SIXTEENTH AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.3(p)
SIXTEENTH AMENDMENT TO EMPLOYMENT AGREEMENT
This Sixteenth Amendment to Employment Agreement is made and entered into as of September 25, 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 herein below: |
Agreement
| 1) | Section 3.1 of the Employment Agreement, which currently provides: |
3.1 Term. The term of Executive’s employment hereunder shall commence on October 17, 1994 and shall continue until October 16, 2006 unless sooner terminated or extended as hereinafter provided (the “Employment Term”).
is hereby amended, effective as of September 25, 2006, to provide as follows:
3.1 Term. The term of Executive’s employment hereunder shall commence on October 17, 1994 and shall continue until October 16, 2007 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. | ||||
| Robert M. Gans | By: | |||
|
| Name: | |||
| Its: | ||||
