FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.56(b)
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT | ||||
This First Amendment to Employment Agreement is made and entered into as of January 24, 2001, by and between PriceSmart, Inc., a Delaware Corporation (“Employer”) and Xxxxxx Xxxx (“Executive”). | ||||
Recitals |
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A) | On January 11, 2000 an Employment Agreement was made and entered into by and between Employer and Executive. | |||
B) | Effective as of November 1, 2000, Executive’s annual base salary was increased to $115,000. | |||
C) | Employer and Executive now desire to further 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, 2001 unless sooner terminated or extended as hereinafter provided. | ||||
is hereby amended, effective January 24, 2001, 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, 2002 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 |
PRICEMART, INC. | |
Xxxxxx
Xxxx /s/ A. Xxxxxx Xxxx |
By: /s/
Xxxxxxx X. Xxxxxxx Name: Xxxxxxx X. Xxxxxxx Its: President & CEO |