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Exhibit 10.4  

 
 

EMPLOYMENT AGREEMENT    
    

        THIS EMPLOYMENT AGREEMENT (the "Agreement") is made and entered into this 30th day of September, 2005, by and
between EduTrades, Inc. ("the Company"), a Nevada Corporation and wholly-owned subsidiary of Whitney Information Network, Inc., and Nick Maturo, (the "Employee"). 

        WHEREAS,
Employer desires to employee Employee, and Employee desires to engage his services with Employer, on the terms of this Agreement. 

        NOW,
THEREFORE, in consideration of the mutual covenants and promises herein contained, the parties hereby agree as follows: 

1.     Duties  

        During the term of this Agreement, Employee will be employed by the Company to serve as Chief Executive Officer. The Employee will devote such amount of business
time to the conduct of the business of the Company as may be reasonably required to effectively discharge Employee's duties under this Agreement and will perform those duties and have such authority
and powers as are customarily associated with the position. 

2.     Term of Employment  

        2.1    Basic Term    

        This
agreement shall commence on September 30, 2005 and continue for a period of three (3) years, wherein it shall automatically expire. 

        2.2    Termination for Willful Misconduct    

        Termination
for Willful Misconduct may be effected by Company at any time during the term of this Agreement and may be effected by written notification to Employee. Upon Termination for
Willful Misconduct, Employee is to be immediately paid all accrued salary, incentive compensation to the extent earned, vested deferred compensation (other than pension plan or profit sharing plan
benefits, which will be paid in accordance with the applicable plan), and accrued vacation pay, all to the date of termination, but Employee will not be paid any severance compensation. 

        "Termination
for Willful Misconduct" means termination by Company of Employee's employment (i) by reason of Employee's willful dishonesty towards, fraud upon, or deliberate injury
or attempted injury to, the Company, (ii) by reason of Employee's material breach of this Agreement or (iii) by reason of Employee's gross negligence or intentional misconduct with
respect to the performance of Employee's duties under this Agreement. 

        2.3    Termination Other Than for Willful Misconduct    

        Notwithstanding
anything else in this Agreement, Company may effect a Termination Other Than for Willful Misconduct at any time upon giving notice to Employee of such termination. Upon
any Termination Other Than for Willful Misconduct, Employee will immediately be paid all accrued salary, all incentive compensation to the extent earned, severance compensation as provided in
Section 4, vested deferred compensation (other than pension plan or profit sharing plan benefits, which will be paid in accordance with the applicable plan), and accrued vacation pay, all to
the date of termination. 

        2.5    Termination Due to Disability    

        In
the event that, during the term of this Agreement, Employee should, in the reasonable judgment of the Board, fail to perform Employee's duties under this Agreement because of illness
or physical or mental incapacity ("Disability"), and such Disability continues for a period of more that 3 consecutive months, Company will have the right to terminate Employee's employment under this 

 

Agreement
by written notification to Employee and payment to Employee of all accrued salary and incentive compensation to the extent earned, severance compensation as provided in Section 4,
vested deferred compensation (other than pension plan or profit sharing plan benefits, which will be paid in accordance with the applicable plan), and all accrued vacation pay, all to the date of
termination. 

        2.6    Death    

        In
the event of Employee's death during the term of this Agreement, Employee's employment is to be deemed to have terminated as of the last day of the month during which Employee's death
occurred, and Company will pay to Employee's estate accrued salary, incentive compensation to the extent earned, vested deferred compensation (other than pension plan or profit sharing plan benefits,
which will be paid in accordance with the applicable plan), and accrued vacation pay, all to the date of termination. 

        2.7    Voluntary Termination    

        In
the event of a Voluntary Termination, Company will immediately pay to Employee all accrued salary, all incentive compensation to the extent earned, vested deferred compensation (other
than pension plan or profit sharing plan benefits, which will be paid in accordance with the applicable plan), and accrued vacation pay, all to the date of termination, but Employee will not be paid
any severance compensation. 

