Fifth Amendment to Employment Agreement between PriceSmart, Inc. and Jose Luis Laparte

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between PriceSmart, Inc. and Jose Luis Laparte, effective January 1, 2007. The main change is an increase in Mr. Laparte's annual base salary to $382,000, paid in regular installments. All other terms of the original agreement remain unchanged. The amendment is signed by both parties in San Diego, California.

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EX-10.2 3 dex102.htm FIFTH AMENDMENT TO EMPLOYMENT AGREEMENT Fifth 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 President