Document:

Exh 10.20-Form 10K-12/31/08

EXHIBIT 10.20

COMPENSATORY ARRANGEMENTS OF EXECUTIVE OFFICERS AND DIRECTORS.

Each of our executive officers is employed on an at will basis. The current annual salaries of our executive officers are set forth in the chart below:

	
Executive Officers 
	
Title
	
Salary
	
Incentive Component

	
Robert E. Matthiessen
	
President, CEO and Director
	
$202,242
	1.0% of consolidated pre-tax profits plus 1.0% of each product segment's pre-tax profits.

	
 
	
 
	
 
	
 

	
Alyn R. Holt
	
Chairman
	
$24,000
	None

	
 
	
 
	
 
	
 

	
Hugh T. Regan, Jr.
	
Secretary, Treasurer and CFO
	
$143,069
	Discretionary

	
 
	
 
	
 
	
 

	
Daniel J. Graham
	
Sr. Vice President and General Manager - Mechanical Products Segment
	
$131,141
	2.0% of pre-tax profits of the Mechanical Products segment.

	
 
	
 
	
 
	
 

	
James Pelrin
	
Vice President and General Manager-Thermal Products Segment
	
$157,968
	2.0% of pre-tax profits of the Thermal Products segment.

Each of the foregoing officers receive our standard benefits package. Messrs. Matthiessen, Regan, Graham and Pelrin are parties to Change of Control Agreements with us that provide for the payment of certain benefits upon the executive's termination of employment following a change of control, as defined therein. 

Directors who are not also our officers (each a "non-employee director") currently receive an annual retainer of $14,344. Members of the Executive Committee are paid an additional annual retainer of $8,606. The chairmen of the committees of the Board are paid an additional annual fee as follows: the Chairman of the Audit Committee is paid an additional annual fee of $8,606; the Chairman of the Compensation Committee is paid an additional annual fee of $5,738; the Chairman of the IP Committee is paid an additional annual fee of $22,950; and the Chairman of the Nominating and Corporate Governance Committee is paid an additional annual fee of $5,738.ex10_1.htm

     

    TWELFTH
AMENDMENT TO EMPLOYMENT AGREEMENT

    

    

    

    This
Twelfth Amendment to Employment Agreement is made and entered into as of March
1, 2009, 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 eleven prior
      occasions;

            

    

    

    
      	
              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 June 1, 2001 and shall
continue until March 31, 2009 unless sooner terminated or extended as
hereinafter provided.

    

    is hereby
amended, effective March 1, 2009, to provide as follows:

    

    3.1           Term.  The
term of Executive’s employment hereunder shall commence on June 1, 2001 and
shall continue until March 31, 2010 unless sooner terminated or extended as
hereinafter provided.

    

    

    

    
      	
              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:
Presidentex10_2.htm

    
      

      

    

    THIRTEENTH
AMENDMENT TO EMPLOYMENT AGREEMENT

    

    

    

    This
Thirteenth Amendment to Employment Agreement is made and entered into as of
April 1, 2009, 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 twelve 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 $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.

            

    

    

    is hereby
amended, effective April 1, 2009, to provide as follows:

    

    
      	
              2.1  

            	
              Salary.  For
      Executive’s services hereunder, Employer shall pay as base salary to
      Executive the amount of $240,000 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:           Presidentex10_3.htm

    THIRTEENTH
AMENDMENT TO EMPLOYMENT AGREEMENT

    

    

    

    This
Thirteenth Amendment to Employment Agreement is made and entered into as of
March 1, 2009, 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)  

            	
              Said
      Employment Agreement has been amended on twelve prior
      occasions;

            

    

    

    
      	
              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, 2009 unless sooner terminated or extended as
hereinafter provided.

    

    

    is hereby
amended, effective March 1, 2009, 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, 2010 unless sooner terminated or
      extended as hereinafter provided.

            

    

    

    

    
      	
              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.

    

    Edward
Oats                                                                                     By:
____________________

    

    ______________________                                                         Name:
Jose Luis
Laparte

    

    Its:
Presidentex10_4.htm

    FIFTEENTH
AMENDMENT TO EMPLOYMENT AGREEMENT

    

    

    

    This
Fifteenth Amendment to Employment Agreement is made and entered into as of March
1, 2009 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 fourteen prior
      occasions;

            

    

    

    
      	
              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, 2009 unless sooner terminated or extended as
hereinafter provided.

    

    

    is hereby
amended, effective March 1, 2009, 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, 2010 unless sooner terminated or
      extended as hereinafter provided.

            

    

    

    
      	
              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

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