ELEVENTH AMENDMENT TO EMPLOYMENT AGREEMENT
ELEVENTH
AMENDMENT TO EMPLOYMENT AGREEMENT
This
Eleventh 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 Xxxx Xxxxxxx ("Executive").
Recitals
A)
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On
June 3, 2004 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 ten prior
occasions;
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C)
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Employer
and Executive now desire to 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 currently
provides:
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2.1 Salary. For
Executive's services hereunder, Employer shall pay as base salary to Executive
the amount of $400,000 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 $408,000 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 Xxxx
Xxxxxxx By: ______________________
______________________ Name: Xxxxxx X.
Xxxx
Its: Executive Vice
President