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                                                                   EXHIBIT 10.17

                              EMPLOYMENT AGREEMENT
                           THE PRINCETON REVIEW, INC.

         This Employment Agreement is between John Katzman ("Katzman") 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: Katzman shall serve as the Chief Executive Officer of
         TPR.

2.       Compensation: TPR shall pay Katzman $400,000 per year, increasing
         annually as per a Board vote. He shall also receive a performance bonus
         of between 10% and 100% of base salary, the amount of which shall be at
         the Board's discretion.

3.       Right to a vehicle: Company will continue to cover the expenses for a
         leased vehicle and parking. Vehicle lease cost shall not exceed $600
         per month.

4.       Right to be connected: Katzman will be provided with a cell phone and
         personal computer, as well as high-speed (DSL or Cable) connections at
         both of his homes.

5.       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) Katzman voluntarily
         terminates employment or (ii) TPR gives contrary written notice to
         Katzman at least 6 months prior to the anniversary date.

6.       Severance Payments and Benefits: If TPR does not renew this Agreement
         under Section 3.1 of the Policy Statement, then, in addition to the
         payments provided under Section 5.1, but in lieu of the payments
         provided under Section 5.3, TPR will pay his annual base salary for an
         additional eighteen months following termination.

Agreed to this August 7, 2000.

/s/ Mark Chernis                                     /s/ John Katzman
---------------------------------------              --------------------------
Mark Chernis                                         John Katzman
President and COO, The Princeton Review<PAGE>   1
                                                                   Exhibit 10.18

                              EMPLOYMENT AGREEMENT
                           THE PRINCETON REVIEW, INC.

         This Employment Agreement is between Mark Chernis ("Chernis") 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: Chernis shall serve as Chief Operating Officer (COO) of
     TPR.

2.   Compensation TPR shall pay Chernis $257,500 per year increasing at 3% per
     year. Further, TPR will give an annual bonus of $50,000 and an annual
     performance bonus of up to 50% of base salary, based on performance.

3.   Stock Option Grant: In addition to Stock previously issued, TPR hereby
     grants Chernis an option to purchase 300,000 shares of Series B Common
     Stock, at a $6.25 strike price, vesting quarterly over the next four years.

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) Chernis voluntarily terminates employment or (ii)
     TPR gives contrary written notice to Chernis at least 6 months prior to the
     anniversary date.

5.   Disability: In Paragraph 4.2 of Exhibit A, the aggregating period shall be
     180 days.

6.   Severance Payments and Benefits: If TPR terminates Chernis's employment
     without cause under Section 4.1 of the Policy Statement or does not renew
     the Agreement under Section 3.1, then, in addition to the payments provided
     under Section 5.1, but in lieu of the payments provided under Section 5.3,
     TPR will his annual base salary for an additional eighteen months following
     termination. In addition, Chernis will be entitled to reimbursement of
     COBRA payments to maintain medical and dental insurance for 18 months.

7.   Spite: Remedies available to TPR under Section 2.4.2 shall not include
     repayment of stock option appreciation.

8.   Right to a vehicle: Company will continue to cover the expenses for a
     leased vehicle and parking. Vehicle lease cost shall not exceed $400 per
     month.

9.   Loan: At Chernis's request, after April 1st, 2001, unless TPR has gone
     public, TPR will lend to Chernis on a fully non-recourse basis up to an
     aggregate principal amount
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     of $500,000. This loan shall accrue interest at the prime rate, have a term
     of 8 years, and require no payment of principal or interest for the first
     four years of the term, Thereafter, the loan shall be paid back over 4
     years in equal annual installments. TPR may hold as collateral Chernis's
     TPR Stock valued (based upon TPR's Agreed Value) at up to 250% of the
     outstanding loan principal.

10.  Right to be connected: Chernis will be provided with a cell phone and
     personal computer.

Agreed to this April 27th, 2000.

/s/ John Katzman                                     /s/ Mark Chernis
---------------------------                          --------------------------
John Katzman                                         Mark Chernis
Chief Executive Officer<PAGE>   1
                                                                   EXHIBIT 10.19

                              EMPLOYMENT AGREEMENT
                           THE PRINCETON REVIEW, INC.

         This Employment Agreement is between Stephen Melvin ("Melvin") 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: Melvin shall serve as the Chief Financial Officer of TPR.

2.   Compensation: TPR shall pay Melvin $200,000 per year, increasing annually
     by 5%. He shall also receive a bonus of between 15% and 35% of base salary.

3.   Stock Option Grant: In addition to Stock previously issued, TPR hereby
     grants Melvin an option to purchase 170,000 shares of Series B Common Stock
     at a $6.25 strike price, vesting evenly each quarter over the next four
     years.

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) Melvin voluntarily terminates employment or (ii)
     TPR gives contrary written notice to Melvin at least 6 months prior to the
     anniversary date.

5.   Severance Payments and Benefits: If TPR terminates Melvin's employment
     without cause under Section 4.1 of the Policy Statement or if TPR does not
     renew the Agreement under Section 3.1 of the Policy Statement, then, in
     addition to the payments provided under Section 5.1 and 5.4, but in lieu of
     the payments provided under Section 5.3, TPR will pay Melvin his annual
     base salary for ten months following termination.

Agreed to this April 1, 2000.

/s/ John Katzman                                     /s/ Stephen Melvin
---------------------------                          --------------------------
John Katzman                                          Stephen Melvin
Chief Executive Officer<PAGE>   1
                                                                   EXHIBIT 10.20

                              EMPLOYMENT AGREEMENT
                           THE PRINCETON REVIEW, INC.

         This Employment Agreement is between Steve Quattrociocchi
("Quattrociocchi") 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: Quattrociocchi shall serve as the Executive VP of the
     Instruction & Guidance Division.

2.   Compensation: TPR shall pay Quattrociocchi $245,000 per year, increasing
     annually by a minimum of 3%. He shall also receive a bonus of up to 35% of
     base salary.

3.   Stock Option Grant: In addition to the Deferred Stock described above, TPR
     hereby grants Quattrociocchi an option to purchase 120,000 shares of Series
     B Common Stock at a $6.25 strike price, vesting evenly each quarter over
     the next three years.

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) Quattrociocchi voluntarily terminates employment
     or (ii) TPR gives contrary written notice to Quattrociocchi at least 6
     months prior to the anniversary date.

5.   Severance Payments and Benefits: If TPR terminates Quattrociocchi's
     employment without cause under Section 4.1 of the Policy Statement or if
     TPR does not renew the Agreement under Section 3.1 of the Policy Statement,
     then, in addition to the payments provided under Section 5.1, but in lieu
     of the payments provided under Section 5.3, TPR will pay Quattrociocchi his
     annual base salary for an additional twelve months following termination.

6.   Spite: Remedies available to TPR under Section 2.4.2 shall not include
     repayment of stock option appreciation.

Agreed to this April 10, 2000.

/s/ John Katzman                                     /s/ Steve Quattrociocchi
---------------------------                          --------------------------
John Katzman                                          Steve Quattrociocchi
Chief Executive Officer

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