Document:

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                                                                   Exhibit 10.45

                          PLEDGE AND SECURITY AGREEMENT

                  THIS PLEDGE AND SECURITY AGREEMENT (the "Pledge Agreement"),
dated as of September 19, 2000, is by and between Steven Hodas ("Hodas"), an
individual residing at 730 Fort Washington Avenue, #6A, New York City, New York,
and The Princeton Review, Inc., a Delaware corporation having an address at 2315
Broadway, New York City, New York ("TPR").

                              W I T N E S S E T H:

                  THAT WHEREAS, contemporaneously herewith TPR is making a loan
(the "Loan") to Hodas in an aggregate amount of two hundred and fifty thousand
dollars ($250,000), the terms of which are set forth in a non-recourse
promissory note, dated the date hereof (the "Note"); and

                  WHEREAS, it is a condition precedent to TPR's obligation to
make the Loan to Hodas that Hodas enter into this Pledge Agreement to provide
TPR with 53,001 shares of the Class B non-voting common stock of TPR (the
"Shares") as security for the payment of the obligations of Hodas to TPR under
the Note;

                  NOW, THEREFORE, in consideration of TPR's agreement to make
the Loan to Hodas and in order to provide TPR with assurance of the payment of
Hodas's obligations under the Note, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

                  1. Defined Terms. As used in this Pledge Agreement the
following terms shall have the following meanings:

                           "Collateral" means the Shares and all Proceeds.

                           "Proceeds" shall mean "proceeds" as such term is
defined in Article 9 of the UCC and, in any event, shall mean and include, but
not be limited to, the following at any time whatsoever arising or receivable:
(i) whatever is received upon any collection, exchange, sale or other
disposition of any of the Collateral and any property into which any of the
Collateral is converted, whether cash or non-cash proceeds, (ii) any and all
proceeds of any insurance, indemnity, warranty or guaranty payable to Hodas from
time to time with respect to any of the Collateral, (iii) any and all payments
(in any form whatsoever) made or due and payable to Hodas from time to time in
connection with any requisition, confiscation, condemnation, seizure or
forfeiture of all or any part of the Collateral by any governmental body,
authority, bureau or agency (or any person acting under color or governmental
authority) and (iv) any and all other amounts from time to time paid, payable,
distributed or distributable under or in connection with any of the Collateral.

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                           "UCC" shall mean the Uniform Commercial Code as the
same may be in effect in the State of New York from time to time.

                  2. Grant and Perfection of Security Interest. To secure the
Secured Obligations (as defined in Section 3 of this Pledge Agreement), Hodas
hereby pledges the Shares to TPR and grants to TPR a first priority security
interest in the Collateral. From time to time after the execution of this
Agreement, Hodas shall execute such financing statements and other instruments
and documents which, in the judgment of TPR, may be reasonably necessary,
desirable or appropriate to perfect, record or evidence the security interest of
TPR in the Collateral. Hodas hereby authorizes TPR to execute and file such
financing statements, instruments and documents on behalf of Hodas as its
attorney-in-fact. Hodas shall pay to TPR reasonable and customary costs and
expenses (including, without limitation, filing fees and recording and stamp
taxes) incurred in filing and recording such financing statements, instruments
and documents as well as any such fees and taxes which may be imposed on or with
respect to the Collateral or this Agreement.

                  3. Secured Obligations. This Pledge Agreement secures, and the
Collateral is collateral security for, (i) the prompt payment in full when due,
whether by acceleration or otherwise, of the principal of and interest on the
Note and (ii) the performance of all obligations and liabilities of Hodas to TPR
pursuant to the provisions of the Note and this Pledge Agreement. All such
obligations are hereinafter collectively referred to as the "Secured
Obligations."

                  4. Delivery of Pledged Shares. Simultaneously with the
execution of this Pledge Agreement Hodas shall deliver the certificates
representing the Shares (the "Certificates") to TPR at such place as TPR shall
reasonably request. Hodas hereby authorizes TPR to indicate in its stock
records, or to cause TPR's registrar or stock-transfer agent to indicate in the
records it maintains, that the Shares are subject to a security interest in
favor of TPR.

