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

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between PriceSmart, Inc. and Thomas Martin, effective January 1, 2012. It increases Mr. Martin's base salary to $350,000 per year, payable in regular installments according to the company's payroll schedule. All other terms of the original employment agreement, as previously amended, remain unchanged and in effect.

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EX-10.7 8 ex10_7.htm TWENTY-THIRD AMENDMENT TO EMPLOYMENT AGREEMENT ex10_7.htm
TWENTY-THIRD AMENDMENT TO EMPLOYMENT AGREEMENT


This Twenty-Third Amendment to Employment Agreement is made and entered into as of November 18, 2011, 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-two 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 provides:

2.1           Salary.  For Executive's services hereunder, Employer shall pay as base salary to Executive the amount of $265,200 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, 2012, to provide as follows:

2.1           Salary.  For Executive's services hereunder, Employer shall pay as base salary to Executive the amount of $350,000 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.

Thomas Martin                                                                           By:           
______________________                                                            Name:        Jose Luis Laparte 

Its:           CEO and President