        Voluntary
termination means termination by the Employee of the Employee's employment with Company, except by reason of death or disability. 

3.     Salary, Benefits and Other Compensation  

        3.1    Base Salary    

        As
payment for the services to be rendered by Employee, Company agrees to pay to Employee a minimum "Base Salary," payable bi-weekly. The Base Salary payable to Employee
under this Section will initially be $300,000. 

        3.2    Incentive Bonus Plans    

        During
the term of his employment under this Agreement, the Employee will be eligible to participate in all bonus and incentive plans established by the Board. 

        3.3    Benefit Plan    

        During
the term of Employee's employment under this Agreement, the Employee is to be eligible to participate in all employee benefit plans to the extent maintained by the Company,
including (without limitation) any life, disability, health, accident and other insurance programs, paid vacations, and similar plans or programs, subject in each case to the generally applicable
terms and conditions of the plan or program in question and to the determinations of any committee administering such plan or program. On termination of the Employee for any reason, the Employee will
retain all of Employee's rights to benefits that have vested under such plan, but, subject to federal and state laws, the Employee's rights to participate in those plans will cease on the Employee's
termination unless the termination is a Termination Other Than for Willful Misconduct, in which case Employee's rights of participation will continue for a period of one (1) year following
Employee's termination, unless this provision is in conflict with the provisions of the above plans. 

        3.4    Withholding of Taxes    

        The
Employee understands that the services to be rendered by Employee under this Agreement will cause the Employee to recognize taxable income, which is considered under the Internal
Revenue 

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Code
of 1986, as amended, and applicable regulations thereunder as compensation income subject to the withholding of income tax (and Social Security or other employment taxes). 

4.     Severance Compensation  

        4.1    Termination Other Than for Willful Misconduct; Payment in Lieu of
Notice    

        In
the event Employee's employment is terminated in a Termination Other Than for Cause, Employee will be paid as severance pay Employee's Base Salary for the period commencing on the
date that Employee's employment is terminated and ending on the date which is three months thereafter. 

        4.2    Termination for Disability    

        In
the event Employee's employment is terminated because of Employee's disability pursuant to Section 2.5, Employee will be paid as severance pay Employee's Base Salary for the
period commencing on the date that Employee's employment is terminated and ending on the date which is 3 months thereafter. 

        4.3    Other Termination    

        In
the event of a Voluntary Termination, Termination for Cause or Death, Employee's estate will not be entitled to any severance pay. 

5.     Confidentiality and Non-competition and Assignment of Inventions.  

        The
employee agrees to sign and execute the standard company non-disclosure and non-compete documents and such document becomes part and parcel of this agreement
and is incorporated herein. 

6.     Miscellaneous  

        6.1    Entire Agreement; Modification    

        Except
as otherwise provided in the Agreement, this Agreement represents the entire understanding among the parties with respect to the subject matter of this Agreement, and this
Agreement supersedes any and all prior understandings, agreements, plans, and negotiations, whether written or oral, with respect to the subject matter hereof, including without limitation, any
understandings, agreements, or obligations respecting any past or future compensation, bonuses, reimbursements, or other payments to Employee from Company. All modifications to the Agreement must be
in writing and signed by the party against whom enforcement of such modification is sought. 

        6.2    Governing Law    

        This
Agreement is to be governed by and construed in accordance with the laws of the State of Florida applicable to contracts entered into and wholly to be performed within the State of
Florida. Venue will be in Lee, Broward, Dade or Palm Beach counties. 

        6.3    Survival of Company's Obligations    

        This
Agreement will be binding on, and inure to the benefit of, the executors, administrators, heirs, successors, and assigns of the parties. 

        6.4    Enforcement    

        If
any portion of this Agreement is determined to be invalid or unenforceable, that portion of this Agreement will be adjusted, rather than voided, to achieve the intent of the parties
under this Agreement. 

