Document:

Settlement and Mutual Release Agreement

 Exhibit 10.45 
 SETTLEMENT AND MUTUAL RELEASE AGREEMENT 
 THIS SETTLEMENT AND MUTUAL
RELEASE AGREEMENT (this “Agreement”) is entered into as of November 4, 2011, by and among THE NATIONAL LABOR COLLEGE, a Delaware not-for-profit corporation (“NLC”), NLC-TPR SERVICES, LLC, a Delaware limited liability company
(“Services LLC”), THE PRINCETON REVIEW, INC., a Delaware corporation (“TPR”), and PENN FOSTER, INC., a Pennsylvania corporation (“Penn Foster”) (with each of NLC, Services LLC, TPR and Penn Foster also being sometimes
referred to herein individually as a “Party” and collectively as the “Parties”). 
 WHEREAS, NLC, TPR and
Services LLC are parties to that certain Contribution Agreement, dated as of April 20, 2010 and as amended (the “Contribution Agreement”), and that certain Limited Liability Company Agreement of Services LLC, dated as of
April 20, 2010 and as amended (the “LLC Agreement”); 
 WHEREAS, pursuant to the Contribution Agreement and the
LLC Agreement, NLC was issued a 51% Membership Interest (as defined in the LLC Agreement) in Services LLC, and TPR was issued a 49% Membership Interest in Services LLC; 
 WHEREAS, in connection with the execution of the Contribution Agreement and the LLC Agreement, NLC, Services LLC and Penn Foster entered into that certain Penn Foster Services Agreement, dated as of
April 20, 2010 (the “PF Services Agreement” and, collectively with the Contribution Agreement, the LLC Agreement and any agreements related to the Contribution Agreement and the LLC Agreement to which TPR or Penn Foster is also a
party, the “NLC-TPR Agreements”), pursuant to which Penn Foster agreed to provide certain services to Services LLC; 

WHEREAS, pursuant to the NLC-TPR Agreements, TPR had committed to make certain substantial cash Capital Contributions to Services LLC
over time, which commitments TPR desires to be relieved of to the extent that it has not previously made such Capital Contributions; and 
 WHEREAS, the Parties desire to (i) separate their respective business interests and terminate the existing business relationships between NLC and Services LLC, on the one hand, and TPR and Penn
Foster, on the other hand, as such interests and relationships are described in the NLC-TPR Agreements, and (ii) enter into a mutual release of claims that the Parties may have against each, all subject to the terms and conditions set forth
herein; 
 NOW THEREFORE, in consideration of the foregoing and the terms and conditions set forth herein, and for other good
and valuable consideration, the receipt and sufficiency of which are acknowledged by the Parties, the Parties hereby agree as follows: 
 1. Incorporation of Recitals. The foregoing recitals are incorporated herein by this reference. 

 2. Assignment of Membership Interest. 

(a) TPR hereby assigns, conveys, transfers and delivers to NLC as of the Effective Time (as defined below), and NLC hereby accepts and
assumes from TPR, (i) all of TPR’s rights, title and interest in and to TPR’s entire Membership Interest in Services LLC, including, without limitation, all of TPR’s rights, title and interest in and to its Capital Account (as
defined in the LLC Agreement), and all other rights of TPR with respect to its Membership Interest and as a Member of Services LLC under the terms of the LLC Agreement, and (ii) all of TPR’s rights, title and interest as a party to each of
the other NLC-TPR Agreements to which it may be a party, in each case of clauses (i) and (ii), free and clear of any pledge, lien, security interest, encumbrance, charge or claim of any nature whatsoever, including, without limitation, any
pledge of TPR’s Membership Interest to any lender, financial institution, financing party, creditor or other party in connection with any indebtedness, financing or refinancing undertaken by TPR. 

