Mr. Russell A. Whitney 1612 E. Cape Coral Blvd. Cape Coral, FL 33904 RE: Termination of Employment Agreement Dear Mr. Whitney: Reference is made to that certain Employment Agreement (“Employment Agreement”), dated as of June 30, 2003, by and between...Employment Agreement • January 7th, 2008 • Whitney Information Network Inc • Services-educational services
This letter agreement will confirm that you have informed the Company of your resignation as Chief Executive Officer of the Company, and of the termination of the Employment Agreement, both effective as of December 31, 2007. The Board of Directors accepts your resignation. Furthermore, the Board of Directors of WEG and the Special Committee of the Board of Directors of WIN have determined that for purposes of the Employment Agreement your resignation will be treated as a “Termination Other Than For Cause” under Section 2.4 of the Employment Agreement. The parties have agreed that WIN will pay severance compensation in the amount of $1,950,000 in twelve, equal monthly installments of $162,500 to you over a period of 12 months, the first such payment to be made January 1, 2008 and continuing on the first day of each calendar month thereafter, less applicable taxes and withholdings (“Severance Compensation”); except that consistent with the Company’s past practice, you at your option may
