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EXHIBIT 10.21
EMPLOYMENT AGREEMENT
THE PRINCETON REVIEW, INC.
This Employment Agreement is between Xxxx Xxxxxxxxxx ("Xxxxxxxxxx") 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: Xxxxxxxxxx shall serve as EVP of the Xxxxxx.xxx Division.
2. Compensation TPR shall pay Xxxxxxxxxx $150,000 per year increasing at 3%
per year. Further, TPR will give an annual bonus of at least 20% of base
salary, based on performance.
3. Stock Option Grant: In addition to Stock previously issued, TPR hereby
grants Xxxxxxxxxx an option to purchase 42,000 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) Xxxxxxxxxx voluntarily terminates employment or
(ii) TPR gives contrary written notice to Xxxxxxxxxx at least 6 months
prior to the anniversary date.
5. Severance Payments and Benefits: If TPR terminates Schnittman's 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 Xxxxxxxxxx his annual base salary
for nine months following termination. In addition, Xxxxxxxxxx will be
entitled to reimbursement of COBRA payments to maintain medical and dental
insurance for nine months.
Agreed to this April 18, 2000.
/s/ Xxxx Xxxxxxx /s/ Xxxx Xxxxxxxxxx
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Xxxx Xxxxxxx Xxxx Xxxxxxxxxx
Chief Operating Officer