(b) TPR represents and warrants to NLC and Services LLC that (i) TPR directly owns all of its 49% Membership Interest in Services
LLC as originally issued to TPR pursuant to the Contribution Agreement and the LLC Agreement, (ii) TPR has not transferred or assigned, in whole or in part, any of such Membership Interest to any other Person, (iii) all of TPR’s
rights, title and interest in and to the Membership Interest and as a Member of Services LLC are held by TPR free and clear of any pledge, lien, security interest, encumbrance, charge or claim of any nature whatsoever, including, without limitation,
any pledge of TPR’s Membership Interest to any lender, financial institution, financing party, creditor or other party in connection with any indebtedness, financing or refinancing undertaken by TPR, and (iv) NLC will acquire at the
Effective Time good, valid and unencumbered title to all of TPR’s Membership Interest in Services LLC. 
 3. Termination
of the PF Services Agreement. The Parties hereby consent to and agree that the PF Services Agreement shall automatically terminate as of the Effective Time, and shall be of no further force and effect, except for the provisions of Section 9
and Section 21 of the PF Services Agreement, which shall survive the termination of the PF Services Agreement. 
 4.
Other Separation Matters. In furtherance of the Separation, the Parties hereby further agree as follows: 
 (a) At the
Effective Time, TPR shall remit to Services LLC working capital in the amount of $419,578.98 (which amount represents $474,433.10 due from Services LLC to NLC for reimbursement of invoices submitted by NLC on August 4,
2011, September 9, 2011 and October 6, 2011 totaling $474,433.10, less $54,857.12 due from NLC to Services LLC for September 2011 student enrollment revenue (as described in Schedule 1 attached hereto)), which payment shall be made by
wire transfer by TPR of immediately available funds to an account designated in writing by NLC. 
 (b) At the Effective Time,
and in addition to the payment described in Section 4(a), TPR shall remit to Services LLC payment for additional working capital in an amount sufficient for Services LLC to make a payment of an additional amount of $52,020.97 (which amount
represents existing trade payables of Services LLC (as described in Schedule 1 attached 

  
 - 2 -

 
hereto), which payment shall be made by wire transfer by TPR of immediately available funds to an account designated in writing by NLC; provided, however, that in lieu of making payment of such
amount to such account as directed by NLC, TPR and/or Penn Foster may, by documentation in form and substance reasonably satisfactory to NLC, assume, be solely responsible for discharging and pay directly to the trade creditors listed on Schedule 1
the respective trade payables owed to such trade creditors (any such trade payables directly assumed by TPR being referred to herein as the “TPR Assumed Payables”). For purposes of paying such TPR Assumed Payables, TPR or Penn Foster may
utilize funds that are in any Services LLC or NLC bank accounts which have been maintained under the control of TPR or Penn Foster; provided, however, that after effecting such TPR Assumed Payables payments, TPR and Penn Foster shall close all such
bank accounts as soon as practicable following the Effective Time (and in no event any later than two (2) Business Days after the Effective Time) and shall pay to NLC the entire remaining cash balances of such bank accounts, which payments
shall be made by wire transfer of immediately available funds to an account designated in writing by NLC, unless such funds total less than $100.00, in which case they may be remitted to NLC by check. Schedule 2 attached hereto sets forth a list of
certain other trade payables of Services LLC that are not being paid or assumed by TPR and Penn Foster and for which Services LLC shall be responsible for payment. TPR and Penn Foster represent and warrant to NLC and Services LLC that, except as set
forth on Schedule 1 and Schedule 2, TPR and Penn Foster are not aware of any other existing unpaid or accrued trade payables of Services LLC. Without limitation of the Releases (as defined below), except as specified above in this Section 4(b),
from and after the Effective Time, neither TPR nor Penn Foster shall have any further obligation to reimburse NLC or Services LLC for any other trade payables of Services LLC, and neither NLC nor Services LLC shall have any further obligation to
reimburse TPR or Penn Foster for any other trade payables of Services LLC. 
 (c) TPR shall assign, convey, transfer and deliver
to Services LLC, as soon as practicable upon the Effective Time, the following: (i) control over all in-bound telephone number(s) currently in use for inquiries by current or prospective NLC students regarding educational programs offered by
NLC; (ii) the names and contact information, as well as any accompanying notes, for any leads developed in response to marketing conducted by or through TPR or Penn Foster on behalf of NLC or Services LLC that are in the custody of TPR or Penn
Foster (with all such information described in this clause (ii) to be provided to Services LLC in an electronic format reasonably acceptable to NLC); and (iii) copies of all financial accounts, business records, student and prospects
lists, education records, curricula materials and marketing materials (including, without limitation, any data related to marketing results and any native graphic design files) maintained by TPR and/or Penn Foster with respect to the business and
operations of NLC and Services LLC. In addition, TPR and/or Penn Foster shall implement a process to forward to NLC, as expeditiously as practicable, all incoming mail or other communications received by TPR and/or Penn Foster that is directed to
NLC or Services LLC, or that otherwise primarily concerns the educational programs offered by NLC for a transitional period of ninety (90) calendar days. TPR and/or Penn Foster also shall, for a period of thirty (30) calendar days, provide
reasonable access to personnel from TPR and/or Penn Foster for purposes of transitioning and transferring to NLC and Services LLC operational knowledge in the areas of marketing, print shop, letter shop, DP services, and IT, including without
limitation such information and assistance as may be reasonably necessary to return operational control of the NLC website to NLC-designated personnel. In addition, TPR and Penn Foster shall make

