Document:

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Exhibit 10.36(a)

                            STOCK PURCHASE AGREEMENT

         This STOCK PURCHASE AGREEMENT (this "Agreement") is made and entered
into as of June 3, 2000 by and among PriceSmart, Inc., a Delaware corporation
("PriceSmart"), PSC, S.A., a Panama corporation ("PSC"), and the shareholders of
PSC listed on the signature page hereto (the "Shareholders").

                              W I T N E S S E T H:

         WHEREAS, PSC desires to sell to PriceSmart and PriceSmart desires to
purchase from PSC shares of capital stock of PSMT Caribe, Inc., a British Virgin
Islands corporation ("PSMT Caribe"), on the terms and conditions set forth in
this Agreement; and

         WHEREAS, PriceSmart desires to purchase the PSC shares with shares of
capital stock of PriceSmart, pursuant to the terms and conditions of this
Agreement.

         WHEREAS, in connection with this transaction, PriceSmart and PSC will
enter into a Registration Rights Agreement substantially in the form of Exhibit
A hereto (the "Registration Rights Agreement").

         NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:

         1. AGREEMENT TO PURCHASE AND SELL STOCK. PSC agrees to sell to
PriceSmart at the Closing, and PriceSmart agrees to purchase from PSC at the
Closing, 500,000 shares, par value U.S.$1.00 per share, of PSMT Caribe (the
"Purchased Shares") payable by PriceSmart issuing an aggregate of 679,500 shares
of PriceSmart common stock, par value $.0001 per share (the "Issued Shares"). At
the option of the Shareholders, the Issued Shares shall be issued either to (i)
PSC or (ii) the Shareholders in the amounts set forth opposite their names on
Exhibit A.

         2. CLOSING. The purchase and sale of the Purchased Shares will take
place at the offices of PriceSmart at 4649 Morena Boulevard, San Diego, CA
92117, on June 28, 2000, or at such other time and place on which PriceSmart and
PSC mutually agree (which time and place are referred to in this Agreement as
the "Closing"). At the Closing, PSC will deliver to PriceSmart its certificate,
properly endorsed to PriceSmart or its designee, representing the Purchased
Shares and PriceSmart will deliver to the Shareholders certificates representing
the Issued Shares. In addition, at Closing, PriceSmart shall pay U.S.$100,000 to
PSC in readily available funds for the services to be provided pursuant to
Section 9.4 hereof.

         3. MUTUAL REPRESENTATIONS AND WARRANTIES. For purposes of this Section
3, each of PriceSmart, PSC and the Shareholders are referred to as a "Party,"
and collectively, as the "Parties." With respect to the Issued Shares, the
Shareholders hereby represent and warrant to PriceSmart, and with respect to the
Purchased Shares, PriceSmart hereby represents and warrants to PSC, as follows:

                  3.1 PURCHASE FOR OWN ACCOUNT. The Issued Shares or the
Purchased Shares, as the case may be, to be purchased by such Party hereunder
will be acquired for investment for such Party's own account, not as a nominee
or agent, and not with a view to the public resale or distribution thereof
within the meaning of the Securities Act of 1933, as amended (the "Securities
Act"). If not an individual, such Party also represents that such Party has not
been formed for the specific purpose of acquiring the Issued Shares or the
Purchased Shares, as the case may be.

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                  3.2 DISCLOSURE OF INFORMATION. Such Party has received or has
had full access to all the information it considers necessary or appropriate to
make an informed investment decision with respect to the Issued Shares or the
Purchased Shares, to be purchased by such Party under this Agreement. Such Party
further has had an opportunity to ask questions and receive answers from
PriceSmart or PSC, as the case may be, regarding the terms and conditions of the
Issued Shares or the Purchased Shares and to obtain additional information (to
the extent PriceSmart or PSC possessed such information or could acquire it
without unreasonable effort or expense) necessary to verify any information
furnished to such Party or to which such Party had access. The foregoing,
however, does not in any way limit or modify the representations and warranties
made by such Party in this Agreement.

                  3.3 INVESTMENT EXPERIENCE. Such Party understands that the
purchase of the Issued Shares or the Purchased Shares involves substantial risk.
Such Party has experience as an investor in securities of companies in the
development stage and acknowledges that such Party is able to fend for itself,
can bear the economic risk of such Party's investment in the Issued Shares or
the Purchased Shares and has such knowledge and experience in financial or
business matters that such Party is capable of evaluating the merits and risks
of this investment in the Issued Shares or the Purchased Shares and protecting
its own interests in connection with this investment.

                  3.4 ACCREDITED INVESTOR STATUS. Such Party is an "accredited
investor" within the meaning of Regulation D promulgated under the Securities
Act.

                  3.5 RESTRICTED SECURITIES. Each of the Shareholders
understands that the Issued Shares are characterized as "restricted securities"
under the Securities Act. Each of the Shareholders further understands that the
Issued Shares will be issued in a transaction not involving a public offering
and that under the Securities Act and applicable regulations thereunder such
securities may be resold without registration under the Securities Act only in
certain limited circumstances. In this connection, each of the Shareholders
represents that he is familiar with Rule 144 of the Securities and Exchange
Commission (the "Commission"), as presently in effect, and understands the
resale limitations imposed thereby and by the Securities Act. Each of the
Shareholders understands that PriceSmart is under no obligation to register any
of the securities sold hereunder.

                  3.6 LEGEND. Each of the Shareholders understands that the
certificates evidencing the Issued Shares will bear the legend set forth below:

                      "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER
THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES ARE SUBJECT TO
RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR
RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES
LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE INVESTORS SHOULD
BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS
INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES
MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE
ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE
WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS."

         The legend set forth above shall be removed by PriceSmart from any
certificate evidencing the Issued Shares upon (i) a sale by the holder pursuant
to Rule 144 or an effective registration statement or (ii) delivery to
PriceSmart of an opinion by counsel, reasonably satisfactory to PriceSmart, that
a registration statement under the Securities Act is at that time in effect with
respect to the legended security or that such security can be freely transferred
in a public sale without such a registration statement being in effect and that
such transfer will not

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jeopardize the exemption or exemptions from registration pursuant to which
PriceSmart issued the Issued Shares.

         4. REPRESENTATIONS AND WARRANTIES OF PRICESMART. PriceSmart hereby
represents and warrants to PSC and the Shareholders as follows:

                  4.1 ORGANIZATION, GOOD STANDING AND QUALIFICATION. PriceSmart
is a corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware and has all requisite corporate power and
authority to carry on its business as now conducted and as proposed to be
conducted. PriceSmart is duly qualified to transact business and is in good
standing in each jurisdiction in which the failure so to qualify would have a
material adverse effect on its business or properties.

                  4.2 VALID ISSUANCE OF STOCK. The Issued Shares, when issued,
sold and delivered in accordance with the terms of this Agreement for the
consideration provided herein, will be duly and validly issued, fully paid and
nonassessable.

