Document:

Third Amendment to Securities Purchase Agreement by and among the Company, Sanka

 Exhibit 10.3 
 THIRD AMENDMENT TO SECURITIES PURCHASE AGREEMENT 
 THIS THIRD AMENDMENT
TO SECURITIES PURCHASE AGREEMENT (this “Amendment”) is entered into as of March 9, 2011, by and among The Princeton Review, Inc., a Delaware corporation (“TPR”), Penn Foster,
Inc., a Pennsylvania corporation (“PF”, and together with TPR, collectively, the “Issuer”), the guarantors party hereto (the “Guarantors”) and the Purchasers party hereto
(the “Purchasers”). 
 RECITALS 

A. The Issuer, the Guarantors, and the Purchasers are parties to that certain Securities Purchase Agreement, dated as of December 7,
2009, as amended by that certain First Amendment to Securities Purchase Agreement dated as of April 23, 2010, and that certain Second Amendment and Joinder to Securities Purchase Agreement dated as of July 30, 2010 (the
“SPA”). 
 B. The Issuer has requested that the Purchasers amend the SPA in certain respects and the
Purchasers have agreed to amend the SPA, subject to the terms and conditions hereof. 
 NOW, THEREFORE, in consideration of the
premises and the mutual covenants hereinafter contained, and intending to be legally bound, the parties hereto agree as follows: 

A. AMENDMENTS 
 1. Amendment to Section 1.1. Section 1.1 of the SPA is amended by replacing the definition of “Consolidated EBITDA” in its entirety with the following: 

“Consolidated EBITDA” means, with respect to any Person for any period, (a) the Consolidated Net
Income of such Person for such period plus (b) the sum of, in each case to the extent included in the calculation of such Consolidated Net Income but without duplication, (i) any provision for United States federal income taxes or other
taxes measured by income, (ii) Consolidated Interest Expense, amortization of debt discount and commissions and other fees and charges associated with Indebtedness, (iii) any loss from extraordinary items, (iv) any depreciation,
depletion and amortization expense, (v) any aggregate net loss on the Sale of property outside the ordinary course of business, (vi) any other non-cash expenditure, charge or loss for such period (other than any non-cash expenditure,
charge or loss relating to write-offs, write-downs or reserves with respect to accounts receivable and inventory), including the amount of any compensation deduction as the result of any grant of Stock or Stock Equivalents to employees, officers,
directors or consultants, (vii) restructuring amounts incurred (x) on or prior to December 31, 2010 in connection with the New York, New York office consolidation and the reduction in the supplemental education services business in an
aggregate amount not to exceed $5,100,000 and (y) as proposed by TPR in reasonable detail, approved by a third party auditor and as reasonably agreed to by the Required Purchasers in an aggregate amount not to exceed $6,000,000 from
January 1, 2011 through December 31, 2011, $4,500,000 from January 1, 2012 through December 31, 2012, and $4,500,000 in any trailing twelve month period thereafter (in each case, or such increased

