Document:

Form of Warrant

 EXHIBIT 10.2 

 THIS WARRANT AND THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES ACT OF ANY STATE AND MAY NOT BE SOLD OR TRANSFERRED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACTS COVERING THIS WARRANT AND THE SECURITIES REPRESENTED BY THIS WARRANT OR
PURSUANT TO AN EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACTS. 
 BIOLARGO, INC. 
 FORM OF WARRANT TO PURCHASE COMMON STOCK 
 WARRANT NO. W-xxx                             ISSUED: XXXX,
200      
 THIS CERTIFIES THAT, for value received, SC Capital Partners, LLC (the “Holder”),
is entitled to subscribe for and purchase from BIOLARGO, INC., a corporation organized under the laws of the state of Delaware (the “Company”), subject to Section 1(b) hereof, commencing at the time periods prescribed herein
and ending at 5:00 p.m. California time on                     , 20        , XXXX
shares (the “Shares”) of common stock, par value, $0.00067, of the Company (the “Common Stock”). The exercise price for each Share subject to this Warrant (the “Warrant Price”) is equal to $x.xx.
The number of Shares and the Warrant Price are subject to adjustment from time to time as provided in Section 4 of this Warrant. 
 This Warrant is issued in connection with and as consideration for the Convertible Note dated the date hereof and issued by the Company in favor of the Holder, which Convertible Note has been issued pursuant the Holder’s investment in
the Company. 
 1.        Method of Exercise; Payment; Issuance of New Warrant. 
 (a)    The purchase right represented by this Warrant may be exercised by the Holder, in whole or in part, subject to the limitation
set forth below, and from time to time, by (i) the surrender of this Warrant (with a notice of exercise in the form attached hereto as Exhibit A, duly executed) at the principal office of the Company and (ii) the payment to the
Company, by check or wire transfer of funds to an account specified in writing by the Company, of an amount equal to the aggregate Warrant Price. The Shares so purchased, representing the aggregate number of shares specified in the executed
Exhibit A, shall be delivered to the Holder within a reasonable time, not exceeding ten (10) business days, after this Warrant shall have been so exercised. Upon receipt by the Company of this Warrant at the office of the Company, in
proper form for exercise and accompanied by the amount equal to the aggregate Warrant Price, the Holder shall be deemed to be the holder of record of the Shares issuable upon such exercise, notwithstanding that the stock transfer books of the
Company shall then be closed or that certificates representing such Shares shall not then be actually delivered to the Holder. 
 (b)    If this Warrant shall have been exercised only in part, the Company shall, at the time of delivery of such Shares, deliver to the Holder a new Warrant evidencing the right to purchase the remaining Shares called
for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant, or, at the request of Holder, appropriate notation may be made on this Warrant which shall then be returned to Holder. 
  

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 2.        Stock Fully Paid; Reservation of
Shares.    All Shares that may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be fully paid and nonassessable, and free from all preemptive rights, taxes, liens and charges with
respect to the issue thereof; provided, however, that the Company shall not be required to pay any transfer taxes with respect to the issue of shares in any name other than that of the registered holder hereof. During the period within which the
rights represented by this Warrant may be exercised, the Company will at all times have authorized, and reserved for the purpose of the issue upon exercise of the purchase rights evidenced by this Warrant, a sufficient number of shares of Common
Stock to provide for the exercise of the rights represented by this Warrant. The Company shall at all times take all such action and obtain all such permits or orders as may be necessary to enable the Company lawfully to issue such Common Stock as
duly and validly issued, fully paid and nonassessable shares upon exercise in full of this Warrant. 
 3.        Fractional Shares.    No fractional shares of Common Stock will be issued in connection with any exercise hereunder, but in lieu of such fractional shares the
Company shall make a cash payment therefor upon the basis of the Fair Market Value of such Shares. 
 4.        Adjustment.    This Warrant shall be subject to adjustment from time to time upon the occurrence of certain events, as follows: 
 (a)    Adjustment for Stock Splits and Combinations.    If the Company shall at any time or from time to
time after the date hereof effect a subdivision of the outstanding Common Stock, the Warrant Price then in effect immediately before that subdivision shall be proportionately decreased. If the Company shall at any time or from time to time after the
date hereof combine the outstanding Common Stock, the Warrant Price then in effect immediately before the combination shall be proportionately increased. Any adjustment under this subsection shall become effective at the close of business on the
date the subdivision or combination becomes effective. 
 (b)    Adjustment for Certain Dividends and
Distributions.    In the event the Company at any time or from time to time after the date hereof shall make or issue a dividend or other distribution payable in additional shares of Common Stock, then and in each such event
the Warrant Price shall be decreased as of the time of such issuance, by multiplying the Warrant Price by a fraction: 
  

	 	(x)	the numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance; and 

  

	 	(y)	the denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance plus the number of shares of
Common Stock issuable in payment of such dividend or distribution. 

 (c)    Adjustment of Number of
Shares.    Upon each adjustment of the Warrant Price pursuant to either Section 4(a) or 4(b) of this Warrant, the number of shares of Common Stock purchasable upon exercise of this Warrant shall be adjusted
to the number of shares of Common Stock, calculated to the nearest one hundredth of a share, obtained by multiplying the number of shares of Common Stock purchasable immediately prior to such adjustment upon the exercise of the Warrant by the
Warrant Price in effect prior to such adjustment and dividing the product so obtained by the new Warrant Price. 
  

