Document:

Exhibit
10.3

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT
(the “Agreement”) is made by and between Investools Inc., a Delaware
corporation (the “Company”), and Lee K. Barba (the “Executive”) effective as of
February 15, 2007 (the “Effective Date”).

WHEREAS,
the Executive is currently employed by the Company pursuant to an employment
agreement between the Executive and the Company, initially dated December 6,
2001, as amended and restated effective as of March 4, 2004 (the “Prior Employment
Agreement”);

WHEREAS,
the Company and the Executive now desire to enter into this Agreement, which is
intended, as of the Effective Date, to amend, restate, supersede and replace
the Prior Employment Agreement in its entirety, to reflect the Executive’s
positions and duties, his compensation, and other terms and conditions of his
continued employment as Chief Executive Officer of the Company and Chairman of
the Board of Directors of the Company.

NOW,
THEREFORE, for and in
consideration of the mutual promises, covenants and obligations contained
herein, the Company and Executive agree as follows:

ARTICLE
I

EMPLOYMENT AND DUTIES

Section 1.1         The Company agrees to employ Executive
and Executive agrees to be employed by the Company, subject to the terms and
conditions of this Agreement, beginning as of the Effective Date and continuing
for the term specified in Section 2.1.

Section 1.2         From and after the Effective Date, the
Company shall employ Executive in the positions of Chief Executive Officer of
the Company and Chairman of the Board of Directors of the Company (the “Board
of Directors”).

Section 1.3         Executive agrees to serve in the
positions referred to in Section 1.2 hereof and to perform diligently and to
the best of his abilities the duties and services pertaining to such offices as
set forth in the Bylaws of the Company in effect on the Effective Date, as well
as such additional duties and services appropriate to such offices as the Board
of Directors may reasonably assign to Executive from time to time.

Section 1.4         Executive agrees, during the period of
his employment by the Company, to devote his full business time, energy and
best efforts to the business and affairs of the Company and its affiliates and
not to engage, directly or indirectly, in any other business or businesses,
whether or not similar to that of the Company, except with the prior written
consent of the Board of Directors. Notwithstanding the foregoing, the parties
recognize and agree that Executive may engage in passive personal investments
and charitable or public service activities and serve on the board of directors
of corporations to the extent that such activities do not conflict with the
business and affairs of the Company or interfere with Executive’s performance
of his duties and obligations hereunder.

Section 1.5  During the Employment Term (as defined
below), Executive will comply with the terms of the Company’s written corporate
governance policies, including but not limited to its code of business conduct
and ethics, as amended from time to time.

ARTICLE
II

TERM AND TERMINATION OF EMPLOYMENT

Section 2.1         EMPLOYMENT.  The Company agrees to employ the Executive
and the Executive hereby accepts employment, in accordance with the terms and
conditions set forth herein, for a term (the “Employment Term”) commencing on
the Effective Date and terminating, unless otherwise terminated earlier in
accordance with Article II, on March 4, 2010 (the “Initial Employment Term”),
provided that the Employment Term shall be automatically extended, subject to
earlier termination in accordance with Article II, for successive additional
one (1) year periods (each, an “Additional Term”), unless, at least ninety (90)
days prior to the end of the Initial Employment Term or the then Additional
Term, the Company or the Executive has notified the other in writing that the
Employment Term shall terminate at the end of the then current Employment Term.

Section 2.2         TERMINATION BY COMPANY.  Notwithstanding the provisions of Section 2.1
hereof, the Company shall have the right to terminate Executive’s employment
under this Agreement at any time in accordance with the following provisions:

(a)                                  upon
Executive’s death;

(b)                                 due
to “Disability,” which for purposes of this Agreement shall mean the Executive’s
becoming incapacitated or disabled by accident, sickness or other circumstance
which impairment (despite reasonable accommodation) renders him mentally or
physically incapable of performing the duties and services required of him
hereunder for a period of at least 120 consecutive days or for a period of 180
business days during any 12-month period;

(c)                                  for
“Cause,” which for purposes of this Agreement shall mean any of the following:

(i)                                     a
willful, material act or willful, material acts of dishonesty or disloyalty by
Executive in the performance of his duties hereunder materially adversely
affecting the Company and its affiliates;

(ii)                                  Executive’s
willful breach of any of his material obligations under this Agreement which
remains uncorrected for 20 days following written notice specifying such breach
given by the Company to Executive;

(iii)                               Executive’s
gross negligence or willful misconduct in the performance of the duties and
services required of him pursuant to this Agreement;

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(iv)                              Executive’s
conviction of a felony; or 

(v)                                 Executive’s
willful, material violation of any federal or state securities law;

PROVIDED, HOWEVER, no act
or failure to act by the Executive shall be considered “willful” if done or
omitted to be done with the knowledge of the Board of Directors or at the
direction of the Board of Directors; or

(d)                                 in
the sole discretion of the Board of Directors, without Cause; PROVIDED,
HOWEVER, in such case the Company shall give 15 days prior written notice to
Executive of its intention to terminate Executive’s employment with the Company
and shall continue to provide compensation to Executive in accordance with the
terms set forth in Section 4.3 or 4.4, as applicable.

Section 2.3         TERMINATION BY EXECUTIVE  Executive shall have the right to terminate
his employment under this Agreement at any time in accordance with the
following provisions:

(a)                                  due
to a breach by the Company of any of its obligations under this Agreement which
remains uncorrected for 20 days following written notice specifying such breach
given by Executive to the Company; or

(b)                                 due
to a “Constructive Termination,” which for purposes of this Agreement shall
mean any of the following:

(i)                                     any
change in the Executive’s titles, or any material diminution in Executive’s
duties, responsibilities, or authority, or the assignment to Executive of
duties materially inconsistent with his titles and positions;

(ii)                                  relocation
of Executive’s primary place of employment from, or any relocation of, the New
York, New York office of the Company, without the consent of Executive; or

(iii)                               any
failure to pay when due the Executive’s Base Salary or Annual Bonus, any
reduction in the Target Bonus, or any material reduction in the benefits
described under Section 3.2 from those in effect on the date hereof; or

(c)                                  In
the sole discretion of Executive; PROVIDED, HOWEVER, in such case Executive
shall give 15 days’ prior written notice to the Company of his intention to
terminate his employment with the Company.

Section 2.4         NOTICE.  If the Company desires to terminate Executive’s
employment hereunder as provided in Section 2.2 hereof or if Executive desires
to terminate Executive’s employment hereunder as provided in Section 2.3
hereof, it or he shall do so by 

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giving written notice to the other party that
it or he has elected to terminate Executive’s employment hereunder and stating
the effective date and reason, if any, for such termination. In the event of
such termination, the provisions of Articles IV through IX hereof shall
continue to apply in accordance with their terms.

ARTICLE
III

COMPENSATION AND BENEFITS

Section 3.1         COMPENSATION.  During the Employment Term, the Company shall
provide compensation to Executive as follows:

(a)                                  BASE SALARY.  The Company shall pay the Executive an annual
base salary (the “Base Salary”) at the rate set forth below, which amount shall
be subject to annual review by the Board of Directors and/or the Compensation
Committee of the Board of Directors (the “Compensation Committee”) for possible
increases (but not decreases):

Calendar Year 2007:  $500,000

Calendar Year
2008:  $550,000

Calendar Year 2009
and thereafter:  $600,000

(b)                                 BONUS.  For each calendar year during the Employment
Term, the Executive shall be eligible to receive a bonus or bonuses (the “Annual
Bonus”) based upon the Executive’s performance and computed in accordance with
the Company’s Management Incentive Bonus Plan (or any successor or replacement
plan), including performance goals established by the Board of Directors (or a
committee thereof) in consultation with Executive.  Effective with the 2007 calendar year and for
each subsequent calendar year commencing during the Employment Term, the target
Annual Bonus for the Executive in any calendar year shall, in the aggregate,
total at least 100% of Executive’s Base Salary (the “Target Bonus”).  The Target Bonus shall be reviewed from time
to time by the Compensation Committee to ascertain whether, in the judgment of
the reviewing committee, such Target Bonus should be increased.  Any such Annual Bonus shall be paid to the Executive
no later than two and one-half months following the end of the applicable
calendar year.

(c)                                  STOCK OPTIONS.  Any stock option grants made to the Executive
prior to the Effective Date that refer to the Prior Agreement shall be
construed to refer to this amended and restated Agreement.  Notwithstanding the foregoing or anything in
this Agreement to the contrary, to the extent any changes made by this
amendment and restatement would result in the disqualification of a previously
granted stock option that is intended to qualify as an incentive stock option
under Section 422 of the Code, such changes shall not apply, to that extent,
with respect to that stock option. 
Executive shall be eligible to receive future additional stock option
grants, 

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as determined
by the Compensation Committee, in its sole discretion, but in any event on a
basis (including, without limitation, vesting terms, exercise price, exercise
period and number of shares) which is no less favorable to Executive than is
provided to any other executive of the Company and on terms no less favorable
than the provisions of Article IV hereof and the next sentence below.  In the event a Change of Control occurs
during the Employment Term, all outstanding stock options held by the Executive
shall become fully vested and exercisable as of immediately prior to such
Change of Control.