                  5. Non-Recourse. The Note and all Secured Obligations are
non-recourse to Hodas. Notwithstanding any provision hereof or of the Note to
the contrary, no deficiency or other judgment for payment of the principal or
interest under the Note or any other amount payable under the Note or this
Pledge Agreement shall be sought or entered by TPR against Hodas in any action
to enforce the Note or this Pledge Agreement, provided, however, the foregoing
shall not (a) release or impair the Secured Obligations or the lien of the
security interest granted in this Pledge Agreement, (b) affect the rights and
remedies of TPR under this Pledge Agreement, (c) prejudice the rights of TPR
under any other collateral instrument further securing the Secured Obligations,
or (d) release Hodas from any liability for fraud, misrepresentation or breach
of Section 9 of this Pledge Agreement. If, on the Maturity Date (as defined in
the Note), the stock of Payee constituting the Collateral may not be sold by
Hodas either pursuant to an effective registration statement under the
Securities Act of 1933 or the provisions of Rule 144 under that act, Hodas may,
by notice to TPR, satisfy all Secured Obligations in full by relinquishing his
rights in (a) the Collateral or (b) that portion of the Collateral (valued at
Fair Market Value as described below) necessary to satisfy such obligations,
with the balance of the Collateral being forthwith assigned, transferred and
delivered by TPR to Hodas. For all purposes under this Pledge Agreement and the
Note, Fair Market Value

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of the Collateral shall be determined as follows: (a) if the stock of TPR is
then listed on Nasdaq or a national securities exchange, the Fair Market Value
of the stock of TPR shall be the average closing price of such stock as reported
on Nasdaq or the applicable exchange for the five trading days preceding the
date of the action which requires the determination of Fair Market Value under
this Pledge Agreement or (b) if the stock of TPR is not then traded on Nasdaq or
a national securities exchange, the Fair Market Value will be the then
applicable Agreed Value (as determined pursuant to the Stockholders' Agreement,
dated April 1, 2000, among TPR and its stockholders).

                  6. Representations and Warranties of Hodas. Hodas hereby
represents and warrants to TPR as follows:

                  (a) Hodas is the legal owner of the Shares, free and clear of
any liens, claims or encumbrances whatsoever other than the lien and security
interest created by this Pledge Agreement.

                  (b) Hodas has full power, authority and legal right to pledge
and grant a first priority security interest in all the Collateral to TPR
pursuant to this Pledge Agreement.

                  (c) This Pledge Agreement has been duly and validly executed
and delivered by Hodas and constitutes the legal and valid obligation of Hodas,
enforceable against Hodas in accordance with its terms.

                  (d) No notice by Hodas to any governmental authority or
regulatory body or filing by Hodas with any governmental authority or regulatory
body is required, nor is Hodas required to obtain any consent, authorization,
approval or other action by any governmental authority or regulatory body, for
(i) the execution, delivery or performance of this Pledge Agreement by Hodas,
(ii) the grant by Hodas of a security interest in the Collateral pursuant to
this Pledge Agreement or (iii) the exercise by TPR of the rights provided for in
this Pledge Agreement, except for the filing of a financing statement in the
appropriate jurisdictions to record the security interest created hereby.

                  (e) The execution of this Pledge Agreement and the delivery of
the Certificates to TPR pursuant to this Pledge Agreement create a valid and
perfected first priority security interest in the Collateral in favor of TPR
securing the payment of the Secured Obligations (assuming the filing of a
financing statement in the appropriate jurisdictions to record the security
interest created hereby).

                  7. Further Assurances. Hodas agrees that at any time and from
time to time Hodas will promptly execute and deliver all such further
instruments and documents and take all such further actions, as may be necessary
or as TPR may reasonably request, in order further to perfect and protect the
security interest in the Collateral in favor of TPR granted or purported to be
granted pursuant to this Pledge Agreement and to enable TPR to exercise and
enforce its rights and remedies hereunder with respect to any Collateral.

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                  8. Income, Dividends, Distributions or Other Payment. As long
as no Event of Default (as defined in the Note) shall have occurred and be
continuing, Hodas shall be entitled to receive and retain any and all regular
cash dividends paid on or with respect to the Collateral. Upon the occurrence
and during the continuance of an Event of Default, all rights of Hodas to
receive such dividends which Hodas would otherwise be authorized to receive and
retain pursuant to this Section 7 shall cease and all such rights shall
thereupon become vested in TPR which shall thereafter have the sole right to
receive and hold as Collateral such dividends during the continuance of such
Event of Default. All regular cash dividends which are received by Hodas
contrary to the provisions of this Section 7 and all other dividends or other
distributions paid on or with respect to the Collateral during the term of this
Pledge Agreement (including, without limitation, extraordinary cash dividends
and dividends in the form of property other than cash) shall be received by
Hodas in trust for the benefit of TPR, shall be segregated from other funds of
Hodas and shall immediately be paid over to TPR as Collateral in the same form
as so received (with any necessary endorsement). In order to permit TPR to
receive the dividends and other distributions paid on or with respect to the
Collateral which it is authorized to receive and retain pursuant to this Section
7, Hodas shall, if necessary, upon written request of TPR, from time to time
execute and deliver (or cause to be executed and delivered) to TPR all such
payment orders and other instruments as TPR may reasonably request.

