Document:

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                                                                    EXHIBIT 10.5

                           THE PRINCETON REVIEW, INC.
                            2000 STOCK INCENTIVE PLAN

Section 1. Purpose.

     The purpose of the Plan is to enable the Company and any Related Company to
     attract and retain employees who contribute to the Company's success by
     their ability, ingenuity and industry, and to enable such employees to
     participate in the long-term success and growth of the Company by giving
     them an equity interest in the Company.

Section 2. Definitions.

     Most definitions used in this document may be found in The Princeton Review
     Glossary, attached. In addition, though, we will use the following terms:

2.1. "Plan" shall mean The Princeton Review, Inc. 2000 Stock Incentive Plan.

Section 3. Types of Awards.

     Awards under the Plan may be in the form of (a) Non-Qualified Stock
     Options, (b) Incentive Stock Options, (c) Restricted Stock and (d) Deferred
     Stock.

Section 4. Administration.

        4.1.    Composition of Committee. The Plan shall be administered by the
                Committee; provided, however, that to the extent determined
                necessary to satisfy the requirements for exemption from Section
                16(b) of the Exchange Act, with respect to the acquisition or
                disposition of securities hereunder, action by the Committee may
                be by a committee composed solely of two or more "non-employee
                directors," within the meaning of Rule 16b-3 as promulgated
                under Section 16(b) of the Exchange Act, appointed by the Board
                or by the Compensation Committee of the Board, and provided
                further, that to the
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                extent determined necessary to satisfy the requirements for the
                exception for "qualified performance-based compensation" under
                Section 162(m) of the Code, with respect to awards hereunder,
                action by the Committee may be by a committee comprised solely
                of two or more "outside directors," within the meaning of Code
                Section 162(m), appointed by the Board or by the Compensation
                Committee of the Board. Members of the Committee shall serve at
                the pleasure of the Board.

        4.2.    Power and Authority of Committee. The Committee shall have the
                authority to grant awards to eligible employees under the Plan;
                to adopt, alter and repeal such administrative rules, guidelines
                and practices governing the Plan as it shall deem advisable; to
                interpret the terms and provisions of the Plan and any award
                granted under the Plan; and to otherwise supervise the
                administration of the Plan. In particular, and without limiting
                its authority and powers, subject to the terms of the Plan, the
                Committee shall have the authority:

                4.2.1.  to determine whether and to what extent any award or
                        combination of awards will be granted hereunder;

                4.2.2.  to select the employees to whom awards will be granted;

                4.2.3.  to determine the number of shares of Stock to be covered
                        by each award granted hereunder;

                4.2.4.  to determine the terms and conditions of any award
                        granted hereunder, including, but not limited to, any
                        vesting or other restrictions based on performance and
                        such other factors as the Committee may determine, and
                        to determine whether the terms and conditions of the
                        award are satisfied;

                4.2.5.  to determine the treatment of awards upon an employee's
                        retirement, disability, death, termination for cause or
                        other termination of employment;

                4.2.6.  to determine that amounts equal to the amount of any
                        dividends declared with respect to the number of shares
                        covered by an award (including Stock Options) (i) will
                        be paid to the holder of the award currently, (ii) will
                        be deferred and deemed to be reinvested, (iii) will
                        otherwise be credited to the holder of the award, or
                        (iv) that the holder of the award has no rights with
                        respect to such dividends;

                        4.2.7.  to amend the terms of any award, prospectively
                                or retroactively;

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                        4.2.8.  to substitute new Stock Options for previously
                                granted Stock Options, or for options or other
                                awards granted under other plans; but

                        4.2.9.  to not impair the rights of the award holder
                                without his or her consent.

                4.3.    Determinations of Committee Final and Binding. All
                        determinations made by the Committee pursuant to the
                        provisions of the Plan shall be final and binding on all
                        persons, including the Company and Plan participants.

                4.4.    Delegation of Authority. The Committee may from time to
                        time delegate to one or more officers of the Company or
                        any Related Company any or all of its authorities
                        granted hereunder except with respect to awards granted
                        to persons subject to Section 16 of the Exchange Act.
                        The Committee shall specify the maximum number of shares
                        that the officer or officers to whom such authority is
                        delegated may issue pursuant to awards made hereunder.