                  4.3 AUTHORIZATION. All corporate action on the part of
PriceSmart and its officers, directors and stockholders, necessary for the
authorization, execution and delivery of this Agreement, the Transaction
Documents and the Registration Rights Agreement (collectively, the "Transaction
Documents"') and the performance of all obligations of PriceSmart hereunder and
the transactions contemplated hereby have been taken, and the Transaction
Documents have been duly executed and delivered by PriceSmart and constitutes a
valid and legally binding obligation of PriceSmart, enforceable in accordance
with its terms, except as may be limited by (i) applicable bankruptcy,
insolvency, reorganization or other laws of general application relating to or
affecting the enforcement of creditors' rights generally and (ii) the effect of
rules of law governing the availability of equitable remedies.

                  4.4 NO CONFLICTS WITH OTHER AGREEMENTS. The execution,
delivery and performance by PriceSmart of the Transaction Documents will not
violate or be in conflict with, result in a breach of or constitute (with or
without notice or lapse of time or both) a default under (i) any provision of
PriceSmart's certificate of incorporation or bylaws as they shall be in effect;
(ii) any provision of any judgment, decree or order to which PriceSmart is a
party or by which it is bound; (iii) any material contract, obligation or
commitment to which PriceSmart is a party or by which it is bound; or (iv) any
statute, rule or governmental regulation applicable to PriceSmart.

                  4.5 REGISTRATION RIGHTS. PriceSmart has not granted
registration rights to any person other than the grant of: (i) certain
registration rights to PSC pursuant to the Registration Rights Agreement; and
(ii) piggyback registration rights to the holders of 306,748 shares of
PriceSmart's common stock in conjunction with the consolidation of PB Real
Estate, S.A. and Price Costco de Panama, S.A.

                  4.6 ACCURACY OF EXCHANGE ACT REPORTS. Except as set forth on
Schedule 4.6, PriceSmart has timely filed all reports required to be filed by
PriceSmart under the Securities Exchange Act of 1934 ("Exchange Act"). All such
reports filed by PriceSmart in the preceding 12 months contain all statements
required to be stated therein in accordance with the Exchange Act and do not
contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading.

                  5. REPRESENTATIONS AND WARRANTIES OF PSC AND THE SHAREHOLDERS.
PSC and the Shareholders hereby represent and warrant to PriceSmart as follows:

                  5.1 ORGANIZATION, GOOD STANDING AND QUALIFICATION. PSC is a
corporation duly organized, validly existing and in good standing under the laws
of Panama and has all requisite corporate power and

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authority to carry on its business as now conducted and as proposed to be
conducted. PSC is duly qualified to transact business and is in good standing
in each jurisdiction in which the failure so to qualify would have a material
adverse effect on its business or properties. The Shareholders are the only
shareholders in PSC.

                  5.2 AUTHORIZATION. All action on the part of PSC and its
shareholders, necessary for the authorization, execution and delivery of the
Transaction Documents and the performance of all obligations of PSC hereunder
have been taken. The Transaction Documents have been duly executed and delivered
by PSC and, where applicable, each of the Shareholders and constitutes a valid
and legally binding obligation of PSC and each of the Shareholders, enforceable
against each of them in accordance with its terms, except as may be limited by
(i) applicable bankruptcy, insolvency, reorganization or other laws of general
application relating to or affecting the enforcement of creditors' rights
generally and (ii) the effect of rules of law governing the availability of
equitable remedies.

                  5.3 NO CONFLICTS WITH OTHER AGREEMENTS. The execution,
delivery and performance by PSC and the Shareholders of the Transaction
Documents will not violate or be in conflict with, result in a breach of or
constitute (with or without notice or lapse of time or both) a default under (i)
any provision of PSC's certificate of incorporation, bylaws or other governing
documents as they shall be in effect; (ii) any provision of any judgment, decree
or order to which PSC or any of the Shareholders is a party or by which it is
bound; (iii) any material contract, obligation or commitment to which PSC or any
of the Shareholders is a party or by which it is bound; or (iv) any statute,
rule or governmental regulation applicable to PSC or any of the Shareholders.

                  5.4 TITLE TO PURCHASED SHARES. PSC owns exactly 500,000 shares
of PSMT Caribe, free and clear of all liens, encumbrances and any liabilities,
except as may be created hereby. Other than the Purchased Shares, PSC owns no
shares of capital stock of, or any other interest in, PSMT Caribe. In addition,
PSC has no options, warrants or other rights to acquire shares of capital stock
of, or any other interest in, PSMT Caribe. Following the Closing, PSC will have
transferred all of its right, title and interest in PSMT Caribe to PriceSmart.

         6.       ADDITIONAL PROVISIONS REGARDING THE ISSUED SHARES.

                  6.1 FURTHER LIMITATIONS ON DISPOSITION. Without in any way
limiting the representations set forth above, each of the Shareholders further
agrees not to make any disposition of all or any portion of the Issued Shares
unless and until:

                           (a)      There is then in effect a registration
statement under the Securities Act covering such proposed disposition and such
disposition is made in accordance with such registration statement; or

                           (b)      Such Shareholder shall have notified
PriceSmart of the proposed disposition and shall have furnished PriceSmart with
a statement of the circumstances surrounding the proposed disposition, and such
Shareholder shall have furnished PriceSmart, at such Shareholder's expense, with
an opinion of counsel, reasonably satisfactory to PriceSmart, that such
disposition will not require registration of such securities under the
Securities Act.

         Notwithstanding the provisions of paragraphs (a) and (b) above, no such
registration statement or opinion of counsel shall be required: (i) for any
transfer of any Issued Shares in compliance with Rule 144 of the Securities Act,
or (ii) for any transfer of any Issued Shares by a Party that is a partnership
or a corporation to (A) a partner of such partnership or shareholder of such
corporation, (B) a retired partner of such partnership who retires after the
date hereof, (C) the estate of any such partner or shareholder, or (iii) for the
transfer by gift, will or intestate succession by any Party to his or her spouse
or lineal descendants or ancestors or any trust for

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any of the foregoing; PROVIDED that in each of the foregoing cases the
transferee agrees in writing to be subject to the terms of this Section 6.1
to the same extent as if the transferee were an original Party hereunder.

         7.       CONDITIONS TO CLOSING.

                  7.1 CONDITIONS TO OBLIGATIONS OF PRICESMART AT CLOSING.
PriceSmart's obligation to purchase the Purchased Shares at the Closing is
subject to the fulfillment to PriceSmart's satisfaction, on or prior to the
Closing, of all of the following conditions, any of which may be waived by
PriceSmart:

                           (a)  REPRESENTATIONS AND WARRANTIES TRUE; PERFORMANCE
OF OBLIGATIONS. The representations and warranties made by PSC and the
Shareholders in Sections 3 and 5 hereof shall be true and correct in all
material respects at the Closing with the same force and effect as if they had
been made on and as of said date and PSC and the Shareholders shall have
performed and complied in all material respect with all obligations and
conditions herein required to be performed or complied with by them on or prior
to the Closing and a certificate duly executed by an officer of PSC, to the
effect of the foregoing, shall be delivered to PriceSmart.

