Common use of Term Compensation Clause in Contracts

Term Compensation. 3.1. The Agreement has an initial one-year term, which will automatically be extended for additional two-year periods upon the completion of the initial one-year term or any two-year extension period thereafter until (i) the Executive voluntarily terminates employment or (ii) TPR gives contrary written notice to the Executive at least 60 days prior to the completion of the initial one-year term or any two-year extension period thereafter. 3.2. Base annual salary is payable in 26 equal bi-weekly installments. 3.3. The Executive may be eligible for an annual bonus in accordance with The Princeton Review Bonus Policy, attached hereto as Exhibit A. 3.4. A health insurance plan comparable to the best plan being provided on a current basis to management executives of TPR or other TPR employees. 3.5. Other benefits such as 401(k), cafeteria plan, educational reimbursement and such others as may be provided to other management personnel of TPR or other TPR employees. 3.6. Three weeks of paid vacation.