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

	 	 	Whitney Information Network, Inc.
	

 	
 	

By:	

/s/  RONALD S. SIMON      
 Ronald S. Simon, Exec. V.P.
	

 	
 	
EduTrades, Inc.
	

 	
 	

By:	

/s/  RONALD S. SIMON      
 Ronald S. Simon, Acting CFO & Treasurer
	

 	
 	
Employee
	

 	
 	

By:	

/s/  NICK MATURO      
 Nick Maturo

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Exhibit 10.5  

 
 

ADMINISTRATIVE SERVICES AGREEMENT    
    

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

WITNESSETH:  

        WHEREAS, Whitney is in the business of developing, producing and marketing post secondary educational curricula on real estate, business development, and asset
protection; 

        WHEREAS,
EduTrades is in the business of developing, producing and marketing post secondary educational curricula on securities and financial investment and asset protection; 

        WHEREAS,
Whitney previously owned the business interests now being operated by EduTrades and is interested in providing administrative and operational assistance to EduTrades; 

        WHEREAS,
EduTrades desires Whitney's assistance until such time as EduTrades determines it can completely bifurcate its operations from Whitney in a cost effective and efficient manner; 

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

TERMS AND CONDITIONS  

ARTICLE 1: SERVICES, TERMS & CONDITIONS  

        1.01 Whitney
shall serve EduTrades by providing and performing the following services: 

        (a)   administrative
and operational assistance as needed through the following departments: 

        1.     Legal;

        2.     Accounting/Finance;

        3.     Booking;

        4.     Confirmations;

        5.     Education; 

        6.     Facilities
Maintenance; 

        7.     Human
Resources; 

        8.     Information
Technologies; 

        9.     Marketing;

        10.   Operations; 

        11.   Sales; 

        12.   Shipping; 

        13.   Executive
Management; and 

        14.   Strategic
Alliance. 

        (b)   supervise
and direct the general operations of the departments listed in 1.01(a); 

        (c)   operate
these departments efficiently and with proper economy; 

 

        (d)   develop
internal policies necessary for the creation of the greatest possible net income; 

        (e)   collect
revenue; 

        (f)    stimulate
the general business of EduTrades; 

        (g)   employ
at WIN's expense such officers, assistants, employees, sales personnel, and operations staff as may be required to continue the standard and quality of management
and operation at a level not lower than that heretofore maintained; 

        (h)   perform
all other acts necessary or desirable in the operation of these services. 

        1.02 Whitney
shall permit EduTrades to utilize certain Whitney assets and services, including office space and equipment, as agreed upon by the parties. 

        1.03 Whitney
agrees to prepare and maintain full, accurate and complete records of all services provided under this Agreement. Upon request, Whitney agrees to provide
EduTrades with reporting of services provided in a format to be mutually agreed upon by the parties. 

        1.04 Whitney
shall provide the services under this Agreement in a professional, courteous manner, consistent with industry standards. Whitney shall comply with all
applicable association, local, state, and federal laws, ordinances, rules, regulations and codes. Whitney shall keep all information generated as a result of this Agreement confidential and shall make
all reasonable efforts to keep such information away from competing companies. 

ARTICLE 2: COMPENSATION  

        2.01 Whitney
shall be compensated for all services provided under this Agreement at a monthly rate consisting of actual expenses incurred plus an administrative fee of
fifteen percent (15%). 

        2.02 Whitney
shall invoice EduTrades on a monthly basis with invoices to be submitted within twenty (20) days of the month's end. EduTrades shall settle its
outstanding balance within thirty (30) days of the invoice date. 

