Document:

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                                                                   EXHIBIT 10.25

                              EMPLOYMENT AGREEMENT
                           THE PRINCETON REVIEW, INC.

         This Employment Agreement is between Peter Taylor ("Taylor") and The
Princeton Review, Inc. ("TPR"), and is subject to the current terms of the
Executive Compensation Policy Statement, which is attached as Exhibit A (the
"Policy Statement"). Terms may be defined in The Princeton Review Glossary. This
Agreement supersedes any previous employment agreement.

1.   Job Description: Taylor shall serve as SVP of Technology with the
     expectation of promotion to Chief Technology Officer upon achieving
     mutually agreed upon objectives.

2.   Compensation TPR shall pay Taylor $150,000 per year increasing at 6% per
     year. Further, TPR will give an annual bonus of between 15% and 40% of base
     salary, based on performance.

3.   Stock Option Grant: In addition to Stock previously issued, TPR hereby
     grants Taylor an option to purchase 40,000 shares of Series B Common Stock
     at a $6.25 strike price, vesting evenly each quarter over the next four
     years. Additionally, Taylor will be granted up to 12,000 options on each
     anniversary of this agreement based upon achieving the mutually agreed upon
     bonus objectives.

4.   Term: This Agreement has an initial two-year term, which will automatically
     be extended for additional two-year periods on each anniversary of the
     effective date until (i) Taylor voluntarily terminates employment or (ii)
     TPR gives contrary written notice to Taylor at least 6 months prior to the
     anniversary date.

5.   Severance Payments and Benefits: If TPR terminates Taylor's employment
     without cause under Section 4.1 of the Policy Statement, or if the
     Executive terminates employment after being Reassigned, then Executive
     shall be entitled to stock option vesting through the end of this contract.

Agreed to this April 28th, 2000.

/s/ Mark Chernis                                     /s/ Peter Taylor
---------------------------                          --------------------------
Mark Chernis                                          Peter Taylor
Chief Operating Officer<PAGE>   1
                                                                   Exhibit 10.26

                              CONVERSION AGREEMENT

                           THE PRINCETON REVIEW, INC.

This Conversion Agreement is between Mark Chernis ("you") and The Princeton
Review, Inc. ("TPR" or "we"), and is subject to the terms of any Employment
Agreement between us. It concerns your rights to phantom stock units ("PSUs")
held pursuant to The Princeton Review Companies Phantom Stock Plan (the "PSU
Plan") and stock appreciation rights ("SARs") pursuant to The Princeton Review
Companies Stock Appreciation Rights Plan (the "SAR Plan").

Cash or TPR Stock for PSUs

You own some vested and/or unvested PSUs. TPR is buying back these PSUs for
$4,010,416.67 this payment is subject to regular withholding taxes (which are
about 40%).

Under our conversion plan, we are granting you the right to buy up to 641,667
shares, at a price of $6.25 each, of Series B Common Stock of The Princeton
Review, Inc. ('New TPR'), a company that will be formed as the parent of TPR,
subject to the Stockholders Agreement dated as of April 1, 2000.

Please check one of the three boxes below:

[ ]      You Want Cash! We will distribute cash for your PSUs as soon as
         administratively practicable after April 7, 2000. (Note: If you do not
         sign this Conversion Agreement by April 7, 2000, we will cash out of
         all of your vested PSUs in this way.)

[X]      You Want As Much Stock as You Can Get Without Putting in Cash. If you
         choose this option, we will issue you stock at $6.25 per share. The
         value of this stock will equal $4,010,416.67 minus taxes withheld from
         it.

[ ]      You Want ____ Shares of Stock (subject to the share limit above): We
         will either pay you (or bill you) the difference between the after-tax
         amount we are paying you and the cost of the shares you want, as soon
         as administratively practicable after April 7, 2000.

Student Advantage Stock.

In addition to the payment above, we will distribute 15,111 shares of stock of
Student Advantage, Inc. to you, as soon as administratively practicable
following March 31, 2000. This stock is currently trading around $11.00; sale is
restricted through April 7, 2001. You may elect to pay the withholding on this
stock, or have us withhold some shares and pay the tax.

Please check one of the two boxes below:

[X]      You Will Pay the Taxes: In this event, TPR will bill you as soon
         administratively practicable, and you will pay us immediately for the
         amount required to be withheld (roughly $4 for each share).
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[ ]      TPR Will Pay the Taxes: TPR will withhold a number of shares of stock
         of Student Advantage, Inc., that otherwise would be granted to you
         pursuant to this Conversion Agreement, to equal the amount required to
         be withheld.

Options for SARs:

In exchange for all your SARs, you may choose to take cash or stock options.
These are options to purchase 28,028 shares of Series B Common Stock of New TPR.
The strike prices and vesting in accordance with the terms and conditions of The
Princeton Review, Inc. Stock Option Grant in the form(s) attached hereto.

SAR Election: Please check one of the two boxes below:

[ ]      You Want Cash.  We will pay you cash for your SARs as soon as
         administratively practicable after April 7, 2000.

[X]      You Want Options.  TPR will distribute stock options (in the manner
         described above) as soon as administratively practicable after April 7,
         2000. (Note: If an election to receive cash for the SARs is not made by
         April 7, 2000, we will automatically give you stock options.)