 
amount as approved by the Required Purchasers in their sole discretion) for the purpose of normalizing EBITDA, including adjustments for system integration and upgrade costs, duplicate technology
and related costs of improving technology efficiencies, in each case determined on a consolidated basis in accordance with GAAP, (viii) in connection with all Related Transactions, (A) (i) all financial advisory fees, accounting fees,
legal fees and other similar fees, transaction expenses and related out of pocket costs (to the extent not capitalized) incurred by all Group Members and (ii) non-recurring cash charges resulting from severance, restructuring, and integration
incurred within 12 months from the Closing Date as a result of the Acquisition as reasonably agreed to by the Required Purchasers and so long as such amounts in clauses (i) and (ii) do not exceed $14,100,000 in the aggregate, and
(B) an amount equal to the annualized cost savings implemented within 12 months from the Closing Date for headcount reductions and combined back office operations resulting from the Acquisition as reasonably agreed to by the Required Purchasers
and not to exceed $1,000,000 in the aggregate as set forth on Schedule B hereto, (ix) in connection with all Permitted Acquisitions (regardless of whether actually consummated)(or any other acquisition not meeting the definition of
“Permitted Acquisition” but as to which the Required Purchasers had waived the relevant criteria set forth in the definition of “Permitted Acquisition”), (A) all financial advisory fees, accounting fees, legal fees and other
similar fees, transaction expenses and related out of pocket costs incurred by all Group Members, as reasonably agreed to by the Required Purchasers, and (B) non-recurring cash charges resulting from severance incurred within the first 12
months of the date of such Permitted Acquisition in an amount not to exceed $500,000 in the aggregate and reasonably agreed to by the Required Purchasers and resulting therefrom and (x) start-up expenses as agreed to by the Required Purchasers
incurred in connection with or on behalf of other investments made in the Strategic Ventures in an aggregate amount not to exceed $7,500,000 in any trailing twelve month period ending on or prior to December 31, 2011 and minus (c) the sum
of, in each case to the extent included in the calculation of such Consolidated Net Income and without duplication, (i) any credit for United States federal income taxes or other taxes measured by net income, (ii) any interest income,
(iii) any gain from extraordinary items and any other non-recurring gain, (iv) any aggregate net gain from the Sale of property (other than accounts (as defined in the applicable UCC) and inventory) out of the ordinary course of business
by such Person, (v) any other non-cash gain, including any reversal of a charge referred to in clause (b)(vi) above by reason of a decrease in the value of any Stock or Stock Equivalent, (vi) any other cash payment in respect of
expenditures, charges and losses that have been added to Consolidated EBITDA of such Person pursuant to clause (b)(vi) above in any prior period and (vii) any excess positive contributions to Consolidated Net Income from the Strategic Ventures
which are not Loan Parties exceeding 10% of Consolidated EBITDA in the aggregate or such higher amount as agreed to by the Required Purchasers. 
 2. Amendment to Section 1.1. Section 1.1 of the SPA is further amended by inserting the following definitions in the appropriate alphabetical order: 

“PF” means Penn Foster, Inc., a Pennsylvania corporation. 

“Third Amendment” means that certain Third Amendment to the Agreement, dated as of March 9, 2011.

  
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 “Third Amendment Effective Date” means March 9, 2011.

 “TPR” means The Princeton Review, Inc., a Delaware corporation. 

3. Amendment to Section 6.1. Section 6.1 of the SPA is amended by replacing Section 6.1(b) in its entirety with the
following: 
 (b) Quarterly Reports. As soon as available, and in any event within 45 days after
(i) the end of each Fiscal Quarter for the first three Fiscal Quarters of each Fiscal Year, the Consolidated unaudited balance sheet of TPR as of the close of such Fiscal Quarter and related Consolidated statements of operations and cash flow
for such Fiscal Quarter and that portion of the Fiscal Year ending as of the close of such Fiscal Quarter, setting forth in comparative form the figures for the corresponding periods in the prior Fiscal Year and the figures contained in the latest
Projections, in each case, certified by a Responsible Officer of the Issuer as fairly presenting in all material respects the Consolidated financial position, results of operations and cash flow of TPR as at the dates indicated and for the periods
indicated in accordance with GAAP (subject to the absence of footnote disclosure and normal year-end audit adjustments), and (ii) the end of the last Fiscal Quarter of each Fiscal Year, a draft management prepared Consolidated unaudited balance
sheet of TPR as of the close of such Fiscal Quarter and related Consolidated statements of operations and cash flow for such Fiscal Quarter and that portion of the Fiscal Year ending as of the close of such Fiscal Quarter, setting forth in
comparative form the figures for the corresponding periods in the prior Fiscal Year and the figures contained in the latest Projections, in each case, fairly presenting in all material respects the Consolidated financial position, results of
operations and cash flow of TPR as at the dates indicated and for the periods indicated in accordance with GAAP (subject to the absence of footnote disclosure and normal year-end audit adjustments). 

B. CONDITIONS TO EFFECTIVENESS 
 Notwithstanding any other provision of this Amendment and without affecting in any manner the rights of the Purchasers hereunder, it is understood and agreed that this Amendment shall not become
effective, and the Issuer shall have no rights under this Amendment, until the Required Purchasers shall have received each of the following: 
 (a) duly executed signature pages to this Amendment from the Required Purchasers, Issuer, and each other Loan Party; 
 (b) a fully executed copy of the First Amendment to the Senior Credit Agreement, which shall be in full force and effect on the date hereof and shall be in form and substance reasonably satisfactory to
the Required Purchasers; 
 (c) a fully executed copy of the Third Amendment to the Senior Subordinated Note Purchase Agreement,
which shall be in full force and effect on the date hereof and shall be in form and substance reasonably satisfactory to the Required Purchasers; 
 (d) [reserved]; and 