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 (d)    Adjustment for Reclassification, Exchange and
Substitution.    If the Common Stock issuable upon the exercise of this Warrant are changed into the same or different number of shares of any class or classes of stock, whether by recapitalization, reclassification or
otherwise (other than a subdivision or combination provided for in Section 4(a) above, a dividend or distribution provided for in Section 4(b) above, or a reorganization, merger, consolidation or sale of assets, provided for
in Section 4(e) below), then and in any such event the Holder shall have the right thereafter to exercise this Warrant into the kind and amount of stock and other securities receivable upon such recapitalization, reclassification or
other change, by holders of the number of shares of Common Stock for which this Warrant might have been exercised immediately prior to such recapitalization, reclassification or change. 
 (e)    Reorganization, Mergers, Consolidations or Sales of Assets.    If at any time or from time to time
there is a capital reorganization of the Common Stock (other than a subdivision or combination provided for in Section 4(a) above, a dividend or distribution provided for in Section 4(b) above, or a reclassification or
exchange of shares provided for in Section 4(d) above) or a merger or consolidation of the Company with or into another entity, or a sale of all or substantially all of the Company’s properties and assets to any other person or
entity, then, as a part of such reorganization, merger, consolidation or sale, provision shall be made so that the Holder shall thereafter be entitled to receive upon exercise of this Warrant the number of shares of stock or other securities, money
or property of the Company, or of the successor entity resulting from such merger or consolidation or sale, to which a holder of Common Stock deliverable upon conversion would have been entitled on such capital reorganization, merger, consolidation,
or sale. The Company shall not effect any reorganization, merger, consolidation or sale unless prior to the consummation thereof each entity or person (other than the Company) that may be required to deliver any cash, securities or other property
upon the exercise of this Warrant shall assume, by written instrument delivered to the Holder, the obligation to deliver to the Holder such cash, securities or other property as in accordance with the foregoing provisions the Holder may be entitled
to receive. The foregoing provisions of this Section 4(e) shall similarly apply to successive reorganizations, mergers, consolidations and sales. 
 (f)    No Impairment.    The Company will not, by amendment of its Articles of Incorporation or through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company but will at all times in good faith assist in the
carrying out of all the provisions of this Section and in the taking of all such action as may be necessary or appropriate in order to protect the conversion rights of the Holder against dilution or other impairment. Without limiting the generality
of the foregoing, the Company will not issue any capital stock of any class which is preferred as to dividends or as to the distribution of assets upon the voluntary or involuntary dissolution, liquidation or winding up of the Company. 

(g)    Notice of Adjustments.    Whenever this Warrant shall be adjusted pursuant to this
Section 4, the Company shall make a certificate signed by an officer of the Company setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was
calculated, and the new Warrant Price and the type or the number of Shares purchasable after giving effect to such adjustment, and shall cause copies of such certificate to be mailed (by first class mail, postage prepaid) to the Holder. 

 

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	 	5.	The Company’s Obligation to Make Payments. 

 (a)    Dividends and Distributions.    In the event the Company at any time or from time to time after the date hereof shall make or issue a dividend or other distribution, whether payable in
cash, securities or other property of the Company, with respect to any of its capital stock for which an adjustment is not made pursuant to Section 4 of this Warrant, then and in each such event, the Company shall concurrently make a
cash payment to the Holder equal to the product of (i) the quotient obtained by dividing (x) the amount of cash plus the fair value of any property or securities distributed by (y) the number of shares of Common Stock outstanding on
the record date for such dividend or distribution and (ii) the number of Shares on such record date. 
 (b)    Redemption of Capital Stock.    In the event the Company at any time or from time to time after the date hereof shall repurchase or redeem any of its capital stock or any rights,
including without limitation, options, warrants or other convertible or exchangeable securities, to acquire such capital stock, then and in each such event, the Company shall concurrently make a cash payment to the Holder equal to the product of
(i) the quotient obtained by dividing (x) the aggregate amount of cash and the aggregate fair value of any property paid out by the Company in connection with any such repurchase or redemption by (y) the number of shares of Common
Stock outstanding on a fully diluted basis immediately after such repurchase or redemption and (2) the number of Shares. 
  

	 	6.	Notice of Record Date.    In the event: 

  

	 	(1)	that the Company declares a dividend (or any other distribution) on any of its capital stock (including without limitation, its Common Stock); 

  

	 	(2)	that the Company repurchases or redeems any of its capital stock (including without limitation, its Common Stock) or any rights to acquire such capital stock;

  

	 	(3)	that the Company subdivides or combines its outstanding shares of Common Stock; 

  

	 	(4)	of any reclassification of the Common Stock, or of any consolidation, merger or share exchange of the Company into or with another entity, or of the sale of all or substantially all
of the assets of the Company; 

  

	 	(5)	of the involuntary or voluntary dissolution, liquidation or winding up of the Company; or 

  

	 	(6)	of any offer of its Common Stock or any rights to acquire such Common Stock for consideration paid per share of Common Stock less than the Warrant Price then in effect.

 then the Company shall notify the Holder at least 30 days prior to the date specified in (A), (B) or (C) below, in writing
stating: 
 (A)        the record date of such dividend, distribution, repurchase,
redemption, subdivision or combination, or, if a record is not to be taken, the date as to which the holders of Common Stock of record to be entitled to such dividend, distribution, repurchase, redemption, subdivision or combination are to be
determined; 
  

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 (B)        the date on which such
reclassification, consolidation, merger, share exchange, sale, dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their
shares of Common Stock for securities or other property deliverable upon such reclassification, consolidation, merger, sale, dissolution or winding up; or 
 (C)        the date on which such offering of its Common Stock or any rights to acquire such Common Stock for consideration paid per share of Common Stock less than the Warrant
Price is expected to become consummated. 
  