                4.5.    Board Approval. Notwithstanding anything in the Plan to
                        the contrary, and to the extent determined to be
                        necessary to satisfy an exemption under Rule 16b-3 with
                        respect to the grant of an award hereunder (and, as
                        applicable, with respect to the disposition to the
                        Company of Stock hereunder), or as otherwise determined
                        advisable by the Committee, the terms of the grant of
                        awards (and, as applicable, any related disposition to
                        the Company) under the Plan shall be subject to the
                        prior approval of the Board. Any prior approval of the
                        Board, as provided in the preceding sentence, shall not
                        otherwise limit or restrict the authority of the
                        Committee to grant awards under the Plan, including, but
                        not limited to, the authority of the Committee to grant
                        awards qualifying for the exception for qualified
                        performance-based compensation under Section 162(m) of
                        the Code and the treasury regulations thereunder.

Section 5. Stock Subject to Plan; Individual Limit.

        5.1.    Eligibility. Officers and other employees of the Company and
                Related Companies are eligible to be granted awards under the
                Plan. A director of the Company or a Related Company who is not
                also an employee of the Company or a Related Company will also
                be eligible to be granted awards under the Plan. The
                participants under the Plan shall be selected from time to time
                by the Committee, in its sole discretion, from among those
                eligible.

        5.2.    Shares of Stock subject to Plan. The total number of shares of
                Stock reserved and
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                available for distribution under the Plan shall be 3,000,000.
                The shares of Stock hereunder may consist of authorized but
                unissued shares or treasury shares. Shares of Stock reserved and
                available for distribution under the Plan shall be subject to
                further adjustment as provided below.

        5.3.    Cancellation, Surrender or Termination of Awards. To the extent
                a Stock Option is surrendered, canceled or terminated without
                having been exercised, or an award is surrendered, canceled or
                terminated without the award holder having received payment of
                the award, or shares awarded are surrendered, canceled,
                repurchased at less than Fair Market Value or forfeited, the
                shares subject to such award shall again be available for
                distribution in connection with future awards under the Plan.
                Notwithstanding the foregoing, surrender, cancellation,
                termination or forfeiture of a Stock Option, to the extent
                provided under Code Section 162(m) and the treasury regulations
                thereunder, shall not be disregarded for purposes of applying
                the individual limit on available shares described in Section
                5.3. At no time will the overall number of shares issued under
                the Plan plus the number of shares covered by outstanding awards
                under the Plan exceed the aggregate number of shares authorized
                under the Plan.

        5.4.    Individual Limit. Notwithstanding anything to the contrary
                above, the maximum number of shares of Stock that may be subject
                to Stock Options granted to any one employee under the Plan
                shall not exceed 1,250,000.

        5.5.    Capital and Corporate Changes. Subject to the provisions of
                Section 11.1, in the event of any merger, reorganization,
                consolidation, sale of all or substantially all of the Company"s
                assets, recapitalization, stock dividend, stock split, spin-off,
                split-up, split-off, distribution of assets (including cash) or
                other change in corporate structure affecting the Stock, an
                equitable substitution or adjustment, as may be determined to be
                appropriate by the Committee in its sole discretion, shall be
                made to prevent dilution or enlargement of the rights of
                participants under the Plan with respect to the aggregate number
                of shares reserved for issuance under the Plan, the maximum
                number of shares of Stock available under the individual limit
                described in Section 5.3, the identity of the stock or other
                securities to be issued under the Plan, the number of shares
                subject to outstanding awards and the amounts to be paid by
                award holders, the Company or any Related Company, as the case
                may be, with respect to outstanding awards. Notwithstanding the
                foregoing, none of the changes in corporate structure affecting
                the Stock described above shall impair the rights of an
                then-existing award holder without his or her consent.

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Section 6. Stock Options.

        6.1.    Types of Stock Options. The Stock Options awarded under the Plan
                may be of two types: (a) Non-Qualified Stock Options and (b)
                Incentive Stock Options. To the extent that any Stock Option
                does not qualify as an Incentive Stock Option, it shall
                constitute a Non-Qualified Stock Option.

        6.2.    Terms of Stock Options Generally. Subject to the following
                provisions, Stock Options awarded under the Plan shall be in
                such form and shall have such terms and conditions as the
                Committee may determine:

                6.2.1.  Option Price. The option price per share of Stock
                        purchasable under a Stock Option shall be determined by
                        the Committee.

                6.2.2.  Option Term. The term of each Stock Option shall be
                        determined by the Committee, but in no case shall the
                        term of a Stock Option exceed ten years and a day.

