Document:

Exhibit 10.1

 Exhibit 10.1 
 BEAM INC. 
 2012 EMPLOYEE STOCK PURCHASE PLAN 

1. Purpose. The purpose of the Plan is to provide employees of the Company and its Designated Subsidiaries and Designated
Affiliates with an opportunity to purchase Shares of the Company. This Plan includes two components: a Code Section 423 Component (the “423 Component”) and a non-Code Section 423 Component (the “Non-423 Component”). It
is the intention of the Company to have the 423 Component qualify as an “employee stock purchase plan” under Section 423 of the Code. The provisions of the 423 Component, accordingly, shall be construed so as to extend and limit
participation in a uniform and nondiscriminatory basis consistent with the requirements of Section 423 of the Code. In addition, this Plan authorizes the grant of purchase rights under the Non-423 Component that does not qualify as an
“employee stock purchase plan” under Section 423 of the Code; such purchase rights shall be granted pursuant to rules, procedures or subplans adopted by the Committee designed to achieve tax, securities laws or other objectives for
Eligible Employees and the Company. Except as otherwise provided herein, the Non-423 Component will be operated and administered in the same manner as the 423 Component. 
 2. Definitions. 
 (a) “Administrator” means the
Company’s Senior Vice President, Chief Human Resources Officer or one or more of the Company’s officers or management team appointed by the Board or Committee to administer the day-to-day operations of the Plan. Except as otherwise
provided in the Plan, the Board or Committee may assign any of its administrative tasks to the Administrator. 
 (b)
“Affiliate” means (a) any entity that, directly or indirectly, is controlled by, controls or is under common control with, the Company and (b) any entity in which the Company has a significant equity interest, in either
case as determined by the Committee, whether now or hereafter existing. 
 (c) “Board” means the Board of
Directors of the Company. 
 (d) “Change in Control” shall be deemed to have occurred if: 

(i) any person (as that term is used in Sections 13(d) and 14(d) of the Exchange Act) (1) is or becomes the beneficial owner
(as that term is used in Section 13(d) of the Exchange Act) of 50% or more of the total fair market value or total voting power of the Company (“Voting Securities”) or (2) acquires (or has acquired during the 12-month period
ending on the date of the most recent acquisition by such person) ownership of the stock of the Company possessing 30% or more of the Voting Securities, excluding, in each case, however, the following: (A) any acquisition directly from the
Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company; (B) any acquisition by the Company; (C) any acquisition by an
employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company; (D) the acquisition of additional stock or voting power by a person considered to own more than 50% of the total fair
market value or Voting Securities in the case of clause (1) of this clause (i) or by a person considered to own more than 30% of the Voting Securities in the case of clause (2) of this clause (i); or (E) any acquisition pursuant
to a transaction that complies with clauses (A), (B) and (C) of clause (iii) below; 

 (ii) more than 50% of the members of the Board shall, during a 12-month period, cease to be
Continuing Directors (which term, as used herein, means the directors of the Company: (A) who were members of the Board on the Effective Date; or (B) who subsequently became directors of the Company and who were elected or designated to be
candidates for election as nominees of the Board, or whose election or nomination for election by the Company’s shareholders was otherwise approved, by a vote of a majority of the Continuing Directors then on the Board but shall not include, in
any event, any individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14(a)-11 of Regulation 14A promulgated under the Exchange Act) or other actual or
threatened solicitation of proxies or consents by or on behalf of a person other than the Board); or 
 (iii) the Company shall
be merged or consolidated with, or, in any transaction or series of transactions, substantially all of the business or assets of the Company shall be sold or otherwise acquired by, another corporation or entity unless, as a result thereof:
(A) the shareholders of the Company immediately prior thereto shall beneficially own, directly or indirectly, at least 60% of the combined Voting Securities of the surviving, resulting or transferee corporation or entity (including, without
limitation, a corporation that as a result of such transaction owns the Company or all or substantially all of the assets of the Company, either directly or through one or more subsidiaries) (“Newco”) immediately thereafter in
substantially the same proportions as their ownership immediately prior to such corporate transaction; (B) no person beneficially owns (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, and the rules and regulations
promulgated thereunder (as in effect on the date hereof)), directly or indirectly, 30% or more of the combined Voting Securities of Newco immediately after such corporate transaction except to the extent that such ownership of the Company existed
prior to such corporate transaction; and (C) more than 50% of the members of the Board of Directors of Newco shall be Continuing Directors. 
 (e) “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto, and the regulations promulgated thereunder. 

(f) “Committee” means the Compensation and Stock Option Committee of the Board, or such other committee of the Board as
may be designated by the Board to administer the Plan. 
 (g) “Company” means Beam Inc. 

(h) “Compensation” means wages and salary but exclusive of overtime pay and regularly paid wage premiums (such as evening
or shift premiums), commissions, income from stock options or equity compensation awards, bonuses and other compensation, unless otherwise determined by the Administrator. The Administrator shall have the discretion to determine the application
of this definition to employees outside the United States. 
 (i) “Designated Affiliate” means any Affiliate
selected by the Administrator as eligible to participate in the Non-423 Component. 

  
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 (j) “Designated Subsidiary” means any Subsidiary selected by the
Administrator as eligible to participate in the 423 Component. 
 (k) “Disability” means the Participant
becoming unable to engage in any substantial gainful activity by reason of any medical determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not
less than 12 months, within the meaning of Code Section 422(c)(6). 
 (l) “Director” means a member of the
Board. 
 (m) “Effective Date” shall mean the date the Plan becomes effective in accordance with
Section 25. 
 (n) “Eligible Employee” means (i) any individual who is treated as an active employee
in the records of the Company or any Designated Subsidiary or (ii) any individual who is treated as an active employee in the records of the Company or any Designated Affiliate, in each case regardless of any subsequent reclassification by the
Company or by any Designated Subsidiary or Designated Affiliate, any governmental agency, or any court; provided, however, in all cases, only as of the first day of the month following the start of service as an active employee of the
Company, Designated Subsidiary, or Designated Affiliate. The Administrator, in its discretion, from time to time may, prior to an Offering Date for a particular Offering and for all purchase rights to be granted on such Offering Date under such
Offering, determine that the definition of Eligible Employee will or will not include an individual if he or she customarily works not more than twenty (20) hours per week or not more than five (5) months in any calendar year (or, in
each case, such lesser period of time as may be determined by the Administrator in its discretion), provided that any such exclusion is applied with respect to each Offering in a uniform manner to all similarly-situated employees who otherwise would
be Eligible Employees for that Offering. For purposes of the 423 Component, the employment relationship shall be treated as continuing intact while the individual is on military or sick leave or other bona fide leave of absence approved by the
Company or the Designated Subsidiary so long as the leave does not exceed three (3) months or if longer than three (3) months, the individual’s right to reemployment is provided by statute or has been agreed to by contract or in a
written policy of the Company which provides for a right of reemployment following the leave of absence. The employment relationship shall be treated as continuing intact where an Eligible Employee transfers employment between the Company,
Designated Subsidiaries and/or Designated Affiliates; provided, however, that an individual who is not employed by the Company or a Designated Subsidiary on the Offering Date and through a date that is no more than three
(3) months prior to the Purchase Date will participate only in the Non-423 Component unless the individual continues to have a right to reemployment with the Company or a Designated Subsidiary provided by statute or contract or in a written
policy of the Company which provides for a right of reemployment following the leave of absence. The Committee shall establish rules to govern other transfers into the 423 Component, and between any separate Offerings established thereunder,
consistent with the applicable requirements of Section 423 of the Code. 
 (o) “Exchange Act” means the
U.S. Securities Exchange Act of 1934, as amended, from time to time, or any successor law thereto, and the regulations promulgated thereunder. 

  
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 (p) “Fair Market Value” means, with respect to the Shares, as of any date,
(i) the closing per-share sales price of the Shares (A) as reported by the NYSE composite tape for such date or (B) if the Shares are no longer listed on the NYSE but are listed on any other national stock exchange or national market
system, as reported on the stock exchange composite tape for securities traded on such exchange for such date, or, with respect to each of clauses (A) and (B), if there were no sales on such date, on the closest preceding date on which there
were sales of Shares, or, (ii) in the event there shall be no public market for the Shares on such date, the fair market value of the Shares as determined in good faith by the Committee upon the reasonable application of a reasonable valuation
method. 
 (q) “NYSE” means the New York Stock Exchange. 