	 	7.	Compliance with Securities Act; Disposition of Warrant or Common Stock. 

 (a)    Compliance with Securities Act.    The Holder, by acceptance hereof, agrees that this Warrant and the Shares to be issued upon exercise hereof are being acquired
for investment and that such Holder will not offer, sell or otherwise dispose of this Warrant or any Common Stock to be issued upon exercise hereof except under circumstances which will not result in a violation of the Securities Act of 1933, as
amended (the “Act”). All Shares issued upon exercise of this Warrant (unless registered under the Act or sold or transferred pursuant to Rule 144 promulgated under the Act) shall be stamped or imprinted with a legend in
substantially the following form: 
 “THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE
SECURITIES ACTS OF ANY STATE AND MAY NOT BE SOLD OR TRANSFERRED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACTS COVERING THIS SECURITY OR PURSUANT TO AN EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH
ACTS.” 
 (b)    Disposition of Warrant or Shares.    Subject to the terms and conditions
of this Warrant and applicable securities laws, this Warrant and the rights represented by this Warrant may be transferred, assigned or pledged, in whole or in part with prior written notice to the Company. Any transfer shall be accompanied by the
Notice of Transfer form attached hereto as Exhibit B. 
 (c)    Piggyback Registration Rights; No Demand
Registration Rights. 
 (i)    The Holder of this Warrant shall have the right (a “Piggyback
Registration Right”) to have the Shares issued or issuable upon exercise of this Warrant included, at the option of the Holder and upon the Holder’s request, in a registration statement (other than a registration statement on Form S-4
or S-8 or similar or successor form) (an “Eligible Registration Statement”) filed by the Company with the Securities and Exchange Commission (the “SEC”). Under no circumstances may the Holder of this Warrant demand
that the Company file such an Eligible Registration Statement, nor does the Company have an obligation to file an Eligible Registration Statement with the SEC at any time or ever. The number of Shares subject to the Piggyback Registration Right
(“Registrable Shares”) is subject to reduction or elimination (a “Registration Clawback”), in whole or in part, if the Company’s underwriter or placement agent, or the Company’s Board of Directors acting
in good faith, determines that the inclusion of some or all of the Registrable Shares in such Eligible Registration Statement would not be in the best interests of the Company or the proposed offering being registered on such Eligible Registration
Statement. 
  

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 (ii)    The Company shall provide reasonable written notice (a
“Registration Notice”) to the Holder pursuant to Section 11 of this Warrant when it determines to file an Eligible Registration Statement, requesting whether the Holder wishes to include any or all of the Shares issued or
issuable upon exercise of this Warrant in such Eligible Registration Statement. The Holder shall have five (5) business days after receipt of a Registration Notice to respond in writing as to whether the Holder requests the registration of a
stated number of Registrable Shares in the Eligible Registration Statement (the “Holder’s Registration Request”); if the Holder does not respond within such period of time, the Piggyback Registration Right shall be deemed
waived for that Eligible Registration Statement . If the Company receives a Holder’s Registration Request on a timely basis, the Company shall determine whether the conditions for a Registration Clawback exist and shall promptly notify the
Holder in writing how many, if any, Registrable Shares will be included in the Eligible Registration Statement. 
 (iii)    The Piggyback Registration Right provided herein shall lapse and be of no further force and effect upon the sooner to occur of the following: (A) the sale or other disposition by the Holder of all of the
Shares issued or issuable upon exercise of this Warrant or (B) the ability of the Holder to sell the Shares issued or issuable upon exercise of this Warrant pursuant to then current provisions of Rule 144 promulgated under the Securities Act of
1933, as amended (or any successor Rule of the SEC). 
 8.        Rights as
Shareholders.    The Holder shall not, by virtue hereof, be entitled to any rights of a shareholder in the Company, either at law or equity, and the rights of the Holder are limited to those expressed in this Warrant and are
not enforceable against the Company except to the extent set forth herein. 
 9.        Representations and Warranties.    The Company represents and warrants to the Holder as follows: 
 (a)    This Warrant has been duly authorized and executed by the Company and is a valid and binding obligation of the Company
enforceable in accordance with its terms; 
 (b)    The Shares have been duly authorized and reserved for issuance by
the Company and, when issued in accordance with the terms hereof, will be validly issued, fully paid and nonassessable; 
 (c)    The rights, preferences, privileges and restrictions granted to or imposed upon the Shares and the holders thereof are as set forth in the Company’s Certificate of Incorporation; 
 (d)    The execution and delivery of this Warrant are not, and the issuance of the Shares upon exercise of this Warrant in
accordance with the terms hereof will not be, inconsistent with the Company’s Articles of Incorporation or by-laws, do not and will not contravene any law, governmental rule or regulation, judgment or order applicable to the Company, and,
except for consents that have already been obtained by the Company, do not and will not conflict with or contravene any provision of, or constitute a default under, any indenture, mortgage, contract or other instrument of which the Company is a
party or by which it is bound or require the consent or approval of, the giving of notice to, the registration with or the taking of any action in respect of or by, any federal, state or local government authority or agency or other person; and

  

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 10.        Modification and
Waiver.    This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of the same is sought. 
 11.        Notices.    Except as otherwise expressly provided herein, all notices and
other communications provided for hereunder shall be in writing (including telegraphic, telex, telecopier or cable communication) and mailed, telegraphed, telexed, telecopied, cabled or delivered to the applicable party at its address specified
opposite its signature below, or at such other address as shall be designated by such party in a written notice to the other. All such notices and communications shall, when mailed, telegraphed, telexed, telecopied or cabled or sent by overnight
courier, be effective when deposited in the mails, delivered to the telegraph company, cable company or overnight courier, as the case may be, or sent by telex or telecopier. 
 12.        Descriptive Headings.    The descriptive headings of the several sections
of this Warrant are inserted for convenience only and do not constitute a part of this Warrant. 
 13.        Governing Law.    THIS WARRANT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF CALIFORNIA. 
 14.        Binding Effect on
Successors.    This Warrant shall be binding upon any entity succeeding the Company by merger, consolidation or acquisition of all or substantially all of the Company’s assets, and all of the obligations of the Company
relating to the Common Stock issuable upon the exercise of this Warrant shall survive the exercise, and termination of this Warrant and all of the covenants and agreements of the Company shall inure to the benefit of the successors and assigns of
the Holder. 
 15.        Severability.    In case any one or more of the
provisions contained in this Warrant shall be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. The parties
shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 16.        Lost Warrants or Stock Certificates.    The Company
covenants to the Holder that upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant or any stock certificate and, in the case of any such loss, theft or destruction, upon
receipt of an indemnity reasonably satisfactory to the Company, or in the case of any such mutilation upon surrender and cancellation of such Warrant or stock certificate, the Company will make and deliver a new Warrant or stock certificate, of like
tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant or stock certificate. 
  

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 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed and delivered by its duly
authorized officer on the day and year first above written. 
  

			
	BIOLARGO, INC.
		
	By:	 	 
	Name:	 	Dennis Calvert, President
		
	Address:	 	 2603 Main Street, Suite 1155
 Irvine, California 92614

 Attention: Dennis Calvert
 Facsimile:
949/666-7297

  

			
	ACKNOWLEDGED AND ACCEPTED:
		
	By:	 	 

			
		
	Print Name:	 	 

			
		
	Address:	 	 
		
		 	 
		
		 	 

			
		
	 Federal ID
 or Social Security No.