                           (b)      QUALIFICATIONS, LEGAL INVESTMENT.  All
authorizations, approvals, or permits, if any, of any governmental authority or
regulatory body of the United States or of any state or country that are
required in connection with the lawful sale and issuance of the Purchased Shares
and the Issued Shares shall have been duly obtained and shall be effective on
and as of the Closing. At the time of the Closing, the sale and issuance of the
Purchased Shares and the Issued Shares shall be legally permitted by all laws
and regulations to which PriceSmart and PSC are subject.

                           (c)      OPINION OF COUNSEL.  PriceSmart shall have
received an opinion of counsel reasonably satisfactory to PriceSmart to the
effect that (i) all documents have been executed and all other acts and
formalities have been properly complied with, pursuant to any applicable law or
regulation, to effectuate the sale of PSC's right, title and interest in PSMT
Caribe to PriceSmart and (ii) 100% ownership of PSMT Caribe (and sole ownership
of PSMT Caribe's subsidiaries) by PriceSmart does not violate any law or
regulation of any applicable jurisdiction. The cost of the opinion referred to
in Section 7.1(c)(i) shall be borne by PSC and the cost of the opinion referred
to in Section 7.1(c)(ii) shall be borne by PriceSmart.

                  7.2 CONDITIONS TO OBLIGATIONS OF PSC AND THE SHAREHOLDERS AT
CLOSING. The obligations of PSC and the Shareholders to issue and sell the
Purchased Shares to be sold at the Closing is subject to the fulfillment to
PSC's satisfaction on or prior to the Closing of the following conditions, any
of which may be waived by PSC.

                           (a)      REPRESENTATIONS AND WARRANTIES TRUE;
PERFORMANCE OF OBLIGATIONS. The representations and warranties made by
PriceSmart in Sections 3 and 4 hereof shall be true and correct in all material
respects at the date of the Closing with the same force and effect as if they
had been made on and as of the date hereof. PriceSmart shall have performed and
complied with all agreements and conditions herein required to be performed or
complied with by it on or before the Closing and a certificate duly executed by
an officer of PriceSmart, to the effect of the foregoing, shall be delivered to
PSC.

                           (b)      QUALIFICATIONS, LEGAL INVESTMENT.  All
authorizations, approvals, or permits, if any, of any governmental authority or
regulatory body of the United States or of any state or country that are
required in connection with the lawful sale and issuance of the Purchased Shares
and the Issued Shares shall have been duly obtained and shall be effective on
and as of the Closing. At the time of the Closing the sale and issuance of the
Purchased Shares and the Issued Shares shall be legally permitted by all laws
and regulations to which PriceSmart, PSC and the Shareholders are subject.

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                           (c)      OPINION OF COUNSEL.  PSC and the
Shareholders shall have received an opinion from counsel to PriceSmart
reasonably satisfactory to PSC, dated as of the Closing and addressing the
matters set forth on Exhibit C hereto.

                           (d)      REGISTRATION RIGHTS.  The Company shall have
executed and delivered the Registration Rights Agreement.

                           (e)      RELEASE OF GUARANTEES.  PSC and the
Shareholders shall have been unconditionally and irrevocably released from all
guarantees, sureties of the like given by PSC or the Shareholders for the
benefit of PSMT Caribe ("Guarantees"), unless promptly after the date hereof,
PriceSmart has commenced the process to release the Guarantees and has acted
diligently to obtain the release of the Guarantees during the period from the
date hereof to the Closing.

         8.       [INTENTIONALLY OMITTED]

         9.       OTHER AGREEMENTS.

                  9.1 RIGHT TO PROVIDE GOODS OR SERVICES. PriceSmart agrees that
when it is necessary for PriceSmart to purchase goods or services for the
warehouse stores operated by PSMT Caribe, which goods or services are supplied
or otherwise made available by a shareholder of PSC to the standards required by
PriceSmart, such shareholder shall have the right to provide such goods or
services if the price and term thereof meets or beats any competitive offer or
bid. Upon request by a Shareholder, PriceSmart shall provide such Shareholder
with all information reasonably requested by such Shareholder regarding any good
or service, including the terms of any competitive offer or bid so long as such
disclosure does not violate any confidentiality agreement currently in effect or
required by a supplier in the future. Further, PriceSmart will allow the
shareholders of PSC to purchase merchandise from PriceSmart, for sale within a
particular country (where such merchandise is available in PriceSmart's
inventory), with the purchase price being the same net landed cost which is
charged to PSMT Caribe in the subject country; provided that the law permits the
shareholders to agree, and the shareholders shall agree not to sell such
merchandise below PSMT Caribe's selling prices.

                  9.2 RIGHT TO PROVIDE IN-HOUSE BANKING AND RELATED SERVICES.
PriceSmart agrees, on behalf of itself and its subsidiaries, that Promerica Bank
shall have a right, at the option of Promerica Bank, to lease space and to
provide in-house banking services from such leased space in PriceSmart
warehouses identified on Exhibit D hereto, provided that the rates for services
charged and lease payments by Promerica Bank are reasonable and generally
competitive. In addition, the parties acknowledge the continued validity of the
Credit Card Co-issuance Agreement and the related agreements for each of the
countries listed in Exhibit D and agree to use their respective best efforts to
comply (and cause their affiliates to comply) with the terms and conditions
thereof.

                  9.3 AGREEMENT NOT TO COMPETE. PriceSmart agrees not to enter
into the grocery or warehouse club market in Nicaragua. PriceSmart agrees that
PSC and the Shareholders are no longer subject to Section 15 and 16 of the
Members' Agreement for PSMT Caribe, Inc. between PriceSmart and PSC, dated
September 14, 1998 and may at any time, enter into the grocery store or
warehouse club market in Nicaragua, provided that they will take no action,
directly or indirectly, that may result in any material harm to PriceSmart in
any country that PriceSmart operates. Notwithstanding any other remedies
available at law, PriceSmart shall also have the right to enjoin such harmful
action.

                  9.4      PSMT CARIBE MATTERS.

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                           (a)      For so long as PSC beneficially owns shares
of Common Stock, PSC shall be entitled to appoint two directors to the board of
PSMT Caribe and each of its subsidiaries, which boards shall consist of not more
than five members. One of the PSC directors shall serve as the chairman of the
board of each of PSMT Caribe's subsidiaries. The following action by PSMT
Caribe's subsidiaries shall require the approval of at least one of the PSC
directors: approval of the annual business plan. The right granted in the
previous sentence shall terminate when all of the Issued Shares have been
registered for resale in accordance with the Registration Rights Agreement.

                           (b)      PriceSmart shall pay PSC a fee of
U.S.$200,000 in exchange for PSC making available to PSMT Caribe a president for
each of its subsidiaries, which fee shall be payable U.S.$100,000 at Closing and
U.S.$100,000 on the one-year anniversary of the Closing.

