TWENTY SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
TWENTY
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
This
Twenty Second Amendment to Employment Agreement is made and entered into as of
January 1, 2009, by and between PriceSmart, Inc., a Delaware Corporation
(“Employer”) and ▇▇▇▇▇▇ ▇. ▇▇▇▇ (“Executive”).
Recitals
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A)
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On
September 20, 1994 an Employment Agreement was made and entered into by
and between Executive and Price Enterprises,
Inc.
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B)
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Said
Employment Agreement has been assigned to Employer and amended on twenty
one prior occasions;
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C)
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Employer
and Executive now desire to further amend the Employment Agreement, as set
forth hereinbelow:
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Agreement
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1.
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Section
2.1 of the Agreement which
provides:
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2.1
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Salary. For
Executive's services hereunder, Employer shall pay as base salary to
Executive the amount of $273,300 during each year of the Employment Term.
Said salary shall be payable in equal installments in conformity with
Employer's normal payroll period. Executive shall receive such salary
increases, if any, as Employer, in its sole discretion, shall
determine.
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is hereby amended, effective January
1, 2009, to provide as follows:
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2.1
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Salary. For
Executive's services hereunder, Employer shall pay as base salary to
Executive the amount of $278,800 during each year of the Employment
Term. Said salary shall be payable in equal installments in
conformity with Employer’s normal payroll period. Executive shall receive
such salary increases, if any, as Employer, in its sole discretion, shall
determine.
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2.
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All
other terms of the Employment Agreement, as amended, 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.
▇▇▇▇▇▇ ▇.
▇▇▇▇ By: ______________________
______________________ Name: ▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇
Its: President