(d)                                 RESTRICTED SHARES.  Any restricted share awards made to the
Executive prior to the Effective Date that refer to the Prior Agreement shall
be construed to refer to this amended and restated Agreement.  Executive shall be eligible to receive future
additional grants of restricted shares, as determined by the Compensation
Committee, in its sole discretion, but in any event on a basis (including,
without limitation, vesting terms and number of shares) which is no less
favorable to Executive than is provided to any other executive of the Company
and on terms no less favorable than the provisions of Article IV hereof and the
next sentence below.  In the event a
Change of Control occurs during the Employment Term, all outstanding restricted
share awards held by the Executive shall become fully vested and free of any
restrictions as of immediately prior to such Change of Control.

Section 3.2         BENEFITS.  During the Employment Term, Executive shall
be afforded the following benefits:

(a)                                  BUSINESS AND ENTERTAINMENT EXPENSES.  Subject to the Company’s standard policies
and procedures with respect to expense reimbursement as applied to its
executive employees generally, the Company shall reimburse Executive for, or
pay on behalf of Executive, reasonable and appropriate expenses incurred by
Executive for business related purposes, including dues and fees to approved
industry and professional organizations, and reasonable costs of entertainment
incurred in connection with business development.

(b)                                 OTHER.  Subject to applicable law, Executive and, to
the extent applicable, Executive’s family, dependents and beneficiaries, shall
be allowed to participate in all benefits, plans and programs, including
improvements or modifications of the same, which are now, or may hereafter be,
available to executive employees of the Company on a basis which is no less
favorable to Executive than is provided to any other executive of the Company;
PROVIDED, HOWEVER, that Executive and Executive’s family shall continue to
participate in and be covered under the Exec-U-Care health plan under which
Executive is currently covered as of the Effective Date, including improvements
or modifications of the same. Such benefits, plans and programs may include,
without limitation, 

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a profit sharing plan, a thrift plan, a health insurance or health care
plan, life insurance, disability insurance or a pension plan. Except for the
Exec-U-Care health plan, the Company shall not, however, by reason of this
Section be obligated to institute, maintain, or refrain from changing, amending
or discontinuing, any such benefit plan or program, so long as such changes are
similarly applicable to executive employees of the Company generally.

Section 3.3         PAYROLL.  Executive shall receive all compensation and
reimbursements pursuant to this Agreement in accordance with the customary
payroll practices of the Company’s Draper, Utah offices with respect to time
and manner of payment.

ARTICLE
IV

EFFECT OF TERMINATION ON COMPENSATION

Section 4.1             TERMINATION UPON DEATH.  The Employment Term shall terminate as of the
date of the Executive’s death.  In the
event of the Executive’s death, all of Executive’s rights to compensation and
benefits provided for in Article III of this Agreement will terminate as of
such date; PROVIDED HOWEVER, that the Company shall pay the Executive’s estate:

(i)            All unpaid amounts, if any, to which
the Executive was entitled as of the date of his death under Sections 3.1(a)
and 3.1(b) hereof, including any earned but unpaid Annual Bonus in respect of
any previously completed calendar year, in each case payable within 30 days
following such termination;

(ii)           All unpaid amounts to which the
Executive was then entitled as perquisites or other reimbursements, payable
within 30 days following such termination, and such employee benefits as to
which the Executive may be entitled under the employee benefit programs in
which he was then participating, payable in accordance with the provisions of
such programs (the amounts set forth in clauses (i) and (ii) being hereinafter
referred to as the “Accrued Amounts”);

(iii)          An amount equal to
one-half of the Executive’s Base Salary (as existing at the time of death),
payable in a single lump sum within 30 days following such termination; and

(iv)          An amount equal to
one-half of the Executive’s then Target Bonus for the year in which the death
occurs, payable in a single lump sum within 30 days following such termination.

Section 4.2             TERMINATION UPON
DISABILITY.  If Executive’s
employment hereunder is terminated by the Company pursuant to Section 2.2(b)
hereof, all of Executive’s rights to compensation and benefits provided for in
Article III of this Agreement will terminate as of such date; PROVIDED,
HOWEVER, that the Executive shall be entitled to the following:

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(i)                                     all
Accrued Amounts;

(ii)                                  An
amount equal to one-half of the Executive’s Base Salary (as existing at the
time of Disability), payable in a single lump sum within 30 days following such
termination; and

(iii)                               An
amount equal to one-half of the Executive’s then Target Bonus for the year in
which the Disability occurs, payable in a single lump sum within 30 days
following such termination.

Section 4.3             TERMINATION AFTER CHANGE OF CONTROL.  If, upon or within 24 months following a
Change of Control (as hereinafter defined), the Company or its successor
terminates Executive’s employment without Cause, the Executive’s employment
terminates due to an election by the Company to not renew the Employment Term
pursuant to Section 2.1, the Executive terminates employment as a result of a
Constructive Termination, or the Executive terminates employment due to a
breach pursuant to the provisions set forth in Section 2.3(a) hereof, Executive
will be entitled to the following:

(i)            all Accrued Amounts;

(ii)                                  a lump sum payment,
within 30 days following such termination, equal to Severance Benefits (as
defined in Section 4.4 below) for a period of time equal to the longer of (x)
two years and (y) the period of time remaining under the then Employment Term,
assuming no such termination had occurred, pro rated for any partial years
(such longer period, the “Severance Period”);

(iii)                               an additional cash
amount equal to a pro rata portion of the Target Bonus in effect for the year
in which such termination occurs in respect of the year of termination, pro
rated based on the portion of the calendar year that has elapsed through the
date of termination, payable within 30 days following such termination; and

(iv)                              Executive shall continue
to participate in any benefits, plans and programs referenced in Section 3.2(b)
for the Severance Period; PROVIDED, HOWEVER, to the extent that any benefit
under Section 3.2(b) cannot be continued during a period when Executive is not
an employee of the Company, the Company shall promptly pay Executive an amount
in cash equal to the economic value of such benefit, such value to be
determined as of the time of termination; and

(v)                                 In addition, all then
outstanding stock options held by Executive that were granted after the
Effective Date shall become fully vested effective as of the date of
termination.  In addition, all then
outstanding unvested restricted shares held by Executive shall become fully
vested and free of all restrictions effective as of the date of termination.

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For purposes of
this Agreement, “Change of Control” means the occurrence of any of the
following events:

(i)                                     The acquisition by
any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”),
of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of 50% or more of either (A) the then outstanding shares of
common stock of the Company or (B) the combined voting power of the then
outstanding voting securities of the Company entitled to vote generally in the
election of directors, whether by merger, consolidation or otherwise; provided,
however, that the following acquisitions shall not constitute a Change of
Control under this subsection (i): (x) any acquisition by the Company, or (y)
any acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any corporation controlled by the Company; or

(ii)                                  Individuals who, as
of the effective date hereof constitute the Board of Directors (the “Incumbent
Board”), cease for any reason to constitute at least a majority of the Board;
PROVIDED, HOWEVER, that any individual becoming a director subsequent to the
effective date hereof whose election, or nomination for election by the Company’s
stockholders, was approved by a vote of at least a majority of the directors
then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a
result of either an actual or threatened election contest (as such terms are
used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or
other actual or threatened solicitation of proxies or consents by or on behalf
of a Person other than the Board; or

(iii)                               Approval by the
stockholders of the Company of a complete liquidation or dissolution of the
Company or the sale or other disposition of all or substantially all of the
assets of the Company.

In the event that the
definition of “change of control” (or similar concept) under the Company’s
Amended and Restated 2001 Stock Option Plan or 2004 Restricted Stock Plan (or
any successor plans) is amended in a manner that would be beneficial to the
Executive, such amendment shall also apply under this Agreement.

Section 4.4             TERMINATION BY THE COMPANY WITHOUT CAUSE, BY THE
COMPANY DUE TO NON-RENEWAL OF THE TERM, BY THE EXECUTIVE AS THE RESULT OF A
CONSTRUCTIVE TERMINATION, OR BY THE EXECUTIVE DUE TO A BREACH OF AGREEMENT BY
THE COMPANY.  If Executive’s
employment 

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hereunder is terminated by the Company without Cause, if Executive’s
employment terminates due to an election by the Company to not renew the
Employment Term pursuant to Section 2.1, or if Executive’s employment
terminates due to termination by the Executive as the result of a Constructive
Termination, or by the Executive pursuant to the provisions set forth in
Section 2.3(a) hereof, in either case other than upon or within 24 months
following a Change of Control, the Executive shall be entitled to the
following:

(i)            All Accrued Amounts;

(ii)                                  A
lump sum payment, within 30 days following such termination, equal to Severance
Benefits (as defined below) for a period of time equal to the longer of (x) two
years and (y) the period of time remaining under the then Employment Term,
assuming no such termination had occurred, pro rated for any partial years
(such longer period, the “Severance Period”);

(iii)                               Executive
shall continue to participate in any benefits, plans and programs referenced in
Section 3.2(b) for the Severance Period; PROVIDED, HOWEVER, to the extent that
any benefit under Section 3.2(b) cannot be continued during a period when
Executive is not an employee of the Company, the Company shall promptly pay
Executive an amount in cash equal to the economic value of such benefit, such
value to be determined as of the time of termination; and

(iv)                              In
addition, all then outstanding stock options held by Executive that were
granted after the Effective Date shall become fully vested effective as of the
date of termination.  In addition, all
then outstanding unvested restricted shares held by Executive shall become
fully vested and free of all restrictions effective as of the date of
termination.

