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EXHIBIT 10.22
EMPLOYMENT AGREEMENT
THE PRINCETON REVIEW, INC.
This Employment Agreement is between Xxxxx Xxxxxx-Xxxxx
("Xxxxxx-Xxxxx") and The Princeton Review, Inc. ("TPR"), and is subject to the
current terms of the Executive Compensation Policy Statement, which is attached
as Exhibit A (the "Policy Statement"). Terms may be defined in The Princeton
Review Glossary. This Agreement supersedes any previous employment agreement.
1. Job Description: Xxxxxx-Xxxxx shall serve as the EVP of Communications and
Human Resources.
2. Compensation: TPR shall pay Xxxxxx-Xxxxx $160,000 per year, increasing
annually by 3%. She shall also receive a bonus of up to 25% of base salary.
3. Stock Option Grant: In addition to Stock previously issued, TPR hereby
grants Xxxxxx-Xxxxx an option to purchase 48,000 shares of Series B Common
Stock at a $6.25 strike price, vesting evenly each quarter over the next
three years.
4. Term: This Agreement has an initial two-year term, which will automatically
be extended for additional two-year periods on each anniversary of the
effective date until (i) Xxxxxx-Xxxxx voluntarily terminates employment or
(ii) TPR gives contrary written notice to Xxxxxx-Xxxxx at least 6 months
prior to the anniversary date.
5. Disability: In Paragraph 4.2 of Exhibit A, the aggregating period shall be
180 days.
6. Severance Payments and Benefits: If TPR terminates Xxxxxx-Xxxxx'x
employment without cause under Section 4.1 of the Policy Statement, then,
in addition to the payments provided under Section 5.1, but in lieu of the
payments provided under Section 5.3, TPR will pay Xxxxxx-Xxxxx her annual
base salary for an additional nine months following termination. In
addition, Xxxxxx-Xxxxx will be entitled to reimbursement of COBRA payments
to maintain medical and dental insurance for a number of weeks equal to
twice the number of years she was employed full-time by TPR.
7. Spite: Remedies available to TPR under Section 2.4.2 shall not include
repayment of stock option appreciation.
Agreed to this April 10, 2000.
/s/ Xxxx Xxxxxxx /s/ Xxxxx Xxxxxx-Xxxxx
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Xxxx Xxxxxxx Xxxxx Xxxxxx-Xxxxx
Chief Operating Officer
