FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT
This Fourth Amendment to Employment Agreement was made and entered into as of
September 2, 1997, by and between PriceSmart, Inc., a Deleware 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 extend to October 16, 1998.
E) On August 29, 1997, the Employment Agreement and amendments thereto were
assigned by Price Enterprises, Inc. to Employer.
F) 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:
The term of Executive's employment hereunder shall commence on October
17, 1994 and shall continue until October 16, 1998, unless sooner
terminated or extended as hereinafter provided (the "Employment
Term").
is hereby amended to provide as follows:
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").
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
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PRICESMART, INC.
Xxxxxx X. Xxxx By: /s/ Xxxxxx X. Xxxxx
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/s/ Xxxxxx X. Xxxx Name: Xxxxxx X. Xxxxx
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Its: President
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