NINTH AMENDMENT TO EMPLOYMENT AGREEMENT
NINTH
AMENDMENT TO EMPLOYMENT AGREEMENT
This
Ninth Amendment to Employment Agreement is made and entered into as of January
1, 2009 by and between PriceSmart, Inc., a Delaware Corporation ("Employer") and
Xxxxxxx Xxxxxx ("Executive").
Recitals
A)
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On
January 16, 2002 an Employment Agreement ("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 eight prior
occasions;
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C)
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Employer
and Executive now desire to further amend the Agreement, as set forth
hereinbelow:
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Agreement
1.
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Section
2.1 of the Agreement which
provides:
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2.1
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Salary. For
Executive's services hereunder, Employer shall pay as base salary to
Executive the amount of $280,000 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.
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is hereby
amended, effective January 1, 2009, to provide as follows:
2.1
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Salary. For
Executive's services hereunder, Employer shall pay as base salary to
Executive the amount of $285,600 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.
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2.
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Section
3.1 of the Agreement which
provides:
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3.1 Term. The term of
Executive’s employment hereunder shall commence on January 16, 2002 and shall
continue until January 31, 2009 unless sooner terminated or extended as
hereinafter provided.
is hereby
amended, effective January 1, 2009, to provide as follows:
3.1
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Term. The
term of Executive’s employment hereunder shall commence on January 16,
2002 and shall continue until January 31, 2010 unless sooner terminated or
extended as hereinafter provided.
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3.
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All
other terms of the 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.
Xxxxxxx
Xxxxxx
By: ______________________
Its: President