  
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 (e) payment in full in cash of all reasonable and documented out-of-pocket fees and expenses
of the Purchasers owing as of the date hereof, including all reasonable fees and expenses of counsel to the Purchasers. 
 C.
REPRESENTATIONS 
 Each Loan Party hereby represents and warrants to the Purchasers that: 

1. The execution, delivery and performance by such Loan Party of this Amendment (a) are within such Loan Party’s corporate or
similar powers and, at the time of execution hereof, have been duly authorized by all necessary corporate and similar action (including, if applicable, consent of holders of its Securities); (b) do not (i) contravene such Loan Party’s
Constituent Documents, (ii) violate any applicable material Requirement of Law, (iii) conflict with, contravene, constitute a default or breach under, or result in or permit the termination or acceleration of, any material Contractual
Obligation of any Loan Party or any of its Subsidiaries (including other Related Documents or Loan Documents) other than those that would not, in the aggregate, have a Material Adverse Effect and are not created or caused by, or constitute a
conflict, breach, default or termination or acceleration event under, any Loan Document or (iv) result in the imposition of any Lien (other than a Permitted Lien) upon any property of any Loan Party or any of its Subsidiaries; and (c) do
not require any Permit of, or filing with, any Governmental Authority or any consent of, or notice to, any Person, other than those listed on Schedule 1 hereto and that have been, or will be prior to the Third Amendment Effective Date,
obtained or made, copies of which have been, or will be prior to the Third Amendment Effective Date, delivered to the Purchasers, and each of which on the Third Amendment Effective Date will be in full force and effect and (iii) those that, if
not obtained, would not, in the aggregate, have a Material Adverse Effect. 
 2. This Amendment has been duly executed and
delivered for the benefit of or on behalf of each Loan Party and constitutes a legal, valid and binding obligation of each Loan Party, enforceable against such Loan Party in accordance with its terms except as the enforceability hereof may be
limited by bankruptcy, insolvency, reorganization, moratorium and other laws affecting creditors’ rights and remedies in general; and 
 3. Both before and after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing as of the date hereof. 

4. Neither any Loan Party, nor any Affiliate thereof, nor any director, officer or employee of any of the foregoing, has entered into any
side agreement or understanding, either oral or written, including any agreement to pay any fee, with the Senior Agent or any Senior Lender in connection with or in any way related to the First Amendment to the Senior Credit Agreement other than as
explicitly set forth in the First Amendment to the Senior Credit Agreement or as otherwise disclosed to the Board of Directors of TPR. 
 D. OTHER AGREEMENTS 
 1. Continuing Effectiveness of Loan Documents.
As amended hereby, all terms of the SPA and the other Loan Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of the Loan Parties party thereto. To the extent any terms
and conditions in any of the other Loan Documents shall contradict or be in conflict with any terms or conditions of the SPA, after giving effect to this Amendment, such terms and conditions are hereby deemed modified and amended accordingly to
reflect the terms and conditions of the SPA as modified and amended hereby. Upon the effectiveness of this Amendment such terms and conditions are hereby deemed modified and amended accordingly to reflect the terms and conditions of the SPA as
modified and amended hereby. 

  
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 2. Reaffirmation of Guaranty. Each Guarantor consents to the execution and delivery
by Issuer of this Amendment and the consummation of the transactions described herein, and ratifies and confirms the terms of the Guaranty to which such Guarantor is a party with respect to the indebtedness now or hereafter outstanding under the SPA
as amended hereby and all promissory notes issued thereunder. Each Guarantor acknowledges that, notwithstanding anything to the contrary contained herein or in any other document evidencing any indebtedness of Issuer to the Purchasers or any other
obligation of Issuer, or any actions now or hereafter taken by the Purchasers with respect to any obligation of Issuer, the Guaranty to which such Guarantor is a party (i) is and shall continue to be a primary obligation of such Guarantor,
(ii) is and shall continue to be an absolute, unconditional, continuing and irrevocable guaranty of payment, and (iii) is and shall continue to be in full force and effect in accordance with its terms. Nothing contained herein to the
contrary shall release, discharge, modify, change or affect the original liability of any Guarantor under the Guaranty to which such Guarantor is a party. 
 3. [Reserved]. 
 4. Effect of Agreement. Except as set forth
expressly herein, all terms of the SPA, as amended hereby, and the other Loan Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of Issuer to the Purchasers. The
execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Purchasers under the SPA, nor constitute a waiver of any provision of the SPA. This
Amendment shall constitute a Loan Document for all purposes of the SPA. 
 5. Governing Law. This Amendment shall be
governed by, and construed in accordance with, the internal laws of the State of New York and all applicable federal laws of the United States of America. 
 6. No Novation. This Amendment is not intended by the parties to be, and shall not be construed to be, a novation of the SPA and the other Loan Documents or an accord and satisfaction in regard
thereto. 
 7. Costs and Expenses. Issuer agrees to pay on demand all reasonable out-of-pocket costs and expenses of the
Purchasers in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the reasonable and documented out-of-pocket costs and expenses of outside counsel for the Purchasers with respect thereto.