	 	 

  

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 EXHIBIT A 
 NOTICE OF EXERCISE 
 TO: BIOLARGO, INC. 
 (1)        The undersigned hereby elects to purchase
                     shares of Common Stock of BIOLARGO, INC. (the “Company”) pursuant to the terms of the attached Warrant, and,
unless such Warrant allows the exercise to be “cashless,” tenders herewith payment of the Warrant Price for such shares in full. 
 (2)        The undersigned represents and warrants to the Company that, as of the date hereof, the undersigned is an “accredited investor” as that term is defined in Rule 501(a) of
Regulation D under the Securities Exchange Act of 1934, as amended. 
 (3)        Please issue a
certificate or certificates representing said shares of Common Stock in the name of the undersigned or in such other name as is specified below: 
  

			
	
	 
	(Name)
	
	 
	(Name)

  
 (4)        Please issue a new Warrant for the unexercised portion of the attached Warrant in the name of the undersigned or in such other name as is specified below: 
  

			
	
	 
	(Name)
	
	 
	(Address)
	
	 
	(Federal ID or Social Security No.)
	
	 
	(Signature)
	
	 
	(Date)

 EXHIBIT B 
 NOTICE OF TRANSFER 
 (To be signed only upon transfer of Warrant and subject to other conditions of
this Warrant) 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto                                        
                                 
                                        
                              the right represented by the attached Warrant to purchase
                     shares of the Common Stock of BIOLARGO, INC., to which the attached Warrant relates, and appoints
                                        
as Attorney-in-fact to transfer such right on the books of BIOLARGO, INC., with full power of substitution in the premises. 
 The
undersigned understands that any transfer of the attached Warrant is subject to full compliance with Federal and applicable state securities laws and other requirements, which requirements shall be determined and which issues shall be decided by
BIOLARGO, INC., in its sole and absolute discretion, prior to consenting to and recognizing such transfer. 
  
 Dated:                                      
                    
  

			
	
	 
	(Signature must conform in all respects to the name of the Holder as specified on the face of the Warrant)
	
	 
	
	 
	(Address)

  
 Signed in the presence
of:Executive Employment Agreement Between The Princeton Review and John Marshall

 Exhibit 10.1 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 This EXECUTIVE EMPLOYMENT AGREEMENT is entered into as
of the 11th day of August, 2008 (the “Effective Date”), by and between The Princeton Review, Inc. (the “Company”), a Delaware corporation, and John Marshall (the “Executive”). 
 WHEREAS, the Executive is currently employed by the Company as its President, Test Preparation Services Division and during his employment he has
gained valuable experience and knowledge in all phases of the Company’s business; 
 WHEREAS, the Company recognizes the
Executive’s extraordinary experience and relationships in the Company’s business and industry, and the Company desires to retain the services and employment of the Executive; 
 WHEREAS, the Executive and the Company are parties to an offer letter dated October 18, 2007 (the “Prior Agreement”); and

 WHEREAS, the Company and the Executive desire to enter into this Agreement in order to replace and supersede the Prior Agreement
and provide for the continued employment of the Executive by the Company upon the terms and subject to the conditions set forth herein. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual promises contained herein, the parties agree as follows: 
 1. Effective Date and Term. This Agreement shall become effective, and Executive’s employment under this Agreement will begin, on the Effective Date. The Executive shall be employed hereunder for the period starting on the
Effective Date and continuing until the Termination Date, as that term is defined in Section 7(a)(v) below (such period of employment shall be referred to as the “Term”). 
 2. Employment. 
 (a) The Executive
will be employed as the President, Test Preparation Services Division or in such other position(s) as may be mutually agreed upon by the parties. The Executive 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 Company’s Chief Executive Officer (the “CEO”). The Executive shall report directly to the CEO. 
 (b) The Executive will devote his full working time, attention and skill to the performance of his duties and responsibilities as an executive employee of
the Company in a trustworthy and professional manner, and will use his best efforts to promote the interests of the Company. The Executive will not, without prior written approval of the Company, engage in any other activities that would interfere
with the performance of his duties as an employee of the Company, are in violation of written policies of the Company, are in violation of applicable law, or would create an actual or perceived conflict of interest with respect to the
Executive’s obligations as an employee of the Company. The Executive may (1) with advance notice to and consent of the Company, serve on corporate, civil or charitable boards or committees; (2) deliver lectures and teach at
educational institutions; (3) serve as a personal representative or trustee; and (4) invest personally in any business where no conflict of interest exists between such investment and the business of the Company, provided those activities
do not require a material time commitment by the Executive or are otherwise contrary to any provision of this Agreement. 
  

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 3. Compensation. For so long as the Executive is employed by the Company under this Agreement, the
Executive shall be paid the following compensation: 
 (a) Base Salary. The Executive’s initial base salary will be $315,000 per
annum (such base salary, as may be adjusted from time to time in accordance with this Section, the “Base Salary”), from which shall be deducted all required or authorized payroll deductions, including state and federal withholdings. The
Base Salary shall be payable in accordance with the Company’s customary payroll practices applicable to its executives generally. The Base Salary will be reviewed, and may be adjusted, at least annually in a manner designated by the Board of
Directors of the Company (the “Board”) or the Compensation Committee of the Board (the “Compensation Committee”). 
 (b) Bonus. The Executive will be eligible for an annual bonus for each calendar year of his
employment targeted at 50% of his Base Salary (the “Target Bonus”) based on the attainment of performance metrics established and revised annually by the Board or the Compensation Committee. The Board or the Compensation Committee, in its
sole discretion, shall establish the eligibility criteria for such annual bonus, which may include Company financial projections and management goals specific to the Executive. Each bonus earned by the Executive shall be paid to the Executive
in cash, less all required or authorized tax and other withholdings, during the 2 1/2 month period following the end of the
calendar year in which the bonus was earned. 
 (c) Stock Based Compensation. 
 (i) During the Term, the Executive will be eligible to be considered by the Compensation Committee for grants or awards of stock options or other
stock-based compensation under the Company’s 2000 Stock Incentive Plan, as amended and restated on March 24, 2003 and as may hereafter be amended (the “Plan”) or similar plans as in effect from time to time. All grants or awards
shall be governed by the relevant plan documents and requirements and shall be evidenced by the Company’s then-standard form of stock option, restricted stock or other applicable agreement. 
 (ii) The Executive has previously been granted the stock options referred to in the Prior Agreement. 
 4. Employee Benefits. 
 (a)
Employee Benefits Generally. The Executive will be entitled to participate in all employee benefit plans, practices and programs maintained by the Company and made available to employees generally including, without limitation, all pension,
retirement, profit sharing, savings, health, hospitalization, disability, dental, life or travel accident insurance benefit plans, vacation and sick leave in accordance with the terms of such plans, practices and programs as in effect from time to
time. 
 (b) Executive Benefits. The Executive will also be entitled to participate in executive benefit or incentive compensation
plans now maintained or hereafter established by the Company for the purpose of providing compensation and/or benefits to executives of the Company generally. Unless otherwise determined by the Compensation Committee, the Executive’s
participation in such plans will be on the same basis and terms as other similarly situated executives of the Company. No additional compensation provided under any of such plans will be deemed to modify or otherwise affect the terms of this
Agreement or any of the Executive’s entitlements hereunder. 
  