  
 - 3 -

 
available and permit NLC and Services LLC to utilize, for a transitional period of sixty (60) calendar days, the “Illuminate” software license in connection with the operation of
the Loom Learning platform. 
 (d) For a transitional period of twenty (20) calendar days from the Effective Time, Penn
Foster shall maintain in effect the operations of the Penn Foster call center used for purposes of marketing NLC’s programs, at no cost to NLC or Services LLC, and in the same manner that Penn Foster operated such call center prior to the
Effective Time. During such period, Penn Foster shall process and promptly refer to NLC and Services LLC any incoming leads received for NLC’s programs. 
 (e) NLC and/or Services LLC may offer to hire or retain the services of Dan Conrad, Chief Technology Officer and Chief Operating Officer of Services LLC, at any time on or after the Effective Time, and
TPR and Penn Foster hereby agree to waive or amend any restriction under Mr. Conrad’s employment agreement (or any other relevant agreement Mr. Conrad has with TPR, Penn Foster or their respective affiliates) in such a manner as would
permit Mr. Conrad to accept such offer. If Mr. Conrad remains an employee of TPR or Penn Foster, then TPR and/or Penn Foster, as the case may be, shall, upon written request from NLC, make available to NLC and Services LLC
Mr. Conrad’s services, as a consultant, for up to 20 days during the period between the Effective Time and December 31, 2011 (provided that the daily rate for Mr. Conrad’s consulting services to be paid by NLC or Services
LLC under such circumstances shall be $1,250). 
 5. Mutual Release of Claims. 

(a) NLC and Services LLC, on the one hand, and TPR and Penn Foster, on the other hand, shall execute and deliver to each other,
concurrently with and conditioned upon the execution of this Agreement and the completion of the remittance of the payments due pursuant to Sections 4(a) and 4(b) above, releases relating to claims that the Parties may have against each other, in
the respective forms attached hereto as Exhibit A (the “NLC Release”) and Exhibit B (the “TPR Release” and, together with the NLC Release, the “Releases”).  

(b) The Releases shall become effective automatically upon the Effective Time; provided, however, that in the event that TPR or Penn
Foster institutes any proceeding to be adjudicated a voluntary bankrupt or consents to the filing of a bankruptcy proceeding against it, or files a petition or answer or consent seeking reorganization, readjustment, arrangement, composition or
similar relief under bankruptcy laws, or any other similar or applicable law, or consents to the filing of any such petition, then TPR shall, as promptly as possible (but in no event later than twenty (20) calendar days after the initiation of
such proceedings), file a motion with the applicable bankruptcy court (the “Court”) seeking an order of the Court that approves this Agreement and the Releases, which motion shall be subject to the prior review of NLC and otherwise shall
be in form and substance acceptable to NLC. TPR and Penn Foster will use their reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable, as promptly as possible, to
obtain entry of such order as promptly as practicable and entry of any other orders mutually consented to by TPR and NLC that are necessary to perform more fully the transactions contemplated by this Agreement. 

