Document:

Altrust Financial Services, Inc.  Director Compensation Arrangement

  
 Exhibit 10.4

  
 SUMMARY DESCRIPTION OF DIRECTOR 
 COMPENSATION ARRANGEMENTS 
  
 Non-employee directors who serve on the Board of Directors of Altrust Financial Services, Inc. (the “Company”) or on the Board of Directors of
Peoples Bank (the “Bank”) receive $500 per meeting held for their service on the Board of Directors of the Company or the Bank, plus reimbursement for reasonable travel expenses incurred in attending meetings. Directors who serve on both
the Company’s and the Bank’s Board of Directors do not receive additional compensation for serving on both Boards of Directors because meetings of the Boards of the Company and the Bank are held at the same times and dates. Non-employee
directors may elect in writing, in lieu of cash, to receive their compensation for service on the Board of Directors of the Company or the Bank in the form of stock options issued under the Company’s 2004 Stock Option Plan for Outside
Directors. 
  
 In addition to the compensation arrangements
described above, non-employee directors receive $75 per meeting held for their service on committees of the Boards of Directors of the Company and the Bank. 
  
 Directors who are employees of Altrust or any of its subsidiaries and affiliates are not compensated for service on the Company’s or the Bank’s
Board of Directors.Named Executive Officer Compensation

 Exhibit 10.5 
  
 SUMMARY DESCRIPTION OF NAMED EXECUTIVE 
 OFFICER COMPENSATION ARRANGEMENTS 
  
 As of December 31, 2004, James Robin Cummings, the President and Chief Executive Officer of both Altrust Financial Services, Inc. (the “Company”) and of Peoples Bank, the Company’s wholly owned banking
subsidiary (the “Bank”), and John E. Whitley, Executive Vice President of the Bank, were the Company’s only “named executive officers,” which is defined in Securities and Exchange Commission (“Commission”)
Regulation S-K, Item 402(a)(3) to include a company’s chief executive officer and the four other most highly compensated officers whose total annual salary and bonus exceeds $100,000. 
  
 The compensation arrangements of Mr. Cummings and Mr. Whitley are composed of
two types of compensation: (1) base salary, and (2) long-term equity-based compensation awarded under the Altrust Financial Services, Inc. Long-Term Incentive Plan (the “LTIP”). Neither Mr. Cummings nor Mr. Whitley is party to an
employment agreement with the Company or the Bank. 
  
 Base Salary 
  
 Mr. Cummings’ and Mr.
Whitley’s base salaries are determined annually by the joint Compensation Committee of the Company and the Bank (the “Compensation Committee”). During 2004, Mr. Cummings received $206,426 in base salary and Mr. Whitley received
$104,942 in base salary. The Compensation Committee has set Mr. Cummings’ and Mr. Whitley’s base salaries for 2005 at $210,000 and $132,000, respectively. The Compensation Committee reviews the base salaries of each of the executive
officers of the Company and the Bank annually and adjusts the amount based on individual annual performance and on comparisons of each executive officer’s total compensation relative to compensation levels paid to similar executive officers at
peer institutions. 
  
 Long-Term Equity-Based
Compensation 
  
 The Compensation Committee attempts to align
the interests of key employees with those of the Company’s shareholders by awarding stock options and stock appreciation rights (“SARs”) under the Company’s LTIP. Various types of cash and equity-based incentive compensation can
be awarded periodically upon the recommendation of the Compensation Committee. To date, the Compensation Committee has only awarded stock options. 
  
 Mr. Cummings was granted stock options to acquire 8,400 shares of Company common stock during the fiscal year ended December 31, 2004. These options were
granted to Mr. Cummings as part of his overall compensation package. Mr. Whitley was grated stock options to acquire 25,000 shares of Company common stock during the fiscal year ended December 31, 2004. These options were granted to Mr. Whitley in
connection with his initial employment compensation package. No stock options awards or other awards have been granted to Mr. Cummings or Mr. Whitley for 2005 as of May 2, 2005. The Company expects individual grants during 2005 under the LTIP to be
determined using the same criteria as applied to determine grants in 2004. Additional information relating to the LTIP and grants of stock options during 2004 are included in the Company’s Registration Statement on Commission Form 10 filed with
the Commission on May 2, 2005.Exhibit 10.36

EMPLOYMENT AGREEMENT
 THE
PRINCETON REVIEW, INC.