“Severance
Benefits” shall mean an amount equal to (i) the Executive’s Base Salary for the
year in which such termination occurs and (ii) the greater of (A) the Target
Bonus in effect for the year in which such termination occurs and (B) the
actual bonus earned by Executive in the year immediately preceding such
termination.

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Section 4.5             TERMINATION BY THE EXECUTIVE WITHOUT CONSTRUCTIVE
TERMINATION OR TERMINATION BY THE COMPANY FOR CAUSE.  In the event that the Executive’s employment
with the Company is terminated for Cause, as defined by Section 2.2(c), or the
Executive ‘s employment hereunder shall be terminated by Executive pursuant to
the provisions set forth in Section 2.3(c) hereof prior to the expiration of
the then current Employment Term, then, upon such termination, the Company
shall pay the Executive all Accrued Amounts and all of Executive’s rights to
compensation and benefits provided for under Article III of this Agreement
shall terminate contemporaneously with the termination of such employment.  Executive shall not receive a bonus in
respect of the year during which Executive’s employment terminated or any
subsequent year and the Company shall have no further liability hereunder.

Section 4.6             NON-RENEWAL OF AGREEMENT BY THE EXECUTIVE.  If the Executive’s employment with the
Company terminates due to an election by the Executive to not renew the
Employment Term at the end of the Initial Employment Term or an Additional Term
in accordance with Section 2.1 above, the Executive shall be entitled to
receive, at the end of the Employment Term, all Accrued Amounts under the
Agreement through the end of the Initial Employment Term or, if applicable, the
then Additional Term.

Section 4.7                RELEASE
OF CLAIMS.  Executive’s
right to the payments and benefits under Section 4.4 (other than the Accrued
Rights) shall be contingent upon Executive’s executing a release of all of
Executive’s rights and claims against the Company, its officers, directors,
agents, servants, and employees and their respective successors, assigns,
insurers, parent companies, subsidiaries, and affiliates with respect to all
matters relating to Executive’s employment or termination of employment with the
Company or its parent companies, subsidiaries, or affiliates existing at the
time of Executive’s execution of the release; provided that such release shall
not apply to claims to (x) indemnification as a director, officer or employee,
however arising, and under any applicable directors and officers insurance or
similar policies, and (y) compensation, benefits or other matters to which
Executive is entitled under this Agreement or the terms of the applicable
benefit programs following termination of employment.  The general release shall be substantially in
the form of Exhibit A hereto.

ARTICLE
V

CONFIDENTIAL INFORMATION

Section 5.1         COMPANY INFORMATION.  Executive acknowledges that the Company’s
business is highly competitive and that the Company’s books, records and
documents, technical information, trade secrets, know-how, negative know-how,
compilations, programs, devices, methods, techniques, customer lists,
schedules, budgets, forecasts, financial information, marketing information,
business plans and strategies, concerning its products, equipment, services and
processes, procurement procedures and pricing techniques and the names of and
other information (e.g., credit and financial data) concerning the Company’s
customers and business associates all comprise confidential business
information and trade secrets of the Company (collectively, “Confidential
Information”) which are valuable, special, and unique assets of the Company
which the Company uses in its business to obtain a competitive advantage over
the Company’s competitors which do not know or use this information. Executive
further acknowledges that protection of the Confidential Information

 

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against unauthorized disclosure and use is of
critical importance to the Company in maintaining its competitive position.
Accordingly, Executive hereby agrees that he will not, at any time during or
after his employment by the Company, make any unauthorized disclosure of any
Confidential Information or make any use thereof, except for the benefit of,
and on behalf of, the Company. For the purposes of this Article 5, the term “Company”
shall also include affiliates of the Company. 
“Confidential Information” shall not include any information that is (x)
generally known to the industry or the public other than as a result of the
Executive’s breach of this covenant or any breach of other confidentiality
obligations by third parties, (y) made legitimately available to the Executive
by a third party without breach of any confidentiality obligation, or (z)
required by law or legal process to be disclosed, provided that the Executive
will give the Company prompt written notice of such requirement, disclose no
more information than is so required, and cooperate, at the Company’s expense,
with any attempts by the Company to obtain a protective order or similar
treatment.

Section 5.2         THIRD PARTY INFORMATION.  Executive acknowledges that, as a result of
his employment by the Company, he may from time to time have access to, or
knowledge of, confidential business information or trade secrets of third
parties, such as customers, suppliers, partners, joint venturers, and the like,
of the Company. Executive agrees to preserve and protect the confidentiality of
such third-party confidential information and trade secrets to the same extent,
and on the same basis, as the Confidential Information.

Section 5.3         RETURN OF DOCUMENTS.  All written materials, records and other
documents made by, or coming into the possession of, Executive during the
period of his employment by the Company which contain or disclose the
Confidential Information shall be and remain the property of the Company. Upon
request, and in any event upon termination of Executive’s employment by the
Company, for any reason, he promptly shall deliver the same, and all copies,
derivatives and extracts thereof, to the Company.

Section 5.4             ACKNOWLEDGEMENT
REGARDING COVENANTS.  The
Executive agrees that the Executive’s promises and agreements in this Section 5
are reasonable and necessary to protect the Company’s interests and are
reasonably limited in time, scope and area. 
Given the Executive’s position and the information the Executive now has
and will have regarding the Company, and the business relationships and
goodwill which the Executive will be responsible for developing on behalf of
the Company, the Executive agrees that the Company will be greatly damaged if
the Executive violates these promises and agreements.  If the Executive does breach this Section 5,
the Executive agrees that the Company will be entitled (in addition to any
other remedy it may have) to obtain (i) a decree or order for specific
performance of the promise or covenant; and (ii) an injunction restraining the
violation or threatened violation of the promise or covenant.  In addition (and without affecting any of the
Company’s other remedies), if the Executive does breach this Section 5
following any termination of employment with the Company, the Company will be
entitled to cease making payment and providing benefits otherwise required
under Article IV of this Agreement; provided, that, if and for so long as
Executive is disputing as to whether such breach has actually occurred, instead
of ceasing to make payments and provide benefits, the Company shall set aside
into an interest bearing account the amounts that would otherwise have been
payable to Executive absent such breach under the terms of this Agreement and
such amounts shall be delivered (with interest) to Executive upon a final
determination by a court of competent jurisdiction that such breach has 

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not occurred. 
In the event that it is finally determined by a court of competent
jurisdiction that a breach has occurred, the amounts placed in escrow shall be
delivered back to the Company (with interest). 

ARTICLE VI

INVENTIONS, DISCOVERIES AND COPYRIGHTS

Section 6.1         INVENTIONS AND DISCOVERIES.  Executive agrees promptly and freely to
disclose to the Company, in writing, any and all ideas, conceptions,
inventions, improvements, and discoveries, whether patentable or not, which are
conceived or made by Executive, solely or jointly with another, during the
period of his employment by the Company and which are related to the business
or activities of the Company. Executive agrees to assign and hereby does assign
to the Company all his interest in such ideas, conceptions, inventions,
improvements, and discoveries. Executive agrees that, whenever reasonably
requested to do so by the Company, at the Company’s expense, he shall assist in
the preparation of any document that the Company shall deem necessary and shall
execute any and all applications, assignments or other instruments that the
Company shall deem necessary, in its sole discretion, to apply for and obtain
protection, including patent protection, for such ideas, conceptions,
inventions, improvements and discoveries in all countries of the world. The
obligations in the preceding sentence shall continue beyond the termination of
Executive’s employment regardless of the reason for such termination.

Section 6.2         COPYRIGHTS.  If during Executive’s employment by the
Company, Executive creates any original work of authorship (each, a “Work”)
fixed in any tangible medium of expression which is the subject matter of
copyright (e.g., written presentations, computer programs, videotapes,
drawings, maps, models, manuals or brochures) relating to the Company’s
business, products, or services, whether a Work is created solely by Executive
or jointly with others, the Company shall be deemed the author of a Work if the
Work is prepared by Executive in the scope of his employment; or, if the Work
is not prepared by Executive within the scope of his employment but is
specially ordered by the Company as a contribution to a collective work, as a
part of a motion picture or other audiovisual work, as a translation, as a
supplementary work, as a compilation or as an instructional text, then the Work
shall be considered to be a work made for hire and the Company shall be the
author of the Work. In the event a Work is not prepared by Executive within the
scope of his employment or is not a Work specially ordered and deemed to be a
work made for hire, then Executive hereby agrees to assign, and by these
presents, does assign, to the Company all of Executive’s worldwide right, title
and interest in and to such Work and all rights of copyright therein. Both
during the period of Executive’s employment by the Company and thereafter, at
the Company’s expense, Executive agrees to assist the Company and its nominee,
at any time, in the protection of the Company’s worldwide right, title and
interest in and to the work and all rights of copyright therein, including but
not limited to, the execution of all formal assignment documents requested by
the Company or its nominee and the execution of all lawful oaths and
applications for registration of copyright in the United States and foreign
countries.

