FIFTEENTH AMENDMENT TO EMPLOYMENT AGREEMENT

EX-10.2 3 dex102.htm FIFTEENTH AMENDMENT TO EMPLOYMENT AGREEMENT Fifteenth 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

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

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

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

Agreement

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.

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:	President