                6.2.3.  Exercisability. Stock Options shall be exercisable at
                        such time or times and subject to such terms and
                        conditions as shall be determined by the Committee. If
                        the Committee provides that any Stock Option is
                        exercisable only in installments, the Committee may
                        waive such installment exercise provisions at any time
                        in whole or in part.

                6.2.4.  Method of Exercise. Stock Options may be exercised in
                        whole or in part at any time during the option period by
                        giving written notice of exercise to the Company
                        specifying the number of shares to be purchased,
                        accompanied by payment of the purchase price. Payment of
                        the purchase price shall be made in such manner as the
                        Committee may provide in the award, which may include
                        cash (including cash equivalents), delivery of
                        unrestricted shares of Stock owned by the optionee for
                        at least six months or subject to awards hereunder, any
                        other manner permitted by law as determined by the
                        Committee, or any combination of the foregoing. The
                        Committee may provide that all or part of the shares
                        received upon the exercise of a Stock Option which are
                        paid for using Restricted Stock or Deferred Stock shall
                        be restricted or deferred in accordance with the
                        original terms of the Restricted Stock or Deferred Stock
                        so used.

                6.2.5.  No Stockholder Rights. An optionee shall have neither
                        rights to dividends (other
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                        than amounts credited in accordance with Section 4.2.6
                        nor other rights of a stockholder with respect to shares
                        subject to a Stock Option until the optionee has given
                        written notice of exercise and has paid for such shares.

                6.2.6.  Surrender Rights. The Committee may provide that options
                        may be surrendered for cash upon any terms and
                        conditions set by the Committee.

                6.2.7.  Non-transferability. No Stock Option shall be
                        transferable other than by will or by the laws of
                        descent and distribution or pursuant to a qualified
                        domestic relations order as defined by the Internal
                        Revenue Code or the Employee Retirement Income Security
                        Act. During the optionee's lifetime, all Stock Options
                        shall be exercisable only by the optionee.
                        Notwithstanding the above, the Committee may, in its
                        discretion and subject to such limitations and
                        conditions as the Committee deems appropriate, grant
                        Non-Qualified Stock options on terms that permit the
                        optionee to transfer the option to the optionee's
                        spouse, children, siblings, parents, or a trust in which
                        these persons have more than fifty percent of the
                        beneficial interest.

                6.2.8.  Termination of Employment. If an optionee's employment
                        with the Company or a Related Company terminates by
                        reason of death, disability, retirement, voluntary or
                        involuntary termination or otherwise, the Stock Option
                        shall be exercisable to the extent determined by the
                        Committee. The Committee may provide that,
                        notwithstanding the option term determined pursuant to
                        Section 6.2, a Stock Option which is outstanding on the
                        date of an optionee's death shall remain outstanding for
                        an additional period after the date of such death.

        6.3.    Special Terms for Incentive Stock Options. Notwithstanding the
                provisions of Section 6.2, no Incentive Stock Option shall (a)
                have an option price which is less than 100% of the Fair Market
                Value of the Stock on the date of the award of the Incentive
                Stock Option (or, in the case of an employee who owns Stock
                possessing more than 10% of the total voting power of all
                classes of stock of the Company (or its parent or subsidiary
                corporation) (a "10% shareholder"), have an option price which
                is less than 110% of the Fair Market Value of the Stock on the
                date of grant), (b) be exercisable more than ten years (or, in
                the case of a 10% shareholder, five years) after the date such
                Incentive Stock Option is awarded, or (c) be awarded more than
                ten years after the date of the adoption of the Plan.
                Notwithstanding anything to the contrary in this Plan, only
                employees of the Company or a parent or subsidiary of the
                Company (as defined in Code Sections 424(e) and 424(f)) shall be
                eligible to receive awards of Incentive Stock
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                Options. By accepting an Incentive Stock Option granted under
                the Plan, each such optionee agrees, and any agreement or letter
                evidencing such option grant shall so provide, that he or she
                will notify the Company in writing immediately after such
                optionee makes a "disqualifying disposition" (as provided in
                Sections 421, 422 and 424 of the Code and the treasury
                regulations thereunder) of any Stock acquired pursuant to the
                exercise of an Incentive Stock Option granted under the Plan.

Section 7. Restricted Stock.

