ELEVENTH AMENDMENT TO EMPLOYMENT AGREEMENT
ELEVENTH
AMENDMENT TO EMPLOYMENT AGREEMENT
This
Eleventh Amendment to Employment Agreement is made and entered into as of
January 1, 2009, by and between PriceSmart, Inc., a Delaware Corporation
("Employer") and Xxxx Xxxxxxxxxxx ("Executive").
Recitals
A)
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On
June 1, 2001 an Employment Agreement was made and entered into by and
between Employer and Executive.
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B)
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Said
Employment Agreement has been amended on ten 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
1.
Section 2.1 of the Agreement which provides:
2.1
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Salary. For
Executive’s services hereunder, Employer shall pay as base salary to
Executive the amount of $218,600 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:
2.1
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Salary. For
Executive’s services hereunder, Employer shall pay as base salary to
Executive the amount of $223,000 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.
Xxxx
Xxxxxxxxxxx By: ______________________
______________________ Name: Xxxx Xxxx
Xxxxxxx
Its:
President