Section 6.3         Executive represents that he has not
heretofore made any invention or discovery or prepared any work which is the
subject matter of copyright related to the 

 12
 

Company’s business which he wishes to exclude
from the provisions of Section 6.1 and Section 6.2 hereof. As used in this
Article VI, the “Company” shall include affiliates of the Company.

ARTICLE VII

NON-COMPETITION

Section 7.1         The restrictive covenants contained in
this Article VII and in Article VIII hereof are supported by consideration to
Executive hereunder. As a material incentive for the Company to enter into this
Agreement, Executive hereby agrees that he will not at any time during his
employment by the Company and for a period commencing on the date of
termination of his employment and continuing until the expiration of 24 months
(the “Non-Competition Period”), for himself or for others, in any state of the
United States, or in any foreign country where the Company or any of its
affiliates is then conducting any business:

(a)                                  engage
in any business that is directly competitive with activities conducted by the
Company (or any of the Company’s subsidiaries or divisions), which activities
conducted by the Company (or any of the Company’s subsidiaries or divisions)
represent in the aggregate greater than 25% of the Company’s pro forma
consolidated revenues in the 12 months prior to the Executive’s termination of
employment (“Competitive Activities”);

(b)                                 render
advice or services to, or otherwise assist, any other person or entity who is
engaged, directly or indirectly, in any business that is directly competitive
with activities conducted by the Company (or any of the Company’s subsidiaries
or divisions), which activities conducted by the Company (or any of the Company’s
subsidiaries or divisions) represent in the aggregate greater than 25% of the
Company’s pro forma consolidated revenues in the 12 months prior to the
Executive’s termination of employment; or

(c)                                  interfere
with or attempt to interfere with the business relationships between the
Company and any suppliers or customers of the Company or any affiliate which,
in any manner, would have, or is likely to have, an adverse effect upon the
Company or any affiliate.

The foregoing shall not prohibit Executive’s continued
participation in those activities in which he is engaged on the date hereof and
which have been disclosed to the Company. 
Notwithstanding the foregoing, it shall not be a violation of the
foregoing provisions for the Executive to own, as an investment, securities of
any person engaged in a Competitive Business which are publicly traded on a
national or regional stock exchange or over-the-counter market if the Executive
does not own, directly or indirectly, more than 5% of any class of securities
thereof.  Further notwithstanding the
foregoing, it shall not be a breach of the foregoing provisions of Section 7.1
for Executive to provide services following any termination of employment with
the Company to an entity or person, that (x) is not itself engaged in
Competitive Activities but has an affiliate that is engaged in Competitive 

 13
 

Activities (or that has
an affiliate that has a division, business unit or segment that is engaged in
Competitive Activities) or (x) has one or more distinct lines of business which
are not engaged in Competitive Activities, and has a division, business unit or
segment that is engaged in Competitive Activities, if, in either case (x) or
(y), as applicable, Executive does not and will not, during the Restricted
Period, provide services or advice with respect to the operations, management,
strategic planning or marketing activities of the affiliate, division, business
unit or segment that is engaged in Competitive Activities.

Section 7.2         Executive understands that the
foregoing restrictions may limit his ability to engage in a business similar to
the Company’s business in specific areas of the world for the Non-Competition
Period, but acknowledges that he will receive sufficiently high remuneration
and other benefits from the Company hereunder to justify such restriction.  In addition to any remedies provided under
applicable law, if the Executive does breach the provisions of this Article VII
following any termination of employment with the Company, the Company will be
entitled to cease making payment and providing benefits otherwise required
under Article IV of this Agreement; provided, that, if and for so long as
Executive is disputing as to whether such breach has actually occurred, instead
of ceasing to make payments and provide benefits, the Company shall set aside
into an interest bearing account the amounts that would otherwise have been
payable to Executive absent such breach under the terms of this Agreement and
such amounts shall be delivered (with interest) to Executive upon a final
determination by a court of competent jurisdiction that such breach has not
occurred.  In the event that it is
finally determined by a court of competent jurisdiction that a breach has
occurred, the amounts placed in escrow shall be delivered back to the Company
(with interest).

Section 7.3         It is expressly understood and agreed
that the Company and Executive consider the restrictions contained in Section
7.1 hereof to be reasonable and necessary for the purposes of preserving and
protecting the goodwill and proprietary information of the Company.  Nevertheless, if any of the aforesaid
restrictions is found by a court having jurisdiction to be unreasonable,
overbroad as to geographic area or time or otherwise unenforceable, the parties
intend for the restrictions therein set forth to be modified by such court so
as to be reasonable and enforceable and, as so modified by the court, to be
fully enforced.

ARTICLE
VIII

SOLICITATION OF EMPLOYEES

During the Employment Term (including any Additional
Term) and thereafter during the Non-Competition Period, Executive shall not, on
his own behalf or on behalf of any other person, partnership, entity,
association, or corporation, hire or solicit any non-clerical or
non-secretarial employee of the Company or in any other manner encourage any
non-clerical or non-secretarial employee of the Company to leave the employment
of the Company, nor shall he use or disclose to any person, partnership,
entity, association, or corporation any confidential information concerning the
addresses or personal telephone numbers of any employees of the Company.  The foregoing provisions of this Article VIII
shall not apply to general solicitations not specifically targeted at Company
employees.

 14
 

ARTICLE
IX

MISCELLANEOUS

Section 9.1         NOTICES.  For purposes of this Agreement, notices and
all other communications provided for herein shall be in writing and shall be
deemed to have been duly given when personally delivered or when mailed by
United States registered or certified mail, return receipt requested, postage
prepaid, addressed as follows:

	
  If to the Company to:

  	
  Investools Inc. 

  13947 South Minuteman Drive

  Draper, Utah 84020 

  Attention: Chairman of the Compensation Committee

  
	
  If to Executive to:

  	
  

  

  

 

or to such other address as either party may furnish
to the other in writing in accordance herewith, except that notices of changes
of address shall be effective only upon receipt.

Section 9.2         INDEMNIFICATION.  The Company shall, to the fullest extent
permitted by law, indemnify the Executive for any liabilities resulting from or
arising out of acts or omissions of the Executive in connection with the
Executive’s service to the Company and any of its subsidiaries or affiliates.

Section 9.3         GROSS-UP PAYMENT.

(a)                                  In
the event that the Executive shall become entitled to payments, distributions
and/or benefits provided by this Agreement or any other amounts in the “nature
of compensation,” whether pursuant to the terms of this Agreement, any other
plan, arrangement or agreement with the Company, any person whose actions
result in a change in ownership or effective control under Section 280G of the
Code, or any person affiliated with the Company or such person, or otherwise
(collectively, the “Company Payments”), and such Company Payments will be
subject to the tax imposed by Section 4999 of the Code (and any similar tax
that may hereafter be imposed by any taxing authority) or any interest or
penalties that are incurred by Executive with respect to any such taxes
(collectively, the “Excise Tax”), the Executive shall be entitled to an
additional payment (the “Gross-Up Payment”) in an amount such that after
payment by the Executive of all taxes (including any interest or penalties
imposed with respect to such taxes), including, without limitation, any income
taxes (and any interest and penalties imposed with respect thereto) and the
Excise Tax imposed upon the Gross-Up Payment, Executive retains an amount equal
to the Excise Tax imposed on the Company Payments.

(b)                                 Subject
to the provisions of paragraph (c) below, all determinations required to be
made under this Section, including whether and when a 

 15
 

                                                Gross-Up
Payment is required and the amount of such Gross-Up Payment and the assumptions
to be utilized in arriving at such determination, shall be made by the Company’s
independent auditors or, at the Executive’s option, any other nationally or
regionally recognized firm of independent accountants selected by the Executive
and approved by the Company, which approval shall not be unreasonably withheld,
(the “Accounting Firm”) which shall provide detailed supporting calculations
both to the Company and Executive within 20 business days after receipt of
notice from the Company or Executive that there has been a Company Payment;
provided that for purposes of determining the amount of any Gross-Up Payment,
Executive shall be deemed to pay federal income tax at the highest marginal
rates applicable to individuals in the calendar year in which any such Gross-Up
Payment is to be made and deemed to pay state and local income taxes at the
highest effective rates applicable to individuals in the state or locality of
Executive’s residence or place of employment (whichever is higher) in the
calendar year in which such Gross-Up Payment is to be made, net of the maximum
reduction in federal income taxes that can be obtained from deduction of such
state and local taxes, taking into account limitations applicable to
individuals subject to federal income tax at the highest marginal rates.  All fees and expenses of the Accounting Firm
shall be paid solely by the Company.  Any
Gross-Up Payment, as determined pursuant to this Section, shall be paid by the
Company to Executive (or to the appropriate taxing authority on Executive’s
behalf) not later than the due date for the payment of any Excise Tax.  Any determination by the Accounting Firm
shall be binding upon the Company and Executive.  As a result of the uncertainty in the
application of Section 4999 of the Code at the time of the initial
determination by the Accounting Firm hereunder, it is possible that Gross-Up
Payments which will not have been made by the Company should have been made (“Underpayment”),
consistent with the calculations required to be made hereunder.  In the event that the Company exhausts its
remedies pursuant to paragraph (c) and Executive thereafter is required to make
a payment of any Excise Tax, the Accounting Firm shall determine the amount of
the Underpayment that has occurred and any such Underpayment shall be promptly
paid by the Company to or for Executive’s benefit.