                  9. Transfer and Other Liens. Hodas agrees that he will not (a)
sell or otherwise dispose of any of the Collateral or (b) create or permit to
exist any lien, security interest, charge or other encumbrance upon or with
respect to any of the Collateral, except for the lien and security interest
granted under this Pledge Agreement. Any such lien, security interest, charge or
other encumbrance shall be null and void and of no force or effect whatsoever.

                  10. Remedies Upon Default.

                  10.1 Upon the occurrence of an Event of Default (as defined in
the Note), TPR shall have (but shall have no obligation to exercise or pursue)
all of the default rights, powers and remedies of a TPR under Section 9-501 et
seq. of the UCC, all of the rights, powers and remedies available at law or in
equity for the enforcement of the Secured Obligations and the realization of the
benefits of this Agreement and the Collateral, and all of the following rights,
powers and remedies:

                  (a) to declare all of the Secured Obligations to be
immediately due and payable;

                  (b) to take immediate possession of the Collateral and sell,
at public or private sale or sales, lease, assign, collect, transfer or
otherwise dispose of it or realize upon it, provided that TPR shall sell or
dispose of only that portion of the Collateral necessary to fulfill the Secured
Obligations;

                  (c) to exercise and enforce all of the rights and powers and
pursue all of the remedies of Hodas in respect of the Collateral;

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                  (d) to settle, adjust or compromise any claim or dispute in
respect of the Collateral; and

                  (e) on behalf of Hodas, to give receipts and to endorse
checks, notes, drafts, money orders, instruments and other evidences of payment
or indebtedness with respect to the Collateral.

                  10.2 TPR may apply all amounts actually realized by it
resulting from the exercise of any right or power or the pursuit of any remedy
after an Event of Default in such manner and in such order of priority as TPR in
its sole discretion may determine.

                  10.3 Hodas agrees that 10 days' prior notice of any public
sale, private sale or other disposition is a reasonable notification. Any and
all sales or other dispositions of the Collateral may, in TPR's sole discretion,
be public or private dispositions and may include all or any part of the
Collateral. All such sales and other dispositions shall be at such times and
places, upon such terms and conditions (including, without limitation, for cash
or on credit and for immediate or future delivery) and at such price or prices
as TPR in its discretion may determine, provided that at no time shall the sale
of the Shares be at a price that is below Fair Market Value. TPR or any nominee
of TPR may be the purchaser, assignee or transferee of all or any part of the
Collateral.

                  10.4 Hodas shall pay, immediately upon demand therefor, all
reasonable and customary costs and expenses (including counsel fees and
expenses) incurred by TPR in seeking to exercise any right or power or to pursue
any remedy in any manner relating to the Collateral or this Agreement together
with simple interest thereon at the rate of twelve percent (12%) per annum from
the date incurred to the date paid by Hodas. The liability of Hodas arising
under this Section 10.4 shall be included within the Secured Obligations secured
by the Collateral.

                  11. No Waiver. No failure on the part of TPR to exercise, no
course of dealing with respect to and no delay in exercising any right, power or
remedy hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise by TPR of any right, power or remedy hereunder preclude any
other or further exercise thereof or the exercise of any other right, power or
remedy. The remedies herein provided are to the fullest extent permitted by law
cumulative and are not exclusive of any other remedies provided by law.

                  12. Amendments. No amendment or waiver of any provision of
this Pledge Agreement or consent to departure therefrom shall be effective
unless agreed to in writing by Hodas and TPR in the case of an amendment or by
TPR in the case of a waiver or consent to departure therefrom.

                  13. Termination of Security Interest and Release.

                  (a) When all Secured Obligations have been paid in full, this
Pledge Agreement shall terminate and TPR shall forthwith assign, transfer and
deliver to or on the order of Hodas,

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against receipt and without recourse to TPR, such of the Collateral as shall not
have been released, sold or otherwise applied pursuant to the terms hereof.

