SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
This Second Amendment to Employment Agreement is made and entered into as of
September 1, 1999, by and between PriceSmart, Inc., a Delaware corporation
("Employer") and Xxxxx Xxxxxxxx ("Executive").
RECITALS
A) On September 29, 1997, an Employment Agreement was made and entered into by
and between Employer and Executive.
B) On March 31, 1999, a First Amendment to Employment Agreement was made and
entered into by and between Employer and Executive.
C) Employer and Executive now desire to further amend the Employment
Agreement, as set forth hereinbelow:
AGREEMENT
1. The first sentence of Section 1.1 of the Agreement, which provides:
Executive shall serve as Chief Financial Officer and Executive Vice-
President of Employer.
is hereby amended, effective as of July 27, 1999, to provide as follows:
Executive shall serve as Executive Vice President - Finance of
Employer.
2. The first sentence of Section 2.1 of the Employment Agreement, which
provides:
For Executive's services hereunder, Employer shall pay as base salary
to Executive the amount of $135,000 during each year of the Employment
Term.
is hereby amended, effective as of July 23, 1999, to provide as follows:
For Executive's services hereunder, Employer shall pay as base salary
to Executive the amount of $155,000 during each year of the Employment
Term.
3. All other terms of the Employment Agreement shall remain unaltered and
fully effective.
Executed in San Diego, California, as of the date first written above.
EXECUTIVE EMPLOYER
PRICESMART, INC.
Xxxxx Xxxxxxxx By: /s/ XXXXXXX X. XXXXXXX
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/s/ XXXXX XXXXXXXX Name: XXXXXXX X. XXXXXXX
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Its: PRESIDENT AND CEO
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