        2.03 The
parties recognize and acknowledge that the services to be provided by Whitney under this Agreement will change frequently, depending on the needs of EduTrades. As
such, the parties agree that the compensation paid will be adjusted at the parties' discretion and in accordance with the change in services to be provided. Whenever appropriate, but at least on a
quarterly basis, the parties shall meet to discuss whether a revision to the compensation fee under Section 2.01 is required. In the event that such a revision is required, the parties shall
agree upon a revised fee, which will replace the then most current compensation fee under Section 2.01. Should the parties not reach an agreement on whether a revision is necessary, the most
recent Schedule shall control and either party may invoke their rights under Section 3.03 of this Agreement. 

ARTICLE 3: TERM AND TERMINATION  

        3.01 Term.
The date of commencement of this Agreement shall be on the Effective Date first set forth above and shall continue until terminated as provided under
Section 3.03. 

        3.02 Immediate
Right to Terminate. Either party shall have the right to immediately terminate this Agreement by giving written notice in the event that the other party does
any of the following: 

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

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

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        3.03 Right
to Terminate on Notice. Each party shall have the right, exercisable in its absolute discretion, to terminate this Agreement upon ninety (90) days prior
written notice received by United States registered mail, certified mail, UPS Next Day Letter or Federal Express Next Day Letter by the other party. 

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

ARTICLE 4: GENERAL PROVISIONS  

        4.01 Entire
Agreement. This Agreement supersedes any and all other agreements, either oral or in writing between the parties hereto with respect to the terms and conditions
of this Agreement, and contains all of the covenants and agreements between the parties with respect to same. Each party to this Agreement acknowledges that no representation, inducements, promises,
or agreements, orally or otherwise, have been made by any party, or anyone acting on behalf of any party, which are not embodied herein, and that no other agreement, statement, or promise not
contained in this Agreement shall be valid or binding on either party, except that any other written agreement dated concurrent with or after this Agreement shall be valid as between the signing
parties thereto. 

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

        4.03 Notice.
Each notice, request or demand given or required to be given pursuant to this Agreement shall be in writing and shall be deemed sufficiently given if deposited
in the United States mail, First Class, postage pre-paid, and addressed to the address of the intended recipient set forth below, or to such other address as may be specified in this
Agreement or in writing by the parties: 

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

Cape Coral, FL 33904
	 	 	Telephone:	 	(239) 542-0643
	 	 	Facsimile:	 	(239) 540-6565
	

 	
 	

Copy to:	
 	

Marie B. Code, Esq.

1612 E. Cape Coral Pkwy, Suite A

Cape Coral, FL 33904
	

If to EduTrades:	
 	

Name:	
 	

 
	 	 	 	 	

	 	 	Address:	 	 
	 	 	 	 	

	 	 	City, State, Zip:	 	 
	 	 	 	 	

	 	 	Telephone:	 	 
	 	 	 	 	

	 	 	Facsimile:	 	 
	 	 	 	 	

        4.04 Governing
Law and Attorney Fees. This Agreement shall be deemed to have been made in the State of Florida. This Agreement and all matters arising out of or otherwise
relating to this Agreement shall be governed by the laws of the State of Florida. The parties hereby submit to the personal jurisdiction of the state and federal courts of the State of Florida.
Exclusive venue for any litigation and all claims arising from or in connection with the subject matter of this Agreement shall be with the state and federal courts in and for Lee, Palm Beach or
Broward Counties, Florida, and the parties hereby expressly waive any venue privileges which may be asserted in connection with this 

3

 

Agreement.
In any arbitration and/or litigation arising out of this Agreement, the prevailing party shall be entitled to recover reasonable attorneys' fees and costs, including attorneys' fees
incurred on appeal. 

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

        4.06 Right
to Audit. Each party shall have the right to audit the other's business records concerning services rendered under this Agreement upon five (5) days prior
written notice. The requesting party shall have the right to receive photocopies of all applicable business records concerning services rendered under this Agreement upon five (5) days prior
written notice. 

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

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

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

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

	WHITNEY INFORMATION NETWORK, INC	 	EDUTRADES, INC.
	

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

/s/  NICK MATURO      
 Nick Maturo, CEO
	

 Reviewed by Legal	
 	

 

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