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 5. Reimbursements and Other Benefits. 
 (a) Expenses generally. The Company will pay all reasonable and properly documented expenses incurred by the Executive in furtherance of the
Company’s business in accordance with applicable Company policies and procedures (“Expenses”). 
 (b) Vacation. The
Executive may take 22 days of paid time off during each year (or such larger number as provided by Company policy) at such times as shall be consistent with the Company’s vacation policies and, in the CEO’s judgment, consistent with the
needs of the Company. 
 6. Effect of Change in Control. 
 (a) Definition. For purposes of this Agreement, “Change in Control” means the occurrence of any of the following events: 
 (i) the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”)
of beneficial ownership of any capital stock of the Company if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 promulgated under the Exchange Act) in excess of 50% of either the then-outstanding shares of
common stock of the Company (the “Outstanding Company Common Stock”) or the combined voting power of the then-outstanding securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company
Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change in Control: (1) any acquisition of more than 50% of the Outstanding Company Common Stock directly
from the Company (excluding an acquisition pursuant to the exercise, conversion or exchange of any security exercisable for, convertible into or exchangeable for common stock or voting securities of the Company, unless the Person exercising,
converting or exchanging such security acquired such security directly from the Company or an underwriter or agent of the Company); (2) any acquisition of more than 50% of the Outstanding Company Common Stock by the Company; (3) any
acquisition of more than 50% of the Outstanding Company Common Stock by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; or (4) any acquisition by any Person who,
prior to such acquisition, already owned more than 50% of the Outstanding Company Common Stock or Outstanding Company Voting Securities; or 
 (ii) such time as the majority of the members of the Board (or, if applicable, the board of directors of a successor corporation to the Company) is replaced during any 12-month period (commencing no earlier than the date of this
Agreement) by directors whose appointment or election is not approved by a majority of the members of the Board prior to the date of the appointment or election; or 
 (iii) the consummation of a merger, consolidation, reorganization, recapitalization or statutory share exchange involving the Company or a sale or other disposition of all or substantially all of the assets of the
Company in one or a series of transactions (a “Business Combination”), unless, immediately following such Business Combination, all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding
Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the
then-outstanding securities entitled to vote generally in the election of directors, respectively, of the resulting or acquiring corporation in such Business Combination (which shall include, without limitation, a corporation which as a result of
such transaction owns the Company or substantially 

  

 3 

 
all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately
prior to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, respectively; or 
 (iv) the approval by the stockholders of the Company of a complete liquidation or dissolution of the Company, other than in a bankruptcy proceeding, provided that the liquidation or dissolution otherwise meets the requirements of one of the
events described in Sections 6(a)(i), (ii) or (iii) above. 
 In all respects, the definition of “Change in Control”
shall be interpreted to comply with Internal Revenue Code Section 409A, and any successor statute, regulation and guidance thereto. 
 (b) Notwithstanding any provision of the Company’s 2000 Stock Incentive Plan, any stock option agreement or restricted stock or other stock award agreement or any other stock option plan to the contrary, if the Executive is employed by
the Company upon the occurrence of a Change in Control, immediately prior to such Change in Control the unvested portion of the stock options held by the Executive on the date of the Change in Control shall vest and become immediately exercisable,
and all restrictions shall lapse on any restricted stock or similar awards held by the Executive at such time which were not otherwise vested as of the date of the Change in Control. 
 (c) Gross-Up Payment. 
 (i) Anything in this
Agreement to the contrary notwithstanding, in the event it shall be determined that any compensation, payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to
the terms of this Agreement or otherwise (the “Severance Payments”), would be subject to the excise tax imposed by Internal Revenue Code Section 4999, or any interest or penalties are incurred by the Executive with respect to such
excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then the Executive shall be entitled to receive an additional payment or payments (collectively, the
“Gross-Up Payment”) such that the net amount retained by the Executive, after deduction of any Excise Tax on the Severance Payments, any Federal, state, and local income tax, employment tax and Excise Tax upon the payment provided by this
Section, and any interest and/or penalties assessed with respect to such Excise Tax, shall be equal to the Severance Payments. 
 (ii)
Subject to the provisions of Section 6(c)(iii) below, all determinations required to be made under this Section 6(c)(ii), including whether a Gross-Up Payment is required and the amount of such Gross-Up Payment, shall be made by a
nationally recognized accounting firm selected and paid for by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the Termination Date,
if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. For purposes of determining the amount of the Gross-Up Payment, the Executive shall be deemed to pay federal income taxes at the highest marginal rate
of federal income taxation applicable to individuals for the calendar year in which the Gross-Up Payment is to be made, and state and local income taxes at the highest marginal rates of individual taxation in the state and locality of the
Executive’s residence on the Termination Date, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. The Gross-Up Payment, if any, as determined pursuant to this
Section 6(c)(ii), shall be paid to the relevant tax authorities as withholding taxes on behalf of the Executive at such time or times when each Excise Tax payment is due. Any determination by the Accounting Firm shall be binding upon the
Company and the Executive. As a result of the uncertainty in the application of Internal Revenue Code Section 4999 at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments which will not
have been made by the Company should have been made (an 

