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

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between PriceSmart, Inc. and John Hildebrandt, effective April 1, 2009. It increases Mr. Hildebrandt's annual base salary from $223,000 to $240,000, payable in regular installments according to the company's payroll schedule. All other terms of the original agreement, as previously amended, remain unchanged and in effect.

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EX-10.2 3 ex10_2.htm THIRTEENTH AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN COMPANY AND JOHN HILDEBRANDT ex10_2.htm
THIRTEENTH AMENDMENT TO EMPLOYMENT AGREEMENT



This Thirteenth Amendment to Employment Agreement is made and entered into as of April 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 twelve prior occasions;

C)  
Employer and Executive now desire to further 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 $223,000 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.

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

2.1  
Salary.  For Executive’s services hereunder, Employer shall pay as base salary to Executive the amount of $240,000 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.

John Hildebrandt                                                                                  By:           

______________________                                                             Name:      Jose Luis Laparte

Its:           President