  
 - 4 -

 (c) In the event that, following the Effective Time and in connection with a bankruptcy
proceeding involving TPR or Penn Foster, and notwithstanding the TPR Release, any of TPR or Penn Foster, or any trustee in bankruptcy or other person or entity acting (or claiming to act) in the name or on behalf of, or as successor to or assignee
of, TPR or Penn Foster, initiates, asserts or pursues any claim, action, suit, cause of action, demand, litigation, petition, proceeding or complaint of any nature whatsoever against NLC or Services LLC relating to or arising out of any matter under
the NLC-TPR Agreements or this Agreement (a “Prohibited Claim”), then the NLC Release shall be deemed to be null and void, and each of NLC and Services LLC shall be free, notwithstanding the provisions of the NLC Release, to initiate,
assert or pursue any claim, action, suit, cause of action, demand, litigation, petition, proceeding or complaint of any nature whatsoever relating to any matter against TPR or Penn Foster (or any trustee in bankruptcy or other person or entity
acting (or claiming to act) in the name or on behalf of, or as successor to or assignee of, TPR or Penn Foster). 
 6. Third
Party Consents. On or prior to the Effective Time, TPR and Penn Foster shall deliver to NLC and Services LLC evidence of the receipt of any approvals, consents, waivers, permits, notices and authorizations required to be obtained to consummate
the transactions contemplated by this Agreement as reasonably requested by NLC or Services LLC, including, without limitation, evidence of the consent of any lender, financial institution, financing party, creditor or other party in connection with
any indebtedness, financing or refinancing undertaken by TPR or Penn Foster to the extent such consent is required under any documents related to such indebtedness, financing or refinancing. 

7. Confidentiality; Public Announcements. Without the prior consent of TPR or Penn Foster, no Party shall notify any
Scranton-based employee of Penn Foster of the Separation until after the Effective Time. No Party shall make any press release or other public announcement regarding the Separation and the transactions contemplated hereunder, unless such press
release or public announcement has been mutually consented to by each of NLC and TPR (with such consent not to be unreasonably withheld or delayed). In addition to the other terms set forth herein, the provisions of Section 12.3 of the LLC
Agreement and Section 20 of the PF Services Agreement, and any remedies afforded a Party in connection with a breach of the confidentiality provisions set forth therein, shall survive the termination of the respective agreements,
notwithstanding the Releases. For the purposes of clarity, “Confidential Information” as used under Section 12.3 of the LLC Agreement and Section 20 of the PF Services Agreement shall be deemed to include (i) all discussions
and information that the Parties have shared with each other in relation to the Separation and the termination of their business relationships and (ii) the terms of this Agreement (except to the extent that such terms must be disclosed under
applicable law or the applicable rules and regulations of any Governmental Authority or Educational Agency, or to the extent that such terms must be disclosed to the Court for purposes of Section 5(b) hereof). 

8. No Admission of Liability. Neither this Agreement, nor any of the Releases to be executed and delivered in connection with this
Agreement, nor the negotiation, execution, or performance hereof or thereof shall be deemed to constitute and shall not be offered as an admission, directly or indirectly, by any Party of any express or implied liability or responsibility to any
third party on account of or with respect to any matter referred to herein or therein. 

  
 - 5 -

 9. Representations and Warranties. Each Party represents and warrants to the other
Parties as follows: 
 (a) Such Party has all requisite corporate or limited liability company (as the case may be) power and
authority to execute this Agreement, and all corporate or limited liability company (as the case may be) action necessary to approve the execution of this Agreement by such Party has been taken. This Agreement has been duly executed and delivered by
such Party, and this Agreement, when executed and delivered by the other Parties hereto, will be the valid and binding obligation of such Party, enforceable against it in accordance with its terms. 