 8. Counterparts. This Amendment may be executed by one or more of the parties hereto in any number of separate
counterparts, each of which shall be deemed an original and all of which, taken together, shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of this Amendment by facsimile transmission, Electronic
Transmission or containing an E-Signature shall be as effective as delivery of a manually executed counterpart hereof. 
 9.
Binding Nature. This Amendment shall be binding upon and inure to the benefit of the parties hereto, their respective successors, successors-in-titles, and assigns 
 10. Entire Understanding. This Amendment sets forth the entire understanding of the parties with respect to the matters set forth herein, and shall supersede any prior negotiations or agreements,
whether written or oral, with respect thereto. 
 11. Release. Each Loan Party hereby releases, acquits, and forever
discharges each of the Purchasers, and each and every past and present subsidiary, affiliate, stockholder, officer, director, 

  
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agent, servant, employee, representative, and attorney of the Purchasers, from any and all claims, causes of action, suits, debts, liens, obligations, liabilities, demands, losses, costs and
expenses (including reasonable attorneys’ fees) of any kind, character, or nature whatsoever, known or unknown, fixed or contingent, which such Loan Party may have or claim to have now or which may hereafter arise out of or connected with any
act of commission or omission of the Purchasers existing or occurring prior to the date of this Amendment or any instrument executed prior to the date of this Amendment including, without limitation, any claims, liabilities or obligations arising
with respect to the NPA or the other of the Loan Documents, other than claims, liabilities or obligations caused by any Purchaser’s own gross negligence or willful misconduct. The provisions of this paragraph shall be binding upon each Loan
Party and shall inure to the benefit of the Purchasers and their respective heirs, executors, administrators, successors and assigns. 
 [remainder of page intentionally left blank; signature pages follow] 

  
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 IN WITNESS WHEREOF, this Amendment has been duly executed as of the date first written
above. 
  

			
	THE PRINCETON REVIEW, INC., as ISSUER
		
	By:	 	 /s/ Christian G. Kasper

	 Name: Christian G. Kasper
 Title:   EVP, CFO and Treasurer

	
	PENN FOSTER, INC., as ISSUER
		
	By:	 	 /s/ Christian G. Kasper

	 Name: Christian G. Kasper
 Title:   Vice President and Treasurer

 SIGNATURE PAGE TO THE THIRD AMENDMENT TO THE PRINCETON REVIEW, INC. SECURITIES PURCHASE AGREEMENT 

 
			
	PRINCETON REVIEW OPERATIONS, L.L.C., as a GUARANTOR
		
	By:	 	 /s/ Christian G. Kasper

	 Name: Christian G. Kasper
 Title:   Vice President and Treasurer

	
	TEST SERVICES, INC., as a GUARANTOR
		
	By:	 	 /s/ Christian G. Kasper

	 Name: Christian G. Kasper
 Title:   Vice President and Treasurer

	
	THE PRINCETON REVIEW OF ORANGE COUNTY, LLC, as a GUARANTOR
		
	By:	 	 /s/ Christian G. Kasper

	 Name: Christian G. Kasper
 Title:   Vice President and Treasurer

	
	PENN FOSTER EDUCATION GROUP, INC., as a GUARANTOR
		
	By:	 	 /s/ Christian G. Kasper

	 Name: Christian G. Kasper
 Title:   Vice President and Treasurer

 SIGNATURE PAGE TO THE THIRD AMENDMENT TO THE PRINCETON REVIEW, INC. SECURITIES PURCHASE AGREEMENT 

 
			