(r) “Offering” means an offer under the Plan of a purchase right that may be exercised during an Offering Period as
further described in Section 2(t). For purposes of this Plan, the Committee may designate separate Offerings under the Plan (the terms of which need not be identical) in which Eligible Employees of one or more Designated Subsidiaries or
Designated Affiliates will participate, even if the dates of the applicable Offering Periods of each such Offering are identical. 
 (s) “Offering Date” means the first Trading Day of each Offering Period. 
 (t) “Offering Period” means a period of three months during which a purchase right granted pursuant to the Plan may be offered, or such different period for the offer of the purchase
right as may be established by the Committee. In no event shall an Offering Period exceed 27 months. The duration and timing of Offering Periods may be changed pursuant to Section 4. It is the intent of the Company that the initial Offering
Period will be the four-month period ending April 30, 2012. 
 (u) “Parent” means a “parent
corporation” of the Company whether now or hereinafter existing as defined in Section 424(e) of the Code. 
 (v)
“Participant” means any Eligible Employee who participates in the Plan as described in Section 5. 
 (w)
“Participation Election” means any written agreement, enrollment form, contract or other instrument or document (in each case in paper or electronic form) evidencing that an Eligible Employee has elected to become a Participant in
the Plan, which may, but need not, require execution by a Participant. 
 (x) “Plan” means the Beam Inc. 2012
Employee Stock Purchase Plan, including both the 423 Component and the Non-423 Component. 
 (y) “Purchase Date”
means the last Trading Day of each Offering Period. 
 (z) “Purchase Price” means a per-Share amount to be paid
by a Participant to purchase a Share on the Purchase Date. Such Purchase Price shall be established in the manner initially specified by the Committee and in effect thereafter unless otherwise changed by the Committee, for each Offering prior to an
Offering Period and shall be no less than the lower of (i)

  
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eighty-five percent (85%) of the Fair Market Value of a Share on the Offering Date for the relevant Offering Period or (ii) eighty-five percent (85%) of the Fair Market Value of a
Share on the Purchase Date for the relevant Offering Period. Such Purchase Price may be established by the Committee by any manner or method the Committee determines, pursuant to Section 16, and subject to (i) with respect to the 423
Component, compliance with Section 423 of the Code (or any successor rule or provision or any other applicable law, regulation or stock exchange rule) or (ii) with respect to the Non-423 Component, pursuant to such manner or method as
determined by the Committee to comply with applicable local law. 
 (aa) “Share” means a share of common stock
of the Company or such other security of the Company (i) into which such share shall be changed by reason of a recapitalization, merger, consolidation, split-up, combination, exchange of shares or other similar transaction or (ii) as may
be determined by the Committee pursuant to Section 16. 
 (bb) “Subsidiary” means a “subsidiary
corporation” of the Company whether now or hereafter existing, as defined in Section 424(f) of the Code. 
 (cc)
“Trading Day” means a day on which the NYSE is open for trading. 
 3. Eligibility. Any Eligible
Employee on a given Offering Date shall be eligible to participate in the Plan, provided, however, that employees who are citizens or residents of a non-U.S. jurisdiction may be excluded from participation in the Plan or an
Offering if the participation of such Employees is prohibited under the laws of the applicable jurisdiction or if complying with the laws of the applicable jurisdiction would cause the Plan or an Offering to violate Section 423 of the Code.
Further, notwithstanding any provisions of the Plan to the contrary, no Eligible Employee may be granted a purchase right under the 423 Component of the Plan (i) to the extent that, immediately after the grant, such Eligible Employee (or any
other person whose stock would be attributed to such Eligible Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company and/or hold outstanding purchase rights to purchase capital stock possessing five percent
(5%) or more of the total combined voting power or value of all classes of the capital stock of the Company or of any Subsidiary, or (ii) to the extent that his or her rights to purchase capital stock under all employee stock purchase
plans of the Company and its subsidiaries accrues at a rate that exceeds Twenty-Five Thousand Dollars (US$25,000) worth of such stock (determined at the Fair Market Value of the shares of such stock at the time such purchase right is granted) for
each calendar year in which such purchase right is both outstanding and exercisable. 
 4. Offering Periods. The first
Offering Period under the Plan will commence on January 1, 2012 and will end on April 30, 2012. Subsequently, the Plan shall be implemented by consecutive three-month Offering Periods with a new Offering Period commencing on the first
Trading Day on or after May 1, August 1, November 1 and February 1, or on such other date as the Committee shall determine, and continuing thereafter to the last Trading Day of the respective three-month period or until
terminated in accordance with Section 20. Within the limitations set forth in Section 2(t), the Committee shall have the power to change the duration of Offering Periods (including the commencement dates thereof) with respect to future
offerings without stockholder approval if such change is announced prior to the scheduled beginning of the first Offering Period to be affected thereafter. 

  
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 5. Participation. An Eligible Employee may become a Participant in the Plan by
completing, within any prescribed enrollment period prior to the applicable Offering Date, a Participation Election (electronic or otherwise) and/or any other forms and following any procedures for enrollment in the Plan as may be established by the
Administrator from time to time. 
 6. Payroll Deductions or Contributions. 

(a) At the time a Participant completes any Participation Election, enrollment form and/or procedure to enroll in the Plan, as provided in
Section 5, he or she shall elect to have payroll deductions made on each pay day during the Offering Period in an amount not exceeding 10% of the Compensation that he or she receives on each pay day during the Offering Period, provided,
that should a pay day occur on a Purchase Date, a Participant shall have the payroll deductions made on such day applied to his or her account under the new Offering Period, unless otherwise provided by the Administrator and subject to withdrawal by
the Participant as provided in Section 10. The Administrator may permit Eligible Employees participating in a specified Offering to contribute amounts to the Plan through payment by cash, check or other means to comply with non-U.S.
requirements, provided, that such contributions shall not exceed 10% of the Compensation received each pay period, during the Offering Period. A Participant’s enrollment in the Plan shall remain in effect for successive Offering Periods
unless terminated as provided in Section 10. 
 (b) Payroll deductions or contributions, as applicable, for a Participant
shall commence on the first pay day following the Offering Date and shall end on the last pay day in the Offering Period to which such authorization is applicable (subject to subsection 6(a)), unless sooner terminated by the Participant as provided
in Section 10. 
 (c) A Participant may discontinue his or her participation in the Plan as provided in Section 10 by
completing any forms and following any procedures for withdrawal from the Plan as may be established by the Administrator from time to time. Further, the Participant may increase or decrease payroll deductions or contributions by completing any form
or following any procedure established by the Administrator from time to time. 
 (d) At the time that Shares are purchased under
the Plan, or at the time some or all of the Company’s Shares issued under the Plan are disposed of, the Participant must make adequate provision for the Company’s or its Subsidiary’s or Affiliate’s federal, state, or any other
tax liability payable to any authority, national insurance, social security, payment-on-account or other tax obligations, if any, which arise as a result of participation in the Plan, including, for the avoidance of doubt, any liability of the
Participant to pay an employer tax or social insurance contribution obligation, which liability has been shifted to the Participant as a matter of law or contract. At any time, the Company or its Subsidiary or Affiliate, as applicable, may, but
shall not be obligated to, withhold from the Participant’s compensation the amount necessary for the Company or its Subsidiary or Affiliate, as applicable, to meet applicable withholding obligations, including any withholding required to make
available to the Company or its Subsidiary or Affiliate, as applicable, any tax deductions or benefits attributable to sale or early disposition of Shares by the Eligible Employee. In addition, the Company or its Subsidiary or Affiliate, as
applicable, (i) may withhold from the proceeds of the sale of Shares, (ii) may withhold a sufficient whole number of Shares otherwise issuable following purchase having an aggregate fair market value sufficient to pay applicable
withholding obligations, or (iii) may withhold by any other means set forth in the applicable Participation Election. Where necessary to avoid negative accounting treatment, the Company or its Subsidiary or Affiliate shall withhold taxes at the
applicable statutory minimum withholding rates. 

  
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 7. Grant of Purchase Right. On the Offering Date of each Offering Period, each
Eligible Employee participating in such Offering Period shall be granted a purchase right to purchase on each Purchase Date during such Offering Period (at the applicable Purchase Price) up to a number of Shares determined by dividing such Eligible
Employee’s payroll deductions or contributions accumulated prior to such Purchase Date by the applicable Purchase Price; provided, however, that in no event shall an Eligible Employee be permitted to purchase during each Offering
Period more than 100,000 Shares subject to adjustment pursuant to Section 15, and provided further that such purchase shall be subject to the limitations set forth in Sections 3 and 14. The Committee may, for future Offering Periods, increase
or decrease, in its absolute discretion, the maximum number of Shares that an Eligible Employee may purchase during each Offering Period. The purchase of Shares pursuant to the purchase right shall occur as provided in Section 8, unless the
Participant has withdrawn pursuant to Section 10. Each purchase right expires on the last day of the Offering Period. 
 8.
Purchase of Shares. 
 (a) Unless a Participant withdraws from the Plan as provided in Section 10, on the Purchase
Date, the maximum number of Shares, including fractional shares, as may be purchased with the accumulated payroll deductions or contributions in the Participant’s account shall be purchased for such Participant at the applicable Purchase Price,
subject to the limitations in Section 7 and Section 8(b). Unless specifically prohibited by the Committee, fractional shares shall be purchased under the Plan. In the event that the Committee prohibits fractional shares under the Plan, any
payroll deductions or contributions accumulated in a Participant’s account which are not sufficient to purchase a full Share shall, at the discretion of the Committee, be returned to the Participant or be retained in the Participant’s
account for the subsequent Offering Period, subject to earlier withdrawal by the Participant as provided in Section 10. During a Participant’s lifetime, Shares may be purchased pursuant to the Participant’s purchase right only by the
Participant. 
 (b) No Participant in the 423 Component of the Plan is permitted to purchase shares under all employee stock
purchase plans of the Company and its subsidiaries at a rate that exceeds $25,000 in Fair Market Value (determined at time the purchase right is granted) for each calendar year in which any stock purchase right is both outstanding and exercisable.