        Subject to the following provisions, all awards of Restricted Stock
        shall be in such form and shall have such terms and conditions as the
        Committee may determine:

        7.1.    The Restricted Stock award shall specify the number of rights to
                purchase and number of shares of Restricted Stock that may be
                purchased, the price, if any, to be paid by the recipient of the
                rights to purchase Restricted Stock (which shall in no event be
                less than par value), and the date or dates on which, or the
                conditions upon the satisfaction of which, the Restricted Stock
                will vest. The vesting of Restricted Stock may be conditioned
                upon the completion of a specified period of service with the
                Company or a Related Company, upon the attainment of specified
                performance goals or upon such other criteria as the Committee
                may determine.

        7.2.    Stock certificates representing the Restricted Stock awarded to
                an employee shall be registered in the employee's name, but the
                Committee may direct that such certificates be held by the
                Company on behalf of the employee. Except as may be permitted by
                the Committee, no share of Restricted Stock may be sold,
                transferred, assigned, pledged or otherwise encumbered by the
                employee until such share has vested in accordance with the
                terms of the Restricted Stock award. At the time Restricted
                Stock vests, a certificate for such vested shares shall be
                delivered to the employee (or his or her designated beneficiary
                in the event of death) free of all restrictions.

        7.3.    The Committee may provide that the employee shall have the right
                to vote or receive dividends on Restricted Stock. The Committee
                may provide that Stock received as a dividend on, or in
                connection with a stock split of, Restricted Stock shall be
                subject to the same restrictions as the Restricted Stock.

        7.4.    Except as may be provided by the Committee, in the event of an
                employee's termination of employment before all of his or her
                Restricted Stock has vested, or in the event any
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                conditions to the vesting of Restricted Stock have not been
                satisfied prior to any deadline for the satisfaction of such
                conditions set forth in the award, the shares of Restricted
                Stock which have not vested shall be forfeited, and the
                Committee shall provide that (i) the purchase price paid by the
                employee with respect to such shares shall be returned to the
                employee or (ii) a cash payment equal to such Restricted Stock's
                Fair Market Value on the date of forfeiture, if lower, shall be
                paid to the employee.

        7.5.    The Committee may waive, in whole or in part, any or all of the
                conditions to receipt of, or restrictions with respect to, any
                or all of the employee's Restricted Stock.

Section 8. Deferred Stock Awards.

        Subject to the following provisions, all awards of Deferred Stock shall
        be in such form and shall have such terms and conditions as the
        Committee may determine:

        8.1.    The Deferred Stock award shall specify the number of shares of
                Deferred Stock to be awarded to any employee and the Deferral
                Period during which, and the conditions under which, receipt of
                the Stock will be deferred. The Committee may condition the
                award of Deferred Stock, or receipt of Stock or cash at the end
                of the Deferral Period, upon the attainment of specified
                performance goals or such other criteria as the Committee may
                determine.

        8.2.    Except as may be permitted by the Committee, Deferred Stock
                awards may not be sold, assigned, transferred, pledged or
                otherwise encumbered during the Deferral Period.

        8.3.    At the expiration of the Deferral Period, the employee (or his
                or her designated beneficiary in the event of death) shall
                receive (i) certificates for the number of shares of Stock equal
                to the number of shares covered by the Deferred Stock award,
                (ii) cash equal to the Fair Market Value of such Stock or (iii)
                a combination of shares and cash, as the Committee may
                determine.

        8.4.    Except as may be provided by the Committee, in the event of an
                employee's termination of employment before the end of the
                Deferral Period, his or her Deferred Stock award shall be
                forfeited.

        8.5.    The Committee may waive, in whole or in part, any or all of the
                conditions to receipt of, or restrictions with respect to, Stock
                or cash under a Deferred Stock award.

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Section 9. Tax Withholding.

        9.1.    Tax Withholding. Each employee shall, no later than the date as
                of which the value of an award (or portion thereof) first
                becomes includible in the employee's income for applicable tax
                purposes, pay to the Company, or make arrangements satisfactory
                to the Committee regarding payment of, any federal, state, local
                or other taxes of any kind required by law to be withheld with
                respect to the award (or portion thereof). The obligations of
                the Company under the Plan shall be conditional on such payment
                or arrangements, and the Company (and, where applicable, any
                Related Company), shall, to the extent required by law, have the
                right to deduct any such taxes from any payment of any kind
                otherwise due to the employee including, but not limited to, the
                right to withhold shares of stock otherwise deliverable to the
                employee with respect to any awards hereunder.

