THIRD AMENDMENT TO EMPLOYMENT AGREEMENT

Exhibit 10.57(e)

THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
This Third Amendment to Employment Agreement is made and entered into as of January 16, 2002, by and between PriceSmart, Inc., a Delaware Corporation (“Employer”) and Xxxx Xxxxxxxx (“Executive”).
Recitals
A)		On January 11, 2000 an Employment Agreement was made and entered into by and between Employer and Executive.
B)		On January 24, 2001, a First Amendment to Employment Agreement was made and entered into by and between Employer and Executive;
C)		On June 1, 2001, a Second 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 $157,000, effective as of September 1, 2001.
C)		Employer and Executive now desire to amend the Employment Agreement, as set forth hereinbelow:
Agreement
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.
		Executed in San Diego, California, as of the date first written above.

EXECUTIVE	EMPLOYER
	PRICESMART, INC.
Xxxx Xxxxxxxx /s/ B. E. Drachman	By: /s/ Xxxxxx X. Xxxx Name: Xxxxxx X. Xxxx Its: Executive Vice President