Exhibit 10.4

 

SIXTH AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Sixth Amendment to Employment Agreement is made and entered into as of
March 9, 2005, by and between PriceSmart, Inc., a Delaware Corporation
(“Employer”) and Edward Oats (“Executive”).

 

Recitals

 

  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) On January 24, 2001, a First Amendment to Employment Agreement was made and
entered into by and between Employer and Executive.

 

  D) Pursuant to a Memorandum dated October 16, 2001, Executive’s Annual Base
Salary was increased to $142,000, effective as of September 1, 2001.

 

  E) On January 16, 2002, a Second Amendment to Employment Agreement was made
and entered into by and between Employer and Executive.

 

  F) On November 19, 2002, a Third Amendment to Employment Agreement was made
and entered into by and between Employer and Executive.

 

  G) On January 22, 2003, a Fourth Amendment to Employment Agreement was made
and entered into by and between Employer and Executive;

 

  H) On March 15, 2004, a Fifth Amendment to Employment Agreement was made and
entered into by and between Employer and Executive;

 

  I) 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, 2005 unless sooner terminated or
extended as hereinafter provided.

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is hereby amended, effective March 9, 2005, 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, 2006 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

   

PRICESMART, INC.

Edward Oats   By:  

/s/    ROBERT E. PRICE

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/s/    EDWARD OATS

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  Name:  

Robert E. Price

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    By:  

CEO

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