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EXHIBIT 10.19
EMPLOYMENT AGREEMENT
THE PRINCETON REVIEW, INC.
This Employment Agreement is between Xxxxxxx Xxxxxx ("Xxxxxx") 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 shall serve as the Chief Financial Officer of TPR.
2. Compensation: TPR shall pay Xxxxxx $200,000 per year, increasing annually
by 5%. He shall also receive a bonus of between 15% and 35% of base salary.
3. Stock Option Grant: In addition to Stock previously issued, TPR hereby
grants Xxxxxx an option to purchase 170,000 shares of Series B Common Stock
at a $6.25 strike price, vesting evenly each quarter over the next four
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 voluntarily terminates employment or (ii)
TPR gives contrary written notice to Xxxxxx at least 6 months prior to the
anniversary date.
5. Severance Payments and Benefits: If TPR terminates Xxxxxx'x employment
without cause under Section 4.1 of the Policy Statement or if TPR does not
renew the Agreement under Section 3.1 of the Policy Statement, then, in
addition to the payments provided under Section 5.1 and 5.4, but in lieu of
the payments provided under Section 5.3, TPR will pay Xxxxxx his annual
base salary for ten months following termination.
Agreed to this April 1, 2000.
/s/ Xxxx Xxxxxxx /s/ Xxxxxxx Xxxxxx
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Xxxx Xxxxxxx Xxxxxxx Xxxxxx
Chief Executive Officer