        9.2.    Use of Stock to Satisfy Withholding Obligations. To the extent
                permitted by the Committee, and subject to such terms and
                conditions as the Committee may provide, an employee may
                irrevocably elect to have the withholding tax obligation or any
                additional tax obligation with respect to any awards hereunder
                satisfied by (a) having the Company withhold shares of Stock
                otherwise deliverable to the employee with respect to the award,
                (b) delivering to the Company shares of unrestricted Stock, or
                (c) through any combination of withheld and delivered shares of
                Stock, as described in (a) and (b).

Section 10. Amendments and Termination.

        The Board or the Committee may discontinue the Plan at any time and may
        amend it from time to time. No such action of the Board or the Committee
        shall require the approval of the stockholders of the Company, unless
        such stockholder approval is required by applicable law or by the rules
        or regulations of any securities exchange or regulatory agency, or is
        otherwise determined necessary or desirable, in the sole discretion of
        the Committee, to enable transactions associated with grants of Stock
        Options, Restricted Stock and Deferred Stock, and purchases of
        Restricted Stock to qualify for an exemption from Section 16(b) of the
        Exchange Act or to qualify for the exception for qualified
        performance-based compensation under Section 162(m) of the Code. No
        amendment or discontinuation of the Plan shall adversely affect any
        award previously granted without the award holder's written consent.

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Section 11. Change in Control.

        11.1.   Vesting or Assumption of Obligations. Unless otherwise
                determined by the Committee at the time of grant or by amendment
                (with the holder's consent) of such grant, in the event of a
                Change in Control all outstanding Stock Option awards under the
                Plan shall become fully vested and exercisable and the
                restrictions and deferral limitations applicable to all
                outstanding Restricted Stock and Deferred Stock Awards under the
                Plan shall lapse and such awards shall be deemed fully vested
                immediately prior to the effective date of the Change in Control
                unless the surviving, continuing, or purchasing corporation, or
                a parent or subsidiary thereof, as the case may be (the
                "surviving corporation"), assumes such awards or substitutes
                equivalent awards therefor. Any Stock Options which are neither
                assumed or substituted for by the surviving corporation in
                connection with the Change in Control nor exercised as of the
                effective date of the Change in Control shall terminate and
                cease to be outstanding as of the effective date of the Change
                in Control.

        11.2.   Termination of Employment. If in connection with or within one
                year following a Change in Control, an employee's employment is
                terminated by the successor corporation without Cause, or if the
                employee then terminates employment after being Reassigned, all
                awards then held by the employee under the Plan shall become
                fully vested and exercisable, and the restrictions and deferral
                limitations applicable to any such awards shall lapse and such
                awards shall be deemed fully vested.

Section 12. General Provisions.

        12.1.   Additional Requirements. Each award under the Plan shall be
                subject to the requirement that, if at any time the Committee
                shall determine that (a) the listing, registration or
                qualification of the Stock subject or related thereto upon any
                securities exchange or under any state or federal law, or (b)
                the consent or approval of any government regulatory body or (c)
                an agreement by the recipient of an award with respect to the
                disposition of Stock is necessary or desirable (in connection
                with any requirement or interpretation of any federal or state
                securities law, rule or regulation) as a condition of, or in
                connection with, the granting of such award or the issuance,
                purchase or delivery of Stock thereunder, such award shall not
                be granted or exercised, in whole or in part, unless such
                listing, registration, qualification, consent, approval or
                agreement shall have been effected or obtained free of any
                conditions not acceptable to
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                the Committee.

        12.2.   Plan Not a Contract of Employment. The Plan is not an employment
                contract and neither the Plan nor any action taken hereunder
                shall be construed as giving to a Participant the right to be
                retained in the employ of the Company or a Related Company. The
                Company or, as applicable, the Related Company may terminate the
                Participant's employment as freely and with the same effect as
                if the Plan were not in existence. Nothing set forth in the Plan
                shall prevent the Company or a Related Company from adopting
                other or additional compensation arrangements.

        12.3.   Determinations Not Uniform. Determinations by the Committee
                under the Plan relating to the form, amount, and terms and
                conditions of awards need not be uniform, and may be made
                selectively among persons who receive or are eligible to receive
                awards under the Plan, whether or not such persons are similarly
                situated.