Waiver of PSU and SAR Rights:

You hereby irrevocably waive and relinquish (a) all rights you may have as of
the date hereof to any outstanding vested or unvested PSUs you held; (b) all
rights you would have had to receive additional PSUs after the date hereof
pursuant to the PSU Plan; and (c) all rights you may have as of the date hereof
to any SARs.

Homework:

By signing below, you acknowledge that you obtained the following documents
through TPR's email system, and agree to the terms of, and join, the
Stockholders Agreement:

1.       Risk Factors Applicable to an Investment in The Princeton Review;

2.       The Princeton Review, Inc. 2000 Stock Incentive Plan;

3.       A summary of the material terms of The Princeton Review, Inc. 2000
         Stock Incentive Plan;

4.       A summary of the material terms of the Princeton Review, Inc.
         Conversion Agreement;

5.       A sample of the Stock Option Grant letter for issuances of stock
         options under The Princeton Review, Inc. 2000 Stock Incentive Plan;

6.       A balance sheet of The Princeton Review, Inc. dated as of December 31,
         1999;

7.       Statements of income, cash flows and stockholders' equity of The
         Princeton Review, Inc. for each of 1999 and 1998

Agreed to this

/s/ John Katzman                                         /s/ Mark Chernis
Chief Executive Officer                                  ----------------------
                                                         Mark Chernis<PAGE>   1
                                                                   Exhibit 10.27

                              CONVERSION AGREEMENT

                           THE PRINCETON REVIEW, INC.

This Conversion Agreement is between Steven Hodas ("you") and The Princeton
Review, Inc. ("TPR" or "we"), and is subject to the terms of any Employment
Agreement between us. It concerns your rights to phantom stock units ("PSUs")
held pursuant to The Princeton Review Companies Phantom Stock Plan (the "PSU
Plan") and stock appreciation rights ("SARs") pursuant to The Princeton Review
Companies Stock Appreciation Rights Plan (the "SAR Plan").

Cash or TPR Stock for PSUs

You own some vested and/or unvested PSUs. TPR is buying back these PSUs for
$552,093.75 this payment is subject to regular withholding taxes (which are
about 40%).

Under our conversion plan, we are granting you the right to buy up to 88,335
shares, at a price of $6.25 each, of Series B Common Stock of The Princeton
Review, Inc. ('New TPR'), a company that will be formed as the parent of TPR,
subject to the Stockholders Agreement dated as of April 1, 2000.

Please check one of the three boxes below:

[ ]      You Want Cash! We will distribute cash for your PSUs as soon as
         administratively practicable after April 7, 2000. (Note: If you do not
         sign this Conversion Agreement by April 7, 2000, we will cash out of
         all of your vested PSUs in this way.)

[X]      You Want As Much Stock as You Can Get Without Putting in Cash. If you
         choose this option, we will issue you stock at $6.25 per share. The
         value of this stock will equal $552,093.75 minus taxes withheld from
         it.

[ ]      You Want ____ Shares of Stock (subject to the share limit above): We
         will either pay you (or bill you) the difference between the after-tax
         amount we are paying you and the cost of the shares you want, as soon
         as administratively practicable after April 7, 2000.

Student Advantage Stock.

In addition to the payment above, we will distribute 2080 shares of stock of
Student Advantage, Inc. to you, as soon as administratively practicable
following March 31, 2000. This stock is currently trading around $11.00; sale is
restricted through April 7, 2001. You may elect to pay the withholding on this
stock, or have us withhold some shares and pay the tax.

Please check one of the two boxes below:

[X]      You Will Pay the Taxes: In this event, TPR will bill you as soon
         administratively practicable, and you will pay us immediately for the
         amount required to be withheld (roughly $4 for each share).
<PAGE>   2
[ ]      TPR Will Pay the Taxes: TPR will withhold a number of shares of stock
         of Student Advantage, Inc., that otherwise would be granted to you
         pursuant to this Conversion Agreement, to equal the amount required to
         be withheld.

Waiver of PSU and SAR Rights:

You hereby irrevocably waive and relinquish (a) all rights you may have as of
the date hereof to any outstanding vested or unvested PSUs you held; (b) all
rights you would have had to receive additional PSUs after the date hereof
pursuant to the PSU Plan; and (c) all rights you may have as of the date hereof
to any SARs.

Homework:

By signing below, you acknowledge that you obtained the following documents
through TPR's email system, and agree to the terms of, and join, the
Stockholders Agreement:

1.       Risk Factors Applicable to an Investment in The Princeton Review;

2.       The Princeton Review, Inc. 2000 Stock Incentive Plan;

3.       A summary of the material terms of The Princeton Review, Inc. 2000
         Stock Incentive Plan;

4.       A summary of the material terms of the Princeton Review, Inc.
         Conversion Agreement;

5.       A sample of the Stock Option Grant letter for issuances of stock
         options under The Princeton Review, Inc. 2000 Stock Incentive Plan;

6.       A balance sheet of The Princeton Review, Inc. dated as of December 31,
         1999;

7.       Statements of income, cash flows and stockholders' equity of The
         Princeton Review, Inc. for each of 1999 and 1998

Agreed to this 4/10/00

/s/ John Katzman           4/18/00                /s/ Steven Hodas
----------------                                  ----------------
Chief Executive Officer                               Steven Hodas

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