Document:

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                                                                    EXHIBIT 10.4
                                                                    ------------

                                RIGHTS AGREEMENT

         THIS RIGHTS AGREEMENT (this "Agreement") is made this 16th day of
October 2001, between PROSOFTTRAINING.COM, a Nevada corporation (the "Company"),
and HUNT CAPITAL GROWTH FUND II, L.P., a Delaware limited partnership (the
"Purchaser").

                                R E C I T A L S:

         WHEREAS, the Company and the Purchaser have entered into that certain
Securities Purchase Agreement (the "Purchase Agreement") of even date herewith
whereby the Purchaser shall purchase from the Company a subordinated secured
convertible note (the "Note"); and

         WHEREAS, in connection with the Purchaser's execution of the Purchase
Agreement and its purchase of the Note, the Company agrees to grant a profits
interest (the "Right") to the Purchaser upon the terms and conditions set forth
herein.

         NOW, THEREFORE, in consideration of the premises and the mutual
agreement set forth herein, the parties hereto hereby agree as follows:

         1.   Definitions.

              1.1 Affiliate -- means, at any time, a Person (other than the
Purchaser):

                       (a) that directly or indirectly through one or more
                  intermediaries Controls, or is Controlled by, or is under
                  common Control with, the Company;

                       (b) that beneficially owns or holds five percent (5%) or
                  more of any class of the Common Stock;

                       (c) five percent (5%) or more of the voting stock (or in
                  the case of a Person that is not a corporation, five percent
                  (5%) or more of the equity interest) of which is beneficially
                  owned or held by the Company or a subsidiary; or

                       (d) that is an officer or director (or a member of the
                  immediate family of an officer or director) of the Company or
                  any subsidiary, at such time.

              1.2 Control -- means the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by contract or
otherwise.

              1.3 Common Stock -- shall mean the Common Stock, $.001 par value,
of the Company.

              Market Price -- shall mean, with respect to any Security, on any
date, the closing bid price per unit of such Security on the principal
securities exchange or trading market where such Security is listed or traded
or, if the foregoing does not apply, the closing bid price of such Security in
the over-the-counter market on the electronic bulletin board for such Security
or, if no trading price is

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reported for such Security, then the bid price of any market makers for such
Security as reported in the "Pink Sheets" by National Quotation Bureau, Inc.

              1.5 Fair Market Value - (x) of any Security of a Person other than
the Company shall mean, on any date, the Market Price of such Security;
provided, if on any such date the price of such Security is not quoted by any
--------
organization referred to in the definition of Market Price, an amount which is
determined in good faith by the Board of Directors of the Company or if the
Purchaser objects to such determination, by the Valuation Agent (the "Determined
Value") and (y) for any other asset or right of indebtedness, the Determined
Value. Such Valuation Agent's determination of the Fair Market Value (if used)
shall be binding upon the Company and its stockholders. Notwithstanding the
foregoing, in the event a Security of a Person other than the Company (a)
comprises any or all of the consideration for a Liquidation Event described in
Sections 1.6(a) or (b), whether the amount of such consideration is expressed as
a fixed amount of Securities or as an exchange ratio (b) is exchanged pursuant
to an acquisition instrument and (c) the acquisition instrument sets forth a
stated price for such Security, whether individually or in the aggregate, then
the Fair Market Value for such Security will be such stated value.

              1.6 Liquidation Event -- shall mean any of the following
occurrences (whether in one or a series of integrated transactions):

                           (a) a sale of all or substantially all of the assets
         of the Company;

                           (b) other than a transaction involving the Company's
         issuance of Common Stock for which the Company's shareholders do not
         participate in pro rata (a "Company Issuance"), any merger,
         consolidation, tender offer, shareholder stock sale of the Company or
         any other transaction, which would result in the voting securities of
         the Company outstanding immediately prior thereto to no longer
         representing more than seventy percent (70%) of the combined voting
         power of the voting securities of the Company or the surviving entity
         outstanding immediately after such transaction; provided, however, that
                                                         -----------------
         a merger or consolidation effected to implement a redomestication or
         recapitalization of the Company (or similar transaction) shall not
         constitute a Liquidation Event;

                           (c) a Company Issuance which results in one or more
         Persons acting together acquiring thirty percent (30%) or more of the
         combined voting power of the voting securities of the Company;

