Document:

QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.6  

 
 

FULFILLMENT AGREEMENT    
    

        THIS FULFILLMENT AGREEMENT ("Agreement") is made and entered into this 1st day of August, 2005, ("Effective
Date"), between Whitney Information Network, Inc. ("Company"), a corporation duly organized and incorporated in the State of Colorado, and EduTrades, Inc. ("Contractor"), a corporation
duly organized in the State of Nevada. 

WITNESSETH:  

        WHEREAS, Company is in the business of developing, producing and marketing post secondary educational curriculum on real estate, business development, financial
investment and asset protection; 

        WHEREAS,
Contractor possesses special expertise and knowledge in the post secondary educational area of financial investing and training; 

        WHEREAS,
Company is interested in soliciting Contractor's services to fulfill certain outstanding obligations and Contractor desires to fulfill such obligations, in accordance with the
terms and conditions set forth below. 

        NOW,
THEREFORE, in good and valuable consideration of the mutual covenants and promises herein contained, the parties, each intending to be legally bound, hereby agree as follows: 

TERMS AND CONDITIONS  

ARTICLE 1: SERVICES TO BE PERFORMED BY CONTRACTOR  

        1.01 Contractor
shall serve Company by fulfilling all of the Company's outstanding stock market/financial training obligations sold to students and incurred by the Company
prior to August 1, 2005. These training obligations shall encompass all obligations related to the stock market training, including mentoring sessions, sold by Company or any of Company's
business entities prior to August 1, 2005 that have not yet been fulfilled. Each outstanding course or mentorship that has not been fulfilled shall be deemed an unfulfilled training obligation. 

        1.02 Contractor
shall be responsible for making all necessary arrangements to provide fulfillment of the training obligations in a timely manner, including but not limited
to venue selection, arrangement of dates, providing speakers and materials. All costs associated with the aforementioned activities are the sole responsibility of Contractor. 

        1.03 Contractor
may deliver training in any of the following manner: (a) delivery of live classes; (b) delivery of classes via Web Cast; (c) delivery of
class On-Demand (internet); and/or (d) deliver of classes by DVD. 

        1.04 Contractor
agrees to prepare and maintain full, accurate and complete records of each fulfilled obligation. Contractor agrees to provide Company with reporting of
fulfillment results in a format and frequency set forth in Exhibit "A," which has been mutually agreed upon by Contractor and Company. 

        1.05 Contractor
shall provide the services under this Agreement in a professional, courteous manner, consistent with industry standards. Contractor shall comply with all
applicable association, local, state, and federal laws, ordinances, rules, regulations and codes. 

        1.06 Contractor
shall be solely responsible for and shall hold the Company harmless for any and all costs of its doing business including without limitation, all employees
Contractor chooses to hire, all taxes, income tax, FICA, workman's compensation, rent, utilities, withholding, postage, telephone, photocopying, salaries, travel, and all other direct and indirect
overhead costs. Contractor agrees to follow all wage and salary requirements as set forth by local, state and federal law. 

 

ARTICLE 2: SERVICES TO BE PERFORMED BY COMPANY  

        2.01 Company
shall provide Contractor with access to the customer database so as to allow Contractor the ability to gather whatever information may be required for
Contractor to fulfill their obligations under this agreement. 

        2.02 Company
shall inform Contractor of any new, related, modified or changed information concerning the obligations to be fulfilled by Contractor. 

        2.03 Company
shall retain control and complete ownership of all leads provided to Contractor. 

ARTICLE 3: COMPENSATION  

        3.01 Company
shall pay to Contractor the following amount for each training obligation fulfilled under this Agreement: 

        (A)  For
all training, except mentorships: 

        i.      If
fulfilled by delivery of live classes, $1,500 per primary student. 

        ii.     If
fulfilled by delivery of classes via Web Cast, $1,000 per primary student. 

        iii.    If
fulfilled by delivery of On Demand classes, $10 per primary student. 

        iv.    If
fulfilled by delivery of classes by DVD, $50 per primary student. 

