Second Amendment to Employment Agreement between PriceSmart, Inc. and Allan C. Youngberg

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment, dated November 19, 2002, extends the employment agreement between PriceSmart, Inc. and Allan C. Youngberg by one year, changing the end date from August 12, 2002, to August 12, 2003. All other terms of the original agreement and its first amendment remain unchanged. The amendment is signed by both parties and takes effect immediately upon execution.

Read More Arrow
EX-10.12 4 ex-1012e.htm Exhibit 10.13(e)

Exhibit 10.12(e)

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
         
This Second Amendment to Employment Agreemet is made and entered into as of November 19, 2002, by and between PriceSmart, Inc., a Delaware Corporation (“Employer”) and Allan C. Youngberg (“Executive”).
         
Recitals        
     
A)   On July 23, 1999, an Employment Agreement was made and entered into by and between Employer and Executive.
B)   On September 26, 2001, a First Amendment to Employment Agreement was made and entered into by and between Employer and Executive.
C)   Pursuant to a Memorandum dated October 16, 2001, Executive’s Annual Base Salary was increased to $210,000, effective as of September 1, 2001.
D)   Employer and Executive now desire to further amend the Employment Agreement, as set forth herein below:
         
Agreement      
         
1)   Section 3.1 of the Employment Agreement, which currently provides:
         
     3.1   Term. The term of Executive’s employment hereunder shall commence on August 13, 1999 and shall continue until August 12, 2002, unless sooner terminated or extended as hereinafter provided (the “Employment Term”).
         
    is hereby amended to provide as follows:
         
    3.1   Term. The term of Executive’s employment hereunder shall commence on August 13, 1999 and shall continue until August 12, 2003 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.
/s/ALLAN C. YOUNGBERG By: /s/GIL PARTIDA
Name: Gil Parida
Its: President