        12.4.   Indemnification. No member of the Board or the Committee, nor
                any officer or employee of the Company or a Related Company
                acting on behalf of the Board or the Committee, shall be
                personally liable for any action, determination or
                interpretation taken or made with respect to the Plan, and all
                members of the Board and the Committee, and all officers or
                employees of the Company and Related Companies acting on their
                behalf, shall, to the extent permitted by law, be fully
                indemnified and protected by the Company in respect of any such
                action, determination or interpretation.

        12.5.   Awards not Includable for Benefit Purposes. Income recognized by
                an employee pursuant to the Plan shall not be included in the
                determination of benefits under under any other executive
                compensation or employee benefit or other compensatory plan of
                the Company or a Related Company, or any entity controlled by
                the Company or a Related Company, except as specifically
                provided in any such other plan or as otherwise provided by the
                Committee.

        12.6.   Severability. If any provision of the Plan is held to be void,
                illegal, unenforceable or otherwise in conflict with the law
                governing the Plan, such provision shall be deemed to be
                restated to reflect as nearly as possible the original
                intentions of the parties in accordance with applicable law, and
                the other provisions of the Plan shall remain in full force and
                effect.

        12.7.   Legal Interpretation/Governing Law. The text of the Plan shall
                control and the headings to the Sections are for reference
                purposes only and do not limit or extend the meaning of
<PAGE>   12

                any of the Plan's provisions. Except as to matters of federal
                law, the Plan and all rights thereunder shall be governed by,
                and construed in accordance with, the laws of the State of New
                York, without reference to the principles of conflicts of law
                thereof.

Section 13. Effective Date and Duration.

        The Plan shall be effective on April 1, 2000, subject, to the extent
        required by law, to approval by the Company's stockholders. No awards of
        Stock Options, Restricted Stock or Deferred Stock shall be made under
        the Plan after February 28, 2010.<PAGE>   1
                                                                    EXHIBIT 10.6

                               STOCK OPTION GRANT
                           THE PRINCETON REVIEW, INC.

Granted To:
Social Security No.:

Option No.:                Date:
Total Shares:              Option price per share: $   (Fair Market Value)
Vesting Period:            Cliff Vesting Date:

YOUR OPTION

The definition of any terms used herein may be found in The Princeton Review
Glossary.

Your option is intended to qualify as an Incentive Stock Option under Section
422 of the Internal Revenue Code of 1986, as amended (the "Code"), except as
follows:

         1.       To the extent that the aggregate Fair Market Value of the
                  Common Stock with respect to which incentive stock options are
                  exercisable for the first time by you during any calendar year
                  exceeds $100,000, such options shall be treated as options
                  which are not incentive stock options. The Fair Market Value
                  of the Common Stock shall be determined as of the date of the
                  option grant.

         2.       To the extent that you exercise your option after the
                  three-month period following the termination of your
                  employment with The Princeton Review, Inc. ("TPR") (or its
                  subsidiary or affiliate), your option shall be treated as an
                  option which is not an incentive stock option.

         3.       To the extent that you dispose of Common Stock purchased
                  pursuant to the option granted hereunder within two years from
                  the date of grant or within one year after the transfer of
                  Common Stock to you as a result of your exercise of the option
                  granted hereunder, such option shall be treated as an option
                  which is not an incentive stock option. If you make such a
                  disposition or transfer, you agree to promptly (but no later
                  than thirty days following such disposition or transfer)
                  notify TPR in writing of the date and terms of the disposition
                  or transfer and provide such other information regarding the
                  transfer or disposition as TPR may require.
<PAGE>   2
VESTING & CLIFF

Your option shall vest evenly each quarter over the Vesting Period, provided
however, that if your employment with TPR terminates either voluntarily or
involuntarily by TPR for Cause prior to the completion of the Cliff Vesting
Date, you shall forfeit all options which vested prior to your termination of
employment and shall forfeit the gain, if any, from any stock options exercised
prior to such termination date.

PAYMENT METHODS

Payment of the option price shall be made in U.S. dollars or, in the discretion
of the Compensation Committee of TPR (the "Compensation Committee"), in the
Common Stock of TPR valued at its Fair Market Value, a combination of such
Common Stock and cash or any other method as may be approved by the Compensation
Committee. However, payment may not be made with Common Stock unless stock has
been held for at least six months. Payment shall be made to TPR at its corporate
office, 2315 Broadway, New York, New York 10021.