 (c) If the Company determines that, on a given Purchase Date, the number of Shares with respect to which purchase rights are
to be exercised may exceed (i) the number of Shares that were available for sale under the Plan on the Offering Date of the applicable Offering Period, or (ii) the number of Shares available for sale under the Plan on such Purchase Date,
the Company shall make a pro-rata allocation of the Shares available for purchase on such Purchase Date in as uniform a manner as shall be practicable to be equitable among all Participants exercising purchase rights on such Purchase Date. The
Company may make a pro-rata allocation of the Shares available on the Offering Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional Shares for issuance under the Plan by the
Company’s shareholders subsequent to such Offering Date. In such event, any residual payroll deductions or contributions accumulated in a Participant’s account which are not used to purchase Shares shall be promptly refunded to the
relevant Participant or beneficiary, as applicable. 

  
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 9. Delivery. By enrolling in the Plan, each Participant shall be deemed to have
authorized the establishment of a brokerage account on his or her behalf at a securities brokerage firm selected by the Company. Alternatively, the Company may provide for Plan share accounts for each Participant to be established by the Company or
by an outside entity selected by the Committee which is not a brokerage firm. As soon as reasonably practicable after each Purchase Date on which a purchase of Shares occurs, the Company shall arrange for the delivery to each Participant of the
Shares purchased upon exercise of his or her purchase right to the Participant’s brokerage or Plan share account in a form determined by the Company. Notwithstanding any other provision of the Plan, unless otherwise determined by the
Administrator or required by any applicable law, rule or regulation, the Company shall not deliver to any Participant certificates evidencing Shares issued in connection with any purchase under the Plan, and instead such Shares shall be recorded in
the books of the brokerage firm or, as applicable, the Company, its transfer agent, stock plan administrator or such other outside entity which is not a brokerage firm. 
 10. Withdrawal. 
 (a) A Participant may decide not to purchase Shares on a
given Purchase Date and opt to withdraw all, but not less than all, the payroll deductions or contributions credited to his or her account and not yet used to purchase Shares under the Plan at any time by giving notice in a form or manner prescribed
by the Administrator from time to time, except that no withdrawals shall be permitted for the ten (10) day period immediately preceding each Purchase Date, or as may be specified by the Administrator in its discretion. All of the
Participant’s payroll deductions or contributions credited to his or her account shall, at the discretion of the Administrator, (i) be retained in Participant’s account and used to purchase Shares at the next Purchase Date, or
(ii) be paid to such Participant as soon as reasonably practicable after receipt of notice of withdrawal and such Participant’s purchase right for the Offering Period shall be terminated automatically, and no further payroll deductions or
contributions for the purchase of Shares shall be made for such Offering Period. If a Participant withdraws from an Offering Period, payroll deductions or contributions shall not resume at the beginning of the succeeding Offering Period unless he or
she satisfactorily completes the process to re-enroll in the Plan as prescribed by the Administrator from time to time. 
 (b) A
Participant’s withdrawal from an Offering Period shall not have any effect upon his or her eligibility to participate in any similar plan that may hereafter be adopted by the Company or in succeeding Offerings which commence after the
termination of the Offering Period from which he or she has withdrawn. 
 11. No Right to Employment. Participation in
the Plan by a Participant shall not be construed as giving a Participant the right to be retained as an employee of the Company, a Subsidiary, or an Affiliate, as applicable. Furthermore, the Company, a Subsidiary, or an Affiliate may dismiss a
Participant from employment at any time, free from any liability or any claim under the Plan. 

  
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 12. Termination of Employment. Unless otherwise determined by the Administrator, upon
a Participant’s ceasing to be an Eligible Employee, due to termination of employment for any reason (other than death or Disability), he or she shall be deemed to have elected to withdraw from the Plan and the payroll deductions or
contributions credited to such Participant’s account during the Offering Period but not yet used to purchase Shares under the Plan shall be returned to such Participant and such Participant’s purchase right shall be terminated
automatically. Unless otherwise determined by the Administrator, upon a Participant’s ceasing to be an Eligible Employee, due to termination of employment on account of death or Disability, the Participant or, in the case of his or her death,
the person or persons entitled thereto under Section 17 may elect to (i) purchase Shares on the next applicable Purchase Date, as may be purchased with the accumulated payroll deductions or contributions in the Participant’s account
in accordance with the terms of the Plan and Section 8 or, (ii) elect to withdraw from the Plan as described in this Section 12. 
 13. Interest. No interest will accrue on the contributions of a Participant in the Plan, except as may be required by applicable law, as determined by the Administrator. 

14. Shares Available for Purchase under the Plan. 
 (a) Basic Limitation. Subject to adjustment pursuant to Section 15 , the aggregate number of Shares authorized for sale under the Plan is one million (1,000,000) Shares. The limitation
set forth in this section may be used to satisfy purchases of Shares under either the 423 Component or the Non-423 Component. 

(b) Rights as an Unsecured Creditor. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company
or of a duly-authorized transfer agent of or broker selected by the Company), a Participant shall only have the rights of an unsecured creditor with respect to such Shares, and no right to vote or receive dividends or any other rights as a
stockholder shall exist with respect to such Shares. 
 (c) Sources of Shares Deliverable at Purchase. Any Shares issued
after purchase may consist, in whole or in part, of authorized and unissued Shares or of treasury Shares. 
 15. Adjustments
for Changes in Capitalization and Similar Events. 
 (a) Changes in Capitalization. Subject to any required action by
the shareholders of the Company, the maximum number of Shares that shall be made available for sale under the Plan, the maximum number of Shares that each Participant may purchase during the Offering Period (pursuant to Section 7) or over a
calendar year under the $25,000 limitation (pursuant to Section 8(b)) and the per Share price used to determine the Purchase Price shall be proportionately adjusted for any increase or decrease in the number of issued Shares resulting from any
nonreciprocal transaction between the Company and its shareholders, (such as a stock dividend, stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend), that affects the Shares (or other securities of
the Company) or the price of Shares (or other securities) and causes a change in the per share value of the Shares underlying outstanding purchase rights. Such adjustment shall be made by the Committee, whose determination in that respect shall be
final, binding and conclusive. The Committee may not delegate its authority to make adjustments pursuant to this paragraph. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible
into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to a purchase right. 

  
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 (b) Dissolution or Liquidation. In the event of the proposed dissolution or
liquidation of the Company, the Offering Period then in progress shall be shortened by setting a new Purchase Date (the “New Purchase Date”), and shall terminate immediately prior to the consummation of such proposed dissolution or
liquidation, unless provided otherwise by the Company. The New Purchase Date shall be before the date of the Company’s proposed dissolution or liquidation. The Company shall notify each Participant in writing, at least ten (10) U.S.
business days prior to the New Purchase Date, that the Purchase Date for the Participant’s purchase right has been changed to the New Purchase Date and that Shares shall be purchased automatically for the Participant on the New Purchase Date,
unless prior to such date the Participant has withdrawn from the Offering Period as provided in Section 10. 
 (c) Change
in Control. In the event of a Change in Control, each outstanding purchase right shall be assumed or an equivalent purchase right substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. In the event that
the successor corporation refuses to assume or substitute for the purchase right, the Offering Period then in progress shall be shortened by setting a New Purchase Date and shall end on the New Purchase Date. The New Purchase Date shall be before
the date of the Company’s proposed merger or Change in Control. The Company shall notify each Participant in writing, at least ten (10) U.S. business days prior to the New Purchase Date, that the Purchase Date for the Participant’s
purchase right has been changed to the New Purchase Date and that Shares shall be purchased automatically for the Participant on the New Purchase Date, unless prior to such date the Participant has withdrawn from the Offering Period as provided in
Section 10. 
 16. Administration. 
 (a) Authority of the Committee. Subject to the terms of the Plan and applicable law, and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee
shall have sole and plenary authority to administer the Plan, including, without limitation, the authority to: 
 (i) construe, interpret,
reconcile any inconsistency in, correct any default in and supply any omission in, and apply the terms of the Plan and any Participation Election or other instrument or agreement relating to the Plan, 

(ii) determine eligibility and adjudicate all disputed claims filed under the Plan, including whether Eligible Employees shall participate in the 423
Component or the Non-423 Component and which entities shall be Designated Subsidiaries or Designated Affiliates, 
 (iii) determine the
terms and conditions of any purchase right to purchase Shares under the Plan, 
 (iv) establish, amend, suspend or waive such rules and
regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan, 