(b) The execution and delivery by such Party of this Agreement, and the performance by such Party of its obligations under this
Agreement, (i) will not violate (with or without the giving of notice or lapse of time or both) any provision of law, rule, regulation, order, judgment or decree applicable to such Party; (ii) will not require the consent or approval of
any governmental or regulatory authority or other third person or entity (other than, in the case of TPR or Penn Foster, such consents as have been obtained by TPR and Penn Foster and provided to NLC pursuant to Section 6 hereof); and
(iii) will not violate or conflict with (with or without the giving of notice or lapse of time or both) or result in a breach of, or constitute a default under, any charter, bylaw, limited liability company agreement, mortgage, deed, license,
agreement or instrument to which such Party is a party or by which it may be bound. 
 10. Headings. The descriptive
headings of this Agreement are for convenience only, and shall be of no force or effect in construing or interpreting any of the provisions of this Agreement. 
 11. Capitalized Terms. Capitalized terms that are used but are not otherwise defined in this Agreement shall have the meanings ascribed to them in the LLC Agreement. 

12. Further Assurances. The Parties shall execute such additional instruments and take any and all such further actions as may be
reasonably required or necessary to carry out the provisions of this Agreement and the transactions contemplated hereby. Without limitation of the foregoing, the Parties shall provide each other with reasonable access to documentation and financial
data as are necessary to enable a Party to file required tax returns and to respond to inquiries by any Governmental Authority or Educational Agency. 
 13. Entire Agreement. This Agreement is the entire agreement and understanding among the Parties concerning the subject matter hereof, and supersedes all prior representations, warranties,
covenants, understandings, agreements, written or oral, discussions, or negotiations among the Parties with respect to the subject matter hereof and cannot be amended, supplemented or changed, except by an agreement in writing that makes specific
reference to this Agreement and that is signed by each of NLC and TPR. Each Party hereby acknowledges and agrees that it has not relied on any representation, warranty, covenant, understanding, agreement, written or oral, discussion, or negotiation
not expressly contained herein in entering into this Agreement. Each Party hereby acknowledges and agrees that, except as otherwise expressly stated herein, this Agreement is independent of, and not in any way conditioned on or to be construed with
any other agreement or arrangement, written or oral, among the Parties. 

  
 - 6 -

 14. Notices. All notices and other communications given or made pursuant hereto shall
be in writing and shall be deemed to have been duly signed or made as of the date delivered if delivered personally or by overnight courier, when confirmed by telephone if delivered by facsimile, when confirmed by telephone or by response e-mail if
delivered by electronic transmission or three (3) Business Days after being mailed by registered or certified mail (postage prepaid, return receipt requested), to the Parties at the following addresses (or at such other address for a Party as
shall be specified by like notice, except that notices of changes of address shall be effective upon receipt): 
 if to NLC:

  

			
	The National Labor College
	10000 New Hampshire Avenue
	Silver Spring, Maryland 20903
	Telephone:	  	  (301) 431-5454
	Facsimile:	  	  (301) 628-0162
	Email:	  	  jgentile@nlc.edu
	Attention:	  	  James Gentile, General Counsel

 if to TPR: 
  

			
	The Princeton Review, Inc.
	111 Speen Street, Suite 550
	Framingham, Massachusetts 01701
	Telephone:	  	  (508) 663-5080
	Facsimile:	  	  (508) 663-5115
	Email:	  	  kbettigole@review.com
	Attention:	  	  Kyle Bettigole, General Counsel

 if to Services LLC: 
  

			
	NLC-TPR Services, LLC
	10000 New Hampshire Avenue
	Silver Spring, Maryland 20903
	Attention:	  	Chief Technology Offer/Chief Operating Officer
		
	With copy to:	  	

  

			
	The National Labor College
	10000 New Hampshire Avenue
	Silver Spring, Maryland 20903
	Telephone:	  	  (301) 431-5454
	Facsimile:	  	  (301) 628-0162
	Email:	  	  jgentile@nlc.edu
	Attention:	  	  James Gentile, General Counsel

