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EXHIBIT 10.17
EMPLOYMENT AGREEMENT
THE PRINCETON REVIEW, INC.
This Employment Agreement is between Xxxx Xxxxxxx ("Xxxxxxx") 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: Xxxxxxx shall serve as the Chief Executive Officer of
TPR.
2. Compensation: TPR shall pay Xxxxxxx $400,000 per year, increasing
annually as per a Board vote. He shall also receive a performance bonus
of between 10% and 100% of base salary, the amount of which shall be at
the Board's discretion.
3. Right to a vehicle: Company will continue to cover the expenses for a
leased vehicle and parking. Vehicle lease cost shall not exceed $600
per month.
4. Right to be connected: Xxxxxxx will be provided with a cell phone and
personal computer, as well as high-speed (DSL or Cable) connections at
both of his homes.
5. 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) Xxxxxxx voluntarily
terminates employment or (ii) TPR gives contrary written notice to
Xxxxxxx at least 6 months prior to the anniversary date.
6. Severance Payments and Benefits: If TPR does not renew this Agreement
under Section 3.1 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 his annual base salary for an
additional eighteen months following termination.
Agreed to this August 7, 2000.
/s/ Xxxx Xxxxxxx /s/ Xxxx Xxxxxxx
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Xxxx Xxxxxxx Xxxx Xxxxxxx
President and COO, The Princeton Review