This employment Agreement is between Bruce Task
(“Exec”) and The Princeton Review, Inc. (“TPR”), and is subject to the terms of the Executive Compensation Policy Statement dated
March 1st, 2004, the current form of which is attached as Exhibit A (the “Policy Statement”). Terms may be defined in The Princeton Review
Glossary, also dated March 1st, 2004. This Agreement supersedes any previous employment agreement.

	1.	 	Job Description:  Exec shall serve as
TPR’s EVP/Strategic Development.

	2.	 	Compensation:  TPR shall pay Exec a base salary
of $281,377 per year, increasing annually by 3%. He shall also receive an annual bonus between 7.5% and 60% of base salary.

	3.	 	Commuting Expenses:  TPR will pay Exec $1,325
per month for parking and other transportation expenses.

	4.	 	Stock Option Grant:  TPR shall grant Exec an
option to purchase 50,000 shares of Common Stock, as authorized by TPR’s Compensation Committee, at fair market value as indicated by the closing
price of REVU on June 4th, 2004. These options shall be subject to the terms and conditions of The Princeton Review, Inc. Stock Option Grant attached
hereto.

	5.	 	Term:  This Agreement has an initial expiration
date of February 14, 2007 but will automatically be extended for additional two-year periods upon the completion of the initial term and any two-year
extension period thereafter until (i) Exec voluntarily terminates employment or (ii) TPR gives contrary written notice to Exec at least 6 months prior
to the completion of the initial term or any two-year extension period thereafter. TPR will not be under any obligation to make additional option
grants, such as those described in paragraph 4 above, for any extension terms of this Agreement unless agreed by TPR and Exec.

	6.	 	Severance Payments and Benefits:  If TPR
terminates Exec’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, or if this Agreement is terminated under Sections 4.2 or 4.3 of the Policy Statement, then, in addition to the payments provided
under Section 5.1 of the Policy Statement, but in lieu of the payments provided under Section 5.3 of the Policy Statement, TPR will pay Exec an amount
equal to his then annual base salary, payable biweekly over 12 months. In addition, Exec will be entitled to reimbursement of COBRA payments to
maintain medical and dental insurance for a number of weeks equal to twice the number of years he was employed full-time by TPR. If Exec at any time
voluntarily terminates employment, then in addition to the payments provided under Section 5.1 of the Policy Statement, but in lieu of the payments
provided under Section 5.3 of the Policy Statement, TPR will pay Exec his then base salary for six months following such termination.

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

Agreed to this:
June 7th, 2004

	/s/ MARK
CHERNIS
Mark Chernis
 President, TPR
	    	    	    	/s/
BRUCE TASK
Bruce TaskExhibit 10.37

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 terms of the Executive Compensation Policy Statement dated
March 1st, 2004, the current form of which is attached as Exhibit A (the “Policy Statement”). Terms may be defined in The Princeton Review
Glossary also dated March 1st, 2004. This Agreement supersedes any previous employment agreement.

	1.	 	Job Description:  Melvin shall serve as the
Chief Financial Officer of TPR.

	2.	 	Compensation:  As of June 7th, 2004, TPR shall
pay Melvin $280,000 per year, increasing annually by 3%. He shall also receive a bonus of up to 50% of base salary, as per Exhibit B,
attached.

	3.	 	Stock Option Grant:  TPR shall grant Melvin an
option to purchase 70,000 shares of Common Stock at fair market value as indicated by the closing price of REVU on June 4th, 2004. These options shall
be subject to the terms and conditions of The Princeton Review, Inc. Stock Option Grant attached hereto.

	4.	 	Term:  This Agreement will expire on February
14, 2006, and will automatically be extended for additional two-year periods upon the completion of the initial term and any two-year extension period
thereafter until (i) Exec voluntarily terminates employment or (ii) TPR gives contrary written notice to Exec at least 6 months prior to the completion
of the initial term or any two-year extension period thereafter. TPR will not be under any obligation to make additional option grants, such as those
described in paragraph 3 above, for any extension terms of this Agreement unless agreed by TPR and Exec.

	5.	 	Severance Payments and Benefits:  If TPR
terminates Exec’s employment without Cause, then in addition to the payments provided under Section 5.1 of the Policy Statement, but in lieu of
the payments provided under Section 5.3 of the Policy Statement, TPR will pay Exec an amount equal to his annual base salary for 10 months.

Agreed to this:
June 7th, 2004.

	/s/ JOHN
KATZMAN
John Katzman
 CEO, TPR
	    	    	    	/s/
STEPHEN MELVIN
Stephen Melvin

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