                           (c)      PriceSmart shall have obtained the full and
unconditional release of the Guarantees by no later than October 3, 2000. If,
for any reason, the Guarantees are not fully and unconditionally released by
October 3, 2000, PSC and the Shareholder may, at their option: (i) elect to
rescind this Agreement and the transactions contemplated hereby and cause the
parties to be returned to the status quo ante, provided that such right of
rescission shall only apply if the amount of the unreleased Guarantees exceeds
$3,000,000; or (ii) impose a fee ("Fee") of 12% per annum on the amount of the
Guarantee that remains outstanding after October 3, 2000, which Fee shall be
paid monthly in advance and which Fee shall be increased on January 3, 2001 to
the maximum interest rate permitted by applicable law. Except as otherwise
permitted by the first sentence of this Section 9.4(c), PSC and the Shareholders
shall after the Closing have no further obligations with respect to any
indebtedness or other obligation of PSMT Caribe ("PSMT Caribe Obligations").
Notwithstanding anything herein to the contrary, PriceSmart agrees that it shall
at all times indemnify and hold harmless PSC and the Shareholders, and each of
their respective employees, agents, representatives, successors and assigns,
from any and all claims, actions, and suits, whether groundless or otherwise,
and from and against any and all liabilities, losses, damages, costs, charges,
attorneys' fees (whether at pretrial or appellate level) and other expenses of
every nature and character which arise in connection with or as a result of any
PSMT Caribe Obligation or the Guarantees.

                  9.5 PRICESMART BOARD OF DIRECTORS. PriceSmart shall use its
best efforts to cause the officers, directors and principal shareholders of
PriceSmart to vote all of their shares of voting capital stock in favor of the
election to PriceSmart board of directors ("Board") of two PSC nominees to the
Board. Prior to PSC having nominees on the Board, PriceSmart shall use its best
efforts to provide PSC with a non-voting representative to the Board, which
representative would have the same information, notice and other rights (other
than voting) as the voting members of the Board of Directors. Any right to a
non-voting representative to the Board hereafter granted to PSC would lapse at
any time that PSC has voting nominees on the Board.

                  9.6 TERMINATION OF SECTION 9. The rights granted in this
Section 9 (other than Section 9.4(c)) shall terminate upon a Change of Control
(as defined below) of PriceSmart.

         For purposes of this Agreement, a Change of Control shall mean the
occurrence of any of the following events after the date of this Agreement: (a)
PriceSmart is merged, consolidated or reorganized into or with another
corporation or legal person, and as a result of such merger, consolidation or
reorganization less than fifty percent (50%) of the combined voting power of the
then outstanding securities of such resulting corporation or person immediately
after such transaction are held in the aggregate by the holders of voting stock
of PriceSmart immediately prior to such transaction; (b) any person or related
group of persons (other than PriceSmart or a person that directly or indirectly
controls, is controlled by, or is under common control with, PriceSmart)
directly or indirectly acquires beneficial ownership (within the meaning of Rule
13d-3 under the

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Exchange Act) of securities possessing more than 20% of the total combined
voting power of PriceSmart's outstanding securities pursuant to a tender or
exchange offer made directly to PriceSmart's stockholders which the Board
does not recommend such stockholders to accept; PriceSmart sells or otherwise
transfers all or substantially all of its assets to another corporation or
other legal person, and as a result of such sale or transfer less than fifty
percent (50%) of the combined voting power of the then outstanding voting
stock of such corporation or person immediately after such sale or transfer
is held in the aggregate by the holders of voting stock of PriceSmart
immediately prior to such sale or transfer; or a change in the composition of
Board during any period of two (2) consecutive years such that individuals
who at the beginning of such period were members of the Board cease for any
reason to constitute at least a majority thereof, unless the election, or the
nomination for election by PriceSmart's stockholders, of each new director
was approved by a vote of at least two-thirds of the directors then still in
office who were directors at the beginning of the period. Notwithstanding the
foregoing, a Change of Control shall not be deemed to have occured if,
immediately following the Change of Control event, the Price family continues
to control PriceSmart.

         10.      MISCELLANEOUS.

                  10.1 SURVIVAL OF WARRANTIES. The representations, warranties
and covenants of the Parties contained in or made pursuant to this Agreement
shall survive the execution and delivery of this Agreement and the Closing and
shall in no way be affected by any investigation of the subject matter thereof
made by or on behalf of PriceSmart, PSC or the Shareholders, as the case may be.

                  10.2 SUCCESSORS AND ASSIGNS. Neither party shall assign or
transfer any of its rights or obligations under this Agreement without the other
party's prior written consent which shall not be unreasonably withheld, except
that PriceSmart may assign its rights hereunder to any subsidiary without the
consent of any other Party. Subject to this restriction on assignment, this
Agreement shall be binding upon and inure to the benefit of the parties and
their respective successors and assigns.

                  10.3 GOVERNING LAW. This Agreement shall be governed by and
construed under the internal laws of the State of California, U.S.A. as applied
to agreements among California residents entered into and to be performed
entirely within California, without reference to principles of conflict of laws
or choice of law.

                  10.4 COUNTERPARTS. This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

                  10.5 HEADINGS. The headings and captions used in this
Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement. All references in this Agreement to
sections, paragraphs, exhibits and schedules shall, unless otherwise provided,
refer to sections and paragraphs hereof and exhibits and schedules attached
hereto, all of which exhibits and schedules are incorporated herein by this
reference.

                  10.6 NOTICES. Unless otherwise provided, any notice required
or permitted under this Agreement shall be given in writing and shall be mailed,
telecopied, sent by overnight courier or delivered to the Party to receive such
notice at the address specified on the signature page hereto or at such other
address as any Party may designate by giving ten (10) days advance written
notice to all other parties. All such notices and communications shall, when
mailed, telecopied or sent by overnight courier, be effective when deposited in
the mails, delivered to the courier, or transmitted by telecopier with
confirmation of transmission, respectively.

                  10.7 NO FINDER'S FEES. PriceSmart, PSC and each of the
Shareholders represent that they neither are nor will be obligated for any
finder's or broker's fee or commission in connection with this transaction. PSC
and the Shareholders agree to indemnify and to hold harmless PriceSmart from any
liability

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for any commission or compensation in the nature of a finders' or broker's
fee (and any asserted liability) for which PSC or any of the Shareholders is
responsible. PriceSmart agrees to indemnify and hold harmless PSC from any
liability for any commission or compensation in the nature of a finder's or
broker's fee (and any asserted liability) for which PriceSmart or any of its
officers, employees or representatives is responsible.

                  10.8 AMENDMENTS AND WAIVERS. Any term of this Agreement may be
amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or
prospectively), only with the written consent of PriceSmart, PSC and the holders
of a majority of the Issued Shares. Any amendment or waiver effected in
accordance with this Section shall be binding upon each holder of any Issued
Shares at the time outstanding, each future holder of such securities, and
PriceSmart.

                  10.9 EXPENSES. Each of the Parties shall pay its own fees and
expenses incurred in entering into this Agreement. If any arbitration or other
action at law or equity is necessary to enforce or interpret the terms of this
Agreement, the prevailing party shall be entitled to reasonable attorneys' fees,
costs and necessary disbursements in addition to any other relief to which such
party may be entitled.

