Document:

Executive Compensation - Base Salaries

 Exhibit 10.3 
 EXECUTIVE COMPENSATION – BASE SALARIES 
 Effective April 3, 2006, our President and Chief Operating Officer
David M. Kirk, under discretionary authority previously granted to him by the Board of Directors Compensation Committee, had the annual base salary changed as noted for the following officers: 
  

				
	 Sr. VP & Chief Technical Officer Darrell L. Ash
	  	$	139,137
	 Chief Financial Officer Harley E Barnes
	  	$	144,585
	 VP Sales David B. Crawford
	  	$	155,189
	 VP Engineering Robert K. Kansy
	  	$	138,561
	 VP Operations Jon S. Prokop
	  	$	147,262

 Effective June 1, 2006, the annual base salary of our President and Chief Executive Officer David M. Kirk was
changed to $220,000. This was approved by the Board of Directors Compensation Committee on May 23, 2006.Eighth Amendment to Employment Agreement

 Exhibit 10.1 
 EIGHTH AMENDMENT TO EMPLOYMENT AGREEMENT 
 This Eighth Amendment to Employment Agreement is made and entered into as
of March 1, 2006 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)	On March 9, 2005, a Seventh Amendment to Employment Agreement was made and entered into by and between Employer and Executive; 

  

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

 Agreement 
  

	1.	Section 2.1 of the Agreement which, as amended, provides: 

 2.1 Salary. For Executive’s services hereunder, Employer shall pay as base salary to Executive the amount of $177,000 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, 2006, to provide as follows: 
 2.1 Salary. For Executive’s services hereunder, Employer shall pay as base salary to Executive the amount of $182,300 during each year of the
Employment Term. Said salary shall be payable in equal installments in conformity with Employer’s normal payroll period. Executive shall receive such salary increases, if any, as Employer, in its sole discretion, shall determine. 
  

	2.	Section 3.1 of the Agreement which provides: 

 3.1
Term. The term of Executive’s employment hereunder shall commence on March 31, 2000 and shall continue until March 31, 2006 unless sooner terminated or extended as hereinafter provided. 
 is hereby amended, effective March 1, 2006, 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, 2007 unless sooner terminated or extended as hereinafter provided.

  

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

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

									
	 EXECUTIVE
	 		 	             EMPLOYER

			
		 		 	PRICESMART, INC.
				
	Brud Drachman	 		 	By:	 	/s/ Jose Luis Laparte
				
	/s/ Brud Drachman	 		 	Name:	 	Jose Luis Laparte
				
		 		 	Its:	 	PresidentFifteenth Amendment to Employment Agreement

 Exhibit10.2 
 FIFTEENTH AMENDMENT TO EMPLOYMENT AGREEMENT 
 This Fifteenth Amendment to Employment Agreement is
made and entered into as of March 1, 2006, by and between PriceSmart, Inc., a Delaware Corporation (“Employer”) and Robert M. Gans (“Executive”). 
 Recitals 
  

	 	A)	On September 20, 1994 an Employment Agreement was made and entered into by and between Executive and Price Enterprises, Inc. 

  

	 	B)	Said Employment Agreement has been assigned to Employer and amended on fourteen prior occasions; 

  

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

 Agreement 
  

	 	1.	Section 2.1 of the Agreement which provides: 

  

	 	2.1	Salary. For Executive’s services hereunder, Employer shall pay as base salary to Executive the amount of $250,000 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, 2006, to provide as follows: 
  

	 	2.1	Salary. For Executive’s services hereunder, Employer shall pay as base salary to Executive the amount of $257,500 during each year of the Employment Term. Said salary
shall be payable in equal installments in conformity with Employer’s normal payroll period. Executive shall receive such salary increases, if any, as Employer, in its sole discretion, shall determine. 

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

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

									
	 EXECUTIVE
	 		 	             EMPLOYER

			
		 		 	PRICESMART, INC.
				
	Robert M. Gans	 		 	By:	 	/s/ Jose Luis Laparte
				
	/s/ Robert M. Gans	 		 	Name:	 	Jose Luis Laparte
				
		 		 	Its:	 	PresidentFifth Amendment to Employment Agreement

 Exhibit 10.3 
 FIFTH AMENDMENT TO EMPLOYMENT AGREEMENT 
 This Fifth Amendment to Employment Agreement is made and entered into as of
March 1, 2006, 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)	On March 9, 2005, a Fourth Amendment to Employment Agreement was made and entered into by and between Employer and Executive; 

  

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

 Agreement 
  

	1.	Section 2.1 of the Agreement which provides: 

  

	 	2.1	Salary. For Executive’s services hereunder, Employer shall pay as base salary to Executive the amount of $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, 2006, to provide as follows: 
  

	 	2.1	Salary. For Executive’s services hereunder, Employer shall pay as base salary to Executive the amount of $206,000 during each year of the Employment Term. Said salary
shall be payable in equal installments in conformity with Employer’s normal payroll period. Executive shall receive such salary increases, if any, as Employer, in its sole discretion, shall determine. 

  

	2.	Section 3.1 of the Agreement which provides: 

 3.1
Term. The term of Executive’s employment hereunder shall commence on June 1, 2001 and shall continue until March 31, 2006 unless sooner terminated or extended as hereinafter provided. 
 is hereby amended, effective March 1, 2006, 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, 2007 unless sooner terminated or extended as hereinafter provided.

  

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

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

									
	 EXECUTIVE
	 		 	            EMPLOYER
			
		 		 	PRICESMART, INC.
				
	John Hildebrandt	 		 	By:	 	/s/ Jose Luis Laparte
				
	/s/ John Hildebrandt	 		 	Name:	 	Jose Luis Laparte
				
		 		 	Its:	 	PresidentThird Amendment to Employment Agreement

 Exhibit 10.4 
 THIRD AMENDMENT TO EMPLOYMENT AGREEMENT 
 This Third Amendment to Employment Agreement is made and entered into as of
March 1, 2006, by and between PriceSmart, Inc., a Delaware Corporation (“Employer”) and Jose Luis Laparte (“Executive”). 
 Recitals 
  

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

  

	B)	On August 2, 2004 a First Amendment to Employment Agreement was made and entered into by and between Employer and Executive; 

  

	C)	On September 26, 2005 a Second Amendment to Employment Agreement was made and entered into by and between Employer and Executive; 

  

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

 Agreement 
  

	 	1.	Section 2.1 of the Agreement which currently provides: 

 2.1 Salary. For Executive’s services hereunder, Employer shall pay as base salary to Executive the amount of $360,000 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, 2006, to provide as follows: 
 2.1 Salary. For Executive’s services
hereunder, Employer shall pay as base salary to Executive the amount of $370,800 during each year of the Employment Term. Said salary shall be payable in equal installments in conformity with Employer’s normal payroll period. Executive shall
receive such salary increases, if any, as Employer, in its sole discretion, shall determine. 

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

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

									
	 EXECUTIVE
	 		 	             EMPLOYER

			
		 		 	 PRICESMART, INC.

				
	Jose Luis Laparte	 		 	 By:
	 	/s/ Robert E. Price
				
	/s/ Jose Luis Laparte	 		 	Name:	 	Robert E. Price
					
		 		 		 	Its:	 	CEO

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