee.

 

“Good Reason means any one or more of the
following without the consent of the Grantee:

 

(a)                                  a
material breach or default by the Company of the Employment Agreement;

 

(b)                                 a
material reduction in Grantee’s duties and/or responsibilities with the
Company, provided that the Company becoming a subsidiary of another entity or
otherwise ceasing to be a publicly-held company shall not in and of itself
constitute circumstances described in this subsection (b) unless a
material reduction described in this subsection (b) otherwise occurs in
connection therewith; or

 

(c)                                  a
reduction in Grantee’s Base Salary.

 

Notwithstanding
the foregoing, the Grantee shall not be deemed to have terminated with Good
Reason unless:  (x) the Grantee
terminates his employment with the Company no later than 2 years following the
initial existence of one or more of the above referenced conditions; and (y) the
Grantee provides to the Company a written notice of the existence of the
above-referenced condition(s) within 
90 days following the initial existence of such condition(s) and
the Company fails to remedy such condition(s) within 30 days following the
receipt of such notice.

 

“Trading Day” means each
day on which the New York Stock Exchange is open.

 

9

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