                  (b) Hodas shall at all times retain the right to sell shares
represented by the Collateral, provided that the net proceeds from such sales
are used to prepay the Loan, and also provided that such sales are in accordance
with the provisions of the Stockholders Agreement and any applicable
underwriters' lock-up or similar agreements. TPR will release its security
interest in the Collateral to the extent necessary to permit any such sales.

                  14. Addresses for Notices. All notices, requests, demands or
other communications to or from TPR or Hodas shall be in writing and shall be
deemed to have been duly given and made on the third day following deposit in
the mail if sent postage prepaid by certified mail, return receipt requested, on
the next business day following delivery to the delivery service if sent by a
recognized overnight delivery service (with charges prepaid) or when received if
delivered by hand. Any such notice, request, demand or communication shall be
addressed or delivered as follows, or to such other addresses as the parties may
designate by like notice:

         If to Hodas:

                  Steven Hodas
                  730 Fort Washington Avenue, #6A
                  New York, NY  10040

         If to TPR:

                  The Princeton Review, Inc.
                  2315 Broadway
                  New York, New York  10024
                  Attn: John S. Katzman

                  with a copy to:

                  Patterson, Belknap, Webb & Tyler LLP
                  1133 Avenue of the Americas
                  New York, New York  10036
                  Attention: John P. Schmitt, Esq.

                  15. Continuing Security Interest. This Pledge Agreement shall
create a continuing security interest in the Collateral and shall remain in full
force and effect until payment in full of all Secured Obligations, be binding
upon Hodas and his heirs, executors, administrators, successors and assigns and
inure, together with the rights and remedies of TPR hereunder, to the benefit of
TPR and each of its successors, transferees and assigns.

                  16. Governing Law. This Pledge Agreement shall be governed by
and construed in accordance with the laws of the State of New York without
regard to the choice of

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law provisions thereof. Venue in any action or proceeding arising out of or
relating to this Pledge Agreement shall be in any state or federal court sitting
in New York, New York, and Hodas hereby irrevocably waives any objection he may
have to the laying of venue of any such action or proceeding in any such court
and any claim he may have that any such action or proceeding has been brought in
an inconvenient forum. A final judgment in any such action or proceeding shall
be conclusive and may be enforced in any other jurisdiction by suit on the
judgment or in any other manner provided by law.

                  17. Attorney-in-Fact. Hodas hereby appoints TPR as Hodas'
attorney-in-fact and proxy for the purpose of carrying out the provisions of
this Pledge Agreement and taking any action and executing any instrument which
TPR may reasonably deem necessary or advisable to accomplish the purposes
hereof. The foregoing power of attorney is coupled with an interest and shall be
irrevocable prior to payment in full of the Secured Obligations. TPR shall give
Hodas prior written notice of any actions taken by TPR as attorney-in-fact for
Hodas.

                  IN WITNESS WHEREOF, Hodas and TPR have caused this Pledge and
Security Agreement to be executed as of the day and year first above written.

THE PRINCETON REVIEW, INC.

By:  /s/ John Katzman                       /s/  Steven Hodas
     --------------------------             -----------------------
         John Katzman                            Steven Hodas
         President

                                       7<PAGE>   1
                                                                   Exhibit 10.46

                          NON-RECOURSE PROMISSORY NOTE

$250,000.00                                                   New York, New York
                                                              September 19, 2000

         FOR VALUE RECEIVED, Steven Hodas ("Hodas"), an individual residing at
730 Fort Washington Avenue, #6A, New York City, New York, hereby promises to pay
to the order of The Princeton Review, Inc., a Delaware corporation (the
"Payee"), on a non-recourse basis, the principal sum of Two Hundred and Fifty
Thousand Dollars ($250,000.00), payable on the earlier to occur of (a) the third
anniversary of the date funds are first received by Hodas hereunder or (b) 90
days from the date Hodas' employment with TPR or an affiliate of TPR terminates
due to Hodas' resignation or (c) 7 days from the date Hodas' employment with TPR
or an affiliate of TPR terminates without Cause (as defined in the current
Executive Compensation Policy Statement) or (d) 180 days from the date Hodas'
employment with TPR or an affiliate of TPR terminates without Cause (as defined
in the current Executive Compensation Policy Statement) or due to TPR's
non-renewal of Hodas' employment agreement (as applicable, the "Maturity Date").