        (B)  For
all mentoring: 

        i.      One-on-One,
$4750. 

        ii.     Two-on-One,
$3500 per student. 

        iii.    Three-On-One,
$2500 per student. 

        3.02 Contractor
shall remit a fully documented billing statement within thirty (30) days of every months end. Any refunds remitted by the Company after the
Company has remitted payment to the Contractor will be taken out of the Contractor's next payment. 

        3.03 In
the event of a dispute, the Company agrees to submit timely payment to Contractor for all undisputed amounts. Company reserves the right to retain any disputed
amount, without interest or penalty, until any such suit(s), action(s) or claim(s) for injuries or damages are settled, and satisfactory evidence to that effect is provided to Company. 

ARTICLE 4: TERM AND TERMINATION  

        4.01 Term.
The date of commencement of this Agreement shall be on the Effective Date first set forth above and shall continue until August 1, 2006. 

        4.02 Immediate
Right to Terminate. Company shall have the right to immediately terminate this Agreement by giving written notice to Contractor in the event that the
Contractor does any of the following: 

        A.    Files
a petition in bankruptcy or is adjudicated bankrupt or insolvent, or makes an assignment for the benefit of creditors, or an arrangement pursuant to any bankruptcy
law, or if Contractor discontinues or dissolves its business. 

        B.    Engages
in any illegal, unfair, or deceptive business practices or unethical conduct whatsoever. 

        C.    In
the event of any sale of a majority interest in Contractor to a third party, except in the event of an Initial Public Offering (IPO). 

2

 

        4.03 Right
to Terminate on Notice. Company and Contractor each shall have the right, exercisable in its absolute discretion, to terminate this Agreement upon sixty
(60) days prior written notice received by United States registered mail, certified mail, UPS Next Day Letter or Federal Express Next Day Letter by the other party. 

        4.04 Termination
of Rights. On the termination of this Agreement, all obligations of the parties hereunder shall terminate, except for rights to payments accrued prior to
such termination and the provisions applicable after termination. 

ARTICLE 5: INDEMNIFICATION  

        5.01 Contractor
shall release, defend, indemnify, and hold Company and its parent, affiliates, subsidiaries, officers, directors, agents, owners, employees, trustees,
successors and assigns harmless with respect to any claims, actions, causes of action, damages, fines, expenses, court costs, attorney fees, liability damage or judgment suffered by Contractor or his
agents, resulting from or attributable to any breach of Contractor's or its agent's responsibilities, representations and warranties herein, and/or arising from the purchase or use of Company's
products or services sold by Contractor, and/or all negligent acts or omissions of Contractor or his agents contained herein. 

        5.02 These
indemnification obligations shall survive termination of this Agreement. 

ARTICLE 10: GENERAL PROVISIONS  

        10.01 Entire
Agreement. This Agreement supersedes any and all other agreements, either oral or in writing between the parties hereto with respect to the terms and conditions
of this Agreement, and contains all of the covenants and agreements between the parties with respect to same. 

        10.02 No
Waiver. The failure of either party to insist on strict compliance with any of the terms, covenants or conditions of this Agreement by the other party shall not be
deemed a waiver of that term, covenant or condition, nor shall any waiver or relinquishment of any right or power at any one time or times be deemed a waiver or relinquishment of that right or power
for all or any other times under this Agreement. 

        10.03 Severability.
If any provision in this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions shall
nevertheless continue in full force without being impaired or invalidated in any way. 

        10.04 Notice.
Each notice, request or demand given or required to be given pursuant to this Agreement shall be in writing and shall be deemed sufficiently given if deposited
in the United States 

3

 

mail,
First Class, postage pre-paid, and addressed to the address of the intended recipient set forth below, or to such other address as may be specified in this Agreement or in writing by
the parties: 

	If to Company:	 	Name:	 	Ronald S. Simon
	 	 	Address:	 	1612 E. Cape Coral Pkwy, Suite B

Cape Coral, FL 33904

Telephone: (239) 542-0643

Facsimile: (239) 540-6565
	

 	
 	

Copy to:	
 	

Marie B. Code, Esq.

