Document:

Form of Amendment to Voting Trust Agreement

 Exhibit 10.32 
  
 FIRST AMENDMENT TO 
 VOTING TRUST AGREEMENT 
  
 THIS FIRST AMENDMENT
(this “Amendment”) dated as of             , To the voting trust agreement dated as of
                    , (the “Original Agreement”), between
                    , as trustee (the “Trustee”), and the undersigned beneficiary (the “Beneficiary”). 
  
 Background 
  
 The Trustee and the Beneficiary entered into the Original Agreement pursuant
to which the Beneficiary transferred to the Trustee legal ownership of certain shares of stock (the “Shares”) in ctrials.com, Inc., a. Delaware corporation formerly known as “Pharmacentric Technologies, Inc.” (the
“Company”) and granted to the Trustee the right to exercise all voting and consent rights with respect to the Shares. The transfer of record ownership of the Shares to the Trustee caused the Trustee to be substituted as a party to the
investor rights agreement dated as of January 5, 2000, as amended (the “Investor Rights Agreement”), among the Company and certain of its shareholders. 
  
 Pursuant to the Trustee’s authority under Section 6 of the Original Agreement, the Trustee approved an amendment
to the Investor Rights Agreement (i) to permit the Trustee to transfer record ownership of the Shares to the Beneficiary without subjecting them to a right of first refusal, (ii) to restrict the applicability of preemptive rights only to
those shareholders holding more than 10% of the fully diluted common equity of the Company, and (iii) to permit the Trustee to assign certain rights under the Investor Rights Agreement to the Beneficiary. 
  
 The Trustee and the Beneficiary desire to amend the Original Agreement to
assign to the Beneficiary certain rights under the Investor Rights Agreement. 
  
 Agreement 
  
 In
consideration of the premises and for other good and valuable consideration, and intending to be legally bound, the Trustee and the Beneficiary agree to amend the Original Agreement as follows: 
  
 1. Definitions. Except as defined in this Amendment, the capitalized terms used in
this Amendment will have the meanings ascribed thereto in the Original Agreement. From and after the effective date of this Amendment under Section 3, the term “Agreement” means the Original Agreement, as amended by this Amendment.

  
 2. Amendment. (a) Section 4 of the Original Agreement is
hereby amended and restated in its entirety to read as follows: 
  
 4. Transfer of Voting Trust Certificates. The Shareholder may not transfer his/her Voting Trust Certificates, their interest in the voting trust hereby created or the Shares without the prior written
consent of the Trustee. It is understood that a transfer of the Shareholder’s interest in his/her Voting Trust Certificates or in any interest under this Agreement is subject to the restrictions on transfer under applicable Federal and state
securities laws, and the Trustee may withhold consent to transfer of Voting Trust Certificates or other interest until the Shareholder and the Trustee comply with all applicable Federal and state securities laws relating to such transfer. In
connection with and as a condition to any such transfer, the transferee shall execute and deliver to the Trustee an agreement in form and substance reasonably acceptable to the Trustee, whereby the transferee agrees to be bound by this Agreement. To
the extent permitted hereunder, any such transfer of Voting Trust Certificates and any subsequent transfers shall be made only on the books of the Trustee by the record holder thereof or by his legal representative, who shall furnish the Trustee
with proper evidence of authority to transfer, or by his attorney thereunto authorized by power of attorney duly executed and filed with the Trustee, and on surrender for cancellation of the Voting Trust Certificate. 

 (b) Section 6 of the Original Agreement is hereby amended and restated in its entirety to read as
follows: 
  
 6. Rights and Duties of Trustee:
Assignment of Certain Rights. 
  
 (a) The
Trustee will have full power to vote, consent, and otherwise exercise all the voting rights in respect of the Shares held by it hereunder, including the right to cast votes and grant consents and waivers under the Investor Rights Agreement, as the
Trustee, in its sole discretion, deems advisable. The Trustee will not be liable for any act or failure to act under this Section 6(a). 
  
 (b) Pursuant to Section 6.2(b) of the Investor Rights Agreement, the Trustee assigns to the Beneficiary the registration rights under
Section 2 of the Investor Rights Agreement and the right of first refusal under Section 3 of the Investor Rights Agreement (but only to the extent that the Beneficiary would be a Significant Holder (as defined in the Investor Rights
Agreement if the Beneficiary owned the Shares directly). 
  
