FOURTEENTH AMENDMENT TO EMPLOYMENT AGREEMENT
FOURTEENTH
AMENDMENT TO EMPLOYMENT AGREEMENT
This
Fourteenth Amendment to Employment Agreement is made and entered into as of
January 1, 2009 by and between PriceSmart, Inc., a Delaware Corporation
("Employer") and Xxxx Xxxxxxxx ("Executive").
Recitals
A)
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On
January 11, 2000 an Employment Agreement was made and entered into by and
between Employer and Executive.
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B)
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Said
Employment Agreement has been amended on thirteen prior
occasions;
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C)
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Employer
and Executive now desire to further amend the Employment Agreement, as set
forth hereinbelow:
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Agreement
1.
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Section
2.1 of the Agreement which, as amended,
provides:
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2.1 Salary. For
Executive’s services hereunder, Employer shall pay as base salary to Executive
the amount of $193,700 during each year of the Employment Term. Said salary
shall be payable in equal installments in conformity with Employer’s normal
payroll period. Executive shall receive such salary increases, if any, as
Employer, in its sole discretion, shall determine.
is hereby
amended, effective January 1, 2009, to provide as follows:
2.1 Salary. For
Executive’s services hereunder, Employer shall pay as base salary to Executive
the amount of $197,600 during each year of the Employment Term. Said salary
shall be payable in equal installments in conformity with Employer’s normal
payroll period. Executive shall receive such salary increases, if any, as
Employer, in its sole discretion, shall determine.
2.
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All
other terms of the Employment Agreement, as amended, shall remain
unaltered and fully effective.
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Executed
in San Diego, California, as of the date first written above.
EXECUTIVE EMPLOYER
PRICESMART, INC.
Xxxx
Xxxxxxxx By: ______________________
______________________ Name: Xxxx Xxxx
Xxxxxxx
Its: President