                  10.10 SEVERABILITY. If one or more provisions of this
Agreement are held to be unenforceable under applicable law, such provision(s)
shall be excluded from this Agreement and the balance of the Agreement shall be
interpreted as if such provision(s) were so excluded and shall be enforceable in
accordance with its terms.

                  10.11 ENTIRE AGREEMENT. This Agreement, together with all
exhibits and schedules hereto, constitutes the entire agreement and
understanding of the parties with respect to the subject matter hereof and
supersedes any and all prior negotiations, correspondence, agreements,
understandings duties or obligations between the parties with respect to the
subject matter hereof.

                  10.12 FURTHER ASSURANCES. From and after the date of this
Agreement, upon the request of any of the Parties, the other Parties shall
execute and deliver such instruments, documents or other writings as may be
reasonably necessary or desirable to confirm and carry out and to effectuate
fully the intent and purposes of this Agreement.

                  10.13 ARBITRATION. All disputes and claims concerning the
validity, interpretation, performance, termination and/or breach of this
Agreement ("Dispute(s)") shall be referred for final resolution to arbitration
in Miami, Florida, U.S.A. under the UNCITRAL Rules ("Rules") as administered by
the American Arbitration Association. The parties hereby agree that arbitration
hereunder shall be the parties' exclusive remedy and that the arbitration
decision and award, if any, shall be final, binding upon, and enforceable
against, the parties, and may be confirmed by the judgment of a court of
competent jurisdiction. In the event of any conflict between the Rules and this
Section, the provisions of this Section shall govern.

                  10.14 CONFIDENTIALITY. The parties agree not to disclose the
price and related terms of the purchase and sale effected hereby, unless
disclosure of the same is required by any applicable law.

                            [SIGNATURE PAGES FOLLOW]

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.

PRICESMART:                                  PSC:

PriceSmart, Inc.,                            PSC, S.A.,
a Delaware corporation                       a Panama corporation

By: /s/ Kurt A. May                          By: /s/ Edgar Zurcher
   -------------------------------------        --------------------------------
Name:  Kurt A. May                           Name: Edgar Zurcher
     -----------------------------------          ------------------------------
Title: Chief Operating Officer               Title: President
      ----------------------------------           -----------------------------

Address for Notice:                          Address for Notice:

4649 Morena Boulevard                        P.O. Box 4066
San Diego, CA 92117                          San Jose 1000, Costa Rica
Telecopy: (858) 581-4707                     Telecopy: (506) 222-6633
Attn:                                        Attn: E. Zurcher
     ------------------------                     -----------------------

THE SHAREHOLDERS:

/s/ Edgar Zurcher                            /s/ John Keith
----------------------------------------     -----------------------------------
[Name]  Edgar Zurcher                        [Name] John Keith

Address for Notice:                          Address for Notice

P.O. Box 4066                                P.O. Box 1289-1200
San Jose 1000 Costa Rica                     San Jose, Costa Rica
Telecopy: (506) 222-7786                     Telecopy: (506) 290-1924

               [FIRST SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

<PAGE>

/s/ Alberto Bonetti
----------------------------------------     -----------------------------------
[Name] Alberto Bonetti                       [Name]
Address for Notice:                          Address for Notice

EPS A-105____________________                _________________________
P.O. Box 52-4121
Miami, FL 33152-4121                         _________________________
Telecopy:  ________________                  Telecopy:  ________________

----------------------------------------     -----------------------------------
[Name]                                       [Name]

Address for Notice:                          Address for Notice

---------------------------                  ---------------------------
---------------------------                  ---------------------------
Telecopy:  ________________                  Telecopy:  ________________

----------------------------------------     -----------------------------------
[Name]                                       [Name]

Address for Notice:                          Address for Notice

---------------------------                  ---------------------------
---------------------------                  ---------------------------
Telecopy:  ________________                  Telecopy:  ________________

----------------------------------------     -----------------------------------
[Name]                                       [Name]

Address for Notice:                          Address for Notice

---------------------------                  ---------------------------
---------------------------                  ---------------------------
Telecopy:  ________________                  Telecopy:  ________________

----------------------------------------     -----------------------------------
[Name]                                       [Name]

Address for Notice:                          Address for Notice

---------------------------                  ---------------------------
---------------------------                  ---------------------------
Telecopy:  ________________                  Telecopy:  ________________

               [SECOND SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]

<PAGE>

                                    EXHIBIT A

                          Registration Rights Agreement

<PAGE>

                                    EXHIBIT B

                           ALLOCATION OF ISSUED SHARES

<PAGE>

                                    EXHIBIT C

                    FORM OF OPINION OF COUNSEL TO PRICESMART

         1. PriceSmart has been duly incorporated and is validly existing and in
good standing under the laws of the State of Delaware, with the corporate power
and authority to own its properties and conduct its business and to enter into
the Stock Purchase Agreement and the Registration Rights Agreement
(collectively, the "Transaction Documents") and perform its obligations
thereunder.

         2. The Company has duly authorized the execution, delivery and
performance of the Transaction Documents by all necessary corporate action.

         3. Each of the Transaction Documents (assuming due execution and
delivery by the other parties thereto) constitutes a legally valid and binding
obligation of PriceSmart, enforceable against PriceSmart in accordance with its
terms, except as may be limited by (i) the effect of bankruptcy, insolvency,
reorganization, moratorium or other similar laws relating to or affecting the
rights of creditors, including, without limitation, the effect of Section 548 of
the federal Bankruptcy Code and comparable provisions of state law, and the
effect of Section 547 of the federal Bankruptcy Code; (ii) the effect of general
principles of equity, including, without limitation, concepts of materiality,
reasonableness, good faith and fair dealing and the possible unavailability of
specific performance or injunctive relief, regardless of whether considered in a
proceeding in equity or at law; (iii) certain rights, remedies and waivers
contained in the Documents may be limited or rendered ineffective by applicable
California laws or judicial decisions governing such provisions, but such laws
or judicial decisions do not render the Documents invalid or unenforceable as a
whole; (iv) the effect of California law, which provides that a court may refuse
to enforce, or may limit the application of, a contract or any clause thereof
which the court finds as a matter of law to have been unconscionable at the time
it was made or contrary to public policy; and (v) the unenforceability under
certain circumstances under law or court decisions of provisions providing for
the indemnification of or contribution to a party with respect to a liability
where such indemnification or contribution is contrary to public policy or
prohibited by law.

         4. The execution and delivery by PriceSmart of this Agreement and the
exchange of shares of capital stock contemplated thereby do not: (i) violate any
federal, Delaware or California statute, rule or regulation applicable to
PriceSmart; (ii) violate the certificate of incorporation or bylaws of
PriceSmart; (iii) to our knowledge after reasonable investigation, require any
authorization or any consent or approval of any domestic governmental or
regulatory authority that has not been obtained; or (iv) result in the breach of
or a default under any of the agreements filed as exhibits to the SEC Reports
(the "Material Agreements").

         5. The Issued Shares have been duly authorized, and are validly issued,
fully paid and nonassessable.

<PAGE>

         6. Assuming the accuracy of the representations and warranties made by
you set forth in the Stock Purchase Agreement, the issuance and sale of the
Issued Shares pursuant to the Stock Purchase Agreement does not require
registration under federal or state securities laws.