  

 4 

 
“Underpayment”). In the event that the Company exhausts its remedies pursuant to Section 6(c)(iii) below and the Executive thereafter is
required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred, consistent with the calculations required to be made hereunder, and any such Underpayment, and any interest and
penalties imposed on the Underpayment and required to be paid by the Executive in connection with the proceedings described in Section 6(c)(iii) below, shall be promptly paid by the Company to the relevant tax authorities as withholding taxes
on behalf of the Executive. 
 (iii) The Executive shall notify the Company in writing of any claim by the Internal Revenue Service that, if
successful, would require the payment by the Company of the Gross-up Payment. Such notification shall be given as soon as practicable but no later than ten business days after the Executive knows of such claim and shall apprise the Company of the
nature of such claim and the date on which such claim is requested to be paid. The Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which he gives such notice to the Company (or such shorter
period ending on the date that any payment of taxes with respect to such claim is due), unless failure to do so could reasonably be expected to result in any criminal liability for the Executive. If the Company notifies the Executive in writing
prior to the expiration of such period that it desires to contest such claim, provided that the Company has set aside adequate reserves to cover the Underpayment and any interest and penalties thereon that may accrue, the Executive shall:

 (A) give the Company any information reasonably requested by the Company relating to such claim, 
 (B) take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without
limitation, accepting legal representation with respect to such claim by an attorney selected by the Company, 
 (C) cooperate with the
Company in good faith in order to effectively contest such claim, and 
 (D) permit the Company to participate in any proceedings relating
to such claim; provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties, and any accounting or legal fees reasonably incurred by the Executive) incurred in connection with
such contest and shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax or income tax, including interest and penalties with respect thereto, imposed as a result of such representation and payment of costs and
expenses. 
 (iv) In the event the Executive pays any Excise Tax or other taxes or incurs any expenses which otherwise would be payable by
the Company pursuant to this paragraph 6(c), then the amount paid by the Executive shall be promptly reimbursed to him by the Company; provided that the Executive provides evidence of such payments to the Company within thirty (30) days of
making such payments. 
 (v) If, after a Gross-Up Payment by the Company on behalf of the Executive pursuant to this Section 6(c), the
Executive becomes entitled to receive any refund with respect to such claim, the Executive shall (subject to the Company’s complying with the requirements of Section 6(c)(iii)) promptly pay to the Company the amount of such refund
(together with any interest paid or credited thereon after taxes applicable thereto). 
 7. Termination. The Executive’s
employment hereunder may be terminated as set forth in this Section 7. 
  

 5 

 (a) Definitions. 
 (i) Cause. For purposes of this Agreement, “Cause” means a good faith finding by the Company that: 
 (A) the Executive failed to substantially perform his duties and obligations to the Company (other than a failure resulting from the Executive’s incapacity because of a Disability, as defined in
Section 7(a)(ii)), including but not limited to one or more acts of gross negligence or insubordination or a material breach of the Company’s policies and procedures (other than such policies set forth in Section 7(a)(i)(B) below);
provided, however, that if such failure is determined by the Company, in its sole discretion, to be curable, the failure is not cured within 10 days after a written demand for cure is received by the Executive from the Company which
specifically identifies the manner in which the Company believes the Executive has failed to substantially perform his duties and obligations to the Company; 
 (B) the Executive has materially breached the Company’s Code of Conduct or its anti-discrimination and harassment policies;

 (C) the Executive has committed a crime involving fraud, dishonesty, theft, breach of trust or moral turpitude;

 (D) the Executive willfully engaged in conduct which is demonstrably and materially injurious to the Company, monetarily
or otherwise; 
 (E) the Executive materially breached this Agreement, including but not limited to the Confidentiality,
Non-Competition and Non-Solicitation provisions of Section 8 below, or any other agreement regarding assignment of intellectual property rights with the Company; 
 (F) the Executive violated state or federal securities laws or regulations; or 
 (G) the Executive 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. 
 (ii) Disability. For purposes of this Agreement,
“Disability” means a physical or mental illness, impairment or infirmity (other than an absence from work on an approved maternity or paternity leave) which renders the Executive unable to perform the essential functions of his position,
including his duties under this Agreement, with reasonable accommodation, as determined by a physician selected by the Company and acceptable to the Executive or the Executive’s legal representative, for at least one hundred eighty
(180) days during any 365-consecutive-dayperiod. 
 (iii) Good Reason. For purposes of this Agreement, “Good Reason”
means the occurrence of any of the following, unless the Executive has provided specific written consent to such occurrence: 
  

 6 

 (A) material diminution in the Executive’s authority, duties or responsibilities; 
 (B) a reduction in the Executive’s Base Salary; 
 (C) a change by the Company in the location at which the Executive performs his principal duties for the Company to a new location that is more than 50 miles from the location at which the Executive performed his
principal duties for the Company immediately prior to such change; or 
 (D) a material breach by the Company of this Agreement. 

In addition, for purposes of this Agreement, “Good Reason Process” shall mean that (i) the Executive reasonably determines in good faith that a
“Good Reason” condition has occurred; (ii) the Executive notifies the Company in writing of the occurrence of the Good Reason condition within 60 days of such occurrence; (iii) the Executive cooperates in good faith with the
Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) the Executive
terminates his employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason event during the Cure Period, Good Reason shall be deemed not to have occurred. 
 (iv) Notice of Termination. For purposes of this Agreement, a “Notice of Termination” means a notice which indicates the specific
termination provision in this Agreement relied upon and sets forth the Termination Date. 
 (v) Termination Date. For purposes of
this Agreement, “Termination Date” means (i) in the case of the Executive’s Death, the Executive’s date of Death; (ii) if the Executive’s employment is terminated for Disability, the date of the Executive’s
Disability; (iii) if the Executive terminates his employment, on the effective date of termination specified in the Notice of Termination, or such earlier date specified by the Company in response to such Notice; (iv) if the
Executive’s employment is terminated for Cause, immediately, and (v) if the Executive’s employment is terminated for any other reason, the date specified in the Notice of Termination, which will not be less than two weeks after the
Notice of Termination. 
 (b) Termination and Compensation upon Termination. 
 (i) Termination by the Company for Cause. The Company may terminate the Executive’s employment for Cause. 
 (A) If the Executive’s employment is terminated by the Company for Cause, then the Company shall pay the Executive all amounts earned or accrued
hereunder through the Termination Date but not paid as of the Termination Date, including (1) Base Salary; (2) expenses incurred by the Executive on behalf of the Company in accordance with this Agreement; (3) vacation pay in
accordance with the Company’s normal policies and practices; and (4) any bonus or incentive compensation with respect to the calendar year ended prior to the year in which the Termination Date occurs if that bonus or incentive compensation
was earned but not paid (collectively, “Accrued Compensation”). 
 (B) In the event that the Company terminates the
Executive’s employment without Cause as set forth in Section 7(b)(ii), but the Company determines subsequently that the 