  
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 (v) amend an outstanding purchase right or grant a replacement purchase right for a purchase right
previously granted under the Plan if, in the Committee’s discretion, it determines that (A) the tax consequences of such purchase right to the Company or the Participant differ from those consequences that were expected to occur on the
date the purchase right was granted, or (B) clarifications or interpretations of, or changes to, tax law or regulations permit purchase rights to be granted that have more favorable tax consequences other than initially anticipated, and

 (vi) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the
Plan. 
 Notwithstanding any provision to the contrary in this Plan, the Committee may adopt rules or procedures relating to the operation and
administration of the Plan to accommodate the specific requirements of local laws and procedures for jurisdictions outside of the United States. Without limiting the generality of the foregoing, the Committee specifically is authorized to adopt
rules, procedures and subplans, which, for purposes of the Non-423 Component, may be outside the scope of Section 423 of the Code, regarding, without limitation, eligibility to participate, the definition of Compensation, handling of payroll
deductions, making of contributions to the Plan (including, without limitation, in forms other than payroll deductions), establishment of bank or trust accounts to hold payroll deductions, payment of interest, conversion of local currency,
obligations to pay payroll tax, determination of beneficiary-designation requirements, withholding procedures and handling of Share issuances, which may vary according to local requirements. The Committee may assign any of its administrative tasks
set forth in this paragraph to the Administrator, including the designation of a Designated Affiliate or Designated Subsidiary under the Plan, unless constrained by applicable law. However, the Committee may not delegate its authority to make
adjustments pursuant to Section 15(a). 
 (b) Committee Decisions. Unless otherwise expressly provided in the Plan,
all designations, determinations, interpretations and other decisions under or with respect to the Plan or any right to purchase Shares granted under the Plan made by the Committee or its delegate, including, but not limited to decisions of the
Administrator in fulfilling its duties under the Plan, shall be final, conclusive, and binding upon all persons, including the Company, Designated Subsidiary, Designated Affiliate, Participant, Eligible Employee, or any beneficiary of such person,
as applicable. 
 (c) Indemnification. To the extent allowable pursuant to applicable law, each member of the Board, the
Committee, the Administrator or any employee of the Company, a Designated Subsidiary, or a Designated Affiliate (each such person, a “Covered Person”) shall be indemnified and held harmless by the Company from any loss, cost, liability, or
expense that may be imposed upon or reasonably incurred by such Covered Person in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any
action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding against him or her; provided, however, that he or she has acted
in accordance with his or her duties and responsibilities to the Company under applicable law, and provided that he or she gives the Company an opportunity, at its own expense, to handle and defend any claim, action, suit, or proceeding to which he
or she is a party before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such Covered Persons may be entitled
pursuant to the Company’s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

  
 -11-

 17. Death. Unless otherwise provided in an enrollment form or procedures established
by the Administrator from time to time, in the event of the Participant’s death, any accumulated payroll deductions and other contributions not used to purchase Shares shall be paid to and any Shares credited to his or her brokerage or Plan
share account shall be transferred to Participant’s heirs or estate as soon as reasonably practicable following the Participant’s death. 
 18. Transferability. Payroll deductions, contributions credited to a Participant’s account and any rights with regard to the purchase of Shares pursuant to a purchase right or to receive
Shares under the Plan may not be assigned, alienated, pledged, attached, sold or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 17) by the Participant. Any such attempt at
assignment, transfer, pledge or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw funds from an Offering Period in accordance with Section 10. 

19. Use of Funds. All payroll deductions or contributions received or held by the Company under the Plan may be used by the
Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll deductions or contributions except as may be required by applicable local law, as determined by the Administrator, and if so required by the laws of
a particular jurisdiction, shall apply to all Participants in the relevant Offering except to the extent otherwise permitted by U.S. Treasury Regulation Section 1.423-2(f). Until Shares are issued, Participants shall only have the
rights of an unsecured creditor, although Participants in specified Offerings may have additional rights where required under local law, as determined by the Administrator. 
 20. Amendment and Termination. 
 (a) Subject to any applicable law or
government regulation and to the rules of the NYSE or any successor exchange or quotation system on which the Shares may be listed or quoted, the Plan may be amended, modified, suspended or terminated by the Board without the approval of the
shareholders of the Company. This termination authority may not be delegated. Except as provided in Section 15, no amendment may make any change in any purchase right previously granted which adversely affects the rights of any Participant or
any beneficiary (as applicable) without the consent of the affected Participant or beneficiary. To the extent necessary to comply with Section 423 of the Code (or any successor rule or provision or any other applicable law, regulation or stock
exchange rule), the Company shall obtain shareholder approval of any amendment in such a manner and to such a degree as required. 
 (b) Without shareholder approval and without regard to whether any Participant rights may be considered to have been “adversely affected,” the Committee or its delegate, including the
Administrator, in each case to the extent permitted under the terms of the Plan, applicable law, the By-laws of the Company and under the Committee charter, may change the Offering Periods, limit the frequency or number of changes in the amount
withheld during an Offering Period, establish the exchange rate applicable to amounts withheld in a currency other than U.S. dollars, 

  
 -12-

 
permit payroll withholding in excess of the amount designated by a Participant to adjust for delays or mistakes in the Company’s processing of properly completed Participant Elections,
establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Shares for each Participant properly correspond with amounts withheld from the Participant’s
Compensation, and establish such other limitations or procedures as the Committee deems appropriate. 
 21. Notices. All
notices or other communications by a Participant to the Company under or in connection with the Plan shall be deemed to have been duly given when received in the form and manner specified by the Administrator at the location, or by the person,
designated by the Administrator for the receipt thereof. 
 22. Conditions Upon Issuance of Shares. 

(a) Shares shall not be issued with respect to a purchase right unless the purchase of Shares pursuant to such purchase right and the
issuance and delivery of such Shares comply with all applicable law. This may include, without limitation U.S. and non-U.S. and state and local rules and regulations promulgated under U.S. securities laws, and the requirements of any stock exchange
upon which the Shares may then be listed. Share issuance is subject to the approval of counsel for the Company with respect to such compliance. In the event that any payroll deductions or contributions cannot be used to purchase shares due to
noncompliance with applicable rules and regulations, such payroll deductions or contributions shall be promptly refunded to the relevant Participant or beneficiary, as applicable. 

(b) As a condition to the purchase of Shares pursuant to a purchase right, the Company may require the person on whose behalf Shares are
purchased to represent and warrant at the time of any such purchase that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a
representation is required by any of the applicable provisions of law described in subsection (a) above. 
 23. Share
Issuance. All Shares delivered under the Plan pursuant to the exercise of a purchase right to purchase Shares shall be subject to such stop-transfer orders and other restrictions as the Company may deem advisable under the Plan or the rules,
regulations, and other requirements of the U.S. Securities and Exchange Commission, the NYSE or any other stock exchange or quotation system upon which such Shares or other securities are then listed or reported and any applicable Federal or state
laws, and the Company may take whatever steps are necessary to effect such restrictions. 
 24. Term of Plan. The Plan
shall terminate on the earlier of (i) the date the Plan is terminated by the Board in accordance with Section 20 and (ii) the date on which all purchase rights are exercised in connection with a dissolution or liquidation pursuant to
Section 15(b) or Change in Control pursuant to Section 15(c). No further purchase rights shall be granted or Shares purchased, and no further payroll deductions or contributions shall be collected under the Plan following such termination.

  
 -13-

 25. Shareholder Approval. The Plan will become effective upon approval by the Board.
The Plan will not be presented for approval by the Company shareholders until the annual shareholder meeting to be held in April 2012. If the Company shareholders do not approve the Plan, any amounts deducted from Participants will be refunded to
the Participants and the Plan will terminate. 
 26. Code Section 409A; Tax Qualification. 