<PAGE>

                                    EXHIBIT D

The PriceSmart warehouses located in the following countries:

Costa Rica
El Salvador
Honduras
Dominican Republic<PAGE>

Exhibit 10.36(b)

                          REGISTRATION RIGHTS AGREEMENT

         This REGISTRATION RIGHTS AGREEMENT, dated as of June 3, 2000 (this
"AGREEMENT"), is by and between PSC, S.A., a Panamanian corporation ("INVESTOR")
and PriceSmart, Inc., a Delaware corporation (the "COMPANY").

                                 R E C I T A L S

         WHEREAS, the Investor will, pursuant to the terms of the Stock Purchase
Agreement, dated as of June 3, 2000, by and among the Company, the Investor and
the Investor's shareholders (the "PURCHASE AGREEMENT"), receive shares of common
stock, par value $.0001 per share ("Common Stock"), of the Company as
consideration for the sale by Investor to the Company of all of the shares of
PSMT Caribe, Inc., a British Virgin Islands corporation ("PSMT Caribe") held by
Investor; and

         WHEREAS, the Company has agreed, as a condition precedent to Investor's
obligations under the Purchase Agreement, to grant the Investor certain
registration rights; and

         WHEREAS, the Company and the Investor desire to define the registration
rights of the Investor on the terms and subject to the conditions herein set
forth.

         NOW, THEREFORE, in consideration of the foregoing premises and for
other good and valuable consideration, the parties hereby agree as follows:

SECTION 1.  DEFINITIONS

         As used in this Agreement, the following terms have the respective
meanings set forth below:

         COMMISSION: shall mean the Securities and Exchange Commission or any
other federal agency at the time administering the Securities Act;

         EXCHANGE ACT: shall mean the Securities Exchange Act of 1934, as
amended;

         HOLDER: shall mean the Investor and any permitted assignee of the
Registrable Securities;

         PERSON: shall mean an individual, partnership, joint-stock company,
corporation, trust or unincorporated organization, and a government or agency or
political subdivision thereof;

         REGISTER, REGISTERED and REGISTRATION: shall mean a registration
effected by preparing and filing a registration statement in compliance with the
Securities Act (and any post-effective amendments filed or required to be filed)
and the declaration or ordering of effectiveness of such registration statement;

         REGISTRABLE SECURITIES: shall mean (A) shares of Common Stock owned by
the Investor and (B) any capital stock of the Company issued as a dividend or
other distribution with respect to, or in exchange for or in replacement of the
Common Stock referred to in clause (A);

         REGISTRATION EXPENSES: shall mean all expenses incurred by the Company
in compliance with Section 2 hereof, including, without limitation, all
registration and filing fees, printing expenses, fees and disbursements of
counsel for the Company, blue sky fees and expenses and the expense of any
special audits incident to or required by any such registration (but excluding
the compensation of regular employees of the Company, which shall be paid in any
event by the Company), but not including the fees and expenses of counsel to the
Holders;

<PAGE>

         SECURITY, SECURITIES: shall have the meaning set forth in Section 2(1)
of the Securities Act;

         SECURITIES ACT: shall mean the Securities Act of 1933, as amended; and

         SELLING EXPENSES: shall mean all underwriting discounts and selling
commissions applicable to the sale of Registrable Securities and all fees and
disbursements of counsel for each of the Holders and the fees and expenses of
counsel to the Holders.

SECTION 2.  REGISTRATION RIGHTS

         (a)      REGISTRATION.

         The Company, as promptly as practicable after the Closing (as defined
in the Purchase Agreement) but in any event within 20 days following the
Closing, shall file with the Commission a registration statement on Form S-3
(the "INITIAL REGISTRATION STATEMENT"), with respect to the offering and sale or
other disposition of one half of the total of Issued Shares issued to each
Investor rounded up to the next whole share (collectively, the "REGISTERED
ISSUED SHARES"). The balance of the Issued Shares issued to each Investor, which
shall not be covered by such Initial Registration Statement, shall be referred
to herein collectively as the "INITIALLY UNREGISTERED ISSUED SHARES."

         Upon the earlier of the following events (each a "TRIGGERING EVENT"):
(i) any time after six months after the Closing if the average closing price of
the Common Stock on the Nasdaq stock market for any 10 day consecutive trading
period after the Closing is less than $35.00; or (ii) one-year anniversary of
the Closing, then the Company as promptly as practicable after the Triggering
Event but in any event within 20 days of the Triggering Event, shall file with
the Commission a registration statement or an amendment to the Initial
Registration Statement, if applicable, with respect to the offering and sale or
other disposition of the Initially Unregistered Issued Shares.

         In addition, if, prior to the occurrence of a Triggering Event and the
registration of the Initially Unregistered Issued Shares in accordance with the
preceding paragraph, the Company shall determine to register any of its equity
securities for the account of a selling shareholder (other than a registration
for the 306,748 shares of Common Stock described in Section 4.5 of the Purchase
Agreement and other than a registration in which the Initially Unregistered
Issued Shares may not be properly included pursuant to the rules and regulations
of the Commission), the Company will include all the Initially Unregistered
Issued Shares in such registration.

         The registration statements referred to in this Section 2(a) are
collectively referred to in this Agreement as the "REGISTRATION STATEMENT".

         (b)      ASSIGNMENT.

         The registration rights set forth in this Section 2 may not be
assigned, in whole or in part, to any transferee of Registrable Securities
without the prior written consent of the Company, provided, however, that such
consent shall not be unreasonably withheld and, provided, further, no consent
shall be required for any transfer to an affiliate of Investor, including an
affiliate of one of Investor's shareholders and, provided, further, that any
such assignee of the registration rights agrees to be bound by the terms and
conditions of this Agreement.

<PAGE>

         (c)      RESTRICTIONS ON REGISTRATIONS.

         If at any time or from time to time after the effective date of the
Registration Statement, the Company notifies the Holders in writing of the
existence of a Potential Material Event (as defined below), the Holders shall
not offer or sell any Registrable Securities or engage in any other transaction
involving or relating to Registrable Securities, from the time of the giving of
written notice with respect to a Potential Material Event until the Holders
receive written notice from the Company that such Potential Material Event
either has been disclosed to the public or no longer constitutes a Potential
Material Event. If a Potential Material Event shall occur prior to the date the
Registration Statement is filed, then notwithstanding Section 2(a) above, the
Company's obligation to file the Registration Statement shall be delayed without
penalty until such Potential Material Event either has been disclosed to the
public or no longer constitutes a Potential Material Event. A "Potential
Material Event" shall mean the Company's Board of Directors has determined, in
good faith and in its reasonable business judgment in consultation with legal
counsel to the Company that: (i) the Registration Statement would require the
public disclosure of material non-public information concerning any pending or
ongoing material transaction or negotiations involving the Company which, in the
opinion of outside legal counsel to the Company, is not yet required to be
publicly disclosed, and (ii) such disclosure would materially interfere with
such transaction or negotiations or have a material adverse effect on the
Company. In no event shall the suspension of the Registration Statement (or the
permissible delay in filing a Registration Statement) exceed 90 days as a result
of a Potential Material Event. The Company represents that, as of the date
hereof, no Potential Material Event exists.