  

 7 

 
Company had the right to terminate the Executive’s employment for Cause pursuant to this Section 7(b)(i), the Company may terminate the payment of
all amounts to the Executive pursuant to Section 7(b)(ii) and the Executive shall return all previous payments made to him pursuant to Section 7(b)(ii) other than the Accrued Compensation. 
 (ii) Termination by the Company without Cause or by the Executive for Good Reason. The Company may terminate the Executive’s employment
without Cause, and the Executive may terminate his employment for Good Reason. If the Executive’s employment is terminated by the Company without Cause (excluding any termination due to the Executive’s death or Disability) or by the
Executive for Good Reason in accordance with the Good Reason Process, then the Company shall pay the Executive the following: 
 (A) all
Accrued Compensation; 
 (B) a severance payment (“Severance”) in an amount equal to the sum of (1) 100% of the
Executive’s Base Salary as in effect immediately prior to the event giving rise to the Notice of Termination pursuant to which the Executive’s employment is being terminated, plus (2) 100% of either (x) if the Executive was
employed by the Company for the entire calendar year immediately prior to the calendar year of the event giving rise to the Notice of Termination pursuant to which the Executive’s employment is being terminated, then the Executive’s annual
bonus for such prior calendar year (if any), or (y) if the Executive was not employed by the Company for the entire calendar year immediately prior to the calendar year of the event giving rise to the Notice of Termination pursuant to which the
Executive’s employment is being terminated, then the Executive’s Target Bonus as in effect immediately prior to the event giving rise to the Notice of Termination pursuant to which the Executive’s employment is being terminated. Such
Severance shall be paid to the Executive in a lump sum, less all required or authorized tax and other withholdings, within thirty (30) days of the later of the Termination Date or the Company’s receipt of the general release provided in
Section 7(b)(ii)(D) below; and 
 (C) directly, or by reimbursing the Executive for the monthly premium for continuation coverage under
the Company’s health and dental insurance plans, but only for the dollar amount portion of such premium equal to the portion being paid by the Company as of immediately prior to the Termination Date, and only to the same extent that such
insurance is provided to persons currently employed by the Company, and provided that the Executive makes a timely election for such continuation coverage under the Consolidate Omnibus Budget Reconciliation Act of 1985 (“COBRA”). The
“qualifying event” under COBRA shall be deemed to have occurred on the Termination Date. The Company’s obligation under this paragraph shall end 12 months after the Termination Date. 
 (D) The Company shall not be obligated to make the payments otherwise provided for in Sections 7(b)(ii)(B) and (C) unless the Executive provides to
the Company within 45 day of such termination, and does not revoke, a general release of claims in a form satisfactory to the Company. 
 (E) The Company shall not be obligated to make the payments otherwise provided for in Sections 7(b)(ii)(B) and (C) upon a good faith finding by the Company of a material breach by the Executive of the Confidentiality, Non-Competition
or Non-Solicitation provisions of Section 8 of this Agreement or the provisions of any other agreement regarding assignment of intellectual property between the Executive and the Company and, in such event, the Executive shall return all
previous payments made to him pursuant to Sections 7(b)(ii)(B) and (C). 
  

 8 

 (iii) Disability. The Company may terminate the Executive’s employment upon the
Executive’s Disability. If the Executive’s employment with the Company is terminated because of his Disability, then the Company will pay the Executive all Accrued Compensation. 
 (iv) Death. The Company shall terminate the Executive’s employment because of the Executive’s death. If the Executive’s employment
with the Company terminates because of the Executive’s death, then the Company will pay the Executive’s beneficiaries or heirs all Accrued Compensation. 
 (v) Resignation. The Executive may terminate this Agreement by resigning upon thirty (30) days’ prior written notice to the Company. If the Executive’s employment with the Company is terminated
by the Executive’s resignation, then the Company will pay the Executive all Accrued Compensation earned through the Termination Date specified in the Notice of Termination. 
 (c) Notice of Termination Required. Any purported termination by the Company or by the Executive will be communicated by a written Notice of
Termination to the other party. For purposes of this Agreement, no purported termination of employment will be effective without a Notice of Termination. 
 (d) Timing of Payment. The Accrued Compensation payable to the Executive as provided in Sections 7(b)(i)—(v) will be paid pursuant to applicable state law or within ten (10) business days after the
Executive’s Termination Date, whichever period is shorter. Any other compensation provided for in Section 7(b) will be paid as set forth above. 
 (e) Mitigation. The Executive will not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise and no such payment will be offset or reduced by
the amount of any compensation or benefits provided to the Executive in any subsequent employment other than as provided under Section 7(b)(ii)(C). 
 (f) Other. The Executive’s entitlement to any other compensation or benefits upon termination of Executive’s employment shall be determined in accordance with the Company’s employee benefit plans
and other applicable programs and practices then in effect. 
 8. Confidentiality, Non-Competition and Non-Solicitation 
 (a) Confidentiality. The Executive acknowledges that during his employment, he may have access to trade secrets and other oral or written
information and materials that are confidential in nature and proprietary to the Company (collectively, “Confidential Information”). The Executive will not, at any time, whether during or after the term of employment, directly or
indirectly, by any means or devices whatsoever, copy, retain, disclose, use, or permit the use of or access to any Confidential Information, except as may be required in the performance of the Executive’s duties for the Company. Upon
termination the Executive’s employment, the Executive will immediately turn over to the Company all originals and copies of any Confidential Information, in his possession, custody or control. It is expressly agreed that the Executive’s
obligation not to use or disclose the Confidential Information of the Company shall survive the termination of his employment until such time as the information becomes publicly known other than by virtue of a disclosure or other act of the
Executive. 
 (b) Non-compete. The Executive shall not during the Executive’s employment and for a period of one year following
the termination of the Executive’s employment (regardless of the circumstances and reasons for such termination) engage other than on behalf of the Company in any 