(c)                                  Executive
agrees to notify the Company in writing of any claim by the Internal Revenue
Service that, if successful, would require the payment by the Company of the
Gross-Up Payment.  Such notification
shall be given as soon as practicable but no later than ten (10) business days
after Executive is informed in writing of such claim and shall apprise the
Company of the nature of such claim and the date on which such claim is
requested to be paid.  Executive shall
not pay such claim prior to the expiration of the 30-day period following the
date on which Executive gives such notice to the Company (or such shorter
period ending on the date that any payment of taxes with respect to such claim
is due).  If the 

 16
 

                                                Company
notifies Executive in writing prior to the expiration of such period that it
desires to contest such claim, Executive agrees to:

(i)                                     give
the Company any information reasonably requested by the Company relating to
such claim,

(ii)                                  take
such action in connection with contesting such claim as the Company shall
reasonably request in writing from time to time, including, without limitation,
accepting legal representation with respect to such claim by an attorney
reasonably selected by the Company;

(iii)                               cooperate
with the Company in good faith in order to effectively contest such claim; and

(iv)                              permit
the Company to participate in any proceedings relating to such claim;

                                                PROVIDED,
HOWEVER, that the Company agrees to bear and pay directly all costs and
expenses (including additional interest and penalties) incurred in connection
with such contest and shall indemnify and hold Executive harmless, on an
after-tax basis, for any Excise Tax or income tax (including interest and
penalties with respect thereto) imposed as a result of such representation and
payment of costs and expenses.  Without
limitation on the foregoing provisions of this subsection (c), the Company
shall control all proceedings taken in connection with such contest and, at its
sole option, may pursue or forego any and all administrative appeals,
proceedings, hearings and conferences with the taxing authority in respect of
such claim and may, at its sole option, either direct Executive to pay the tax
claimed and sue for a refund or contest the claim in any permissible manner, and
Executive agrees to prosecute such contest to a determination before any
administrative tribunal, in a court of initial jurisdiction and in one or more
appellate courts, as the Company shall determine; provided, further, however,
that if the Company directs Executive to pay such claim and sue for a refund,
the Company shall advance the amount of such payment to Executive, on an
interest-free basis and shall indemnify and hold Executive harmless, on an
after-tax basis, from any Excise Tax or income tax (including interest or
penalties with respect thereto) imposed with respect to such advance or with
respect to any imputed income with respect to such advance; and further
provided that any extension of the statute of limitations relating to payment
of taxes for Executive’s taxable year with respect to which such contested
amount is claimed to be due is limited solely to such contested amount,
provided that, to the extent the foregoing provision shall be deemed to create
a loan of a personal nature in violation of Section 402 of the Sarbanes-Oxley
Act of 2002, the provision for repayment shall be null and void.  Furthermore, the Company’s control of the
contest shall be limited to issues with respect to 

 17
 

                                                which
a Gross-Up Payment would be payable hereunder and Executive shall be entitled
to settle or contest, as the case may be, any other issue raised by the
Internal Revenue Service or any other taxing authority.

(d)                                 If,
after the receipt by Executive of an amount advanced by the Company pursuant to
this Section, Executive receives any refund with respect to such claim,
Executive agrees to promptly pay to the Company the amount of such refund
(together with any interest paid or credited thereon after taxes applicable
thereto).  If, after the receipt by
Executive of an amount advanced by the Company pursuant to subsection (c), a
determination is made that Executive is not entitled to any refund with respect
to such claim and the Company does not notify Executive in writing of its
intent to contest such denial of refund prior to the expiration of thirty (30)
days after such determination, then such advance shall be forgiven and shall
not be required to be repaid and the amount of such advance shall offset, to
the extent thereof, the amount of Gross-Up Payment required to be paid.  To the extent the foregoing provision shall
be deemed to create a loan of a personal nature in violation of Section 402 of
the Sarbanes-Oxley Act of 2002, the provision for repayment shall be null and
void.

(e)                       For the avoidance of doubt, the provisions of
this Section 9.3 apply during the Employment Term and thereafter.

Section
9.4         APPLICABLE
LAW, JURISDICTION AND VENUE.  This Agreement is entered into under, and
shall be governed for all purposes by, the laws of the State of Utah, without
regard to any otherwise applicable principles of conflicts of laws. Any suit by
the Company to enforce any right hereunder or to obtain a declaration of any
right or obligation hereunder may, at the sole option of the Company, be
brought (i) in any court of competent jurisdiction in the State of Utah or (ii)
in any court of competent jurisdiction where jurisdiction may be had over
Executive.  Executive hereby expressly
consents to the jurisdiction of the foregoing courts for such purposes and to
the appointment of the Secretary of State for the State of Utah as his agent
for service of process.

Section 9.5         NO WAIVER.  No failure by either party hereto at any time
to give notice of any breach by the other party of, or to require compliance
with, any condition or provision of this Agreement shall (i) be deemed a waiver
of similar or dissimilar provisions or conditions at the same or at any prior
or subsequent time or (ii) preclude insistence upon strict compliance in the
future.

Section 9.6         SEVERABILITY.  If a court of competent jurisdiction
determines that any provision of this Agreement is invalid or unenforceable,
then the invalidity or unenforceability of that provision shall not affect the
validity or enforceability of any other provision of this Agreement, and all
other provisions shall remain in full force and effect.

Section 9.7         COUNTERPARTS.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
together will constitute one and the same Agreement.

 18
 

Section 9.8         WITHHOLDING OF TAXES.  The Company may withhold from any benefits
payable under this Agreement all federal, state, city or other taxes as may be
required pursuant to any law or governmental regulation or ruling.

Section 9.9             COMPLIANCE WITH IRC SECTION 409A.  Notwithstanding anything herein to the
contrary, (i) if at the time of the Executive’s termination of employment with
the Company, Executive is a “specified employee” as defined in Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”) and the deferral of
the commencement of any payments or benefits otherwise payable hereunder as a
result of such termination of employment is necessary in order to prevent any
accelerated or additional tax under Section 409A of the Code, then the Company
will defer the commencement of the payment of any such payments or benefits
hereunder (without any reduction in such payments or benefits ultimately paid
or provided to the Executive) until the date that is six months following the
Executive’s termination of employment with the Company (or the earliest date as
is permitted under Section 409A of the Code), and (ii) if any other payments of
money or other benefits due to the Executive hereunder could cause the
application of an accelerated or additional tax under Section 409A of the Code,
such payments or other benefits shall be deferred if deferral will make such
payment or other benefits compliant under Section 409A of the Code, or
otherwise such payment or other benefits shall be restructured, to the extent
possible, in a manner, determined by the Board of Directors of the Company,
that does not cause such an accelerated or additional tax.  The Company shall consult with the Executive
in good faith regarding the implementation of the provisions of this Section
9.9.

Section 9.10       NO
MITIGATION.  The Executive
shall not be required to mitigate the amount of any payment provided for
pursuant to this Agreement by seeking other employment or otherwise.

Section 9.11       HEADINGS.  The paragraph headings have been inserted for
purposes of convenience and shall not be used for interpretive purposes.

Section 9.12       AFFILIATE.  As used in this Agreement, “affiliate” shall
mean any person or entity which directly or indirectly through one or more
intermediaries owns or controls, is owned or controlled by, or is under common
ownership or control with, the Company.

Section 9.13       ASSIGNMENT.  This Agreement, and the rights and
obligations of the parties hereunder, are personal and neither this Agreement,
nor any right, benefit or obligation of either party hereto, shall be subject
to voluntary or involuntary assignment, alienation or transfer, whether by
operation of law or otherwise, without the prior written consent of the other
party except that vested rights to payment shall be subject to devise, and
shall descend in accordance with applicable laws of inheritance.

Section 9.14       LEGAL
FEES.  If either party
institutes any legal action to enforce his or its rights under, or to recover
damages for breach of this Agreement, the Company shall pay up to an aggregate
of $25,000 of Executive’s reasonable actual expenses incurred in pursuit or
defense of such legal action.  Executive
shall submit documentation substantiating such expenses to the Company.  The Company shall reimburse Executive for any
actual expenses for 

 19
 

attorney’s fees and disbursements incurred by him in
respect of the negotiation and execution of this Agreement.

Section
9.15 INDEPENDENT COUNSEL. The Executive acknowledges that he has received a copy of
this Agreement, that he has read and fully understands this Agreement, and that
he has been advised to seek legal counsel to aid in the understanding hereof
and that he has retained legal counsel of his own choosing.

Section 9.16       TERM.   Termination of this Agreement pursuant to
the provisions of Section 2.1 hereof shall not affect any right or obligation
of either party hereto which is accrued or vested prior to or upon such
termination or the rights and obligations set forth in Articles IV through
IX hereof.