(a) Purchase rights granted under the 423 Component are exempt from the application of Section 409A of the Code. Purchase rights
granted under the Non-423 Component to U.S. taxpayers are intended to be exempt from the application of Section 409A under the short-term deferral exception and any ambiguities shall be construed and interpreted in accordance with such intent.
Subject to Section 26(b), purchase rights granted to U.S. taxpayers under the Non-423 Component are subject to such terms and conditions that will permit such purchase rights to satisfy the requirements of the short-term deferral exception
available under Section 409A of the Code, including the requirement that the Shares subject to a purchase right be delivered within the short-term deferral period. Subject to Section 26(b), in the case of a Participant who would otherwise
be subject to Section 409A of the Code, to the extent the Company determines that a purchase right or the exercise, payment, settlement or deferral is subject to Section 409A of the Code, the purchase right shall be granted, exercised,
paid, settled or deferred in a manner that will comply with Section 409A of the Code, including Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other
guidance that may be issued after the Effective Date. Anything in the foregoing to the contrary notwithstanding, the Company shall have no liability to a Participant or any other party if the purchase right that is intended to be exempt from, or
compliant with Section 409A of the Code is not so exempt or compliant or for any action taken by the Company with respect thereto. 
 (b) Although the Company may endeavor to (i) qualify a purchase right for favorable tax treatment under the laws of the U.S. or jurisdictions outside of the U.S. or (ii) avoid adverse tax
treatment (e.g., under Section 409A of the Code), the Company makes no representation to that effect and expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment, notwithstanding anything to the contrary
in this Plan, including Section 26(a). The Company is not constrained in its corporate activities by any potential negative tax impact on Participants under the Plan. 
 27. Severability. If any particular provision of this Plan is found to be invalid or otherwise unenforceable, such determination shall not affect the other provisions of the Plan, but the Plan
shall be construed in all respects as if such invalid provision were omitted. 
 28. Governing Law and Jurisdiction.
Except to the extent that provisions of this Plan are governed by applicable provisions of the Code or any other substantive provision of federal law, this Plan shall be construed in accordance with the laws of the Delaware, without giving effect to
the conflict of laws principles thereof. The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to) this Plan shall be exclusively in the courts in the State of Illinois, County of Cook,
including the Federal Courts located therein (should Federal jurisdiction exist). 
 29. Headings. Headings are given to
the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan. 

  
 -14-Master Publishing Agreement

 Exhibit 10.1 
 Master Publishing Agreement 
 AGREEMENT made this 18th day of July, 2011, between The Princeton Review, Inc. 111 Speen
Street, Suite 550, Framingham, MA 01701 (the “Proprietor” or “TPR”), and Random House, Inc. with offices at 1745 Broadway, New York, New York 10019 (“Random House” or “Publisher”) (“Agreement”);

 WHEREAS, the Proprietor owns or controls all rights to The Princeton Review trademark (the “TPR Trademark”), including but not
limited to the right to publish and license print and electronic books under the TPR Trademark; 
 WHEREAS, the Proprietor as the successor in
interest to Princeton Review Publishing L.L.C owns or controls all rights, including all copyrights, to the Princeton Review series of books currently published by or in production with Publisher and listed on Exhibit A hereto, including the Annuity
Titles listed on Exhibit B (Annuity Titles defined below); 
 WHEREAS, prior to the effective date of this Agreement, Publisher, under license
from Proprietor, has been publishing the Works under a variety of agreements between Proprietor and Publisher, including but not limited to the Basic Agreement dated November 7, 2002 (the “Basic Agreement”), the various License
Agreements, (as defined in the Basic Agreement) the Copyediting Agreement dated June 12, 1995 and the Marketing Agreement dated June 7, 1991, as amended June 30, 1995 (all such agreements collectively the “Prior
Agreements”); 
 WHEREAS, Publisher desires to continue its publishing relationship with Proprietor and desires to obtain a new exclusive
license to publish, print and distribute the Works, and to be the exclusive publisher for all hardcover and paperbound book form and Electronic Books and Enhanced Electronic Books under the TPR Trademark; and 

WHEREAS, Proprietor is willing to grant such a license to Publisher upon the terms and conditions set forth in this Agreement; 

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 1. Definitions:

 “Work” means the books listed on Exhibits A and B (including Electronic Books and Enhanced Electronic Books); manuscripts
for books delivered by Proprietor to Publisher under the terms of this Agreement and Electronic Books and Enhanced Electronic Books published by Publisher under the terms of this Agreement. 
 “Electronic Book” means the text of a Work, in whole or in part, by any means of digital distribution or transmission, whether now known or hereafter known or developed, intended to make
the text and any illustrations or photographs contained in the Work available in visual form for reading without enhancement or inclusion of any other material. 
 “Enhanced Electronic Book” means the text of a Work in (i) complete, condensed, adapted, or abridged versions (in all cases using at least 50% of the text of the printed Work),
whether sequentially or non-sequentially, distributed as a digital or electronic product for reading, which condensed, adapted or abridged versions shall be subject to Proprietor’s prior written approval, not to be unreasonably withheld or
delayed, (ii) together with added sounds, images, interactivity or graphics which supplement the text of the Work, which shall be subject to the Proprietor’s prior written approval, which may be withheld in the Proprietor’s sole and
absolute discretion. Enhanced Electronic Books including less than 50% of the text of the Work shall be subject to the Proprietor’s prior written approval, which may be withheld in the Proprietor’s sole and absolute discretion. 

“Electronic Version” means a digital or electronic product or service that is related to the Work and its title, together with added
sounds, images, interactivity or graphics, which primarily focuses on TPR’s brand and TPR’s instructional offerings relating to the Work and its title, and which may include up to twenty percent (20%) of the text of that Work only and
shall not be deemed a competitive work hereunder and shall not be subject to the option provision in Section 22 below. For the avoidance of doubt, a digital or electronic product or service that is related to the Work and its title, together
with added sounds, images, interactivity or graphics, which 

  
 1 

 
primarily focuses on TPR’s brand and TPR’s instructional offerings relating to the Work and its title that includes more than 20% of the text of the Work shall not be considered an
Electronic Version and, if it does not fall under the definition of Enhanced Electronic Book or Electronic Book, shall be defined as an “Other Electronic Product.” Other Electronic Products shall only be published subject to the mutual
agreement of Proprietor and Publisher under terms to be mutually agreed upon. Electronic Version rights are reserved to the Proprietor. For the avoidance of doubt, Proprietor also reserves the right to create a digital or electronic product or
service comprised entirely of content not licensed to Random House and that does not bear a title substantially similar to a title of any of the Works. 
 “New Titles” shall mean new TPR branded content in book form, including hardcover, paperback, Electronic Book and Enhanced Electronic Book initially published during the Term. Such New
Titles shall be added to Exhibit A as New Titles. 
 “Annuity Titles” shall mean the Works currently published and
updated and revised on an annual or biannual basis as well as evergreen titles that continue to be published year after year essentially unchanged as listed in Exhibit B to the Agreement and any titles that may be added to such Exhibit during
the Term of the Agreement. 
 “Calendar Year” means each twelve (12) month period during the Term
after January 1, 2012 commencing each
January 1st and ending each December 31st of such twelve (12) month period. 

“Random House Net Sales” means the U.S. dollar value of print copies of the Works (i.e. the actual gross invoice price billed or
billable by Publisher for copies of the print Work(s) sold hereunder) less only: (i) any actual freight pass through increment included in the gross invoice price; (ii) actual taxes and/or insurance fees charged to the customer by
Publisher included in the gross invoice price; (iii) actual documented quantity discounts; (iv) actual returns and a reasonable reserve for returns provided that any such reserve shall be in accordance with Generally Accepted Accounting
Principles and, in any event, shall be adjusted at least annually based upon the actual sales and returns history of the Work and such other factors as Random House in its good faith judgment deems appropriate. 

“Random House Net Receipts” means amounts received by Random House or any of its affiliates from the sale of Electronic Books or
Enhanced Electronic Books after discounts, allowances, third party distribution fees and/or commissions, and excluding sales, excise or similar taxes, if any, calculated in accordance with Generally Accepted Accounting Principles. 

“Territory” means the world. 

“TPR Net Sales” means the U.S. dollar value of sales less actual refunds and rebates, all in accordance with Generally Accepted
Accounting Principles. 
 “TPR Approval” means the written approval by TPR not to be unreasonably withheld, which TPR shall use
reasonable commercial efforts to provide within five (5) business days from receipt of such request and if TPR has not responded within fifteen (15) business days from receipt of such request, RH shall provide additional notice and if TPR
does not respond within ten (10) business days of receipt of such additional notice then TPR’s approval shall be deemed to be given. 

“Event of Non-Performance” means either (a) TPR’s material failure to propose to Random House the minimum number of New Titles
needed to meet the Minimum Number of Titles required by Paragraph 5 of this Agreement or accept Random House’s proposal for such minimum number of New Titles in any Calendar Year by January 1 of such Calendar Year, or (b) TPR’s
material failure in any Calendar Year to deliver manuscripts for the Minimum Number of Titles, provided that for (a) and (b) Publisher shall provide Proprietor with notice and a reasonable opportunity to cure of not more than sixty
(60) days. 
 “Brand Discontinuance” means TPR’s discontinuance of the use of THE PRINCETON REVIEW trademark in
connection with its higher education readiness business. 

