Twenty-Sixth Amendment to Employment Agreement between PriceSmart, Inc. and Brud Drachman

Summary

This amendment, dated March 1, 2014, is between PriceSmart, Inc. and Brud Drachman. It extends the term of Mr. Drachman's employment by one year, now ending March 31, 2015, unless terminated or extended as specified in the original agreement. All other terms of the existing employment agreement remain unchanged.

EX-10.2 3 exhibit102q3fy2014.htm TWENTY-SIXTH AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN COMPANY AND BRUD DRACHMAN Exhibit 10.2 Q3 FY2014

TWENTY- SIXTH AMENDMENT TO EMPLOYMENT AGREEMENT

This Twenty-Sixth Amendment to Employment Agreement is made and entered into as of March 1, 2014 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)	Said Employment Agreement has been amended on twenty-five prior occasions;


C)	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, 2014 unless sooner terminated or extended as hereinafter provided.

is hereby amended, effective March 1, 2014, to provide as follows:


1.	Term. The term of Executive’s employment hereunder shall commence on March 31, 2000 and shall continue until March 31, 2015 unless sooner terminated or extended as hereinafter provided.


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.

Brud Drachman By: ____________________

______________________ Name: Jose Luis Laparte

Its: CEO & President