                           (d) a liquidation or dissolution of the Company; or

                           (e) (A) the Company shall commence any case,
         proceeding or other action under any existing or future law of any
         jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
         reorganization or relief of debtors, seeking to have an order for
         relief entered with respect to it, or seeking to adjudicate it a
         bankrupt or insolvent, or seeking reorganization, arrangement,
         adjustment, winding-up, liquidation, dissolution, composition or other
         relief with respect to it or its debts, or seeking appointment of a
         receiver, trustee, custodian, conservator or other similar official for
         it or for all or any substantial part of its assets, or the Company
         shall make a general assignment for the benefit of its creditors; or
         (B) there shall be commenced against the Company any case, proceeding
         or other action of a nature referred to in clause (A) above which
         results in the entry of an order for relief or any such adjudication or
         appointment or remains undismissed, undischarged or unbonded for a
         period of sixty days; or (C) there shall be commenced against the
         Company any case, proceeding or other action seeking issuance of a

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         warrant of attachment, execution, distraint or similar process against
         all or any substantial part of its assets which results in the entry of
         an order for any such relief which shall not have been vacated,
         discharged, or stayed or bonded pending appeal within sixty days from
         the entry thereof; or (D) the Company shall take any action in
         furtherance of, or indicating its consent to, approval of, or
         acquiescence in, any of the acts set forth in clause (A), (B), or (C)
         above.

              1.7 Net Proceeds -- means, with respect to any Liquidation Event,
the total Fair Market Value of all Property received as proceeds by the
stockholders of the Company and/or the Company, as applicable, minus reasonable
out of pocket transaction costs and expenses (other than any taxes of any kind
payable with respect to the transaction) incurred by the Company in connection
therewith. For purposes of a Liquidation Event which is described in Section
1.6(e) above, the term "Net Proceeds" shall be deemed to be less than
$10,000,000. For purposes of a Liquidation Event which is described in Section
1.6(c) above where the Net Proceeds are paid to the Company for a new stock
issuance and the stockholders of the Company do not receive any consideration,
the Net Proceeds shall be calculated as the "pre-money" valuation of the Company
utilized in such stock issuance.

              1.8 Person -- means an individual, corporation, partnership,
trust, incorporated or unincorporated association, joint venture, joint stock
company, government (or any agency or political subdivision thereof) or other
entity of any kind

              1.9 Property -- means any amount of cash or any interest in any
land or property or asset, whether real, personal or mixed, and whether tangible
or intangible.

              1.10 Right -- means and includes any warrant, option or other
right, to acquire Common Stock and including, without limitation, any right
which, pursuant to the provisions of any Security, is convertible or
exchangeable into Common Stock.

              1.11 Security -- shall have the meaning specified in section 2(l)
of the Securities Act of 1933, as amended

              1.12 Valuation Agent -- means an investment banking firm or
appraisal firm (which firm shall own no Securities of, and shall not be an
Affiliate, subsidiary or a related Person of, the Company) of recognized
national standing retained by the Company acceptable to the Purchaser.

         2. Right. Contemporaneously with a Liquidation Event, the Company shall
deliver to the Purchaser out of the Net Proceeds therefrom the Right in cash,
Property and/or Securities (to the same extent the stockholders of the Company
and/or the Company receives cash, Property and/or Securities as all or as part
of the Net Proceeds), as determined by the following formula:

                           a. if the Net Proceeds are less than or equal to
         $10,000,000, the Right shall be equal to $4,500,000;

                           b. if the Net Proceeds are greater than or equal to
         $60,000,000, but less than $145,000,000, the Right shall be equal to
         $1,000,000;

                           c. if the Net Proceeds are greater than or equal to
         $145,000,000, the Right shall be zero; or

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                           d. if the Net Proceeds are greater than $10,000,000
         and less than $60,000,000, the Right to be received shall be calculated
         on a pro rata basis between $4,500,000 and $1,000,000. By way of
         illustration only, if the Net Proceeds are $20,000,000, the Right shall
         be equal to $3,800,000.