Section 9.17       ENTIRE
AGREEMENT.  This Agreement
constitutes the entire agreement of the parties with regard to the subject
matter hereof, and contains all the covenants, promises, representations,
warranties and agreements between the parties with respect to employment of
Executive by the Company. Each party to this Agreement acknowledges that no
representation, inducement, promise or agreement, oral or written, has been
made by either party, or by anyone acting on behalf of either party, which is
not embodied herein, and that no 
agreement, statement, or promise relating to the employment of Executive
by the Company, which is not contained in this Agreement, shall be valid or
binding. Any modification of this Agreement will be effective only if it is in
writing and signed by the party to be charged.

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement effective as of the Effective
Date.

 

	
  Investools Inc.:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Michael Goldsmith

  	
   

  
	
   

  	
  MICHAEL GOLDSMITH

  
	
   

  	
  CHAIRMAN, COMPENSATION COMMITTEE

  
	
   

  	
  INVESTOOLS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTIVE:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Lee K. Barba

  	
   

  
	
  LEE K. BARBA

  	
   

  
				

 

 20Exhibit 10.4

EXECUTIVE
EMPLOYMENT AGREEMENT

This Executive Employment
Agreement (the “Agreement”) is made and entered into as of the 15th day of February 2007, by and between Ida K.
Kane (“Executive”) and Investools Inc. (the “Company”).

In
consideration of the mutual covenants set forth herein and other good and
valuable consideration, the receipt and sufficiency of which the parties
acknowledge, the Company and Executive, intending to be legally bound, hereby
agree as follows:

1.             EMPLOYMENT.  The Company agrees to employ Executive and
Executive hereby accepts such employment on an at-will basis pursuant to the
terms and conditions of this Agreement for a two (2) year period commencing on
the date of this Agreement and terminating, unless otherwise terminated earlier
in accordance with Section 5 (“Employment Period”) on February 15, 2009. Executive further warrants and represents
that she shall not disclose to the Company any confidential information
obtained from a third party or otherwise violate any confidentiality or
non-competition obligations Executive may have incurred with a third party.

2.             SERVICES. 
During the Employment Period, Executive shall be employed as Chief
Financial Officer with job responsibilities related thereto, and such job
responsibilities may be modified at the sole discretion of the Chief Executive
Officer.  Executive shall report to the
Chief Executive Officer and shall devote her full time efforts to the faithful
performance of her duties on behalf of the Company.  Executive shall also perform such other
duties, and may have job responsibilities modified from time to time as may be
requested by the Chief Executive Officer, provided such duties are generally
consistent with the level of responsibility currently held by Executive.  Executive’s principal place of performance of
her duties during the term of this Agreement shall be Provo, Utah.  Executive shall not engage in additional
gainful employment of any kind or undertake any role or position, whether or
not for compensation, with any person or entity during the term of this
Agreement without advance written approval of the Chief Executive Officer.

3.             ADHERENCE
TO COMPANY RULES.  Executive,
at all times during the Employment Period, shall strictly adhere to and obey
all of the Company’s written rules, regulations and policies, including without
limitation the Investools Code of Business Ethics (attached hereto as Exhibit
A), which will be provided to Executive and are now in effect, or as
subsequently adopted or modified by the Company and provided to Executive which
govern the operation of the Company’s business and the conduct of employees of
the Company.

4.             COMPENSATION.

a.             Salary.  During 2007, Executive shall receive an
annual base salary of $265,000 payable in bi-weekly gross amounts of $10,192.31.  Executive’s salary shall be subject to all
appropriate federal and state withholding taxes and shall be payable in 

 1
 

accordance
with the normal payroll procedures of the Company.  Beginning in 2008, Executive’s salary may be
increased by the Company at any time, in its sole discretion, upon providing
Executive thirty (30) days notice of such change.

b.             Benefits.  During the Employment Period, Executive shall
be entitled to participate in the employee benefit plans provided by the Company
for all employees generally subject to the terms and conditions of the
applicable plan.  Additionally, Executive
shall be entitled to additional travel insurance (Accidental Life &
Dismemberment).    The Company shall be
entitled to change, amend or terminate such plans from time to time in its sole
discretion.

c.             Paid Time Off.  During
the Employment Period, Executive shall be entitled to four (4) weeks of paid
personal time (PTO) off per year, which shall accrue at a rate of 6.1538 hours
per bi-weekly pay period.  Executive
shall take her PTO time in accordance with Company policies and procedures.

d.             Expenses.  Executive shall be entitled to reimbursement
of her ordinary and necessary business expenses incurred in the performance of
her duties in accordance with Company policy.

e.             Discretionary
Bonus.  During
the Employment Period, Executive shall be entitled to an annual bonus up to
maximum of 35% of Executive’s
base salary as determined in the sole discretion of the Company, provided that
Executive and/or the Company meet performance goals as established by the
Company in its sole discretion.

f.              Stock
Options.   Executive shall be eligible to receive
future additional stock option grants, as determined by the Compensation
Committee, in its sole discretion..  The applicable stock option agreement and
plan shall govern all other terms and conditions of Executive’s options.

g.             Restricted
Shares.  Executive shall be eligible to receive
future additional Restricted Shares, as determined by the Compensation
Committee, in its sole discretion.

h.             During
the Employment Period, Executive shall be entitled to an annual complete
physical exam at Cooper Clinic or a medical equivalent and shall include the travel expense between Salt Lake City and the
Cooper Clinic, and said annual benefit shall not exceed an amount equal
to $15,000.00

5.             TERMINATION.  The Company or Executive may terminate this
Agreement and Executive’s employment as provided below:

a.             Termination by the Company for Cause.  The Company shall have the right to
immediately terminate Executive’s employment at any time for any of the
following reasons (each of which is referred to herein as “Cause”) by giving
Executive 

 2
 

written notice of the effective date of termination
(which effective date may be the date of such notice):

(i)                                     willful
and material breach by Executive of any provision of this Agreement;

(ii)                                  any
act by Executive of fraud or dishonesty including, but not limited to, stealing
or falsification of Company records, with respect to any aspect of the Company’s
business;

(iii)                               failure
by Executive to follow the lawful instructions or directions from the Chief
Executive Officer of the Company;

(iv)                              failure
by Executive to perform in any manner under this Agreement after being given
notice of such failure by the Company, along with an explanation of such
failure of performance;

(v)                                 misappropriation
of Company funds or of any corporate opportunity;

(vi)                              conviction
of Executive of a felony, or of a crime that the Company, in its sole
discretion, determines involves a subject matter which may reflect negatively
on the Company’s reputation or business (or a plea of nolo
contendere thereto);

(vii)                           acts
by Executive attempting to secure or securing any personal profit not fully
disclosed to and approved by the Chief Executive Officer and/or the Board of
Directors (“Board”) of the Company in connection with any transaction entered
into on behalf of the Company;

(viii)                        gross,
willful or wanton negligence, misconduct, or conduct which constitutes a breach
of any fiduciary duty or duty of loyalty owed to the Company by Executive;

(ix)                                material
violation of any lawful Company policy, rule, regulation or directive;

(x)                                   conduct
on the part of Executive, even if not in connection with the performance of her
duties contemplated under this Agreement, that could result in serious
prejudice to the interests of the Company, as determined by the Company in its
sole discretion, and Executive 

 3
 

fails to cease such conduct immediately upon receipt of notice to cease
such conduct;

(xi)                                acceptance
by Executive of employment with another employer; or

(xii)                             violation
of material federal or state securities laws as determined in the sole
discretion of the Company.

If the Company terminates
Executive’s employment for any of the reasons set forth above, the Company
shall have no further obligations to Executive hereunder from and after the
effective date of termination and shall have all other rights and remedies
available under this or any other agreement and at law or in equity and
Executive gets nothing else.

b.             Termination by the Company Without Cause.  The Company shall have the right to terminate
Executive without Cause for any reason by providing thirty (30) days’ written
notice to Executive.  If the Company
terminates Executive without Cause by providing thirty (30) days’ notice and
Executive is diligently and effectively rendering services to the Company (as
determined by the Company in its sole discretion) as directed in Section 2
above at the time of her termination, the Company shall pay Executive through
the date of termination and, subject to the limitations set forth below, the
Company shall provide Executive with severance compensation in an amount equal
to the greater of (i) six (6) month’s base salary (based on Executive’s annual
salary on the date of termination), less applicable taxes or (ii) the severance
pay to which Executive would be entitled under a severance pay plan, if any, in
effect at the time of Executive’s termination without Cause.  Such severance compensation shall be paid in
bi-weekly installments (“Installment Severance Payments”) over the following
six months (referred to herein as the “Severance Period”) in accordance with
the Company’s normal payroll practices and schedule.  In
addition, the Company will pay the premiums for the Executive to continue your
group health insurance coverage (as provided to other employees at the time of
termination) under COBRA, at active employee contribution rates for the earlier
of six (6) month’s following termination or until the Executive obtains
comparable coverage. In the event Executive is in violation of Sections
7, 8, 10, 12 or Section 9, but only to the extent Restricted Business applies
to the competitors listed in Exhibit B, of this Agreement at any time during
the Severance Period, the Company shall be entitled to immediately cease the
payment of the Installment Severance Payments, the Company’s severance
obligation shall terminate and expire, and the Company shall have no further
obligations hereunder from and after the date of such other employment or
violation and shall have all other rights and remedies available under this
Agreement or any other agreement and at law or in equity.

c.             Voluntary
Termination by Executive.  In the event that Executive’s employment with the Company is voluntarily
terminated by Executive for any reason, the Company shall have no further
obligations hereunder from and after the date of such 

 4
 

termination
and shall have all other rights and remedies available under this Agreement or
any other agreement and at law or in equity.

d.             Termination Upon Death.  In the event that Executive shall die during
her employment by the Company, the Company shall pay to Executive’s estate any
compensation due that would otherwise have been payable through the date of
death.

e.             Termination Upon Disability.  In the event that Executive shall become
disabled during her employment by the Company, Executive’s employment hereunder
shall terminate and the Company shall provide Executive with severance payments
equal to three (3) months’ salary (based on Executive’s monthly salary on the
date of termination), less applicable taxes. 
Such severance payments shall be paid bi-weekly over a period of three
months in accordance with the Company’s normal payroll practices and
schedule.   For purposes of this
Agreement, Executive shall become “disabled” if she shall become, because of
illness or incapacity, unable to perform the essential functions of her job
under this Agreement with or without reasonable accommodation for a continuous
period of ninety (90) days during the Employment Period.