The exercise of your option is subject to the following terms and conditions:

         1.       As a prerequisite to delivery of any stock certificates upon
                  your exercise of an option granted hereunder, you shall give
                  an undertaking and agree to the placing of such legends on
                  your certificates as may be required by the Compensation.
                  Committee to assure compliance with any federal or state
                  securities laws. The Common Stock purchased pursuant to the
                  exercise of an option granted hereunder cannot be sold unless
                  it has been registered under the Securities Act of 1933, as
                  amended, or is subject to an exemption from registration under
                  such Act.

         2.       Except as provided below, you must be an employee or director
                  of TPR or one of its subsidiaries at the date of exercise and
                  that employment must have been continuous from the date
                  hereof. For the purposes of this Plan, persons on
                  company-authorized leaves of absence are considered employees;
                  however, long term disability is not considered employment.

         3.       In the event of your death while an active employee, your
                  rights to exercise this option which have vested to and
                  including the date of death may be exercised within one year
                  after death by your estate or by any person who acquires such
                  option by inheritance or devise. Thereafter, such rights shall
                  lapse.

         4.       In the event of the termination of your employment due to
                  long-term disability, your rights to exercise this option
                  which have vested to and including the date of long-term
                  disability may be exercised within one year after the start of
                  long-term disability by you or, should you die within said one
                  year period, by your estate or

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<PAGE>   3
                  any person who acquires this option by inheritance or devise.
                  Thereafter, such rights shall lapse.

         5.       In the event of your Retirement from TPR, your rights to
                  exercise this option which have vested to and including the
                  date of your Retirement may be exercised within three years
                  after Retirement by you or, should you die within said three
                  year period, by your estate or any person who acquires this
                  option by inheritance or devise. Thereafter, such rights shall
                  lapse. For purposes of this Grant, the term "Retirement" shall
                  mean the termination of employment after having reached age
                  sixty-five (65).

         6.       In the event of the termination of your employment due to any
                  cause other than death, disability or Retirement, your rights
                  to exercise this option which have vested to date of
                  termination may be exercised within three months after such
                  termination or, should you die within said three month period,
                  by your estate or any person who acquires this option by
                  inheritance or devise. Thereafter, such rights shall lapse.
                  Notwithstanding the foregoing, in the event that TPR has not
                  made an initial public offering of its Common Stock, if your
                  employment terminates due to death, disability, Retirement or
                  involuntary termination without Cause, your rights to exercise
                  this option that have vested to date of termination may be
                  exercised within three months after June 1, 2005.

         7.       If your employment is terminated for Cause, the option granted
                  hereunder shall immediately terminate upon the giving of
                  notice of your termination. The Compensation Committee shall
                  determine in its sole discretion when notice of termination
                  was given and whether termination was for Cause.

         8.       This option shall not be transferable by you other than to
                  your spouse, children, brother, sister, parents or a trust in
                  which these persons have more than fifty percent of the
                  beneficial interest, or by will or by the laws of descent and
                  distribution. During your lifetime, this option shall be
                  exercisable only by you or any transferee described in the
                  previous sentence.

         9.       This option is not, in any event, exercisable after the
                  expiration of ten years from this date.

         10.      The exercise of this option is subject to all the terms and
                  conditions relating to incentive stock options contained in
                  the Princeton Review, Inc. Stock Incentive Plan, a copy of
                  which is available in and from the office of the Secretary of
                  TPR.

         11.      In connection with the exercise of this option, TPR shall have
                  the right to withhold from your salary or other amounts
                  payable to you, or to require you to make arrangements to pay
                  in a manner satisfactory to TPR, the appropriate amount of
                  applicable withholding taxes, if any. Without limiting the
                  scope of the

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<PAGE>   4
                  preceding sentence, you shall have the right to elect, in such
                  form and manner as the Compensation Committee shall prescribe,
                  to have such number of shares of Common Stock otherwise
                  issuable with respect to the exercise of this option reduced
                  by the amount necessary to satisfy all or part, as you may so
                  elect, of your withholding obligation, and to transfer to TPR
                  unrestricted shares of Common Stock already held by you to
                  satisfy all or any part, as you may so elect, of your
                  withholding obligation, provided that no more than the
                  statutory withholding rate shall be withheld.

Please retake this copy for your files.

THE PRINCETON REVIEW, INC.

---------------------------------       ------------------------------
By:

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