  
 2 

 2. Term. The term of this Agreement shall commence on July 1, 2011 (the
“Effective Date”) and, unless earlier terminated pursuant to its provisions, shall continue through December 31, 2018 (the “Term”). 
 3. New Agreement. This Agreement supersedes all Prior Agreements between the parties and all works shall hereinafter be governed solely by this Agreement subject only to certain provisions
of the Basic Agreement and the License Agreements applying during the Calendar Year 2011, namely the applicable royalty rates and the production specifications for the Works in production in 2011. However, for the avoidance of doubt, any and all
advances paid to TPR under the Basic Agreement and the License Agreements prior to the Effective Date shall not be recoupable from Royalties accruing under this Agreement after the Effective Date and no further advances that would have been due
after the Effective Date under the Prior Agreements shall be payable under the Prior Agreements. 
 4. Grant of
Rights. During the term, Random House will be the exclusive publisher for all hardcover and paperbound book form and Electronic Books and Enhanced Electronic Books, in all languages in the Territory, and Proprietor hereby grants to Publisher
during the Term of this Agreement in all languages in the Territory: 
 (a) the exclusive right to print,
publish, distribute and sell the Works, including the New Titles and Annuity Titles, in hardcover and paperbound book form and as Electronic Books and Enhanced Electronic Books. 

(b) the exclusive right to print, publish, distribute and sell titles in hardcover and paperbound book form and as
Electronic Books and Enhanced Electronic Books under the TPR trademark and/or using the TPR Trademark as part of the title. 
 (c) the exclusive right to revise or update the Annuity Titles and print, publish, distribute and sell such revised or updated Annuity Titles in hardcover and paperbound book form and as Electronic Books
and Enhanced Electronic Books provided that such revisions or updates shall be consistent with the format and premium brand image of the Annuity Titles in Publisher’s reasonable business judgment. Random House shall consult with Proprietor on
any revisions, updates or other modifications it intends to make to such Annuity Titles. 
 (d) the exclusive
right to develop, write, print, publish, distribute and sell the annual number of New Titles in the Event of Non-Performance with respect to Proprietor’s obligations to deliver such titles under the Agreement. 

(e) The exclusive right, license and privilege to exercise the subsidiary rights in the Works set forth in Paragraph 16.

 Upon expiration or termination of this Agreement, all rights in the Works shall revert to TPR, subject to any sell-off period. The parties
hereby acknowledge and agree that TPR has the right to create digital or electronic products and services comprised of content not licensed to Random House provided such products and services do not bear titles substantially similar to the titles
used for the Works. 
 5. Minimum Number of Titles. (a) RH shall have the right to publish the combined
annual minimum number of New Titles and Annuity Titles as set forth below (the “Minimum Number of Titles”). The Minimum Number of Titles shall only be modified by mutual written agreement. RH shall have the right to have a minimum
percentage of the Minimum Number of Titles per year be comprised of Enhanced Electronic Books with interactive elements as indicated below: 

Minimum Number of Titles for the calendar year: 

2012: [CONFIDENTIAL TREATMENT REQUESTED] (at least 10% of which shall be Enhanced Electronic Books with interactive elements) 

2013: [CONFIDENTIAL TREATMENT REQUESTED] (at least 12% of which shall be Enhanced Electronic Books with interactive elements) 

2014: [CONFIDENTIAL TREATMENT REQUESTED] (at least 14% of which shall be Enhanced Electronic Books with interactive elements) 

  
 3 

 2015: [CONFIDENTIAL TREATMENT REQUESTED] (at least 16% of which shall be Enhanced Electronic Books with
interactive elements) 
 2016: [CONFIDENTIAL TREATMENT REQUESTED] (at least 18% of which shall be Enhanced Electronic Books with interactive
elements) 
 2017: [CONFIDENTIAL TREATMENT REQUESTED] (at least 20% of which shall be Enhanced Electronic Books with interactive elements)

 2018: [CONFIDENTIAL TREATMENT REQUESTED] (at least 22% of which shall be Enhanced Electronic Books with interactive elements) 

The deliverables for each New Title or revised or updated Annuity Title published by RH under this Agreement shall be agreed upon via sequentially
numbered, dated and signed Schedule As to Exhibit A in substantially the format attached as Schedule 1 to this Agreement. 
 (b) TPR and Random House shall both propose New Titles for publication, and they shall use commercially reasonable efforts to agree on the Minimum Number of Titles for a Calendar Year by October 31
of the preceding Calendar Year. It is understood and agreed that the acceptance of proposals for New Titles shall be in the reasonable discretion of the respective party, taking into account the general subject matter of the Works and the publishing
plans discussed with the Guidance Board (defined below). TPR shall have an obligation to propose sufficient New Titles acceptable to Random House and/or accept sufficient proposals made by Random House to fulfill the Minimum Number of Titles. The
final Minimum Number of Titles for a Calendar Year shall be determined no later than January 1 of that Calendar Year. For each New Title accepted for publication, TPR shall deliver manuscripts for such accepted New Titles as required by this
Agreement. For avoidance of doubt, TPR shall only be obligated to deliver a manuscript containing elements necessary to create a printed book or Electronic Book as set forth in Paragraph 8. 

(c) In the event that TPR (a) does not present proposals for New Titles to Random House or accepts proposals made by
Random House, or (b) does not deliver the manuscripts for New Titles as set forth in this Agreement, Random House shall have the right to create its own New Titles under this Agreement subject to the terms of this Agreement including all
royalty obligations. All such New Titles created by Random House shall be subject to TPR Approval. 
 6. Advances and
Prepaid Royalties. 
 Random House shall pay to the Proprietor the following Advance against and on account of all monies accruing to
Proprietor hereunder: 
 (a) 2011. Random House shall pay to the Proprietor a guaranteed non-refundable
advance of [CONFIDENTIAL TREATMENT REQUESTED] for royalties earned under the Prior Agreements since April 1, 2011 but not paid to date under the Prior Agreements and against and on account of future royalties accruing under this Agreement
through December 31, 2011. This payment shall be due within three business days of signing of the Agreement. If at the end of the 2011 Calendar Year royalties due TPR for the April 1-December 31, 2011 period exceed [CONFIDENTIAL
TREATMENT REQUESTED], then Random House shall pay TPR the royalty amount due in excess of [CONFIDENTIAL TREATMENT REQUESTED] within 45 days of the end of the Calendar Year. If at the end of the 2011 Calendar Years royalties due TPR for the
April 1-December 31, 2001 period amount to less than [CONFIDENTIAL TREATMENT REQUESTED] TPR shall not be required to repay any amounts and shall keep the total [CONFIDENTIAL TREATMENT REQUESTED] advance. 

(b) 2012-2018. 
 (i) Random House shall pay to the Proprietor an additional [CONFIDENTIAL TREATMENT REQUESTED]within three business days of signing of the Agreement as an advance against and on account of future royalties
accruing under this Agreement starting January 1, 2012. 

  
 4 

 (ii) Random House shall pay to the Proprietor an additional [CONFIDENTIAL
TREATMENT REQUESTED] prior to December 31, 2011 as an additional advance against and on account of future royalties accruing starting January 1, 2012. 
 (iii) Random House shall pay to the Proprietor an additional [CONFIDENTIAL TREATMENT REQUESTED] prior to June 30, 2012 as an additional advance against and on account future royalties. 

“Prepaid Royalty” means the payments under Paragraphs 6.b.(i), (ii) and (iii) immediately
above. 
 (iv) [CONFIDENTIAL TREATMENT REQUESTED] of the Prepaid Royalty under Paragraphs (i) and
(ii) immediately above ([CONFIDENTIAL TREATMENT REQUESTED] from Paragraph (i) and [CONFIDENTIAL TREATMENT REQUESTED] from Paragraph (ii)) shall be deemed non-refundable and no further services shall be required to be provided by Proprietor
for the amount to be earned, subject to Paragraph 6.d below. 
 (c) The Prepaid Royalty in the amount of
[CONFIDENTIAL TREATMENT REQUESTED] under Paragraph 6(b)(i)-(iii) shall be credited against the Minimum Annual Guaranteed Royalties owed under Paragraph 7 in equal annual amounts over the Term of the Agreement starting in January 1, 2012
(i.e. [CONFIDENTIAL TREATMENT REQUESTED] per Calendar Year). The annual credit shall be applied equally to the four payments of Minimum Annual Guaranteed Royalties due on March 31, June 30, September 30, and December 31
of each Calendar Year starting January 1, 2012 (i.e. [CONFIDENTIAL TREATMENT REQUESTED] per calendar quarter). 
 (d) However, Random House shall be entitled to immediately recoup (the “Right of Recoupment”) the Prepaid Royalty from 100% of all accrued royalties and from 100% of the Minimum Annual
Guaranteed Royalties if such Minimum Annual Royalties is still applicable until such time as 100% of the Prepaid Royalty has been recouped if: (i) an Event of Non-Performance occurs or (ii) in the event of a termination due to Brand
Discontinuance. TPR acknowledges that Random House’s Right of Recoupment in the foregoing sentence is a right of recoupment and shall not be construed as a right of setoff. 