6.             CHANGE OF
CONTROL.

a.             For purposes of
this Agreement, a “Change in Control” of the Company shall be deemed to have
occurred at such time as:

i.              any
“person” (as the term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)) is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of voting securities of the Company representing more than 50% of
the Company’s outstanding voting securities or rights to acquire such
securities except for any voting securities issued or purchased under any
employee benefit plan of the Company or its subsidiaries;  or

ii.            a
plan of reorganization, merger, consolidation, sale of all or substantially all
of the assets of the Company or similar transaction occurs or is effectuated in
which the Company is not the resulting or surviving entity; provided, however,
that such an event listed above will be deemed to have occurred or to have been
effectuated only upon receipt of all required regulatory approvals not
including the lapse of any required waiting periods; or

iii.           the
Board determines in its sole discretion that a Change in Control has occurred.

b.             Benefits Upon Change in Control.

i.              Severance Benefits. 
If a Change of Control occurs within the first

 

 5

two (2)  years of Executive’s employment pursuant to this Agreement,
and Executive no longer reports to the then current Chief Executive Officer of
the Company as a result of the Change of Control, Executive shall have the
right to resign within one hundred eighty (180) days following the Change of
Control and be entitled to receive a cash severance benefit in an amount equal
to twelve (12) month’s base salary (based on Executive’s annual salary on the
date of the Change of Control), less applicable taxes.  Such amount shall be paid in bi-weekly
installments in accordance with the Company’s normal payroll practices and
schedule.  Employee shall also be
entitled to the full vesting of all outstanding options and restricted shares
and other equity units granted prior to and through to the termination date,
subject to the terms and conditions of the applicable plan and agreement.  All other provisions of the Stock Options
Agreement and the Restricted Stock Award Agreement will remain in force. .  In addition, the Company
will pay the premiums for the Executive to continue your group health insurance
coverage (as provided to other employees at the time of termination) under
COBRA, at active employee contribution rates for the earlier of twelve (12)
month’s following termination or until the Executive obtains comparable
coverage.  Provided however, the Company shall have no
obligation to provide Executive with any severance compensation under this
Section 6 if Executive is in breach or violation of any of the covenants
contained in Sections 7, 8, 10, 12 or Section 9, but only to the extent
Restricted Business applies to the competitors listed in Exhibit B, during the
time period in which the Company is making the severance payments.

c.            No Mitigation or Offset.  Executive shall not be required to mitigate the amount
of any payment provided for in this Section 6 of this Agreement by seeking
other employment or otherwise. The Company shall not be entitled to set off or
reduce any severance payments owed to Executive under this Section 6 by the
amount of earnings or benefits received by Executive in future employment.

7.             NONDISCLOSURE.  During the Employment Period, the Company
agrees and promises to provide, and Executive will acquire, knowledge with
respect to the Company’s business operations, including, by way of
illustration, the Company’s Work Product (as defined below), trade secrets,
processes, methodologies and methods for analyzing and investing in the stock
market, software, databases, and other technical information, business
information, customer lists and information, customer preferences, promotional
and marketing materials, marketing plans and strategies, business planning,
financial, and costing information related thereto, regardless of the form or
media containing such information, and confidential information relating to the
Company’s policies and employees (all of such information herein referred to as
the “Confidential Information”).  The
protection of the Confidential Information against unauthorized disclosure or
use is of critical importance to the Company. 
Executive agrees that Executive will not, during her employment, divulge
to any person, directly or indirectly, except to the Company or its officers
and agents (including Company attorneys or accountants) or as reasonably
required in connection with Executive’s duties on behalf of the 

 6
 

Company, or use, except on behalf of the
Company, any Confidential Information acquired by Executive during her
employment.  Executive agrees that her
confidentiality obligation applies to all Confidential Information she has
received, learned or accessed, no matter when she accessed, learned or received
such information.  Executive further
agrees that Executive will not, at any time after her employment has ended (for
whatever reason), use or divulge to any person directly or indirectly any
Confidential Information, or use any Confidential Information in subsequent
employment of any nature.  If Executive
is subpoenaed, or is otherwise required by law to testify concerning
Confidential Information, Executive agrees to immediately notify Company upon
receipt of a subpoena, or upon belief that such testimony shall be
required.  Executive shall not copy or
remove from the Company’s places of business any of the of the Company’s
documents, materials or items containing Confidential Information except with
the express written permission of the Company or in the normal course of
employment.

8.             NON-INTERFERENCE OR SOLICITATION.  Executive agrees that during the Employment
Period, and for a period of twelve (12) months following the termination of her
employment (for whatever reason), that Executive shall not knowingly, directly
or indirectly, induce, solicit, or attempt to persuade, directly or indirectly,
(1) any former, current or future employee, agent, contractor, manager,
consultant, director or other participant in the Company, or (2) any person who
has purchased a program or product of the Company during the term of this
Agreement, or (3) any person or entity who has collaborated or was affiliated
with the Company during the term of this Agreement, (all the foregoing three
groups being collectively referred to herein as “Participant”) to enter into
any business relationship with Executive, except for the benefit of the Company,
or any business organization in which Executive is involved or which is in
competition with the Restricted Business. 
In addition, during the Employment Period and for a period of twelve
(12) months following the termination of her employment (for whatever reason),
Executive shall not (1) directly or indirectly contact any person or entity
having a Relationship (as defined below) with the Company or disclosed by the
Company to Executive for the purpose of taking advantage of a business
opportunity to the detriment of the Company, (2) otherwise circumvent a
Relationship with the Company or, to the detriment of the Company, establish a
Relationship with a party with whom the Company has a Relationship, or (3) seek
to establish any rights, including but not limited to intellectual property
rights, anywhere in the world in conflict with any intellectual property rights
related to Work Product.

For purposes
of this Agreement, the term “Restricted Business” shall mean the area of
business dealing with providing telemarketing, and seminar products, workshops,
and self-study programs, all relating to stocks and stock market investing
information and analysis, as well as any other area of business in which the
Company is engaged.   For purposes of
this Agreement, “directly or indirectly” means as a paid or unpaid director,
officer, agent, representative, manager, employee of, or consultant to any
enterprise, or acting as a proprietor of an enterprise, or holding any direct
or indirect participating role in any enterprise as an owner, partner, limited
partner, member, manager, joint venturer, shareholder or creditor.  For purposes of this Agreement, the term “Relationship”
shall mean a business arrangement, transaction, contract, understanding or
other business relationship.  The
foregoing prohibition against soliciting Participants shall include 

 7
 

Executive agreeing to enter into any such
prohibited relationship, even if Participant made the initial contact regarding
such relationship.

9.             NON-COMPETITION.  In consideration of the numerous mutual
promises and agreements contained in this Agreement between the Company and
Executive, including, without limitation, those involving, employment,
compensation, and Confidential Information, and in order to protect the Company’s
Confidential Information and other legitimate business interests and to reduce
the likelihood of irreparable damage which would occur in the event such
information is provided to or used by a competitor of the Company, Executive
agrees that during her employment and for an additional period of twelve (12)
months immediately following the termination of her employment (for whatever
reason) (the “Noncompetition Term”), she shall not directly or indirectly enter
into or attempt to enter into the Restricted Business in the United States or
Canada.

Executive
hereby acknowledges that the geographic boundaries, scope of prohibited
activities and the time duration of the provisions of this Section 9 are
reasonable and are no broader than are necessary to protect the legitimate
business interests of the Company. This noncompetition provision shall survive
the termination of Executive’s employment (for any reason) and can only be
revoked or modified by a writing signed by the parties which specifically
states an intent to revoke or modify this provision.  Executive acknowledges that the Company would
not employ her or provide her with access to its Confidential Information but
for her covenants or promises contained in this Section.