         Hodas also promises to pay interest on the outstanding principal sum
hereof (computed on the basis of the actual number of days elapsed over a year
of 365 days), from the date funds are first received by Hodas hereunder until
the date the principal sum hereof is paid in full, at a rate of interest equal
to seven and three tenths percent (7.3%) per annum. Accrued interest on the
principal sum hereof shall be payable on the Maturity Date or, if earlier, upon
the occurrence of an Event of Default (as hereinafter defined). The principal
sum hereof, together with all interest thereon, shall be payable to TPR in
lawful money of the United States of America at TPR's address for notice set
forth in this Note or at such location as is specified by TPR to Hodas. The
receipt of a check shall not, in itself, constitute payment hereunder unless and
until paid in good funds. Whenever any payment on this Note shall be due on a
day which is not a business day, such payment shall be made on the next
succeeding business day and such extension of time shall be included in the
computation of the payment of interest on this Note.

         The principal amount of this Note, together with all accrued interest
thereon, may be voluntarily prepaid by Hodas in whole or in part, at any time
and from time to time, without premium or penalty. All monies received by TPR
from Hodas from time to time hereunder shall be applied first to the payment of
all accrued but unpaid interest on the principal amount of this Note, and then
to principal.

         This Note is secured by the grant of a security interest pursuant to
that certain Pledge and Security Agreement, dated as of the date hereof (the
"Pledge Agreement"), by Hodas in favor of TPR. This Note and all Secured
Obligations of Hodas (as defined in the Pledge Agreement) shall be non-recourse
to Hodas. Notwithstanding any provision hereof or of the Pledge Agreement to the
contrary, no deficiency or other judgment for payment of the principal hereof,
interest thereon or any other amount payable under this Note or the Pledge
Agreement

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shall be sought or entered by the Payee against Hodas in any action to
enforce this Note or the Pledge Agreement, provided, however, the foregoing
shall not (a) release or impair the lien of the security interest granted in the
Pledge Agreement, (b) affect the rights and remedies of the Payee under the
Pledge Agreement, (c) prejudice the rights of the Payee under any other
collateral instrument further securing the Secured Obligations, or (d) release
Hodas from any liability for fraud, misrepresentation or breach of Section 9 of
the Pledge Agreement. If, on the Maturity Date, the stock of Payee constituting
the Collateral may not be sold by Hodas either pursuant to an effective
registration statement under the Securities Act of 1933 or the provisions of
Rule 144 under that act, Hodas may, by notice to TPR, satisfy all Secured
Obligations in full by relinquishing his rights (a) in the Collateral or (b) in
that portion of the Collateral (valued at Fair Market Value, as determined under
the Pledge Agreement) necessary to satisfy such obligations with the balance of
the Collateral being forthwith assigned, transferred and delivered by TPR to
Hodas.

         Hodas hereby represents and warrants that the borrowing evidenced by
this Note will be used by Hodas to consummate a real estate purchase, that Hodas
has full power and authority to execute this Note, that no approvals or consents
of any other party are necessary and that this Note is a binding obligation and
subject to the full faith and credit of Hodas. Hodas agrees that his obligations
under this Note are unconditional and not subject to deduction, diminution,
abatement, counter-claim, defense or set-off for any reason whatsoever.

         Upon the occurrence and during the continuance of any of the events
listed below (each, an "Event of Default"), at the option of TPR and in TPR's
sole discretion, TPR may, on notice to Hodas, declare all amounts payable
pursuant to this Note to be immediately due and payable, both as to principal
and interest, without presentment, demand, protest or other notice of any kind,
all of which are expressly waived by Hodas (unless such Event of Default shall
have been waived in writing by TPR, which waiver shall not be deemed to be a
waiver of any subsequent Event of Default). The following events shall
constitute an Event of Default:

         A.       Failure of Hodas to pay either the principal or interest on
                  this Note, as such payment becomes due and payable whether at
                  maturity, upon acceleration or otherwise;

         B.       Violation by Hodas of any representation, warranty or
                  agreement of Hodas contained herein or in the Pledge
                  Agreement; or

         C.       In respect of Hodas, (i) a general assignment for the benefit
                  of creditors; (ii) the commencement (voluntary or involuntary)
                  of any proceeding under Title 11 of the U.S. Code or any law
                  of any jurisdiction for the relief, liquidation or
                  rehabilitation of debtors or seeking the appointment of or the
                  taking of possession by a receiver, custodian, trustee,
                  liquidator or similar official of or for him or of or for a
                  substantial part of his assets; (iii) the appointment of or
                  taking of possession by a receiver, custodian, trustee,
                  liquidator or similar official of or for him or of or for a
                  substantial part of his assets; or (iv) the making of any levy
                  on or judicial seizure or attachment of any of the collateral
                  securing the payment of the obligations

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                  of Hodas under this Note or of a substantial part of his other
                  assets which is not discharged, released, vacated or fully
                  bonded within five days after such making.

