NINTH AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.3(i)
| NINTH AMENDMENT TO EMPLOYMENT AGREEMENT | ||||
| The Ninth Amendment to Employment Agreement is made and entered into as of November 19, 2002, by and between PriceSmart, Inc., a Delaware Corporation (“Employer”) and Xxxxxx X. Xxxx (“Executive”). | ||||
| Recitals | ||||
| A) | On September 20, 1994, an Employment Agreement was made and entered into by and between Executive and Employer’s Assignor, Price Enterprises, Inc. | |||
| B) | On April 11, 1996, Section 2.3 of the Employment Agreement was amended, such that Executive became entitled to three weeks paid vacation each year. | |||
| C) | On July 23, 1996, Section 2.1 of the Employment Agreement was amended, such that Executive’s annual base salary was increased to $175,000. | |||
| D) | On April 28, 1997, Section 3.1 of the Employment Agreement was amended, such that Executive’s employment term was extended to October 16, 1998. | |||
| E) | On August 29, 1997, the Employment Agreement and amendments thereto were assigned by Price Enterprises, Inc. to Employer. | |||
| F) | On September 2, 1997, Section 3.1 of the Employment Agreement was amended, such that Executive’s employment term was extended to October 16, 2000. | |||
| G) | Effective October 1, 1999, Section 2.1 of the Employment Agreement was amended, such that Executive’s annual base salary was increased to $180,000. | |||
| H) | Effective July 18, 2000, Section 3.1 of the Employment Agreement was amended, such that Executive’s employment term was extended to October 16, 2001. | |||
| I) | On September 26, 2001, Section 3.1 of the Employment Agreement was amended, such that Executive’s employment term was extended to October 16, 2002. | |||
| J) | Employer and Executive now desire to further amend the Employment Agreement, as set forth herein below: | |||
| Agreement | ||||
| 1) | Section 3.1 of the Employment Agreement, which currently provides: | |||
| 3.1 | Term. The term of Executive’s employment hereunder shall commence on October 17, 1994 and shall continue until October 16, 2002 unless sooner terminated or extended as hereinafter provided (the “Employment Term”). | |||
| is hereby amended to provide as follows: | ||||
| 3.1 | Term. The term of Executive’s employment hereunder shall commence on October 17, 1994 and shall continue until October 16, 2003 unless sooner terminated or extended as hereinafter provided (the “Employment Term”). | |||
| 2) | All other terms of the Employment Agreement, as amended, shall remain unaltered and fully effective. | |||
| Executed in San Diego, California, as of the date first written above. | ||||
| EXECUTIVE | EMPLOYER |
| PRICESMART, INC. | |
| /s/XXXXXX X. XXXX | By: /s/XXX XXXXXXX Name: Xxx Xxxxxxx Its: President |