 (c)
Except as specifically amended by this Amendment, the provisions of the Original Agreement will remain in full force and effect. 
  
 3. Effectiveness. This Amendment will be effective as of February 1,2001, but only if a counterpart of this Amendment is signed by the Trustee and the
Beneficiary on or before April 15, 2001. 
  
 4. Miscellaneous.
(a) This Amendment represents the entire agreement and understanding between the parties concerning the amendment of the Original Agreement and supersedes all prior and contemporaneous agreements, understandings, representations and warranties
with respect thereto. 
  
 (b) This Amendment shall be governed by
and construed in accordance with the laws of the State of North Carolina applicable to agreements made and wholly performed in that state. 
  
 (c) This Amendment has been prepared on behalf of the Company and each Shareholder has had the opportunity to consult with legal counsel regarding the
provisions hereof. Every covenant, term and provision of this Amendment will be construed according to its fair meaning and not strictly for or against any party or parties. 
  
 (d) When used in this Amendment, the term “including” means “including, but not limited to”. 

 
 (e) Captions of the several sections of this Amendment are for reference
purposes only, are not intended to describe, interpret, define Or limit the scope, extent or intent of this Amendment or any provision hereof, and shall not control or alter the meaning of this Amendment as set forth in the text. 
  
 (f) This Amendment may be executed in any number of counterparts and all so
executed shall constitute one agreement binding the Company and an Shareholders, notwithstanding that all the parties have not signed the original or the same counterpart. 
  

 2 

 IN WITNESS WHEREOF, the Shareholders and the Company have signed this Amendment as of the day and year
first above written. 
  

					
	 Voting Trustee:
	 	 	 	 Beneficiary:

			
	  	 	 	 	  
	 	 	 	 	 Signature

			
	 	 	 	 	 
	 	 	 	 	 Print Beneficiary Name

  

 3Promissory Note

 Exhibit 10.1 
  
 PROMISSORY NOTE 
  

			
	$12,500,000	  	 October 24, 2005
 San Diego, California

  
 FOR VALUE
RECEIVED, the undersigned PRICESMART, INC., a Delaware corporation (the “Borrower”), promises to pay to PS IVANHOE, LLC, a California limited liability company (the “Lender”), or order, at 7979 Ivanhoe Avenue,
Suite 550, La Jolla, California 92037, or such other address as may be directed in writing, the principal sum of Twelve Million Five Hundred Thousand Dollars ($12,500,000), together with interest thereon at a rate of eight percent (8%) per
annum, computed from the date hereof on the basis of a three hundred sixty (360) day year, actual days elapsed. 
  
 1. Payment of Principal and Interest. Interest accrued on this promissory note (the “Note”) shall be due and payable on the 1st
day of each month commencing with the first month after the date of this Note. All unpaid principal and accrued unpaid interest shall be due and payable in full two (2) years from the date hereof (the “Maturity Date”). 
  
 2. Credit of Payments. Each payment under this Note shall be
credited in the following order: (a) costs, fees, charges and advances paid or incurred by Lender and for which the Borrower is obligated under the terms herein; (b) interest payable under this Note; and (c) principal under this Note.
All installments of principal and interest of this Note shall be payable in lawful money of the United States of America. Checks constitute payment only when collected. 
  
 3. Prepayment. The Borrower may prepay in whole or, from time to time, in part, and without any premium or
penalty therefor, the principal amount hereof then remaining unpaid, together with accrued unpaid interest on this Note. Any such prepayment shall be applied first to accrued unpaid interest on this Note and the balance to principal due hereunder.

  
 4. Interest and Default. From and after the
Maturity Date the entire unpaid principal balance and accrued unpaid interest shall automatically bear an annual interest rate equal to the lesser of: (a) twelve percent (12%) per annum or (b) the maximum interest rate allowed by law,
in lieu of the rate provided above herein. This Note is secured by that certain Pledge and Security Agreement of even date herewith. 
  
