Document:

ex10_2.htm

THIRTEENTH AMENDMENT TO EMPLOYMENT AGREEMENT

This Thirteenth Amendment to Employment Agreement is made and entered into as of November 18, 2011 by and between PriceSmart, Inc., a Delaware Corporation ("Employer") and William Naylon ("Executive").

Recitals

	
A)  

	
On January 16, 2002 an Employment Agreement ("Agreement") was made and entered into by and between Employer and Executive.

	
B)  

	
Said Employment Agreement has been amended on twelve prior occasions;

	
C)  

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

Agreement

	
1.  

	
Section 2.1 of the Agreement which provides:

	
  

	
2.1

	
Salary.  For Executive's services hereunder, Employer shall pay as base salary to Executive the amount of $297,138 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, 2012, to provide as follows:

	
2.1  

	
Salary.  For Executive's services hereunder, Employer shall pay as base salary to Executive the amount of $400,000 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.

 

	
2.  

	
Section 3.1 of the Agreement which provides:

	
  

	
3.1

	
Term. The term of Executive’s employment hereunder shall commence on January 16, 2002 and shall continue until January 31, 2012 unless sooner terminated or extended as hereinafter provided.

is hereby amended, effective January 1, 2012, to provide as follows:

	
3.1  

	
Term.  The term of Executive’s employment hereunder shall commence on January 16, 2002 and shall continue until January 31, 2013 unless sooner terminated or extended as hereinafter provided.

	
3.  

	
All other terms of the 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.

William Naylon                                                                           By:           

______________________                                                          Name:        Jose Luis Laparte 

Its:           CEO and Presidentex10_3.htm

EIGTHTEENTH  AMENDMENT TO EMPLOYMENT AGREEMENT

This Eighteenth Amendment to Employment Agreement is made and entered into as of October 1, 2011, by and between PriceSmart, Inc., a Delaware Corporation ("Employer") and Jose Luis Laparte ("Executive").

Recitals

	
A)  

	
On June 3, 2004 an Employment Agreement was made and entered into by and between Employer and Executive.

	
B)  

	
Said Employment Agreement has been amended on seventeen prior occasions;

	
C)  

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

Agreement

	
1.  

	
Section 3.1 of the Employment Agreement, which currently provides:

3.1           Term.  The term of Executive's employment hereunder shall commence on October 8, 2004 and shall continue until October 7, 2011, unless sooner terminated or extended as hereinafter provided (the "Employment Term").

 

 

is hereby amended, to provide as follows:

3.1 Term.  The term of Executive's employment hereunder shall commence on October 8, 2004 and shall continue until October 7, 2012, unless sooner terminated or extended as hereinafter provided (the "Employment Term").

	
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.

Jose Luis Laparte                                                                           By:           

______________________                                                             Name: Robert M. Gans                                           

Its:           Executive Vice Presidentex10_4.htm

NINETEENTH  AMENDMENT TO EMPLOYMENT AGREEMENT

This Nineteenth Amendment to Employment Agreement is made and entered into as of November 18, 2011, by and between PriceSmart, Inc., a Delaware Corporation ("Employer") and Jose Luis Laparte ("Executive").

Recitals

	
A)  

	
On June 3, 2004 an Employment Agreement was made and entered into by and between Employer and Executive.

	
B)  

	
Said Employment Agreement has been amended on eighteen prior occasions;

	
C)  

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

Agreement

	
1.  

	
Section 2.1 of the Employment Agreement, which currently provides:

2.1           Salary.  For Executive's services hereunder, Employer shall pay as base salary to Executive the amount of $510,000 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.

 

 

is hereby amended, effective January 1, 2012 to provide as follows:

2.1           Salary.  For Executive's services hereunder, Employer shall pay as base salary to Executive the amount of $561,000 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.

	
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.

Jose Luis Laparte                                                                           By:           

______________________                                                             Name: Robert M. Gans                                           

Its:       Executive Vice Presidentex10_5.htm

TWENTIETH AMENDMENT TO EMPLOYMENT AGREEMENT

This Twentieth Amendment to Employment Agreement is made and entered into as of November 18, 2011, by and between PriceSmart, Inc., a Delaware Corporation ("Employer") and John Hildebrandt ("Executive").

Recitals

	
A)  

	
On June 1, 2001 an Employment Agreement was made and entered into by and between Employer and Executive.

	
B)  

	
Said Employment Agreement has been amended on nineteen 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 provides:

	
2.1  

	
Salary.  For Executive’s services hereunder, Employer shall pay as base salary to Executive the amount of $256,020 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, 2012, to provide as follows:

	
2.1  

	
Salary.  For Executive’s services hereunder, Employer shall pay as base salary to Executive the amount of $310,000 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.

	
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.

John Hildebrandt                                                                           By:           

______________________                                                       Name:         Jose Luis Laparte                                

                            Its:           CEO and Presidentex10_6.htm

TWENTY- FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Twenty-First Amendment to Employment Agreement is made and entered into as of November 18, 2011 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 twenty 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 $205,583 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, 2012, to provide as follows:

2.1           Salary.  For Executive’s services hereunder, Employer shall pay as base salary to Executive the amount of $260,000 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.

	
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:           CEO and President

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