	SANKATY CREDIT OPPORTUNITIES IV, L.P., as a PURCHASER
		
	By:	 	      /s/ Michael Ewald

	 Name: Michael Ewald
 Title:   Managing Director

	
	SANKATY CREDIT OPPORTUNITIES II, L.P., as a PURCHASER
		
	By:	 	      /s/ Michael Ewald

	 Name: Michael Ewald
 Title:   Managing Director

	
	SANKATY CREDIT OPPORTUNITIES III, L.P., as a PURCHASER
		
	By:	 	      /s/ Michael Ewald

	 Name: Michael Ewald
 Title:   Managing Director

	
	SANKATY CREDIT OPPORTUNITIES (OFFSHORE MASTER) IV, L.P., as a PURCHASER
		
	By:	 	      /s/ Michael Ewald

	 Name: Michael Ewald
 Title:   Managing Director

 SIGNATURE PAGE TO THE THIRD AMENDMENT TO THE PRINCETON REVIEW, INC. SECURITIES PURCHASE AGREEMENT 

 
			
	FALCON STRATEGIC PARTNERS III, LP, as a PURCHASER
	
	By: Falcon Strategic Investments III, LP, its general partner
	
	By: Falcon Strategic Investments GP III, LLC, its general partner
		
	By:	 	 /s/ John S. Schnabel

	 Name: John S. Schnabel
 Title:   Director

	
	FALCON MEZZANINE PARTNERS II, LP, as a PURCHASER
	
	By: Falcon Mezzanine Investments II, LLC, its general partner
		
	By:	 	 /s/ John S. Schnabel

	 Name: John S. Schnabel
 Title:   Vice President

	
	FMP II CO-INVESTMENT, LLC, as a PURCHASER
		
	By:	 	 /s/ John S. Schnabel

	 Name: John S. Schnabel
 Title:   Vice PresidentLetter Agreement by and between the Company and John M. Connolly dated March 8,

 Exhibit 10.4 
 March 8, 2011 
 Mr. John M. Connolly 

c/o Bain Capital Ventures 
 111 Huntington Ave.

 Boston, MA 02119 
 Dear John,

 The Princeton Review, Inc. (the “Company”) is pleased to confirm its offer to employ you as the Company’s
interim Chief Executive Officer, subject to the terms and conditions of this Offer Letter (this “Offer Letter”). In this position, you will report directly to the Company’s Board of Directors (the “Board”). 

1. Term; Employment “At Will.” It is anticipated that your employment with the Company will commence on March 8, 2011 (the
“Commencement Date”) and is expected to continue until, at least, the four month anniversary of the Commencement Date, provided that, to the extent that the Company has not appointed a permanent Chief Executive Officer as of such date, you
and the Company may agree to continue your employment as interim Chief Executive Officer following such four month anniversary. It is understood that you are and will be an “at-will” employee of the Company. You are not being offered
employment for a definite period of time, and either you or the Company may terminate the employment relationship at any time and for any reason without prior notice and without additional compensation to you. In fact, you acknowledge and agree
that, as interim Chief Executive Officer, it is anticipated that your employment by the Company shall terminate at such time as the Company has appointed a permanent Chief Executive Officer. 
 2. Duties. As Interim Chief Executive Officer, you will perform the duties, undertake the responsibilities and exercise the authority customarily performed, undertaken and exercised by persons
employed in a similar executive capacity or as directed by the Board. It is anticipated that the performance of such duties shall require your full working time, attention and skill for approximately three or four days per week. Notwithstanding the
foregoing, you acknowledge and agree that such duties and responsibilities to the Company may, at times, require additional time and attention, particularly at the outset of your employment relationship hereunder. It is also expected that you will
work closely with the Chairman of Board and additionally the Board’s executive search committee in identifying and selecting a permanent Chief Executive Officer. 
 3. Compensation. Subject to the approval of the Compensation Committee of the Board, as soon as practicable following the Commencement Date, the Company shall grant you an award of a number of
Restricted Stock Units under and subject to the terms and conditions of the Company’s 2000 Stock Incentive Plan, as amended (the “Plan”), having an aggregate fair market value of $600,000, determined based on the average closing price
of the Company’s common stock during the 30-day period prior to the Commencement Date (the “RSU Award”). One quarter of the RSU Award shall vest on each of the first four monthly anniversaries of the Commencement Date, and shall be
settled and paid to you in shares of the Company’s common stock no later than 30 days following the applicable vesting date. The RSU Award shall be granted to you pursuant to a separate award agreement under the Plan. To the extent that you and
the Company agree to continue your employment as the Company’s interim Chief Executive Officer following the four month anniversary of the Commencement Date, you shall receive, with respect to each month of such continued employment, an award
of a number of Restricted Stock Units under the Plan having an aggregate fair market value of $150,000 (such number, determined as described above) (each such grant, an “Additional RSU Award”). Each Additional RSU Award shall be granted to
you pursuant to a separate award agreement under the Plan, shall vest one month following the date of grant, and shall be settled and paid as described above. Notwithstanding the foregoing, if the Company terminates your employment for Cause (as
defined below) you shall forfeit your right to receive any unvested and/or unpaid portion of the RSU Award (or any Additional RSU Award). 
 For
purposes of this Offer Letter, the term “Cause” shall mean a good faith finding by the Board that: (i) you have failed to substantially perform your duties and obligations to the Company (other than a failure resulting from your
incapacity because of a disability), including but not limited to one or more acts of insubordination or a material breach of the Company’s policies and procedures (other than such policies set forth in (ii), below); provided, however, that if
such failure is determined by the Board, in its sole discretion, to be curable, the failure is not cured within 10 days after you receive a written demand for cure from the Company which specifically identifies the manner in which the Company
believes you have failed to substantially perform your duties and obligations to the Company; (ii) you have materially breached the Company’s Code of Conduct or its anti-discrimination and