 6. Late Charge. Borrower acknowledges that default in the payment of any sum due under this Note will result in losses and additional
expenses to Lender in servicing the indebtedness evidenced by this Note, handling such delinquent payments, and meeting its other financial obligations. Borrower further acknowledges that the extent of such loss and additional expenses is extremely
difficult and impractical to ascertain. Borrower therefore agrees that, if any payment due under this Note is not made within ten (10) days when due, a charge of three cents ($.03) for each dollar ($1.00) that is not paid when due would be a
reasonable estimate of expenses so incurred (the “Late Charge”). If any payment is not received within ten (10) days when due, Borrower shall pay the Late Charge to Lender (without prejudicing or affecting any other rights or remedies
of Lender) as liquidated damages to cover expenses incurred in handling such delinquent payment. 
  
 7. Attorney Fees. Borrower agrees to pay the following costs, expenses, and attorney fees paid or incurred by Lender, or adjudged by a
court: (a) reasonable costs of collection and costs, expenses, and attorney fees paid or incurred in connection with the collection or enforcement of this Note, whether or not suit is filed; (b) reasonable costs, expenses, and attorney
fees paid or incurred in connection with representing Lender in any bankruptcy, reorganization, receivership, or other proceedings affecting creditors’ rights and involving a claim under this Note; and (c) costs of suit and such sum as the
court may adjudge as attorney fees in any action to enforce payment of this Note or any part of it. 
  
 8. Waiver. Borrower, endorsers, and all other persons liable or to become liable on this Note waive presentment, protest, and demand; notice
of protest, demand, and dishonor; and all other notices or matters of a like nature. 

 9. Usury. All agreements between Borrower and Lender are expressly limited, so that in no
event or contingency, whether because of the advancement of the proceeds of this Note, acceleration of maturity of the unpaid principal balance, or otherwise, shall the amount paid or agreed to be paid to Lender for the use, forbearance, or
retention of the money to be advanced under this Note exceed the highest lawful rate permissible under applicable usury laws. If, under any circumstances, fulfillment of any provision of this Note or any other agreement pertaining to this Note,
after timely performance of such provision is due, shall involve exceeding the limit of validity prescribed by law that a court of competent jurisdiction deems applicable, then, ipso facto, the obligations to be fulfilled shall be reduced to the
limit of such validity. If, under any circumstances, Lender shall ever receive as interest an amount that exceeds the highest lawful rate, the amount that would be excessive interest shall be applied to reduce the unpaid principal balance under this
Note and not to pay interest, or, if such excessive interest exceeds the unpaid principal balance under this Note, such excess shall be refunded to Borrower. This provision shall control every other provision of all agreements between Borrower and
Lender. 
  
 10. Forbearance Not a Waiver. If Lender
delays in exercising or fails to exercise any of its rights under this Note, that delay or failure shall not constitute a waiver of any Lender rights or of any breach, default, or failure of condition under this Note. No waiver by Lender of any of
its rights or of any such breach, default, or failure of condition shall be effective, unless the waiver is expressly stated in a writing signed by Lender. 
  
 11. Binding Effect. This Note inures to and binds the heirs, legal representatives, successors, and assigns of Borrower and Lender.

  
 12. Severability. If any provision of this Note,
or the application of it to any party or circumstance, is held void, invalid, or unenforceable by a court of competent jurisdiction, the remainder of this Note, and the application of such provision to other parties or circumstances, shall not be
affected thereby, the provisions of this Note being severable in any such instance. 
  
 13. Time is of the Essence. Time is of the essence with respect to all obligations of Borrower under this Note. 
  
 14. Waiver of Jury Trial. LENDER AND BORROWER EACH WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE
OF ACTION BASED ON, ARISING FROM, OR RELATED TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED BY THIS NOTE, IN ANY ACTION, PROCEEDING, OR OTHER LITIGATION OF ANY TYPE BROUGHT BY EITHER PARTY AGAINST THE OTHER, WHETHER WITH RESPECT TO CONTRACT CLAIMS,
TORT CLAIMS, OR OTHERWISE. BORROWER AND LENDER AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS
WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM, OR OTHER PROCEEDING THAT SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS NOTE. THIS WAIVER SHALL APPLY TO ANY FUTURE AMENDMENTS, RENEWALS,
SUPPLEMENTS, OR MODIFICATIONS TO THIS NOTE. 
  
 15.
Governing Law. This Note shall be construed and enforceable according to the laws of the State of California. 
  
 Executed as of the date first written above. 
  

	
	 BORROWER
 PriceSmart, Inc.

	
	/s/ JOHN HEFFNER
	 By: John Heffner
 Its: Executive Vice President/Chief
Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}]]