1612 E. Cape Coral Pkwy, Suite A

Cape Coral, FL 33904
	

If to Contractor:	
 	

Name:	
 	

 
	 	 	 	 	

	 	 	Address:	 	 
	 	 	 	 	

	 	 	City, State, Zip:	 	 
	 	 	 	 	

	 	 	Telephone:	 	 
	 	 	 	 	

	 	 	Facsimile:	 	 
	 	 	 	 	

        10.05 Governing
Law and Attorney Fees. This Agreement shall be deemed to have been made in the State of Utah. This Agreement and all matters arising out of or otherwise
relating to this Agreement shall be governed by the laws of the State of Utah. The parties hereby submit to the personal jurisdiction of the state and federal courts of the State of Utah. The parties
hereby expressly waive any venue privileges which may be asserted in connection with this Agreement. In any arbitration and/or litigation arising out of this Agreement, the prevailing party shall be
entitled to recover reasonable attorneys' fees and costs, including attorneys' fees incurred on appeal. 

        10.06 Authority
to Enter Agreement. The parties warrant that they have the authority to enter into this Agreement and that entering into this Agreement is not restricted or
prohibited by any existing agreement to which they are parties. Additionally, the parties represent and warrant that this Agreement has been authorized and approved by all necessary corporate actions.
Both parties warrant and represent that all individuals executing this Agreement have the authority to do so. Any misrepresentations will bind the fraudulent party/signatory individually. 

        10.07 Right
to Audit. Company shall have the right to audit Contractor's business records concerning services to be rendered under this Agreement, and any other matters
related to Company's students, upon five (5) days prior written notice to Contractor. Company shall have the right to receive photocopies of Contractor's business records concerning services
rendered under this Agreement, and any other matters related to Company's students, upon five (5) days prior written notice provided to Contractor. Failure to abide by the terms of this
provision may result in the termination of this Agreement. 

        10.08 Assignment.
The rights and liabilities of this Agreement shall be binding on and inure to the benefit of the respective parties and their respective heirs, legal
representatives, successors and assigns. Neither party shall have the authority to sell, transfer, assign, sublicense, or subcontract any right or obligation hereunder without the prior written
consent of the other party. 

4

 

        IN
WITNESS THEREOF, the parties hereto, intending to be legally bound hereby, have caused this Agreement to be executed by their respective duly authorized representatives as of the day
indicated. 

	COMPANY	 	CONTRACTOR
	
WHITNEY INFORMATION NETWORK, INC	
 	

EDUTRADES, INC.
	

/s/  RONALD S. SIMON      
 Ronald S. Simon, Secretary	
 	

/s/  NICK MATURO      
 Printed Name: Nick Maturo Title: CEO
	

 Date	
 	

 Date
	

 Reviewed by Legal	
 	

 

5

QuickLinks

FULFILLMENT AGREEMENTQuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.7  

 
 

VOTING AGREEMENT    
    

        This Voting Agreement (this "Agreement") is made effective as of the 25th day of July, 2005 (the
"Effective Date"), by and between Whitney Information Network, Inc., a Colorado corporation
("Whitney"), and EduTrades, Inc., a Nevada corporation ("EduTrades"). 

        WHEREAS,
on the Effective Date, EduTrades was formed as a wholly-owned subsidiary of Whitney; 

        WHEREAS,
EduTrades intends to conduct an initial public offering ("IPO") whereby a portion of EduTrades' common stock will be offered and
sold to the public; 

        WHEREAS,
following the IPO, EduTrades will be a majority-owned subsidiary of Whitney; and 

        WHEREAS,
the parties wish to enter into this Agreement to set forth their agreements and understandings with respect to how securities of EduTrades now or hereafter owned by Whitney will
be voted following the consummation of the IPO. 