  
 - 7 -

 if to Penn Foster: 

 

			
	Penn Foster, Inc.
	c/o The Princeton Review, Inc.
	111 Speen Street, Suite 550
	Framingham, Massachusetts 01701
	Telephone:	  	  (508) 663-5080
	Facsimile:	  	  (508) 663-5115
	Email:	  	  kbettigole@review.com
	Attention:	  	  Kyle Bettigole, General Counsel

 15. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the
Parties hereto and their respective successors and assigns. 
 16. Counterparts. This Agreement may be executed and
delivered (including by facsimile transmission or by means of electronic transmission in portable document format (pdf)) in two or more counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be
an original with the same legally binding effect as if it were an original signed version thereof, but all of which together shall be deemed to be one and the same instrument. The Parties shall not raise the use of a facsimile machine or electronic
transmission to deliver a signature page to this Agreement or the fact that any signature was transmitted or communicated through the use of a facsimile machine or electronic transmission as a defense to the formation of a contract and each Party
forever waives any such defense. 
 17. Joint Drafting. Each of the Parties hereto have jointly participated in the
negotiation and drafting of this Agreement and the exhibits hereto. In the event an ambiguity or question of intent or interpretation arises, this Agreement and the exhibits hereto shall be construed as if drafted jointly by each of the Parties
hereto and no presumptions or burdens of proof shall arise favoring any Party by virtue of the authorship of any of the provisions of this Agreement or the exhibits hereto. 
 18. Representation of Counsel. Each of the Parties is represented by independent legal counsel and executes this Agreement acting upon its independent judgment and/or upon the advice of its
respective independent legal counsel, without any representation, express or implied, of any kind or nature, from each of the other except as only specifically set forth herein. 

19. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without
regard to its internal conflict of laws principles. 
 20. Time is of the Essence. The Parties mutually agree that time
is of the essence with respect to the performance of the transactions contemplated under this Agreement. 
 21. Expenses.
Each of the Parties shall be responsible for its own legal and other costs, expenses and charges incurred in connection with the preparation of this Agreement, all negotiations between the Parties and the consummation of the transactions
contemplated hereby. 

  
 - 8 -

 22. Effective Time. This Agreement shall be effective immediately upon, and is
subject to, the execution and delivery by each Party of this Agreement and the Releases (the time of such mutual execution and delivery being referred to as the “Effective Time”). 

[SIGNATURE PAGE FOLLOWS] 

  
 - 9 -

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date written above.

  

					
	THE NATIONAL LABOR COLLEGE
		
	By:	 	 /s/ Paula E. Peinovich

		 	Name:	 	Paula E. Peinovich, PhD
		 	Title:	 	President and CEO
	
	NLC-TPR SERVICES, LLC
		
	By:	 	 /s/ Paula E. Peinovich

		 	Name:	 	Paula E. Peinovich, PhD
		 	Title:	 	Chair, Board of Managers
	
	THE PRINCETON REVIEW, INC.
		
	By:	 	 /s/ Christian G. Kasper

		 	Name:	 	Christian G. Kasper
		 	Title:	 	EVP and Chief Financial Officer
	
	PENN FOSTER, INC.
		
	By:	 	 /s/ Christian G. Kasper

		 	Name:	 	Christian G. Kasper
		 	Title:	 	Vice President and TreasurerLetter Agreement

 Exhibit 10.48 
 

  
 September 27, 2011 
 Frank F. Britt 
 195 Webster Woods 
 North Andover, MA 01845 
 Dear Frank, 

The Princeton Review, Inc. (“Princeton Review”) is pleased to confirm its offer to employ you as the interim President of Penn
Foster, Inc. (“Penn Foster”), a wholly-owned subsidiary of Princeton Review, subject to the terms and conditions of this Offer Letter (“Offer Letter”). In this position, you will report directly to the Company’s Interim
Chief Executive Officer (or his successor) (the “CEO”). For purposes of this Offer Letter, the Princeton Review and Penn Foster are collectively referred to as the “Company,” except where otherwise noted below. 