         3. Right of First Refusal. In the event that both (a) the Purchaser
receives a bona fide offer from a third party (the "Offeror") to assign to the
Offeror all of the Purchaser's right, title and interest in this Agreement (the
"Purchaser's Interest") and (b) the Offeror will not, at the consummation of the
proposed transfer, also hold all of the Purchaser's right, title and interest in
the Note, then the Purchaser hereby agrees to give written notice of such offer
(the "Offer Notice") to the Secretary of the Company setting forth the name of
the Offeror, the consideration to be paid for the assignment and transfer of the
Purchaser's Interest, and such other terms and conditions of the proposed
transfer that the Purchaser deems, in good faith, to be material. On receipt of
the Offer Notice, the Company will have the exclusive right and option
exercisable by providing written notice of acceptance (the "Acceptance Notice")
at any time during a period of fifteen (15) calendar days from the date of its
receipt of the Offer Notice, to purchase the Purchaser's Interest upon the same
terms and conditions as proposed by the Offeror. If all or any portion of the
proposed consideration for the Purchaser's Interest is other than cash, the
Company may elect to pay the Purchaser the Fair Market Value of such
consideration in cash. If the Company does not provide an Acceptance Notice
within the time limit proscribed or if the Company provides written notice that
it is declining the Offer Notice, then the Purchaser may transfer the
Purchaser's Interest to the Offeror pursuant to the terms of the offer, after
which the Offeror will be deemed to be the "Purchaser" under the terms of this
Agreement and will hold the Purchaser's Interest subject to all of the terms and
conditions hereof. In the event that the Offeror fails to complete the purchase
of the Purchaser's Interest within seventy (70) days after the Offer Notice, any
subsequent offers for the Purchaser's Interest must be made pursuant to the
terms of this Agreement.

         4. Miscellaneous.

                  4.1 Notices. All notices, demands and other communications to
any party hereunder shall be in writing (including telecopier or similar
writing) and shall be given to such party at its address set forth on the
signature pages hereof, or such other address as such party may hereafter
specify for the purpose to the other parties. Each such notice, demand or other
communication shall be effective (i) if given by telecopy, when such telecopy is
transmitted to the telecopy number specified on the signature page hereof, (ii)
if given by mail, four days after such communication is deposited in the mail
with first class postage prepaid, addressed as aforesaid or (iii) if given by
any other means, when delivered at the address specified in or pursuant to this
Section.

                  4.2 No Waivers; Amendments.

                      (a) No failure or delay on the part of any party in
         exercising any right, power or remedy hereunder shall operate as a
         waiver thereof, nor shall any single or partial exercise of any such
         right, power or remedy preclude any other or further exercise thereof
         or the exercise of any other right, power or remedy.

                      (b) Any provision of this Agreement may be amended,
         supplemented or waived if, but only if, such amendment, supplement or
         waiver is in writing and is signed by the Company and the Purchaser, or
         the Purchaser's permitted successors or assigns.

                                     Page 4

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                  4.3 Successors and Assigns. This Agreement shall be binding
upon the Company and upon the Purchaser and their respective successors and
assigns; provided that the Company shall not assign or otherwise transfer its
         --------
rights or obligations under this Agreement to any other Person without the prior
written consent of the Purchaser. Subject to Section 3 above, this Agreement and
all rights and obligations hereunder shall be freely assignable by the
Purchaser.

                  4.4 Texas Law; Submission to Jurisdiction; Waiver of Jury
Trial; Appointment of Agent. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF TEXAS WITHOUT REGARD TO THE CHOICE
OF LAW PRINCIPLES OF SUCH STATE. EACH PARTY HERETO HEREBY SUBMITS TO THE
EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE NORTHERN
DISTRICT OF TEXAS AND OF ANY TEXAS STATE COURT SITTING IN DALLAS FOR PURPOSES OF
ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT
AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

                  4.5 Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions of this Agreement shall remain in full force and
effect and shall in no way be affected, impaired or invalidated unless a failure
of consideration would result thereby.

                  4.6 Counterparts. This Agreement may be executed by telecopy
signature and in any number of counterparts each of which shall be an original
with the same effect as if the signatures there to and hereto were upon the same
instrument.

                            (Signature Page Follows)

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         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed by their respective authorized officers, as of the date first
above written.

                                PROSOFTTRAINING.COM

                                By:
                                   -------------------------------------------
                                Name: Jerrell M. Baird
                                Title: Chief Executive Officer

                                Address:   3001 Bee Caves Road, Suite 300
                                           Austin, Texas  78746
                                Telephone: (512) 328-6140
                                Fax:       (512) 328-5239
                                Attn:      Chief Executive Officer

                                HUNT CAPITAL GROWTH FUND II, L.P.

