Document:

Exhibit 10.2 Q2 FY2013

        

FOURTEENTH AMENDMENT TO EMPLOYMENT AGREEMENT

This Fourteenth Amendment to Employment Agreement is made and entered into as of January 1, 2013 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 thirteen 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 $400,000 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, 2013, to provide as follows:

		
	1.
	Salary.  For Executive's services hereunder, Employer shall pay as base salary to Executive the amount of $408,000 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, 2013 unless sooner terminated or extended as hereinafter provided.

is hereby amended, effective January 1, 2013, to provide as follows:

		
	1.
	Term.  The term of Executive's employment hereunder shall commence on January 16, 2002 and shall continue until January 31, 2014 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:     CEO and PresidentExhibit 10.3 Q2 FY2013

        
TWENTY-FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

This Twenty-First Amendment to Employment Agreement is made and entered into as of January 1, 2013, 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 twenty prior occasions;

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

Agreement

		
	1.
	Section 2.1 of the Employment Agreement, which currently provides:

2.1    Salary.  For Executive's services hereunder, Employer shall pay as base salary to Executive the amount of $561,000 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, 2013 to provide as follows:

2.1    Salary.  For Executive's services hereunder, Employer shall pay as base salary to Executive the amount of $572,220 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 PresidentExhibit 10.4 Q2 FY2013

        
TWENTY-SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

This Twenty-Second Amendment to Employment Agreement is made and entered into as of January 1, 2013, 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 twenty-one 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:

		
	1.
	Salary.  For Executive's services hereunder, Employer shall pay as base salary to Executive the amount of $310,000 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, 2013, to provide as follows:

		
	1.
	Salary.  For Executive's services hereunder, Employer shall pay as base salary to Executive the amount of $316,200 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.

		
	1.
	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: 
	CEO and PresidentExhibit 10.5 Q2 FY2013

        
TWENTY- THIRD AMENDMENT TO EMPLOYMENT AGREEMENT

This Twenty-Third Amendment to Employment Agreement is made and entered into as of January 1, 2013 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)
	Said Employment Agreement has been amended on twenty-two 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, as amended, provides:

2.1     Salary.  For Executive's services hereunder, Employer shall pay as base salary to Executive the amount of $260,000 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, 2013, to provide as follows:

2.1     Salary.  For Executive's services hereunder, Employer shall pay as base salary to Executive the amount of $265,200 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.

Brud Drachman                    By:                 

______________________                Name:     Jose Luis Laparte    

Its:     CEO and PresidentExhibit 10.6 Q2 FY2013

        
TWENTY-FIFTH AMENDMENT TO EMPLOYMENT AGREEMENT

This Twenty-Fifth Amendment to Employment Agreement is made and entered into as of January 1, 2013, 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)
	Said Employment Agreement has been amended on twenty-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 provides:

2.1     Salary.  For Executive's services hereunder, Employer shall pay as base salary to Executive the amount of $350,000 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, 2013, to provide as follows:

2.1    Salary.  For Executive's services hereunder, Employer shall pay as base salary to Executive the amount of $357,000 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.

Thomas Martin                    By:                 

______________________                Name:     Jose Luis Laparte    

Its:     CEO and President

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