Exhibit 10.37

EMPLOYMENT AGREEMENTTHE
PRINCETON REVIEW, INC.



This employment Agreement is between Stephen Melvin
(Melvin) and The Princeton Review, Inc. (TPR), and is subject to the terms of the Executive Compensation Policy Statement dated
March 1st, 2004, the current form of which is attached as Exhibit A (the Policy Statement). Terms may be defined in The Princeton Review
Glossary also dated March 1st, 2004. This Agreement supersedes any previous employment agreement.


|1. |  | Job Description:  Melvin shall serve as the
Chief Financial Officer of TPR.
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|2. |  | Compensation:  As of June 7th, 2004, TPR shall
pay Melvin $280,000 per year, increasing annually by 3%. He shall also receive a bonus of up to 50% of base salary, as per Exhibit B,
attached.
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|3. |  | Stock Option Grant:  TPR shall grant Melvin an
option to purchase 70,000 shares of Common Stock at fair market value as indicated by the closing price of REVU on June 4th, 2004. These options shall
be subject to the terms and conditions of The Princeton Review, Inc. Stock Option Grant attached hereto.
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|4. |  | Term:  This Agreement will expire on February
14, 2006, and will automatically be extended for additional two-year periods upon the completion of the initial term and any two-year extension period
thereafter until (i) Exec voluntarily terminates employment or (ii) TPR gives contrary written notice to Exec at least 6 months prior to the completion
of the initial term or any two-year extension period thereafter. TPR will not be under any obligation to make additional option grants, such as those
described in paragraph 3 above, for any extension terms of this Agreement unless agreed by TPR and Exec.
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|5. |  | Severance Payments and Benefits:  If TPR
terminates Execs employment without Cause, then in addition to the payments provided under Section 5.1 of the Policy Statement, but in lieu of
the payments provided under Section 5.3 of the Policy Statement, TPR will pay Exec an amount equal to his annual base salary for 10 months.
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Agreed to this:
June 7th, 2004.




|/s/ JOHN
KATZMANJohn Katzman CEO, TPR |  |  |  | /s/
STEPHEN MELVINStephen Melvin
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