Twelfth Amendment to Employment Agreement between PriceSmart, Inc. and John Hildebrandt

Summary

This amendment, dated March 1, 2009, extends the employment agreement between PriceSmart, Inc. and John Hildebrandt by one year, changing the end date from March 31, 2009 to March 31, 2010. All other terms of the original agreement and its previous amendments remain unchanged. The amendment is signed by both parties and takes effect immediately.

EX-10.1 2 ex10_1.htm TWELFTH AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN COMPANY AND JOHN HILDEBRANDT ex10_1.htm

TWELFTH AMENDMENT TO EMPLOYMENT AGREEMENT

This Twelfth Amendment to Employment Agreement is made and entered into as of March 1, 2009, by and between PriceSmart, Inc., a Delaware Corporation ("Employer") and John Hildebrandt ("Executive").

Recitals

A)	On June 1, 2001 an Employment Agreement was made and entered into by and between Employer and Executive.

B)	Said Employment Agreement has been amended on eleven 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 June 1, 2001 and shall continue until March 31, 2009 unless sooner terminated or extended as hereinafter provided.

is hereby amended, effective March 1, 2009, to provide as follows:

3.1 Term. The term of Executive’s employment hereunder shall commence on June 1, 2001 and shall continue until March 31, 2010 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.

John Hildebrandt By: ____________________

______________________ Name: Jose Luis Laparte

Its: President