         (d)     Expenses.

         All Registration Expenses incurred in connection with any registration,
qualification or compliance pursuant to this Section 2 shall be borne by the
Company, and all Selling Expenses shall be borne by the Holders of the
securities so registered pro rata on the basis of the number of their shares so
registered.

         (e)      Procedures.

         In the case of each registration effected by the Company pursuant to
this Section 2, the Company will keep the Holders, as applicable, advised in
writing as to the initiation of each registration and as to the completion
thereof. At its expense, the Company will:

                  (i) keep such registration effective until such time as the
Holders have completed the distribution described in the registration statement
relating thereto;
                  (ii) furnish such number of prospectuses and other documents
incident thereto as each of the Holders, as applicable, from time to time may
reasonably request;

                  (iii) notify each Holder of Registrable Securities covered by
such registration at any time when a prospectus relating thereto is required to
be delivered under the Securities Act of the happening of any event as a result
of which the prospectus included in such registration statement, as then in
effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing;

                  (iv) list the Registrable Securities on the automated
quotation system and/or securities exchanges upon which the Common Stock is
listed;

<PAGE>

                  (v) use its best efforts to register or qualify the
Registrable Securities under the securities or blue sky laws of those
jurisdictions within the United States which the Investor reasonably request,
except that the Company shall not be required to file a general consent to
service of process or to qualify to do business as a foreign corporation in any
jurisdiction wherein it is not so qualified, or to subject itself to taxation in
any jurisdiction; and

                  (vi) use its best efforts to comply with the Securities Act,
the Exchange Act and all applicable rules and regulations of the Commission.

         (f)      INDEMNIFICATION.

                  (i) The Company will indemnify each of the Holders, as
applicable, each of its officers, directors and partners, and each person
controlling each of the Holders, with respect to each registration which has
been effected pursuant to this Section 2 against all claims, losses, damages and
liabilities (or actions in respect thereof) arising out of or based on any
untrue statement (or alleged untrue statement) of a material fact contained in
any prospectus, offering circular or other document (including any related
registration statement, notification or the like) incident to any such
registration, qualification or compliance, or based on any omission (or alleged
omission) to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, or any violation by the
Company of the Securities Act or the Exchange Act or any rule or regulation
thereunder applicable to the Company and relating to action or inaction required
of the Company in connection with any such registration, qualification or
compliance, and will reimburse each of the Holders, each of its officers,
directors and partners, and each person controlling each of the Holders for any
legal and any other expenses reasonably incurred in connection with
investigating and defending any such claim, loss, damage, liability or action;
PROVIDED, HOWEVER, that the Company will not be liable in any such case to the
extent that any such claim, loss, damage, liability or expense arises out of or
is based on any untrue statement or omission based upon written information
furnished to the Company by the Holders or underwriter and stated to be
specifically for use therein.

                  (ii) Each of the Holders will, if Registrable Securities held
by it are included in the securities as to which such registration,
qualification or compliance is being effected, indemnify the Company, each of
its directors and officers, each person who controls the Company, each other
stockholder that includes shares of Common Stock in such registration statement
(each, an "OTHER STOCKHOLDER") and each of their officers, directors, and
partners, and each person controlling such Other Stockholder against all claims,
losses, damages and liabilities (or actions in respect thereof) arising out of
or based on any untrue statement (or alleged untrue statement) of a material
fact contained in any such registration statement, prospectus, offering circular
or other document made by such Holder in writing, or any omission (or alleged
omission) to state therein a material fact required to be stated therein or
necessary to make the statements by such Holder therein not misleading, and will
reimburse the Company and such Other Stockholders, directors, officers,
partners, persons, or control persons for any legal or any other expenses
reasonably incurred in connection with investigating or defending any such
claim, loss, damage, liability or action, in each case to the extent, but only
to the extent, that such untrue statement (or alleged untrue statement) or
omission (or alleged omission) is made in such registration statement,
prospectus, offering circular or other document in reliance upon and in
conformity with written information furnished to the Company by such Holder and
stated to be specifically for use therein; PROVIDED, HOWEVER, that the
obligations of each of the Holders hereunder shall be limited to an amount equal
to the net proceeds to such Holder of securities sold as contemplated herein.

                  (iii) Each party entitled to indemnification under this
Section 2(e) (the "INDEMNIFIED PARTY") shall give notice to the party required
to provide indemnification (the "INDEMNIFYING PARTY") promptly after such
Indemnified Party has actual knowledge of any claim as to which indemnity may be
sought, and shall permit the Indemnifying Party to assume the defense of any
such claim or any litigation resulting therefrom; provided that

<PAGE>

counsel for the Indemnifying Party, who shall conduct the defense of such
claim or any litigation resulting therefrom, shall be approved by the
Indemnified Party (whose approval shall not unreasonably be withheld) and the
Indemnified Party may participate in such defense at such party's expense
(unless the Indemnified Party shall have reasonably concluded that there may
be a conflict of interest between the Indemnifying Party and the Indemnified
Party in such action, in which case the fees and expenses of counsel shall be
at the expense of the Indemnifying Party), and provided further that the
failure of any Indemnified Party to give notice as provided herein shall not
relieve the Indemnifying Party of its obligations under this Section 2 unless
the Indemnifying Party is materially prejudiced thereby. No Indemnifying
Party, in the defense of any such claim or litigation shall, except with the
consent of each Indemnified Party, consent to entry of any judgment or enter
into any settlement which does not include as an unconditional term thereof
the giving by the claimant or plaintiff to such Indemnified Party of a
release from all liability in respect to such claim or litigation. Each
Indemnified Party shall furnish such information regarding itself or the
claim in question as an Indemnifying Party may reasonably request in writing
and as shall be reasonably required in connection with the defense of such
claim and litigation resulting therefrom.

                  (iv) If the indemnification provided for in this Section 2(e)
is held by a court of competent jurisdiction to be unavailable to an Indemnified
Party with respect to any loss, liability, claim, damage or expense referred to
herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified
Party hereunder, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such loss, liability, claim, damage or expense
in such proportion as is appropriate to reflect the relative fault of the
Indemnifying Party on the one hand and of the Indemnified Party on the other in
connection with the statements or omissions which resulted in such loss,
liability, claim, damage or expense, as well as any other relevant equitable
considerations. The relative fault of the Indemnifying Party and of the
Indemnified Party shall be determined by reference to, among other things,
whether the untrue (or alleged untrue) statement of a material fact or the
omission (or alleged omission) to state a material fact relates to information
supplied by the Indemnifying Party or by the Indemnified Party and the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.