 
harassment policies; (iii) you have committed a crime involving fraud, dishonesty, theft, breach of trust or moral turpitude; (iv) you have willfully engaged in conduct which is
demonstrably and materially injurious to the Company, monetarily or otherwise; (v) you have materially breached this Offer Letter, the Confidentiality Agreement (as defined below) or any other agreement regarding assignment of intellectual
property rights with the Company; (vi) you have violated state or federal securities laws or regulations; or (vii) you have willfully failed to cooperate with a bona fide internal investigation or an investigation by regulatory or law
enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials relevant to such investigation or the willful inducement of others to fail to cooperate or to
produce documents or other materials in connection with such investigation. 
 You acknowledge and agree that the RSU Award (and, if applicable,
any Additional RSU Award) will be your sole compensation for the performance of your duties to the Company, and you shall not be entitled to receive any base salary, bonus or other compensation from the Company with respect to your role as interim
Chief Executive Officer. 
 4. Expenses. The Company will pay all reasonable and properly documented expenses you incur in furtherance of
the Company’s business in accordance with applicable Company policies and procedures. 
 5. Covenants. As a condition of your
employment by the Company, you must sign and abide by the Company’s standard Confidentiality Agreement (the “Confidentiality Agreement”), a copy of which is attached as Exhibit A, hereto. In addition, during your employment
with the Company and for 12 months thereafter, regardless of the reason for the termination, you will refrain from soliciting or encouraging any customer, supplier or franchisee to terminate or otherwise modify adversely its business relationship
with the Company or any of its subsidiaries or franchises. 
  

	6.	Miscellaneous. 

 (a).
This Offer Letter, along with the Confidentiality Agreement, sets forth the complete and exclusive agreement between you and the Company with regard to your employment with the Company, and supersedes any prior representations or agreements about
this matter, whether written or verbal. This Offer Letter may not be modified or amended except by a written agreement signed by you and an authorized member of the Board. 
 (b). All payments made by the Company under this Offer Letter shall be net of any tax or other amounts required to be withheld by the Company under applicable law. 

(c). This Offer Letter shall be construed under and governed by the internal laws of the Commonwealth of Massachusetts without regard to
its conflict of laws provisions. 
 (d). The provisions of this Offer Letter and the Confidentiality Agreement shall survive the
termination of this Offer Letter and/or the termination of your employment by the Company to the extent necessary to effectuate the terms contained herein. 
 (e). If any portion or provision of this Offer Letter (including, without limitation, any portion or provision of any section of this Offer Letter) shall to any extent be declared illegal or unenforceable
by a court of competent jurisdiction, then the remainder of this Offer Letter, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby,
and each portion and provision of this Offer Letter shall be valid and enforceable to the fullest extent permitted by law 

(e). This Offer Letter may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be
an original; but such counterparts shall together constitute one and the same document. 

 Please indicate your acceptance of this offer by signing and dating the enclosed copy of
this Offer Letter and returning it to the Company no later than March 15, 2011. We look forward to your joining the Company and are pleased that you will be working with us. 

 

					
	Very truly yours,
	
	THE PRINCETON REVIEW, INC.
		
	By:	 	 /s/ Neal S. Winneg

		 	Name:	 	Neal S. Winneg
		 	Title:	 	General Counsel

 Accepted and Agreed: 

 

	
	 /s/ John M. Connolly

	John M. Connolly
	
	Date: March 8, 2011

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