7. Minimum Annual Guaranteed Royalties 
 Minimum Annual Guaranteed Royalties means the following sum(s), which Publisher agrees and guarantees to pay Proprietor as minimum Royalties on sales of the Works during the Term: 

Not less than Thirty-Three Million United States Dollars (U.S. $33,000,000.00): 

(a) [CONFIDENTIAL TREATMENT REQUESTED] for the period commencing January 1, 2012, and ending December 31, 2012;

 (b) [CONFIDENTIAL TREATMENT REQUESTED] for the period commencing January 1, 2013, and ending
December 31, 2013; 
 (c) [CONFIDENTIAL TREATMENT REQUESTED] for the period commencing January 1, 2014,
and ending December 31, 2014; 
 (d) [CONFIDENTIAL TREATMENT REQUESTED] for the period commencing
January 1, 2015, and ending December 31, 2015; 
 (e) [CONFIDENTIAL TREATMENT REQUESTED] for the period
commencing January 1, 2016, and ending December 31, 2016; 

  
 5 

 (f) [CONFIDENTIAL TREATMENT REQUESTED] for the period commencing
January 1, 2017, and ending December 31, 2017; 
 (g) [CONFIDENTIAL TREATMENT REQUESTED] for the period
commencing January 1, 2018, and ending December 31, 2018. 
 The Minimum Annual Guaranteed Royalty for a Calendar Year shall be
payable in four equal installments of twenty-five percent (25%) each on March 31, June 30, September 30 and December 31 of each Calendar Year (each such period a “Calendar Quarter” and each such payment a
“Quarterly Guarantee Payment’), subject to the following: if the actual royalties earned in a Calendar Quarter exceed the Quarterly Guarantee Payment, Random House shall pay TPR the portion of the actual royalty due that is in excess of
the Quarterly Guarantee Payment within 45 days after the end of such Calendar quarter (the “Additional Royalties Payment”). In the event that the actual royalties earned in a subsequent Calendar Quarter in the same Calendar Year are less
than the Quarterly Guarantee Payment for such Calendar Quarter, the Additional Royalties Payment shall be deducted either from such Quarterly Guarantee Payment, or, if the Additional Royalties Payment exceeds the shortfall, from subsequent Quarterly
Guarantee Payments. In the event that an Additional Royalties Payment has been made in a Calendar Year and such Additional Royalties Payment has not been deducted from subsequent Quarterly Guarantee Payments at the time the fourth Quarterly
Guarantee Payment is due, Random House shall be permitted to deduct the Additional Royalties Payment from the fourth Quarterly Guarantee Payment. Random House will provide an estimate of the total royalties actually earned in such Calendar Year
within 10 business days after the end of the Calendar Year and make an estimated payment of the amount of royalties earned in excess of the Minimum Guaranteed Annual Royalties for such Calendar Year within 15 Business days after the end of the
Calendar Year. The adjustment of the actual amount of royalties earned in excess of the Minimum Guaranteed Annual Royalties compared to the estimate shall be made on the Statement of Account provided 45 days following the end of the Calendar Year
and any under- or overpayment of Additional Royalties Payments shall be made on the next Quarterly Guarantee Payment. For the avoidance of doubt, TPR shall only be entitled to retain and/or receive Additional Royalties Payments if the total
royalties actually earned in a Calendar Year exceed the Minimum Annual Guaranteed Royalty for such Calendar Year . If in any Calendar Year actual royalties as calculated using the Royalty Rates set forth in Paragraph 15 of this Agreement are less
than the Minimum Annual Guaranteed Royalty for that Calendar Year, TPR shall keep the total Minimum Annual Guaranteed Royalty for that Calendar Year. 
 TPR acknowledges that the TPR Trademark is an integral part of the title of the Works and that the Minimum Annual Guaranteed Royalties set forth above are paid in consideration for the use of the TPR
Trademark as part of the title of the Works. Therefore, the parties agree that the total Minimum Annual Guaranteed Royalties set forth above for each Calendar Year shall be based upon and contingent on the Proprietor giving Publisher the ability to
publish at least ninety percent (90%) of the Minimum Number of Titles under the TPR Trademark in the respective Calendar Year. In the event that the Publisher is prevented from publishing at least ninety percent (90%) of the Minimum Number
of Titles under the TPR Trademark in the respective Calendar Year, the Minimum Annual Guaranteed Royalties shall be reduced by ninety percent (90%). 
 8. Delivery and Acceptance of Manuscript. (a) TPR will deliver one (1) original of each complete Work in print form and one copy fully designed on computer disk no later than the
delivery deadline set forth in the respective Schedule A in conformity with the following: 
 (1) The complete
work as a print-ready PDF (including but not limited to: text, illustrations, graphics, photos, art, charts, graphs, necessary permissions, and sample tests with answer sheets) on mutually agreed upon electronic media, with corresponding laser
proofs; and with 
 (i) all content designed to correct trim size and printer specifications; 

(ii) fully-created front matter and pagination sequencing, including copyright

  
 6 

 
information and ISBN and official CIP or ISSN (if supplied by RH prior to the Delivery Date); 
 (iii) all interior title and author information corresponding to the approved cover. 
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or satellite-based data transmission. 

  
 8 

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For print Works at [CONFIDENTIAL TREATMENT REQUESTED]of the cover price and for Electronic Books and Enhanced Electronic Books at [CONFIDENTIAL TREATMENT
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(b) Trade Paperback. (i) On copies of a trade paperback edition sold in the U.S., except as described below:
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(g) High Discount Sales. On all copies of any paperback edition sold at a discount of [CONFIDENTIAL TREATMENT
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(h) Premiums. On all copies of any edition sold at a discount of [CONFIDENTIAL TREATMENT REQUESTED]or more
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 10 

 (i) Intentionally Blank. 

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*subject to the Proprietor’s approval, such approval not to be unreasonably withheld or delayed	  	[CONFIDENTIAL
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	Translation (which may include the right of the licensee to sublicense any of the rights granted elsewhere in this Agreement, including first serial if available)	  	[CONFIDENTIAL
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 If Random House exercises any of the rights specified above itself in lieu of sublicensing them, the royalty rates,
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Agreement at Proprietor’s own expense, and provided that the examination is 

  
 12 

 
conducted during usual business hours and in accordance with customary accounting procedures, and occurs no more than once a year. If any deficiencies, inconsistencies or mistakes are discovered
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House wishes to settle, the Proprietor shall 

  
 13 

 
post a bond (in an amount, form, and content satisfactory to Random House, taking into account the size of the Claim and the anticipated defense costs) securing Random House, its licensees and
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institutions and other promotional partners 

  
 14 

 
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however, shall not be deemed a breach of this Agreement. 
 24. Out-of-Print. If, after the expiration of one
(1) year from the date of Random House’s first publication of the Work, the Work is out-of-print, the Proprietor may make written demand to Random House to reissue or license rights in the Work. Random House shall notify the Proprietor in
writing within sixty (60) days after its receipt of a demand whether it intends to comply. If Random House does not respond or if, within six (6) months of its notice that it intends to comply, Random House has not complied by reissuing
the Work or entering into a sublicense for a new edition with a sublicensee who shall then reissue the Work, then the rights with regard to such title shall terminate and all rights to that title granted to Random House shall revert to the
Proprietor. Such reverted titles may be published by TPR itself, subject to Random House’s reasonable and prior written approval, which shall be based on whether the publication of such reverted title will impair the value of any of the rights
granted to Random House under the Agreement. 
 Upon termination, the Proprietor shall have the right for thirty (30) days to purchase the
plates or film, if any, at one-fourth (1/4th) of the cost (including typesetting). For the purposes of this paragraph, the Work shall be considered in print if it is available for sale in the United States in a full length English language
edition or if a contract for its publication by a sublicensee of Random House for publication within eighteen (18) months is outstanding. 

This Paragraph 24 shall not apply to Annuity Titles. 
 25. Termination by Random House 
 (a) Defaults:
Random House shall have the right to terminate this Agreement without prejudice to any other rights which it may have in the premises, whether pursuant to the provisions of this Agreement, or otherwise in law or in equity, upon the occurrence of any
one or more of the following events (herein called “Defaults”) and the expiration of any applicable cure period set forth in subparagraph 25(b) below without cure: 

(i) in the event of a Brand Discontinuance; or 

(ii) in an Event of Non-Performance; or 

(iii) If Proprietor s is unable to pay its debts when due, or shall make any assignment for the benefit of creditors, or
shall file any petition under the bankruptcy or 

  
 15 

 
insolvency laws of any jurisdiction, country or place, or shall have or suffer a receiver or trustee to be appointed for its business or property, or be adjudicated a bankrupt or an insolvent; or

 (iv) If Publisher is unable to continue to use the TPR Trademark as part of the title of ninety percent
(90%) of the Minimum Number of Titles in a Calendar Year during the Term; or 
 (v) If Proprietor materially
breaches the Warranties and Representations set forth in Paragraph 19 or otherwise materially defaults in the performance of any of its obligations provided for in this Agreement; or 