                  (v) The foregoing indemnity agreement of the Company and
Holders is subject to the condition that, insofar as they relate to any loss,
claim, liability or damage made in a preliminary prospectus but eliminated or
remedied in the amended prospectus on file with the Commission at the time the
registration statement in question becomes effective or the amended prospectus
filed with the Commission pursuant to Commission Rule 424(b) (the "FINAL
PROSPECTUS"), such indemnity or contribution agreement shall not inure to the
benefit of any Holder if a copy of the Final Prospectus was furnished to the
Holder and was not furnished to the person asserting the loss, liability, claim
or damage at or prior to the time such action is required by the Securities Act.

         (g)      INFORMATION BY THE HOLDERS. Each of the Holders holding
securities included in any registration shall furnish to the Company such
information regarding such Holder and the distribution proposed by such
Holder as the Company may reasonably request in writing and as shall be
reasonably required in connection with any registration, qualification or
compliance referred to in this Section 2.

         (h)      INFORMATION BY THE HOLDERS.

                  (i) Each of the Holders shall cooperate as reasonably
requested by the Company with the Company in connection with the preparation of
the registration statement, and for so long as the Company is obligated to file
and keep effective the registration statement, shall provide to the Company, in
writing, for use in the registration statement, all such information regarding
such Holder and its plan of distribution of the Registrable Securities as may be
reasonably necessary to enable the Company to prepare the registration

<PAGE>

statement and prospectus covering the Registrable Securities, to maintain the
currency and effectiveness thereof and otherwise to comply with all
applicable requirements of law in connection therewith.

                  (ii) During such time as such Holder may be engaged in a
distribution of the Registrable Securities, such seller shall comply with
Regulation M promulgated under the Exchange Act and pursuant thereto it shall,
among other things; (x) not engage in any stabilization activity in connection
with the securities of the Company in contravention of such regulation; (y)
distribute the Registrable Securities under the registration statement solely in
the manner described in the registration statement; (z) cease distribution of
such Registrable Securities pursuant to such registration statement upon receipt
of written notice from the Company that the prospectus covering the Registrable
Securities contains any untrue statement of a material fact or omits a material
fact required to be stated therein or necessary to make the statements therein
not misleading.

         (i)      RULE 144 REPORTING.

With a view to making available the benefits of certain rules and regulations of
the Commission which may permit the sale of restricted securities to the public
without registration, the Company agrees to:

                  (i) make and keep public information available as those terms
are understood and defined in Rule 144 under the Securities Act ("RULE 144");

                  (ii) use its best efforts to file with the Commission in a
timely manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act at any time after it has become subject to
such reporting requirements; and

                  (iii) so long as the Holder owns any Registrable Securities,
furnish to the Holder upon request, a written statement by the Company as to its
compliance with the reporting requirements of Rule 144 and of the Securities Act
and the Exchange Act, a copy of the most recent annual or quarterly report of
the Company, and such other reports and documents so filed as the Holder may
reasonably request in availing itself of any rule or regulation of the
Commission allowing the Holder to sell any such securities without registration.

SECTION 3. MISCELLANEOUS

         (a) DIRECTLY OR INDIRECTLY. Where any provision in this Agreement
refers to action to be taken by any Person, or which such Person is prohibited
from taking, such provision shall be applicable whether such action is taken
directly or indirectly by such Person.

         (b) GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the laws of the State of California, U.S.A. (without giving
effect to the choice of law principles thereof) which are applicable to
contracts made and to be performed entirely within such State.

         (c) SECTION HEADINGS. The headings of the sections and subsections of
this Agreement are inserted for convenience only and shall not be deemed to
constitute a part hereof.

         (d) NOTICES. Unless otherwise provided, any notice required or
permitted under this Agreement shall be given in writing and shall be mailed,
telecopied, sent by overnight courier or delivered to the party to receive such
notice at the address specified on the signature page hereto or at such other
address as any party may designate by giving ten (10) days advance written
notice to all other parties. All such notices and communications shall, when
mailed, telecopied or sent by overnight courier, be effective when deposited in
the mails, delivered to the courier, or transmitted by telecopier with
confirmation of transmission, respectively.

<PAGE>

         (e) REPRODUCTION OF DOCUMENTS. This Agreement and all documents
relating thereto, including, without limitation, any consents, waivers and
modifications which may hereafter be executed may be reproduced by the Investor
by any photographic, photostatic, microfilm, microcard, miniature photographic
or other similar process and the Investor may destroy any original document so
reproduced. The parties hereto agree and stipulate that any such reproduction
shall be admissible in evidence as the original itself in any judicial or
administrative proceeding (whether or not the original is in existence and
whether or not such reproduction was made by the Investor in the regular course
of business) and that any enlargement, facsimile or further reproduction of such
reproduction shall likewise be admissible in evidence.

         (f) SUCCESSORS AND ASSIGNS. This Agreement shall inure to the benefit
of and be binding upon the successors and assigns of each of the parties.

         (g) ENTIRE AGREEMENT; AMENDMENT AND WAIVER. This Agreement constitutes
the entire understanding of the parties hereto and supersedes all prior and
contemporaneous understandings and agreements among such parties with respect to
subject matter hereof. This Agreement may be amended, and the observance of any
term of this Agreement may be waived, with (and only with) the written consent
of the Company and the Investor holding a majority of the then outstanding
Registrable Securities.

         (h) SEVERABILITY. In the event that any part or parts of this Agreement
shall be held illegal or unenforceable by any court or administrative body of
competent jurisdiction, such determination shall not affect the remaining
provisions of this Agreement, which shall remain in full force and effect.

         (i) COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which
together shall be considered one and the same agreement.

         (j) EXPENSES. Each of the parties shall pay its own fees and expenses
incurred in entering into this Agreement. If any arbitration or other action at
law or equity is necessary to enforce or interpret the terms of this Agreement,
the prevailing party shall be entitled to reasonable attorneys' fees, costs and
necessary disbursements in addition to any other relief to which such party may
be entitled.

         (k) ARBITRATION. All disputes and claims concerning the validity,
interpretation, performance, termination and/or breach of this Agreement
("Dispute(s)") shall be referred for final resolution to arbitration in Miami,
Florida, U.S.A. under the UNCITRAL Rules ("Rules") as administered by the
American Arbitration Association. The parties hereby agree that arbitration
hereunder shall be the parties' exclusive remedy and that the arbitration
decision and award, if any, shall be final, binding upon, and enforceable
against, the parties, and may be confirmed by the judgment of a court of
competent jurisdiction. In the event of any conflict between the Rules and this
Section, the provisions of this Section shall govern.

                            [SIGNATURE PAGES FOLLOW]

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.

PRICESMART:

PriceSmart, Inc.,
a Delaware corporation

By: /s/ Kurt A. May
   ----------------
Name:  Kurt A. May
       -----------
Title: Chief Operating Officer
      ------------------------

Address for Notice:

4649 Morena Boulevard
San Diego, CA 92117
Telecopy: (858) 581-4707
Attn:
     ----------------------------------

INVESTOR:

PSC, S.A.,
a Panamanian corporation

By: /s/ Edgar Zurcher
   ------------------
Name:  Edgar Zurcher
       -------------
Title: President
       ---------

Address for Notice:

P.O. Box 4066
San Jose 1000 Costa Rica
Attn: E. Zurcher

                [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00018-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00018-of-00352.parquet"}]]