Fourth Amendment to Employment Agreement between PriceSmart, Inc. and William Naylon

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment extends the employment agreement between PriceSmart, Inc. and William Naylon by one year, changing the end date from January 31, 2006 to January 31, 2007. All other terms of the original agreement and previous amendments remain unchanged. The amendment is effective as of January 1, 2006 and is signed by both parties.

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EX-10.3 4 dex103.htm FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN THE COMPANY AND WILLIAM NAYLON Fourth Amendment to Employment Agreement between the Company and William Naylon

Exhibit 10.3

FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT

This Fourth Amendment to Employment Agreement is made and entered into by and between PriceSmart, Inc., a Delaware Corporation (“Employer”) and William Naylon (“Executive”).

Recitals

 

A) On January 16, 2002 an Employment Agreement (“Agreement”) was made and entered into by and between Employer and Executive.

 

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

 

C) On February 1, 2004, a Second Amendment to Agreement was made and entered into by and between Employer and Executive;

 

D) On February 16, 2005, a Third Amendment to Agreement was made and entered into by and between Employer and Executive;

 

E) Employer and Executive now desire to further amend the 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 January 16, 2002 and shall continue until January 31, 2006 unless sooner terminated or extended as hereinafter provided.

is hereby amended, effective January 1, 2006, to provide as follows:

3.1 Term. The term of Executive’s employment hereunder shall commence on January 16, 2002 and shall continue until January 31, 2007 unless sooner terminated or extended as hereinafter provided.

2. All other terms of the Agreement (as previously amended) shall remain unaltered and fully effective.

Executed on January 11, 2006.

 

EXECUTIVE

    

EMPLOYER

    PRICESMART, INC.
William Naylon     By:   /s/ Jose Luis Laparte
/s/ William Naylon     Name:   Jose Luis Laparte
    Its:   President