Twenty-Eighth Amendment to Employment Agreement between PriceSmart, Inc. and Thomas Martin

Summary

This amendment, dated March 1, 2014, extends the employment agreement between PriceSmart, Inc. and Thomas Martin by one year, changing the end date from March 31, 2014 to March 31, 2015. All other terms of the original agreement remain unchanged. The amendment is signed by both parties and takes effect immediately.

EX-10.3 4 exhibit103q3fy2014.htm TWENTY-EIGHTH AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN COMPANY AND THOMAS MARTI Exhibit 10.3 Q3 FY2014

TWENTY- EIGHTH AMENDMENT TO EMPLOYMENT AGREEMENT

This Twenty-Eighth Amendment to Employment Agreement is made and entered into as of March 1, 2014, by and between PriceSmart, Inc., a Delaware Corporation ("Employer") and Thomas Martin ("Executive").

Recitals


A)	On March 31, 1998 an Employment Agreement was made and entered into by and between Employer and Executive.


B)	Said Employment Agreement has been amended on twenty-seven prior occasions;


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

Agreement

1. Section 3.1 of the Employment Agreement, which provides:

3.1 Term. The term of Executive's employment hereunder shall commence on April 1, 1998 and shall continue until March 31, 2014 unless sooner terminated or extended as hereinafter provided (the "Employment Term").

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

3.1 Term. The term of Executive's employment hereunder shall commence on April 1, 1998 and shall continue until March 31, 2015 unless sooner terminated or extended as hereinafter provided (the "Employment Term").


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.

Thomas Martin By: ___________________

______________________ Name: Jose Luis Laparte

Its: CEO & President