Document:

Acquisition of Fractional Interest on Jet

 Exhibit 10.1 
 PURCHASE AND SALE AGREEMENT 
 Agreement made this
11th day of February, 2007 by and between PFD Ivanhoe, Inc., a California corporation,
(“Seller”) and PriceSmart Inc., a Delaware corporation (“Purchaser”). 
 Recitals 
 A) Seller and NJS entered into a Citation XLS Fractional Interest Purchase Agreement dated March 23, 2006 (the “Purchase Agreement”), for the purchase of
a six and one-quarter percent (6.25%) undivided interest in Citation XLS Aircraft Serial Number 560-5611 bearing United States Registration Number N654QS (the “Aircraft”). 
 B) Seller and NJA entered into a Citation XLS Fractional Ownership Program Management Services Agreement dated March 23, 2006, covering the Aircraft (the “Management Agreement”). 
 C) Seller and SERVICES entered into a Citation XLS Master Dry-Lease Aircraft Exchange Agreement dated March 23, 2006, covering the Aircraft (the “Master
Interchange Agreement”). 
 D) Seller and other undivided interest owners of the Aircraft entered into a Citation XLS Fractional Owners Agreement dated
March 23, 2006, covering certain agreements among themselves (the “Owners Agreement”). 
 E) Seller wishes to sell and assign its rights to
and obligations under the aforementioned agreements, in Recital clauses A, B, C, and D above (referred to in this Agreement as the “Property”) to Purchaser and Purchaser wishes to and purchase Seller’s rights and obligations under the
aforementioned agreements. 
 NOW THEREFORE, in consideration of the mutual covenants herein the parties hereto agree as follows:

 1. Purchase and Sale. Seller shall sell the Property to Purchaser and Purchaser shall purchase the Property from Seller pursuant to the
provisions of this Agreement. 
 2. Purchase Price. Purchaser shall pay Seller six hundred fifty-seven thousand six hundred dollars
($657,600) (the “Purchase Price”) for the Property. 
 3. Closing. The closing for the purchase and sale as provided herein
shall occur on February 11, 2007 at Suite 520, 7979 Ivanhoe Avenue, La Jolla California at 10:00 am (the “Closing”). At Closing, Seller shall pay Purchaser the Purchase Price by check or wire transfer to Seller’s account. Seller
and Purchaser will execute and deliver to each other signed counterparts of the Assignment and Consent in the form attached hereto as Exhibit A. 
 4. No Representations or Warranties. Purchaser acknowledges that Seller has not and does not make any representations or warranties whatsoever with respect to the Property or this transaction. Furthermore, Purchaser
acknowledges that it has made its own due diligence investigation with respect to the Property. 

 5. Miscellaneous Matters. 
 A) This Agreement including the exhibit attached hereto shall constitute the entire Agreement between Seller and Purchaser and supersede any and all prior written or oral agreements, representations, and warranties
between and among the parties and their agents, all of which are merged Into or revoked by this Agreement, with respect to its subject matter. 
 B) No waiver, amendment or discharge, of this Agreement shall be valid unless the same is in writing and signed by the party against which enforcement of such waiver, amendment or discharge is or may be sought. 
 C) In the event any term, covenant or condition contained herein is held to be invalid, void, or otherwise unenforceable, by any court of competent
jurisdiction, such holding shall in no way affect the validity or enforceability of any other term, covenant or condition contained herein. 
 D) This Agreement and the obligation of the parties hereunder shall be interpreted, construed, and enforced in accordance with the laws of the State of California. 
 E) This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
 F) This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which together shall
constitute one and the same instrument. A photocopy or telephonic facsimile of this Agreement duly executed by all parties shall have the same legal standing as an original executed document. Any signature page to a counterpart may be detached from
such counterpart without impairing the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached to it additional signature pages. 
 Executed as of the date first written above. 
  

									
	PriceSmart, Inc.	 		 	PDF Ivanhoe, Inc.
					
	By:	 	 /s/ John Heffner
	 		 	By:	 	 /s/ Kathy Hillan

	Its:	 	CFO	 		 	Its:	 	ManagerFifth Amendment to Employment Agreement

 Exhibit 10.2 
 FIFTH AMENDMENT TO EMPLOYMENT AGREEMENT 
 This Fifth Amendment to Employment Agreement is made and entered into as of
January 1, 2007, 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)	Said Employment Agreement has been amended on four prior occasions; 

  

	C)	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 $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. 
 is hereby amended, effective January 1, 2007, to provide as follows: 
 2.1 Salary. For Executive’s services
hereunder, Employer shall pay as base salary to Executive the amount of $382,000 during each year of the Employment Term. Said salary shall be payable in equal installments in conformity with Employer’s normal payroll period. Executive shall
receive such salary increases, if any, as Employer, in its sole discretion, shall determine. 
  

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

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

							
	EXECUTIVE	 		 	EMPLOYER
			
		 		 	PRICESMART, INC.
				
	Jose Luis Laparte	 		 	By:	 	  

	  
	 		 	Name:	 	Robert M. Gans
		 		 	Its:	 	Executive Vice PresidentSixth Amendment to Employment Agreement

 Exhibit 10.3 
 SIXTH AMENDMENT TO EMPLOYMENT AGREEMENT 
 This Sixth Amendment to Employment Agreement is made and entered into as of
January 1, 2007, by and between PriceSmart, Inc., a Delaware Corporation (“Employer”) and John Hildebrandt (“Executive”). 
 Recitals 
  

	A)	On June 1, 2001 an Employment Agreement was made and entered into by and between Employer and Executive. 

  

	B)	Said Employment Agreement has been amended on five 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 $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. 

 is hereby amended, effective January 1, 2007, to provide as follows: 
  

	 	2.1	Salary. For Executive’s services hereunder, Employer shall pay as base salary to Executive the amount of $212,200 during each year of the Employment Term. Said salary
shall be payable in equal installments in conformity with Employer’s normal payroll period. Executive shall receive such salary increases, if any, as Employer, in its sole discretion, shall determine. 

  

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

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

							
	EXECUTIVE	 		 	EMPLOYER
			
		 		 	PRICESMART, INC.
				
	John Hildebrandt	 		 	By:	 	  

	  
	 		 	Name:	 	Jose Luis Laparte
		 		 	Its:	 	PresidentSixth Amendment to Employment Agreement

 Exhibit 10.4 
 SIXTH AMENDMENT TO EMPLOYMENT AGREEMENT 
 This Sixth Amendment to Employment Agreement is made and entered into as of
January 1, 2007 by and between PriceSmart, Inc., a Delaware Corporation (“Employer”) and William Naylon (“Executive”). 
 Recitals 
  

	A)	On January 16, 2002 an Employment Agreement (“Agreement”) was made and entered into by and between Employer and Executive. 

  

	B)	Said Employment Agreement has been amended on five prior occasions; 

  

	C)	Employer and Executive now desire to further amend the 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 $239,000 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, 2007, to provide as follows: 
 2.1 Salary. For Executive’s services
hereunder, Employer shall pay as base salary to Executive the amount of $247,000 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 January 16, 2002 and shall continue until January 31, 2007 unless sooner terminated or extended as hereinafter provided. 
 is hereby amended, effective January 1, 2007, to provide as follows: 
 3.1 Term. The term of Executive’s employment hereunder shall commence on January 16, 2002 and shall continue until January 31, 2008 unless sooner terminated or extended as hereinafter provided.

  

	3.	All other terms of the 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.
				
	William Naylon	 		 	By:	 	  

	  
	 		 	Name:	 	Jose Luis Laparte
		 		 	Its:	 	President

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