         Hodas hereby waives presentment and demand for payment, notice of
dishonor, protest and notice of protest. If this Note or any installment of
principal or interest is not paid when due, whether at maturity or by
acceleration, Hodas promises to pay all reasonable and customary costs of
collection, including without limitation, reasonable and customary attorneys'
fees, and reasonable and customary expenses in connection with the protection or
realization of the collateral securing this Note, incurred by the holder hereof
on account of such collection, whether or not suit is filed hereon, together
with simple interest thereon at the rate of twelve percent (12%) per annum from
the date incurred to the date paid by Hodas; such costs and expenses shall
include, without limitation, reasonable and customary costs, expenses and
attorneys' fees actually incurred by the holder hereof in connection with any
insolvency, bankruptcy, arrangement or other similar proceedings involving the
undersigned, or involving any endorser or guarantor hereof, which in any way
affects the exercise by the holder hereof of its rights and remedies under this
Note or under the pledge and security agreement securing or pertaining to this
Note.

         In the event any one or more of the provisions contained in this Note
shall for any reason be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any
other provision of this Note, but this Note shall be construed as if such
invalid, illegal or unenforceable provision had never been contained herein.

         This Note may not be changed orally, but only by an agreement in
writing signed by the parties against whom enforcement of any waiver, change,
modification or discharge is sought.

         Any notice, demand, request or other communication which Hodas or TPR
may be required or may desire to give hereunder shall be in writing and shall be
deemed to have been properly given and made on the third day following deposit
in the mail if sent postage prepaid by certified mail, return receipt requested,
on the next business day following delivery to the delivery service if sent by a
recognized overnight delivery service (with charges prepaid) or when received if
delivered by hand. Any such notice, demand, request or communication shall be
addressed or delivered as follows, or to such other addresses as the parties may
designate by like notice.

      To Hodas:

           Steven Hodas
           730 Fort Washington Avenue, #6A
           New York, NY  10040

      To TPR:

           The Princeton Review, Inc.

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           2315 Broadway
           New York, New York  10024
           Attn: John S. Katzman

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           with a copy to:

           Patterson, Belknap, Webb & Tyler LLP
           1133 Avenue of the Americas
           New York, New York  10036
           Attention: John P. Schmitt, Esq.

         Each right, power and remedy of TPR hereunder, now or hereafter
existing at law or in equity by state or other applicable laws shall be
cumulative and concurrent, and the exercise of any one or more of them shall not
preclude the simultaneous or later exercise by TPR of any or all such other
rights, powers or remedies. No failure or delay by TPR to insist upon the strict
performance of any term, condition, covenant or agreement of this Note, or to
exercise any right, power or remedy consequent upon a breach or default thereof,
shall constitute a waiver of any such term, condition, covenant or agreement or
of any such breach or default, or preclude TPR from exercising any such right,
power or remedy at any later time or times. By accepting payment after the due
date under this Note, TPR shall not be deemed to have waived the right to
require payment when due of all other payments due under this Note.

         This Note shall be governed by, construed and interpreted in accordance
with the laws of the State of New York (excluding the choice of laws rules
thereof). Venue in any action or proceeding arising out of or relating to this
Note shall be in any state or federal court sitting in New York, New York, and
Hodas hereby irrevocably waives any objection he may have to the laying of venue
of any such action or proceeding in any such court and any claim he may have
that any such action or proceeding has been brought in an inconvenient forum. A
final judgment in any such action or proceeding shall be conclusive and may be
enforced in any other jurisdiction by suit on the judgment or in any other
manner provided by law.

         IN WITNESS WHEREOF, Hodas has executed and delivered this Note on the
date above written.

                                            /s/ Steven Hodas
                                            -----------------------------------
                                                Name: Steven Hodas

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