1. Term; Employment “At Will.” It is anticipated that your employment with the Company will commence on September 19, 2011 (the
“Commencement Date”) and is expected to continue for at least six months, until March 18, 2012 (the “Initial Employment Term”), provided that, to the extent that the Company has not appointed a permanent President of Penn
Foster as of such date, you and the Company may agree to continue your employment as interim President following the Initial Employment Term. It is understood that you are and will be an “at-will” employee of the Company. You are not being
offered employment for a definite period of time, and either you or the Company may terminate the employment relationship at any time and for any reason without prior notice and without additional compensation to you. In fact, you acknowledge and
agree that, as interim President, it is anticipated that your employment by the Company shall terminate at such time as the Company has appointed a permanent President. 
 2. Duties. As interim President, you will perform the duties, undertake the responsibilities and exercise the authority customarily performed, undertaken and exercised by persons employed in a
similar executive capacity or as directed by the CEO. It is anticipated that the performance of such duties shall require your full working time, attention and skill. It is also expected that you will work closely with the CEO in identifying and
selecting a permanent President. 
 3. Compensation. Subject to the approval of the Compensation Committee of the Board, as soon as
practicable following the Commencement Date, the Company shall pay you a monthly salary of $25,000.00, net of any tax or other amounts required to be withheld by the Company under applicable law. Upon the completion of the Initial Employment Period,
you will also be eligible to receive a discretionary bonus of up to $100,000, subject to your achievement of performance objectives to be established by the CEO. 
 4. Expenses. The Company will pay all reasonable and properly documented expenses you incur in furtherance of the Company’s business in accordance with applicable Company policies and
procedures. 
 5. Covenants. As a condition of your employment by the Company, you must sign and abide by the Company’s standard
Confidentiality Agreement (the “Confidentiality Agreement”), a copy of which is attached as Exhibit A, hereto. 
 6.
Miscellaneous. 
 (a) This Offer Letter, along with the Confidentiality Agreement, sets forth the complete and exclusive
agreement between you and the Company with regard to your employment with the Company, and supersedes any prior representations or agreements about this matter, whether written or verbal. This Offer Letter may not be modified or amended except by a
written agreement signed by you and an authorized member of the Board. 

 (b) All payments made by the Company under this Offer Letter shall be net of any tax or
other amounts required to be withheld by the Company under applicable law. 
 (c) This Offer Letter shall be construed under and
governed by the internal laws of the Commonwealth of Massachusetts without regard to its conflict of laws provisions. 
 (d) The
provisions of this Offer Letter and the Confidentiality Agreement shall survive the termination of this Offer Letter and/or the termination of your employment by the Company to the extent necessary to effectuate the terms contained herein.

 (e) If any portion or provision of this Offer Letter (including, without limitation, any portion or provision of any section
of this Offer Letter) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Offer Letter, or the application of such portion or provision in circumstances other than those as to
which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Offer Letter shall be valid and enforceable to the fullest extent permitted by law 

(f) This Offer Letter may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an
original; but such counterparts shall together constitute one and the same document. 
 (g) This offer is contingent upon the
successful completion of a background investigation, including, but not limited to, criminal background, credit background, verification of employment, professional certifications, designations or licenses, educational background and references.
This offer controls and supersedes any and all prior discussions regarding the subject matter of this letter and cannot be modified except in writing by an authorized representative of The Princeton Review.]

Please indicate your acceptance of this offer by signing and dating the enclosed copy of this Offer Letter and returning it to the
Company no later than September 30, 2011. We look forward to your joining the Company and are pleased that you will be working with us. 
  

					
	Very truly yours,
	
	THE PRINCETON REVIEW, INC.
		
	By:	 	 /s/ Sharon Thole-Haverlak

		 	Name:	 	Sharon Thole-Haverlak
		 	Title:	 	Senior Vice-President, Human Resources

 Accepted and Agreed: 
  

	
	 /s/ Frank Britt

	Frank F. Britt
	
	Date: September 27, 2011

  
 —  Page 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}]]