                                By:   HUNT CAPITAL GROWTH, L.P.
                                      its general partner

                                      By:  HUNT CAPITAL
                                           MANAGEMENT, L.L.C., its
                                           general partner

                                           By:
                                               -------------------------------
                                           Name:  J.R. Holland, Jr.
                                           Title: President

                                Address:   4000 Thanksgiving Tower
                                           1601 Elm Street
                                           Dallas, Texas 75201
                                Telephone: (214) 720-1600
                                Fax:       (214) 720-1662
                                Attn.:     Thomas J. Fowler, Esq.

                                     Page 6<PAGE>

                                                                   EXHIBIT 10.5
                                                                   ------------

                FIRST AMENDMENT TO REGISTRATION RIGHTS AGREEMENT

        This First Amendment to Registration Rights Agreement (this "Amendment")
is entered into as of October 16, 2001 among PROSOFTTRAINING.COM, a Nevada
corporation (the "Company"), and HUNT CAPITAL GROWTH FUND II, L.P., a Delaware
limited partnership (the "Security Holder").

                                R E C I T A L S:

     1. The Company and the Security Holder entered into a Registration Rights
Agreement dated as of November 22, 1999 (the "Original Agreement").

     2. The Company and the Security Holder now desire to enter into a
Securities Purchase Agreement whereby the Security Holder will advance to the
Company the amount of $2,500,000 in exchange for a the Company's issuance of a
Subordinated Secured Convertible Note (the "Convertible Note") and its execution
of other related documents all dated as of the date hereof (the "Transaction
Agreements").

     3. The terms of the Convertible Note provide that the Security Holder may
elect to convert all or a portion of the value of the Convertible Note into the
common stock of the Company, par value $0.001 per share (the "Conversion
Shares"); and

     4. In connection with the execution of the Convertible Note and the other
Transaction Agreements, the Company and the Secured Party now desire to amend
the Original Agreement and confirm the continued legality, validity and binding
effect of the Original Agreement, as amended by this Amendment.

        NOW, THEREFORE, in consideration of the premises herein contained and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

        1. Definitions.  Capitalized terms used in this Amendment, to the extent
not otherwise defined herein, shall have the same meanings as in the Original
Agreement.

        2.  Amendments.  The Original Agreement is amended as follows:

        (a) Section 1(a) shall be amended to read in its entirety as follows:

                         Securities Purchase Agreement. The Company and the
                  Security Holder have today executed that certain Securities
                  Purchase Agreement (the "Securities Purchase Agreement"),
                  pursuant to which the Company has agreed, among other things,
                  to issue an aggregate of 1,142,857 shares (the "Initial
                  Shares") of the common stock of the Company, par value $.001
                  per share, (the "Common Stock")

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                  to the Security Holder or their successors, assigns or
                  transferees (collectively, the "Holders"). In addition,
                  pursuant to the terms of the Securities Purchase Agreement and
                  the transactions contemplated thereby, the Company has entered
                  into an agreement (the "Warrant Agreement") whereby the
                  Company has issued to the Security Holder warrants (the
                  "Warrants") exercisable for an aggregate of 350,000 shares of
                  Common Stock (the "Warrant Shares"). The number of Warrant
                  Shares is subject to adjustment upon the occurrence of stock
                  splits, recapitalizations and similar events occurring after
                  the date hereof, as set forth in the Warrant Agreement.
                  Further, the Company and the Security Holder have executed as
                  of October 16, 2001, an additional Securities Purchase
                  Agreement (the "Subsequent Securities Purchase Agreement")
                  pursuant to which the Company has issued to the Security
                  Holder a Subordinated Secured Convertible Note (the
                  "Convertible Note") the terms of which provide that the
                  Security Holder may, at its election, convert all or a portion
                  of the outstanding principal and interest into shares of
                  Common Stock (the "Conversion Shares"). The number of
                  Conversion Shares is subject to adjustment upon the occurrence
                  of stock splits, recapitalizations and similar events
                  occurring after the date hereof, as set forth in the terms of
                  the Convertible Note.

        (b) Section 1(b) shall be amended to read in its entirety as follows:

                         Definition of Securities. The Initial Shares, the
                  Warrant Shares (whether the Warrant Shares have been exercised
                  and issued or are currently exercisable by the holder of the
                  Warrants pursuant to the terms and conditions of the Warrant
                  Agreement), and the Conversion Shares (regardless whether the
                  Security Holder has elected to convert any portion of the
                  Convertible Note or any Conversion Shares have been issued by
                  the Company) are collectively herein referred to as the
                  "Securities."

