SEC Contract Filing

Filing Date: 2015-09-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>exhibit103employmentagreem.htm
<DESCRIPTION>EXHIBIT 10.3 EMPLOYMENT AGREEMENT RG
<TEXT>
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 <title>Exhibit</title>
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<a name="sb055aee95bbc41cdb800ae55d14e99cb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EMPLOYMENT AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Employment Agreement (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) is made as of September 1, 2015, between PriceSmart, Inc. (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;), and Robert M. Gans (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Executive</font><font style="font-family:inherit;font-size:12pt;">&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Company and the Executive previously entered into an Employment Agreement, which was amended from time to time (the &#8220;Amended Employment Agreement&#8221;); and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Company desires to retain and employ the Executive and the Executive desires to be retained and employed by the Company on the terms contained in this Agreement, which shall supersede the Amended Employment Agreement as of the effective date above.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:</font></div><div style="line-height:120%;padding-left:48px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Position and Duties</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-left:0px;text-align:left;text-indent:96px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:48px;">(a)</font><font style="font-family:inherit;font-size:12pt;">The Executive shall serve as the Company&#8217;s Executive Vice President, General Counsel, Chief Ethics &amp; Compliance Officer and Secretary, reporting to the Company&#8217;s Chief Executive Officer/President.</font></div><div style="line-height:120%;padding-left:0px;text-align:left;text-indent:96px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:48px;">(b)</font><font style="font-family:inherit;font-size:12pt;">The Executive shall perform those services customary to this office and such other lawful duties that the Chief Executive Officer/President may reasonably assign to him. The Executive shall devote all of his business time and best efforts to the performance of his duties under this Agreement and shall be subject to, and shall comply with the Company policies, practices and procedures and all codes of ethics or business conduct applicable to his position, as in effect from time to time. Notwithstanding the foregoing, the Executive shall be entitled to (i) serve as a member of the board of directors of a reasonable number of other companies, subject to the advance approval of the Chief Executive Officer/President, which approval shall not be unreasonably withheld, (ii) serve on civic, charitable, educational, religious, public interest or public service boards, subject to the advance approval of the Chief Executive Officer/President, which approval shall not be unreasonably withheld, and (iii) manage the Executive&#8217;s personal and family investments, in each case, to the extent such activities do not materially interfere, as determined by the Chief Executive Officer/President in good faith, with the performance of the Executive&#8217;s duties and responsibilities hereunder.</font></div><div style="line-height:120%;padding-left:0px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:48px;">2.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Term</font><font style="font-family:inherit;font-size:12pt;">. This Agreement and the Executive&#8217;s employment pursuant to this Agreement shall begin on the date indicated above (the &#8220;Effective Date&#8221;) and ending on the first anniversary of the Effective Date (the &#8220;Expiration Date&#8221;), unless terminated earlier by the Company or the Executive pursuant to Section 4 of this Agreement (the &#8220;Term&#8221;). This Agreement shall renew automatically for another one-year Term on the anniversary of the Effective Date each year, unless either the Company or Executive no