SEVENTH AMENDMENT TO EMPLOYMENT AGREEMENT

Contract Categories: Human Resources - Employment Agreements
EX-10.5 5 dex105.htm SEVENTH AMENDMENT Seventh Amendment

Exhibit 10.5

 

SEVENTH AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Seventh Amendment to Employment Agreement is made and entered into as of March 9, 2005 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) On January 24, 2001, a First Amendment to Employment Agreement was made and entered into by and between Employer and Executive;

 

  C) On June 1, 2001, a Second Amendment to Employment Agreement was made and entered into by and between Employer and Executive;

 

  D) Pursuant to a Memorandum dated October 16, 2001, Executive’s Annual Base Salary was increased to $157,000, effective as of September 1, 2001.

 

  E) On January 16, 2002, a Third Amendment to Employment Agreement was made and entered into by and between Employer and Executive.

 

  F) On November 19, 2002 a Fourth Amendment to Employment Agreement was made and entered into by and between Employer and Executive.

 

  G) On January 22, 2003, a Fifth Amendment to Employment Agreement was made and entered into by and between Employer and Executive;

 

  H) On March 15, 2004, a Sixth Amendment to Employment Agreement was made and entered into by and between Employer and Executive;

 

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

 

Agreement

 

  1. Section 3.1 of the Agreement which provides:

 

3.1 Term. The term of Executive’s employment hereunder shall commence on March 31, 2000 and shall continue until March 31, 2005 unless sooner terminated or extended as hereinafter provided.

is hereby amended, effective March 9, 2005, to provide as follows:

 

3.1 Term. The term of Executive’s employment hereunder shall commence on March 31, 2000 and shall continue until March 31, 2006 unless sooner terminated or extended as hereinafter provided.

 

  2. All other terms of the Employment Agreement 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:  

/s/    ROBERT E. PRICE

/s/    BRUD DRACHMAN

   Name:  

Robert E. Price

    Its:  

CEO