        (c) Section 2.1(a) shall be amended to read in its entirety as follows:

                         Registration of Registrable Securities. From the date
                  hereof and continuing until the termination of this Agreement,
                  the holders of 51% of the Registrable Securities currently
                  outstanding and/or exercisable may deliver to the Company one
                  or more written requests that all or any portion of the
                  Registrable Securities be registered pursuant to the terms of
                  this Agreement (each a "Registration Request"). Within
                  thirty-one (31) days after any Registration Request, the
                  Company shall prepare and file a registration statement to
                  effect the registration under the Securities Act of all or any
                  portion of the Registrable Securities which relate (or,
                  because of the indeterminable number thereof, which could
                  reasonably be deemed to relate) to the Securities; all to the
                  extent requisite to permit the public disposition of such
                  Registrable Securities so to be registered. The Company shall
                  use its best efforts to cause the Registration Statement which
                  is the subject of this Section 2.1(a) (the "Registration
                  Statement") to be declared effective by the Commission upon
                  the earlier to occur of (i) 120 days after the date of the
                  Registration Request, (ii) 90 days following the filing of the

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                  Registration Statement contemplated by this Section 2.1, or
                  (iii) ten (10) business days after receipt of a "no review" or
                  similar letter from the Commission (the "Required
                  Effectiveness Date"). Notwithstanding the foregoing, the fact
                  that the Company has effectively registered any of the
                  Registrable Securities will not, of itself, remove any
                  restrictions on the ability of the Security Holder to conduct
                  public sales of the Company's Common Stock pursuant to the
                  terms and conditions set forth in the Subsequent Securities
                  Purchase Agreement. Nothing contained herein shall be deemed
                  to limit the number of Registrable Securities to be registered
                  by the Company hereunder. As a result, should the Registration
                  Statement not relate to the maximum number of Registrable
                  Securities acquired by (or potentially acquirable by) the
                  holders thereof upon exercise of the Warrants or the
                  Conversion of the Convertible Note described in Section 1
                  above, the Company shall be required to promptly file a
                  separate registration statement (utilizing Rule 462
                  promulgated under the Exchange Act, where applicable) relating
                  to such Registrable Securities which then remain unregistered.
                  The provisions of this Agreement shall relate to such separate
                  registration statement as if it were an amendment to the
                  Registration Statement.

        (c) Section 3 shall be amended to include the following definitions:

                  "Conversion Shares": As defined in Section 1.

                  "Convertible Note": As defined in Section 1.

                  "Registrable Securities": The Securities and any securities
                  issued or issuable with respect to such Securities by way of
                  stock dividend or stock split or in connection with a
                  combination of shares, recapitalization, merger, consolidation
                  or other reorganization or any adjustment otherwise provided
                  for in the Securities Purchase Agreement, the Subsequent
                  Securities Purchase Agreement, the Warrant Agreement or the
                  Convertible Note. Once issued such securities shall cease to
                  be Registrable Securities when (a) a registration statement
                  with respect to the sale of such securities shall have become
                  effective under the Securities Act and such securities shall
                  have been distributed in accordance with such registration
                  statement, (b) they shall be have been distributed to the
                  public pursuant to Rule 144 (or any successor provision) under
                  the Securities Act, (c) they shall have been otherwise
                  transferred, new certificates for them not bearing a legend
                  restricting further transfer shall have been delivered by the
                  Company and subsequent disposition of them shall not require
                  registration or qualification of them under the Securities Act
                  or any similar state law then in force, (d) they shall have
                  ceased to be outstanding, (e) on the expiration of the
                  applicable Registration Maintenance Period or (f) any and all
                  legends restricting transfer thereof have been removed in
                  accordance with the provisions of Rule 144(k) (or any
                  successor provision) under the Securities Act. The Securities
                  shall constitute Registrable Securities while owned by (a) the
                  Purchaser or any Affiliate (as those terms are defined in the
                  Subsequent Securities Purchase Agreement) or (b) a transferee
                  of at least 100,000 of the Initial Shares, the Warrant Shares
                  or the Conversion Shares.

                                     Page 3

<PAGE>

                  "Subsequent Securities Purchase Agreement": As defined in
                  Section 1.

