SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.56(d)
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT | ||||
This Second Amendment to Employment Agreement is made and entered into as of January 16, 2002, by and between PriceSmart, Inc., a Delaware Corporation (“Employer”) and Xxxxxx Xxxx (“Executive”). | ||||
Recitals |
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A) | On January 11, 2000 an Employment Agreement was made and entered into by and between Employer and Executive. | |||
B) | Effective as of November 1, 2000, Executive’s annual base salary was increased to $115,000. | |||
C) | On January 24, 2001, a First Amendment to Employment Agreement was made and entered into by and between Employer and Executive. | |||
D) | Pursuant to a Memorandum dated October 16, 2001, Executive’s Annual Base Salary was increased to $142,000, effective as of September 1, 2001. | |||
E) | Employer and Executive now desire to further amend the Employment Agreement, as set forth hereinbelow: | |||
Agreement |
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1. | Section 3.1 of the Agreement which provides: | |||
3.1 Term. The term of Executive’s employment hereunder shall commence on March 31, 2000 and shall continue until March 31, 2002 unless sooner terminated or extended as hereinafter provided. | ||||
is hereby amended, effective January 16, 2002, to provide as follows: | ||||
3.1 Term. The term of Executive’s employment hereunder shall commence on March 31, 2000 and shall continue until March 31, 2003 unless sooner terminated or extended as hereinafter provided. | ||||
2. |
All other terms of the Employment Agreement 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. | |
Xxxxxx Xxxx /s/ A. Xxxxxx Xxxx |
By: /s/
Xxxxxx X. Xxxx Name: Xxxxxx X. Xxxx Its: Executive Vice President |