Document:

Eighth Amendment

 Exhibit 10.2 
  
 EIGHTH AMENDMENT TO EMPLOYMENT AGREEMENT 
  
 This Eighth Amendment to Employment Agreement is made and entered into as of March 3, 2005, by and between PriceSmart, Inc.,
a Delaware Corporation (“Employer”) and Thomas Martin (“Executive”). 
  
 Recitals 
  

	 	A)	On March 31, 1998 an Employment Agreement was made and entered into by and between Employer and Executive. 

  

	 	B)	On March 31, 1999 a First Amendment to Employment Agreement was made and entered into by and between Employer and Executive. 

  

	 	C)	On November 22, 1999, a Second Amendment to Employment Agreement was made and entered into by and between Employer and Executive. 

  

	 	D)	On January 11, 2000, a Third Amendment to Employment Agreement was made and entered into by and between Employer and Executive. 

  

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

  

	 	F)	Pursuant to a Memorandum dated October 16, 2001, Executive’s Annual Base Salary was increased to $190,000, effective as of September 1, 2001. 

  

	 	G)	On January 16, 2002, a Fifth Amendment to Employment Agreement was made and entered into by and between Employer and Executive; 

  

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

  

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

  

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

  
 Agreement 
  
 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 $200,000 during each year of the
Employment Term. Said salary shall be payable in equal installments in conformity with Employer’s normal payroll period. Executive shall receive such salary increases, if any, as Employer, in its sole discretion, shall determine. 

 is hereby amended, effective January 1, 2005, to provide as follows: 
  
 2.1 Salary. For Executive’s services hereunder, Employer shall
pay as base salary to Executive the amount of $215,000 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. 
  

	 	1)	Section 3.1 of the Employment Agreement, which provides: 

  
 3.1 Term. The term of Executive’s employment hereunder shall commence on April 1, 1998 and shall continue until March 31, 2005 unless sooner
terminated or extended as hereinafter provided (the “Employment Term”). 
  
 is hereby amended, effective as of March 3, 2005, to provide as follows: 
  
 3.1 Term. The term of Executive’s employment hereunder shall commence on April 1, 1998 and shall continue until March 31, 2006 unless sooner terminated or extended as hereinafter provided (the
“Employment Term”). 
  

	 	2)	All other terms of the Employment Agreement, as amended, shall remain unaltered and fully effective. 

  
 Executed in San Diego, California, as of the date first written above. 
  

					
	 EXECUTIVE
	 	 EMPLOYER

		
	 	 	PRICESMART, INC.
			
	Thomas Martin	 	By:	 	 /s/    ROBERT E. PRICE

	 /s/    THOMAS D.
MARTIN        

	 	Name:	 	 Robert E. Price

	 	 	Its:	 	 CEOFourth Amendment

 Exhibit 10.3 
  
 FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT 
  
 This Fourth Amendment to Employment Agreement is made and entered into as of March 9, 2005, 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)	Pursuant to a Memorandum dated October 16, 2001, Executive’s Annual Base Salary was increased to $177,000, effective as of September 1, 2001. 

  

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

  

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

  

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

  

	 	F)	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, 2005 unless sooner
terminated or extended as hereinafter provided. 
  
 is hereby amended, effective
March 9, 2005, 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, 2006 unless sooner terminated or extended as hereinafter provided. 

	 	2.	All other terms of the Employment Agreement shall remain unaltered and fully effective. 

  
 Executed in San Diego, California, as of the date first written above. 
  

					
	 EXECUTIVE
	 	 EMPLOYER

		
	 	 	PRICESMART, INC.
			
	John Hildebrandt	 	By:	 	 /s/    ROBERT E. PRICE

	 /s/    JOHN HILDEBRANDT

	 	Name:	 	 Robert E. Price

	 	 	Its:	 	 CEOSixth Amendment

 Exhibit 10.4 
  
 SIXTH AMENDMENT TO EMPLOYMENT AGREEMENT 
  
 This Sixth Amendment to Employment Agreement is made and entered into as of March 9, 2005, by and between PriceSmart, Inc.,
a Delaware Corporation (“Employer”) and Edward Oats (“Executive”). 
  
 Recitals 
  

	 	A)	On January 11, 2000 an Employment Agreement was made and entered into by and between Employer and Executive. 

  

	 	B)	Effective as of November 1, 2000, Executive’s annual base salary was increased to $115,000. 

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  
 Agreement 
  

	 	1.	Section 3.1 of the Agreement which provides: 

  
 3.1 Term. The term of Executive’s employment hereunder shall commence on March 31, 2000 and shall continue until March 31, 2005 unless sooner
terminated or extended as hereinafter provided. 

 is hereby amended, effective March 9, 2005, to provide as follows: 
  
 3.1 Term. The term of Executive’s employment hereunder shall
commence on March 31, 2000 and shall continue until March 31, 2006 unless sooner terminated or extended as hereinafter provided. 
  

	2.	All other terms of the Employment Agreement shall remain unaltered and fully effective. 

  
 Executed in San Diego, California, as of the date first written above. 
  

					
	 EXECUTIVE
	 	 EMPLOYER

		
	 	 	 PRICESMART, INC.

			
	Edward Oats	 	By:	 	 /s/    ROBERT E. PRICE

	 /s/    EDWARD OATS

	 	Name:	 	 Robert E. Price

	 	 	By:	 	 CEOSeventh Amendment

 Exhibit 10.5 
  
 SEVENTH AMENDMENT TO EMPLOYMENT AGREEMENT 
  
 This Seventh Amendment to Employment Agreement is made and entered into as of March 9, 2005 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)	On January 24, 2001, a First Amendment to Employment Agreement was made and entered into by and between Employer and Executive; 

  

	 	C)	On June 1, 2001, a Second Amendment to Employment Agreement was made and entered into by and between Employer and Executive; 

  

	 	D)	Pursuant to a Memorandum dated October 16, 2001, Executive’s Annual Base Salary was increased to $157,000, effective as of September 1, 2001. 

  

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

  

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

  

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

  

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

  

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

  
 Agreement 
  

	 	1.	Section 3.1 of the Agreement which provides: 

  
 3.1 Term. The term of Executive’s employment hereunder shall commence on March 31, 2000 and shall continue until March 31, 2005 unless sooner
terminated or extended as hereinafter provided. 

 is hereby amended, effective March 9, 2005, to provide as follows: 
  
 3.1 Term. The term of Executive’s employment hereunder shall
commence on March 31, 2000 and shall continue until March 31, 2006 unless sooner terminated or extended as hereinafter provided. 
  

	 	2.	All other terms of the Employment Agreement shall remain unaltered and fully effective. 

  
 Executed in San Diego, California, as of the date first written above. 
  

					
	 EXECUTIVE
	 	 EMPLOYER

		
	 	 	PRICESMART, INC.
			
	Brud Drachman	 	By:	 	 /s/    ROBERT E. PRICE

	 /s/    BRUD DRACHMAN

	 	Name:	 	 Robert E. Price

	 	 	Its:	 	 CEO

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