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SIXTEENTH AMENDMENT TO EMPLOYMENT AGREEMENT

This Sixteenth Amendment to Employment Agreement is made and entered into as of
January 1, 2010 by and between PriceSmart, Inc., a Delaware Corporation
("Employer") and Brud Drachman ("Executive").

Recitals

A)  
On January 11, 2000 an Employment Agreement was made and entered into by and
between Employer and Executive.

B)  
Said Employment Agreement has been amended on fifteen prior occasions;

C)  
Employer and Executive now desire to further amend the Employment Agreement, as
set forth hereinbelow:

Agreement

1.  
Section 2.1 of the Agreement which, as amended, provides:

2.1           Salary.  For Executive’s services hereunder, Employer shall pay as
base salary to Executive the amount of $197,600 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.

is hereby amended, effective January 1, 2010, to provide as follows:

2.1           Salary.  For Executive’s services hereunder, Employer shall pay as
base salary to Executive the amount of $201,552 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.

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.

Brud
Drachman                                                                           By:           

______________________                                                   Name:      Jose
Luis Laparte 
                          Its:           President