EXHIBIT 10.3(f)
SEVENTH AMENDMENT TO EMPLOYMENT AGREEMENT
This Seventh Amendment to Employment Agreement is made and entered into as of
July 18, 2000, 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) Employer and Executive now desire to further amend the Employment
Agreement, as set forth hereinbelow:
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,
2000 unless sooner terminated or extended as hereinafter provided
(the "Employment Term").
is hereby amended, effective as of July 18, 2000, 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, 2001 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/ Xxxxx X. Xxxxxxxxx
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Name: Xxxxx X. Xxxxxxxxx
Its: Executive Vice President
and Chief Financial Officer