The Company and Executive agree and stipulate that the
agreements and covenants not to compete contained in this Section 9 hereof are
fair and reasonable in light of all of the facts and circumstances of the
relationship between Executive and the Company; however, Executive and the
Company are aware that in certain circumstances courts have refused to enforce
certain terms of agreements not to compete. 
Therefore, in furtherance of, and not in derogation of the provisions of
this Section 9, the Company and Executive agree that in the event a court
should decline to enforce any terms of any of the provisions of this Section 9,
that Section 9 shall be deemed to be modified or reformed to restrict Executive’s
competition with the Company to the maximum extent, as to time, geography and
business scope, which the court shall find enforceable; provided, however, in
no event shall the provisions of this Section 9 be deemed to be more
restrictive to Executive than those contained herein.

10.          WORK PRODUCT.  For purposes of this Section 10, “Work Product”
shall mean all intellectual property rights, including all trade secrets, U.S.
and international copyrights, trademarks, trade names, patentable inventions,
discoveries and other intellectual property rights in any programming, design,
documentation, technology, or other work product that is created in connection
with Executive’s work.  In addition, all
rights in any preexisting programming, design, documentation, technology, or
other Work Product provided to the Company during Executive’s employment shall
automatically become part of the Work Product hereunder, whether or not it
arises specifically out of Executive’s “Work.” 
For purposes of this Agreement, “Work” shall mean (i) any direct
assignments and required performance by or for the Company, 

 8
 

and (2) any other productive output that
relates to the business of the Company and is produced during the course of
Executive’s employment or engagement by the Company.  For this purpose, Work may be considered
present even after normal working hours, away from the Company’s premises, on
an unsupervised basis, alone or with others. 
Unless otherwise approved in writing by the Chief Executive Officer of
the Company, this Agreement shall apply to all Work Product created in
connection with all Work conducted before or after the date of this Agreement.

The
Company shall own all rights in the Work Product.  To this end, all Work Product shall be
considered work made for hire for the Company. 
If any of the Work Product may not, by operation of law or agreement, be
considered Work made by Executive for hire for the Company (or if ownership of
all rights therein do not otherwise vest exclusively in the Company
immediately), Executive agrees to assign, and upon creation thereof does hereby
automatically assign, without further consideration, the ownership thereof to
the Company.  Executive hereby
irrevocably relinquishes for the benefit of the Company and its assigns any
moral rights in the Work Product recognized by applicable law.  The Company shall have the right to obtain
and hold, in whatever name or capacity it selects, copyrights, registrations,
and any other protection available in the Work Product.

Executive
agrees to perform upon the request of the Company, during or after Executive’s
Work or employment, such further acts as may be necessary or desirable to
transfer, perfect, and defend the Company’s ownership of the Work Product,
including by (1) executing, acknowledging, and delivering any requested
affidavits and documents of assignment and conveyance, (2) obtaining and/or
aiding in the enforcement of copyrights, trade secrets, and (if applicable)
patents with respect to the Work Product in any countries, and (3) providing
testimony in connection with any proceeding affecting the rights of the Company
in any Work Product.

Executive
warrants that Executive’s Work for the Company does not and will not in any way
conflict with any remaining obligations Executive may have with any prior or
current employer or contractor. 
Executive also agrees to develop all Work Product in a manner that
avoids even the appearance of infringement of any third party’s intellectual
property rights.

11.          NO
EXCLUSIONS.  Executive hereby
represents that Executive has not heretofore created any Work Product or
prepared any work, which is the subject of any Work Product, that Executive
wishes to exclude from the provisions of Section 10 above.

12.          RETURN OF DOCUMENTS.  Executive agrees that if Executive’s
relationship with the Company is terminated (for whatever reason), Executive
shall not take with Executive, but will leave with the Company, all Work
Product, Confidential Information, records, files, memoranda, reports, price
lists, customer lists, supplier lists, financial information, documents and
other information, in whatever form (including on computer disk), and any
copies thereof, or if such items are not on the premises of the Company,
Executive agrees to return such items immediately upon Executive’s
termination.  Executive acknowledges that
all such items are and remain the property of the Company.

 9
 

13.          INJUNCTIVE
RELIEF.  Executive
acknowledges that breach of any of the agreements contained herein, including,
without limitation, the confidentiality, nonsolicitation and noncompetition
covenants specified in Sections 7, 8 and 9, will give rise to irreparable
injury to the Company, inadequately compensable in damages.  Accordingly, Executive agrees that the
Company shall be entitled to injunctive relief to prevent or cure breaches or
threatened breaches of the provisions of this Agreement and to enforce specific
performance of the terms and provisions hereof in any court of competent
jurisdiction, in addition to any other legal or equitable remedies which may be
available.  Executive further acknowledges
and agrees that the enforcement of a remedy hereunder by way of injunction
shall not prevent Executive from earning a reasonable livelihood.  Executive further acknowledges and agrees
that the covenants contained herein are necessary for the protection of the
Company’s legitimate business interests and Confidential Information and are
reasonable in scope and content.

14.          SEVERABILITY AND REFORMATION.  If any provision of this Agreement is held to
be illegal, invalid or unenforceable under any present or future law, and if
the rights or obligations of Executive or the Company under this Agreement
would not be materially and adversely affected thereby, such provision shall be
fully severable, and this Agreement shall be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part thereof,
the remaining provisions of this Agreement shall remain in full force and
effect and shall not be affected by the illegal, invalid or unenforceable
provision or by its severance herefrom, and in lieu of such illegal, invalid or
unenforceable provision, there shall be added automatically as a part of this
Agreement a legal, valid and enforceable provision as similar in terms to such
illegal, invalid or unenforceable provision as may be possible, and the Company
and Executive hereby request the court to whom disputes relating to this
Agreement are submitted to reform the otherwise unenforceable covenant in
accordance with this Section 14.

15.          HEADINGS, GENDER, ETC.  The headings used in this Agreement have been
inserted for convenience and do not constitute matter to be construed or
interpreted in connection with this Agreement. 
Unless the context of this Agreement otherwise requires, (i) words of
any gender shall be deemed to include each other gender; (ii) words using the
singular or plural number shall also include the plural or singular number,
respectively; and (iii) the terms “hereof,” “herein,” “hereby,” “hereto,” and
derivative or similar words shall refer to this entire Agreement.

16.          GOVERNING LAW.  THIS AGREEMENT WILL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF UTAH WITHOUT GIVING
EFFECT TO ANY PRINCIPLE OF CONFLICT OF LAWS THAT WOULD REQUIRE THE APPLICATION
OF THE LAW OF ANY OTHER JURISDICTION.

17.          VENUE.  The venue for any dispute arising out of this
Agreement or Executive’s employment with the Company shall be any state or
federal court of competent jurisdiction in Salt Lake City, Utah.

 10
 

18.          SURVIVAL.  Executive’s termination from employment
and/or the termination of this Agreement, for whatever reason, shall not reduce
or terminate Executive’s covenants and agreements set forth herein and all such
covenants, including those contained in Sections 7, 8, 9, 10, & 12 shall
survive the termination of this Agreement.

19.          NOTICES.  Any notice necessary under this Agreement
shall be in writing and shall be considered delivered three days after mailing
if sent certified mail, return receipt requested, or when received, if sent by
telecopy, prepaid courier, express mail or personal delivery to the following
addresses:

	
    If to the Company:

  	
  Investools Inc.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
    If to Executive:

  	
  Ida K. Kane

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

20.          ENTIRE
AGREEMENT.  This Agreement and
the Stock Option Agreement contain the entire understanding and agreement
between the parties, and supersedes any other agreement between Executive and
the Company, whether oral or in writing, with respect to the subject matter
hereof.  This Agreement may only be
modified pursuant to Section 24.

21.          NO WAIVER.  The forebearance or failure of one of the
parties hereto to insist upon strict compliance by the other with any
provisions of this Agreement, whether continuing or not, shall not be construed
as a waiver of any rights or privileges hereunder.  No waiver of any right or privilege of a
party arising from any default or failure hereunder of performance by the other
shall affect such party’s rights or privileges in the event of a further
default or failure of performance.

22.          ASSIGNMENT. 
This Agreement is personal to Executive and may not be assigned in any
way by Executive without the prior written consent of the Company.  This Agreement shall be assignable or
delegable by the Company.  The rights and
obligations under this Agreement shall inure to the benefit of and shall be
binding upon the heirs, legatees, administrators and personal representatives
of Executive and upon the successors, representatives and assigns of the
Company.

 11
 

23.          BINDING EFFECT.  This Agreement shall be binding on and inure
to the benefit of the parties and their respective permitted successors and
assigns.

24.          MODIFICATION.  This Agreement may be modified only by a
written agreement signed by both parties. 
Any such written modification may only be signed by the President or
Chief Executive Officer of the Company.

25.          COUNTERPARTS.  This Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original instrument,
and all of which together shall constitute one and the same Agreement.

IN
WITNESS WHEREOF, the parties hereto have executed this Employment Agreement as
of the day and year first above written.

	
  IDA K. KANE

  	
   

  
	
   

  	
   

  
	
  /s/ Ida K. Kane

  	
   

  
	
   

  	
   

  
	
  Date:

  	
  2/15/07

  	
   

  	 

	
   

  	
   

  
	
  INVESTOOLS INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
  /s/ Lee Barba

  	
   

  
	
   

  	
  LEE BARBA, CEO

  
	
   

  	
   

  
	
  Date:

  	
  2/15/07

  	
   

  
						

 

 12

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