  

 9 

 
Competitive Business anywhere in the United States. For purposes of this paragraph “Competitive Business” shall mean any line of business in which
the Company was actively engaged as of the Termination Date or which the Company was (as of the Termination Date) actively considering entering. The Executive shall not be deemed to be engaged in a Competitive Business solely because he is employed
or otherwise involved with a person or company which has a subsidiary, division, affiliate or unit (each, a “Unit”) engaged in a Competitive Business so long as the Executive does not provide services to or have responsibility regarding
any Unit of such person or company that is engaged in a Competitive Business and does not allow or encourage the use of Confidential Information to aid a Unit engaged in a Competitive Business. The Executive acknowledges that as of the Effective
Date the Company is engaged in the following lines of business directly and through franchisees: (1) the test preparation business which prepares students and others to take standardized tests for admission to colleges, universities, and
graduate programs in the United States through on-line and in person courses, publication of self-study books and podcasts, and other means and which assists students and their parents or guardians in the admission process, including financial aid;
(2) provision of Supplemental Educational Services under the No Child Left Behind Act; and (3) providing educators, schools and others with services and products aimed at improving student achievement in grades K through 12, including but
not limited to assessments, interventions, coaching and mentoring. 
 (c) Non-solicit. The Executive shall not, during the
Executive’s employment and for a period of one year following the termination of the Executive’s employment (regardless of the circumstances and reasons for such termination), directly or indirectly (i) offer employment to, hire or
otherwise engage the services of any employee of the Company or any individual employed by the Company or any of its franchises within the twelve (12) months immediately preceding the termination of the Executive’s employment, or
(ii) take any action that interferes in or results in the termination by an employee or franchisee of their employment, franchise or other business relationship with the Company. 
 (d) Remedies for breach of this Section. In the event of a breach or threatened breach by the Executive of any provision of this Section 8,
the Executive acknowledges that it would be difficult to determine and measure the Company’s monetary damages. The Company shall therefore be entitled to obtain a restraining order, injunction and all other appropriate equitable remedies in
addition to other applicable remedies provided by applicable law. The Company may institute such action, and the Executive hereby consents to the exercise of personal jurisdiction and venue, in any federal or state court in New York, NY or Boston,
MA. 
 9. Successors and Assigns. 
 (a) Successor to Company. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume
and agree to perform this Agreement to the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any
succession shall be a material breach of this Agreement. 
 (b) Successor to the Executive. Neither this Agreement nor any right or
interest hereunder will be assignable or transferable by the Executive, his beneficiaries or legal representatives, except by will or by the laws of descent and distribution. All payments under this Agreement will inure to the benefit of and be
enforceable by the Executive’s legal personal representative. 
 10. Notice. For the purposes of this Agreement, notices and all
other communications provided for in the Agreement (including the Notice of Termination) will be in writing and will be deemed to have been duly given when personally delivered or sent by national overnight courier service 

  

 10 

 
or certified mail, return receipt requested, postage prepaid, addressed to the respective addresses last given by each party to the other, provided that all
notices to the Company will be directed to the attention of the Chief Executive Officer of the Company with a copy to the General Counsel of the Company. All notices and communications will be deemed to have been received on the date of delivery
thereof or on the third business day after the mailing thereof, except that notice of change of address will be effective only upon receipt. 
 11. Non-exclusivity of Rights. Nothing in this Agreement will prevent or limit the Executive’s continuing or future participation in any benefit, bonus, incentive or other plan or program provided by the Company or any of its
subsidiaries and for which the Executive may qualify, nor will anything herein limit or reduce such rights as the Executive may have under any other agreements with the Company or any of its subsidiaries. Amounts which are vested benefits or which
the Executive is otherwise entitled to receive under any plan or program of the Company or any of its subsidiaries will be payable in accordance with such plan or program, except as explicitly modified by this Agreement. 
 12. Section 409A Savings Clause. The Company and the Executive agree that they will negotiate in good faith and jointly execute an amendment
to modify this Agreement to the extent necessary to comply with the requirements of Internal Revenue Code Section 409A, or any successor statute, regulation and guidance thereto; provided that no such amendment shall increase the total
financial obligation of the Company under this Agreement. 
 13. Amendments Must be in Writing. No provision of this Agreement may be
modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and the Company. 
 14. No Waiver. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party will be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
 15. Governing Law and Jurisdiction.
This Agreement will be governed by and construed and enforced in accordance with the laws of the Commonwealth of Massachusetts without giving effect to the conflict of law principles thereof. The Executive hereby irrevocably submits and acknowledges
and consents to the jurisdiction of the courts of the Commonwealth of Massachusetts, or if appropriate, a federal court located in Massachusetts (which courts, for purposes of this Agreement, are the only courts of competent jurisdiction), over any
suit, action or other proceeding arising out of, under or in connection with this Agreement or the subject matter hereof. 
 16.
Severability. The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability of the other provisions hereof. 
 17. Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements,
understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof, including but not limited to the Prior Agreement but excluding any agreement regarding assignment of intellectual property. No
agreement or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which is not expressly set forth in this Agreement. 
 18. Tax Consequences. The Company does not guarantee the tax treatment or tax consequences associated with any payment or benefit arising under
this Agreement. 
  

 11 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized
officer and the Executive has executed this Agreement effective as of the day and year first above written. 
  

									
	EXECUTIVE	 		 	THE PRINCETON REVIEW, INC.
					
	By:	 	 /s/ John Marshall
	 		 	By:	 	 /s/ Michael J. Perik

		 	John Marshall	 		 		 	Michael J. Perik
		 		 		 		 	Chief Executive Officer

  

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