        NOW,
THEREFORE, for and in consideration of the mutual promises and covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties agree as follows: 

        1.    Voting Agreement.    Commencing on the date of the consummation of the IPO and for a period of five years
thereafter (the "Term"), Whitney agrees that the voting securities it now owns or hereafter acquires in EduTrades will be voted by a majority vote of
the independent directors serving on the Board of Directors of Whitney (the "Whitney Board") with respect to any vote submitted to the shareholders of
EduTrades at any annual or special meeting of the shareholders of EduTrades. In the event there are no independent directors serving on the Whitney Board at the time of any such
meeting during the Term, Whitney agrees that the voting securities it now owns or hereafter acquires in EduTrades will be voted by the remaining directors serving on the Whitney Board at any such
meeting in the same manner as the majority of the voting securities not owned by Whitney are voted at such meeting. 

        2.    Covenants of Whitney.    Whitney agrees to use its commercial best efforts to ensure that the agreements made by
it hereunder are effective and that EduTrades the parties hereto received the benefits thereof. Such actions include, without limitation, the use of Whitney's commercial best efforts to cause the
directors serving on the Whitney Board to comply with the terms of this Agreement. Whitney will not avoid or seek to avoid the observance or performance of any of the terms to be performed hereunder
by Whitney, but will at all times in good faith assist in the carrying out of all of the provisions of this Agreement and in the taking of all such actions as may be necessary, appropriate or
reasonable in order to protect the rights of EduTrades hereunder against impairment. 

        3.    Manner of Voting.    The voting of shares pursuant to this Agreement may be effected in person, by proxy, by
written consent, or in any other manner permitted by applicable law. 

        4.    Governing Law.    This Agreement shall be governed by and construed in accordance with the domestic laws of the
State of Florida without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Florida or any other jurisdiction) that would cause the application of the
laws of any jurisdiction other than the State of Florida. 

        5.    Equitable Remedies.    Each of the parties hereto acknowledges and agrees that the legal remedies available to a
party in the event the other party breaches the covenants and agreements made in this Agreement would be inadequate, and that such non-breaching party shall be entitled, without posting
any bond or other security, to temporary, preliminary, and permanent injunctive relief, specific performance, and other equitable remedies in the event of such a violation, in addition to any other
remedies which such non-breaching party may have at law or in equity. 

 

        6.    Coupled with an Interest.    To the extent this Agreement or any provision hereof is deemed or construed by any
court or other legal authority having jurisdiction as a proxy, then with respect to each party, this Agreement is coupled with an interest and is irrevocable except as expressly set forth herein. 

        7.    Counterparts.    This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 

        8.    Enforceability; Severability.    The parties hereto agree that each provision of this Agreement shall be
interpreted in such a manner as to be effective and valid under applicable law. If any provision of this Agreement shall nevertheless be held to be prohibited by or invalid under applicable law,
(a) such provision shall be effective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement,
and (b) the parties shall, to the extent permissible by applicable law, amend this Agreement so as to make effective and enforceable the intent of this Agreement. 

        9.    Entire Agreement.    This Agreement and the documents referred to herein constitute the entire agreement among
the parties with respect to the subject matter hereof and no party shall be liable or bound to any other party in any manner by any warranties, representations or covenants except as specifically set
forth herein or therein. 

[Remainder
of Page Intentionally Left Blank] 

2

 

        IN
WITNESS WHEREOF, the parties have executed this Voting Agreement to be effective as of the date first set forth above. 

	 	 	WHITNEY INFORMATION NETWORK, INC.
	

 	
 	

 	

 Russ Whitney

Chief Executive Officer
	

 	
 	

EDUTRADES, INC.
	

 	
 	

 	

/s/  NICHOLAS S. MATURO      
 Nicholas S. Maturo

President

3

QuickLinks

VOTING AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00093-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00093-of-00352.parquet"}]]