(b) If any of these Defaults occur and Publisher desires to terminate this Agreement as a result thereof, Publisher shall
give notice of termination in writing to TPR by certified mail, return receipt requested or by a reputable receipted delivery service (such as FedEx). Such notice shall be addressed to TPR as set forth in Paragraph 35 below. TPR shall have thirty
(30) days from the date of giving notice in which to correct any of these defaults (except subdivisions [i] or [iv] above, which are not curable) and, failing such, this Agreement shall thereupon immediately terminate upon the expiration of
such thirty (30) day period. In such event, Publisher shall not have to pay any additional Minimum Annual Guaranteed Royalties but shall be permitted to sell off all inventory in existence or in production for a period of twenty four
(24) months subject to the payment of Royalties once any and all Prepaid Royalties have been recouped in full. 
 (c) TPR will give RH at least three (3) months prior written notice before the end of the Term of its intention not to renew. Renewal, if any, will be subject to a new definitive agreement to be
entered into by the parties. 
 (d) Publisher may continue to distribute and sell its remaining inventory of each
Work on a non-exclusive basis for a period not to exceed six (6) months following the expiration of the Term, subject to payment of applicable royalties in relation thereto and otherwise in accordance with all of the terms and conditions of
this Agreement, provided that Publisher is not in breach of any provision of the Agreement. 
 26. Termination by
Proprietor  
 (a) Defaults: TPR shall have the right to terminate this Agreement without prejudice to
any other rights which it may have in the premises, whether pursuant to the provisions of this Agreement, or otherwise in law or in equity, upon the occurrence of any one or more of the following events (herein called “Defaults”) and the
expiration of any applicable cure period set forth in Subparagraph 26(b) below without cure: 
 (i) If the
Publisher fails to make any Advance or Minimum Annual Guaranteed Royalties payment due herunder on the date due; 

(ii) If Proprietor shall be unable to pay its debts when due, or shall make any assignment for the benefit of creditors,
or shall file any petition under the bankruptcy or insolvency laws of any jurisdiction, country or place, or shall have or suffer a receiver or trustee to be appointed for its business or property, or be adjudicated a bankrupt or an insolvent; or

 (iii) If Publisher otherwise materially defaults in the performance of any of its obligations provided for in
this Agreement; or 
 (b) If any of these Defaults occur and TPR desires to terminate this Agreement as a result
thereof, TPR shall give notice of termination in writing to Publisher by certified mail, return receipt requested or by a reputable receipted delivery service (such as FedEx). Such notice shall be addressed to Publisher at the address set forth in
paragraph 35 below, Attn: Legal Department. Publisher shall have thirty (30) days from the date of giving notice in which to correct any of these defaults (except subdivisions [ii] above, which is not curable) and, failing such, this Agreement
shall thereupon immediately terminate upon the expiration of such thirty (30) day period. In such event, Publisher shall cease and desist from distributing the Works. 
 27. Governing Law. Regardless of the place of its actual execution and performance, this Agreement shall be treated as though executed within the State of New York,

  
 16 

 
and shall be governed by New York laws. Any action or proceeding regarding this Agreement or the Work shall be brought solely in the New York courts (state or federal) in New York County.

 28. Assignment. This Agreement is binding upon the successors and assigns of the Proprietor and upon the
successors and assigns of Random House, but no assignment shall be binding upon either of the parties without the written consent of the other, except that Random House shall have the right to authorize or sublicense publication or use
of the Work in the Territories to its parent or any subsidiary or affiliated company, or to any company which acquires all or substantially all of its business or the business of one of its divisions, and the Proprietor shall have the right to
assign this Agreement to its parent or any subsidiary or affiliated company, or to any company which acquires all or substantially all of its business or the business of one of its divisions. If there is more than one party constituting “the
Proprietor”, each party shall be jointly and severally liable for the Proprietor’s obligations under this Agreement. 

29. Reserved Rights. Subject to the exclusivity provision in Paragraph 22, all rights which exist or hereafter may come
into existence not expressly granted to Random House pursuant to this Agreement are reserved to the Proprietor, including but not limited to Electronic Versions. 
 30. Sum Due and Owing. Any undisputed sums due and owing from the Proprietor to Random House may be deducted from any sum due or to become due from Random House to the Proprietor pursuant to
this Agreement. 
 31. Guidance Board. The parties shall establish a guidance board composed of two Random House
representatives and two TPR representatives (the “Guidance Board”). The Guidance Board shall meet quarterly to review the performance and strategic direction of the publishing program pursuant to this Agreement. 

32. Commission to Random House. By the end of the first Calendar Year of the Agreement, TPR shall, at TPR’s cost and
expense, create a system which allows TPR to track all referrals that are made to TPR enrollment-based products and services through the Works or Publisher’s advertising and promotion of a Work (the “Random House Referral”).
The details of the Random House Referral will be jointly determined and shall be memorialized in a separate document. TPR will pay [CONFIDENTIAL TREATMENT REQUESTED]commission to Random House on TPR Net Sales of all student enrollments in TPR
products and services purchased through the Random House Referrals with a cap at [CONFIDENTIAL TREATMENT REQUESTED] per enrolled student, (the “RH Commission”). The RH Commission will not be earned on the first [CONFIDENTIAL TREATMENT
REQUESTED] student enrollments per each Calendar Year of the Term and will be paid within thirty (30) days following each of March 31, June 30, September 30, and December 31 of each Calendar Year. 

The Publisher shall have the right, upon reasonable written notice, to examine the books and records of TPR as available insofar as they relate to
Referral Service and/or the RH Commission at Publisher’s own expense, and provided that the examination is conducted during usual business hours and in accordance with customary accounting procedures, and occurs no more than once a year. If any
deficiencies, inconsistencies or mistakes are discovered and validated in any statement(s) or payment(s) due hereunder to Publisher, they shall immediately be rectified and the appropriate payments made by TPR. If a deficiency or mistake is
discovered of more than [CONFIDENTIAL TREATMENT REQUESTED] between the amount found to be due to Publisher and the amount actually received by or credited to Publisher, then TPR shall be responsible for payment of the deficiency and for the
reasonable costs and expenses of the audit and inspection by Publisher up to the amount of such discrepancy. 
 33.
Bankruptcy related provisions. 
 (a) The parties hereby agree and intend that this Agreement is an
executory contract governed by Section 365 of the Bankruptcy Code and that the rights granted hereunder by TPR to Publisher are a license to intellectual property governed by Section 365(n). 

  
 17 

 (b) The parties acknowledge that Publisher as Proprietor’s exclusive
licensee of the Works has made significant investments into its ability to exploit the copyrighted Works using the TPR Trademark as part of the title of the Works and that any decision of the trustee of a bankruptcy estate to reject this Agreement
could materially harm Publisher by interfering with Publisher’s ability to fully exploit the rights granted under this Agreement. The Parties therefore agree that if this Agreement is rejected in connection with a bankruptcy case, regardless of
whether Publisher exercises its rights under Section 365(n) of the Bankruptcy Code, and Publisher treats the Agreement as terminated, Publisher shall be entitled to sell-off all inventory as set forth in paragraph 25(b). 

34. Confidentiality. The Proprietor agrees to keep the terms and conditions of this Agreement confidential, and Proprietor
shall not disclose such terms and conditions to any third party without obtaining Publisher’s prior written consent; provided however, that this Agreement may be disclosed on a need-to-know basis to Proprietor’s attorneys and accountants
who agree to be bound by this confidentiality provision or as required by law, regulation or rule. 
 35. Notices.
All notices, requests, demands and communications, other than statements and payments of Royalties, required or permitted under this Agreement shall be in writing and shall be deemed delivered at the time of delivery if personally delivered or
transmitted via facsimile, the next business day following deposit with a reputable courier service for overnight delivery, or five business days following deposit in the U.S. mail, certified mail postage pre-paid, addressed as follows: 

 

					
	(a)	  	If to TPR:	  	With a copy to:
			
		  	 The Princeton Review, Inc.

ATTN: Chief Financial Officer
 111 Speen Street,
Suite 550
 Framingham, MA 01701
	  	 The Princeton Review, Inc.

ATTN: General Counsel
 111 Speen Street, Suite
550
 Framingham, MA 01701

			
	(b)	  	If to Publisher:	  	With a copy to:
			
		  	 Random House, Inc.
 ATTN: Tom
Russell
 1745 Broadway
 New York, NY
10019
 Facsimile: (212) 782-8879
	  	 Random House, Inc.

ATTN:
 General Counsel

1745 Broadway
 New York, NY 10019

Facsimile: (2120 7782-8879

 Either party may from time to time change its address by notice to the other specifying a new address. 

  
 18 

 36. Full Agreement. This Agreement contains Paragraphs 1-36, Exhibits A-B and
Schedules 1 - 3, and constitutes the full understanding of the parties, and supersedes all prior agreements, understandings and proposals, whether written or oral. No modification of this Agreement shall be
binding unless in writing and signed by all parties. 
  

									
	PRINCETON REVIEW, INC.	 		 	RANDOM HOUSE, INC.
					
	By:	 	/s/ Christian G. Kasper	 		 	By:	 	/s/ Anne Davis
		 		 		 		 	Anne Davis

 Payee’s Tax ID/Social 
 Security Number: 22-372603 

  
 19

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