        3.  Ratifications. The terms and provisions of the Original Agreement,
as modified by this Amendment, are hereby ratified and confirmed and shall
continue in full force and effect. The Company and the Security Holder hereby
acknowledge and agree that the Original Agreement, as amended hereby, is and
shall remain in full force and effect and is and shall continue to be the legal,
valid and binding obligation of the Company and the Security Holder, as
applicable, enforceable against them in accordance with their respective terms.

        4.  Representations and Warranties. The Company hereby represents and
warrants to the Security Holder that (a) the execution, delivery and performance
of this Amendment has been authorized by all requisite corporate action on the
part of the Company (b) this Amendment constitutes a legal, valid and binding
obligation of the Company, enforceable against it in accordance with its terms;
(c) there is no provision of law, in the charter or bylaws of the Company, and
no provision of any existing mortgage, contract, lease, indenture or agreement
binding on the Company which would be contravened by the making or delivery of
this Amendment, or by the performance or observance of any of the terms hereof;
(d) the execution, delivery and performance of this Amendment does not require
any approval or consent of, or filing or registration with, any governmental or
any other agency or authority, stockholders or any other party or, if such
approval or consent is required, the same has been obtained; and (e) as of the
date hereof no default or event of default is in existence and the Company is
not otherwise in default or breach of any provision of the Original Agreement,
as amended hereby.

        5.  Survival of Representations, Warranties and Covenants. All
representations, warranties and covenants made in this Amendment or any other
document furnished in connection with this Amendment shall survive the execution
and delivery of this Amendment, and no investigation by the Security Holder
shall affect the representations, warranties and covenants or the right of the
Security Holder to rely upon them.

        6.  Further Assurances. The Company agrees that at any time and from
time to time, upon the written request of the Security Holder, it will execute
and deliver such further documents and do such further acts and things as the
Security Holder may reasonably request in order to fully effect the purposes of
this Amendment.

        7.  Severability. Any provision of this Amendment held by a court of
competent jurisdiction to be invalid or unenforceable shall not impair or
invalidate the remainder of this Amendment and the effect thereof shall be
confined to the provision so held to be invalid or unenforceable.

        8.  Applicable Law. This Amendment  shall be deemed to have been made
and to be performable in Dallas,  Dallas County, Texas and shall be governed
by and construed in accordance with the laws of the State of Texas.

        9.  Successors and Assigns. This Amendment is binding upon and shall
inure to the benefit of the Company and the Security Holder, and their
respective successors, permitted assigns, heirs and personal representatives,
except the Company may not assign or transfer

                                     Page 4

<PAGE>

any of its respective rights or obligations hereunder without the prior written
consent of Security Holder.

        10. Counterparts. This Amendment may be executed in one or more
counterparts, each of which when so executed shall be deemed to be an original,
but all of which when taken together shall constitute one and the same
instrument.

        11. ENTIRE AGREEMENT. THE ORIGINAL AGREEMENT, AS AMENDED HEREBY,
REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED
BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

        12. Headings. The headings, captions, and arrangements used in this
Amendment are for convenience only and shall not affect the interpretation of
this Amendment.

                            [Signature Page Follows]

                                     Page 5

<PAGE>

                  IN WITNESS WHEREOF, the parties have caused this Amendment to
be executed and delivered by their respective officers thereunto duly authorized
as of the date first above written.

                                PROSOFTTRAINING.COM

                                By:
                                   ---------------------------------------------
                                Name:  Jerrell M. Baird
                                Title: Chief Executive Officer

                                Address:    3001 Bee Caves Road, Suite 300
                                            Austin, Texas  78746
                                Telephone:  (512) 328-6140
                                Fax:        (512) 328-5239
                                Attn:       Chief Executive Officer

                                HUNT CAPITAL GROWTH FUND II, L.P.

                                By:    HUNT CAPITAL GROWTH, L.P.
                                       its general partner

                                       By:  HUNT CAPITAL
                                            MANAGEMENT, L.L.C., its
                                            general partner

                                            By:
                                                --------------------------------
                                                Name:   J.R. Holland, Jr.
                                                Title:  President

                                            Address:    1601 Elm Street
                                                        4000 Thanksgiving Tower
                                                        Dallas, Texas 75201
                                            Telephone:  (214) 720-1600
                                            Fax:        (214) 720-1662
                                            Attn.:      Thomas J. Fowler, Esq.

                                     Page 6

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