1
EXHIBIT 10.25
EMPLOYMENT AGREEMENT
THE PRINCETON REVIEW, INC.
This Employment Agreement is between Xxxxx 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 SVP of Technology with the
expectation of promotion to Chief Technology Officer upon achieving
mutually agreed upon objectives.
2. Compensation TPR shall pay Xxxxxx $150,000 per year increasing at 6% per
year. Further, TPR will give an annual bonus of between 15% and 40% of base
salary, based on performance.
3. Stock Option Grant: In addition to Stock previously issued, TPR hereby
grants Xxxxxx an option to purchase 40,000 shares of Series B Common Stock
at a $6.25 strike price, vesting evenly each quarter over the next four
years. Additionally, Xxxxxx will be granted up to 12,000 options on each
anniversary of this agreement based upon achieving the mutually agreed upon
bonus objectives.
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 the
Executive terminates employment after being Reassigned, then Executive
shall be entitled to stock option vesting through the end of this contract.
Agreed to this April 28th, 2000.
/s/ Xxxx Xxxxxxx /s/ Xxxxx Xxxxxx
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Xxxx Xxxxxxx Xxxxx Xxxxxx
Chief Operating Officer
