Document:

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                                                                     Exhibit 4.1

                      [FORM OF SPECIMEN STOCK CERTIFICATE]

NUMBER                                                        SHARES
PR

                        [THE PRINCETON REVIEW, INC. LOGO]

INCORPORATED UNDER THE LAWS                     SEE REVERSE FOR
OF THE STATE OF DELAWARE                        CERTAIN DEFINITIONS
                                                CUSIP 742352   10   7

THIS CERTIFIES THAT

is the owner of

  FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK OF THE PAR VALUE OF
                                  $.01 EACH OF
                           THE PRINCETON REVIEW, INC.

transferable on the books of the Corporation by the holder hereof in person or
by duly authorized attorney upon surrender of this certificate properly endorsed
or assigned. This certificate and the shares represented hereby are issued and
shall be held subject to all of the provisions of the Certificate of
Incorporation and all amendments thereto, to all of which the holder by
acceptance hereof assents.

      This certificate is not valid until countersigned by the Transfer Agent
and registered by the Registrar.

      WITNESS the facsimile seal of the Corporation and the facsimile signatures
of its duly authorized officers.

Dated:

                   [THE PRINCETON REVIEW, INC. CORPORATE SEAL]

/s/ Mark Chernis                               /s/ John S. Katzman
PRESIDENT AND SECRETARY                        CHAIRMAN OF THE BOARD
                                               BOARD AND CHIEF
                                               EXECUTIVE OFFICER

COUNTERSIGNED AND REGISTERED:

CONTINENTAL STOCK TRANSFER & TRUST COMPANY
TRANSFER AGENT AND REGISTRAR

AUTHORIZED SIGNATURE
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[PAGE 2]

                           THE PRINCETON REVIEW, INC.

      The Corporation will furnish without charge to each stockholder who so
requests the powers, designations, preferences and relative, participating,
optional, or other special rights of each class of stock or series thereof and
the qualifications, limitations or restrictions of such preferences and/or
rights. Such request may be made to the Corporation or the Transfer Agent.

      The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN -  as joint tenants with right of
          survivorship and not as tenants in
          common

UNIF GIFT MIN ACT - _____________________ Custodian___________________
                          (Cust)                         (Minor)

                    under Uniform Gifts to Minors
                    Act____________________________________
                                     (State)

     Additional abbreviations may also be used though not in the above list.

      For value received, ____________________ hereby sell, assign and transfer
unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER OF ASSIGNEE

__________________________________

______________________________________________________________________________
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

______________________________________________________________________________

______________________________________________________________________________

__________________________________________________________________ Shares of the
common stock represented by the within certificate, and do hereby irrevocably
constitute and appoint
________________________________________________________________ Attorney to
transfer the said shares on the books of the within named Corporation with full
power of substitution in the premises.

Dated ___________________________________

                        ___________________________________________
               NOTICE:  THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH
                        THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN
                        EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR
                        ANY CHANGE WHATEVER.

Signature(s) Guaranteed:

_____________________________________________________________
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO
S.E.C. RULE 17AD-15.

<PAGE>   3<PAGE>   1

                                                                 Exhibit 10.5.1

                                AMENDMENT TO THE
                             PRINCETON REVIEW, INC.
                            2000 STOCK INCENTIVE PLAN

      Effective June 15, 2000, the Princeton Review, Inc. 2000 Stock
Incentive Plan (the "Plan") is amended in the following particulars:

      1.    Section 5.1 of the Plan is amended in its entirety to read as
follows:

            "5.1 Eligibility. Officers and other employees of the Company and
            Related Companies are eligible to be granted awards under the Plan.
            In addition, a director of or a consultant to the Company or a
            Related Company who is not also an employee of the Company or a
            Related Company will also be eligible to be granted awards under the
            Plan. The participants under the Plan shall be selected from time to
            time by the Committee, in its sole discretion, from among those
            eligible."

      2.    The first textual sentence of Section 5.2 of the Plan is amended in
its entirety to read as follows:

            "The total number of shares of Stock reserved and available for
            distribution under the Plan shall be 3,250,000."<PAGE>   1

                                                                 Exhibit 10.18.1

                        AMENDMENT TO EMPLOYMENT AGREEMENT

                  This Amendment to the Employment Agreement (this "Amendment"),
dated as of March 12, 2001, is by and between Mark Chernis ("Chernis") and The
Princeton Review Inc. ("TPR") and sets forth the parties agreement regarding the
amendment of that certain employment agreement (the "Agreement") dated as of
April 27, 2000, by and between Chernis and TPR.

                  The parties hereby agree that Section 9 of the Agreement shall
be deleted in its entirety and replaced with the following Section:

                  "9. Loan: At Chernis' request, at any time after April 1, 2001
through the lock-up period during which Chernis agrees with TPR's underwriters
that he will not sell or otherwise dispose of any of TPR's securities, TPR will
lend to Chernis on a fully non-recourse basis up to an aggregate principal
amount 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' TPR Stock valued
at up to 250% of the outstanding loan principal. If TPR has not consummated an
initial public offering of its securities at the time of the loan, TPR's Stock
valuation will be based upon TPR's Agreed Value, and if TPR has consummated an
initial public offering of its securities at the time of the loan, TPR's Stock
valuation will be based upon the average closing sales prices of TPR's Stock on
Nasdaq for the five trading days preceding the date of the loan, or such shorter
number of days as TPR's Stock has publicly traded if less than five days."

                  Except as amended hereby, the Agreement shall remain in full
force and effect.

Agreed as of the first date set forth above.

The Princeton Review, Inc.

By: /s/ John Katzman                              /s/ Mark Chernis
    ----------------------                        ------------------------
    Name: John Katzman                            Mark Chernis
    Title: Chief Executive Officer<PAGE>   1

                                                                 Exhibit 10.23.1

                        AMENDMENT TO EMPLOYMENT AGREEMENT

                  This Amendment to the Employment Agreement (this "Amendment"),
dated as of March 12, 2001, is by and between Bruce Task ("Task") and The
Princeton Review Inc. ("TPR") and sets forth the parties agreement regarding the
amendment of that certain employment agreement (the "Agreement") dated as of
April 10, 2000, by and between Task and TPR.

                  The parties hereby agree that Section 9 of the Agreement shall
be deleted in its entirety and replaced with the following Section:

                  "9. Loan: At Task's request, at any time after April 1, 2001
through the lock-up period during which Task agrees with TPR's underwriters that
he will not sell or otherwise dispose of any of TPR's securities, TPR will lend
to Task on a fully non-recourse basis up to an aggregate principal amount 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 Task's TPR Stock valued at up to
250% of the outstanding loan principal. If TPR has not consummated an initial
public offering of its securities at the time of the loan, TPR's Stock valuation
will be based upon TPR's Agreed Value, and if TPR has consummated an initial
public offering of its securities at the time of the loan, TPR's Stock valuation
will be based upon the average closing sales prices of TPR's Stock on Nasdaq for
the five trading days preceding the date of the loan, or such shorter number of
days as TPR's Stock has publicly traded if less than five days."

                  Except as amended hereby, the Agreement shall remain in full
force and effect.

Agreed as of the first date set forth above.

The Princeton Review, Inc.

By: /s/ John Katzman                                 /s/ Bruce Task
    -----------------------                          -------------------------
    Name: John Katzman                               Bruce Task
    Title: Chief Executive Officer

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