Eleventh 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 January 1, 2009. It increases Mr. Hildebrandt's base salary to $223,000 per year, payable in regular payroll installments. All other terms of the original agreement, as previously amended, remain unchanged and in effect.

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EX-10.3 4 ex-10_3.htm EXHIBIT 10.3 ELEVENTH AMENDMENT JOHN HILDEBRANDT ex-10_3.htm


ELEVENTH AMENDMENT TO EMPLOYMENT AGREEMENT



This Eleventh Amendment to Employment Agreement is made and entered into as of January 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 ten 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 $218,600 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, 2009, to provide as follows:

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.



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