EXHIBIT 10.3
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This First Amendment to Employment Agreement is made and entered into as of
March 31, 1999, by and between PriceSmart, Inc., a Delaware Corporation
("Employer") and Xxxxxx Xxxxxx ("Executive").
RECITALS
A) On March 31, 1998 an Employment Agreement was made and entered into by and
between Employer and Executive.
B) Employer and Executive now desire to amend the Employment Agreement, as set
forth hereinbelow:
AGREEMENT
1) Section 4.1 of the Employment Agreement, which provides:
Upon termination of this Agreement under Section 3.3 (Early Termination
by Executive), Section 3.4 (Termination for Cause) or Section 3.5
(Termination Due to Death or Disability), all salary and benefits of
Executive hereunder shall cease immediately. Upon termination of this
Agreement by Employer for any reason other than those set forth in
Section 3.4 or Section 3.5, Executive shall be entitled to the
continuation of Executive's base salary for the remainder of the
Employment Term, payable in equal installments in conformity with
Employer's normal payroll period. During the period of this severance
pay, Executive shall cooperate with Employer in providing for the
orderly transition of Executive's duties and responsibilities to other
individuals, as reasonably requested by Employer.
is hereby amended, effective as of March 31, 1999, to provide as follows:
Upon termination of this Agreement under Section 3.3 (Early Termination
by Executive), Section 3.4 (Termination for Cause) or Section 3.5
(Termination Due to Death or Disability), all salary and benefits of
Executive hereunder shall cease immediately. Upon termination of this
Agreement by Employer for any reason other than those set forth in
Section 3.4 or Section 3.5, Executive shall be entitled to the
continuation of Executive's base salary for one (1) year, payable in
equal installments in conformity with Employer's normal payroll period.
If this Agreement is not terminated, then, upon expiration of the
Employment Term, and if Executive's employment by Employer does not
thereafter continue upon mutually agreeable terms, Executive shall be
entitled to continuation of Executive's base salary for one (1) year,
payable in equal installments in conformity with Employer's normal
payroll period; provided, however, that Employer's obligation to pay
such installments after expiration of the Employment Term shall be
reduced by the amount of employment compensation (if any) received by
Executive from a subsequent employer of Executive during said one (1)
year. During the period of this severance pay, Executive shall
cooperate with Employer in providing for the orderly transition of
Executive's duties and responsibilities to other individuals, as
reasonably request by Employer.
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.
/s/ Xxxxxx X. Xxxxxx By: /s/ Xxxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxx
Name: Xxxxxxx X. Xxxxxxx
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Its: President and Chief Executive
Officer
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