First Amendment to Employment Agreement between PriceSmart, Inc. and Edward Oats

Summary

This amendment updates the employment agreement between PriceSmart, Inc. and Edward Oats. It extends the term of Mr. Oats's employment from the original end date of March 31, 2001, to March 31, 2002. All other terms of the original agreement remain unchanged. The amendment is effective as of January 24, 2001, and is signed by both parties.

EX-10.56B 7 ex-1056b.htm Exhibit 10.58(b)

Exhibit 10.56(b)

         
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
         
This First Amendment to Employment Agreement is made and entered into as of January 24, 2001, by and between PriceSmart, Inc., a Delaware Corporation (“Employer”) and Edward Oats (“Executive”).
         

Recitals

         
A)   On January 11, 2000 an Employment Agreement was made and entered into by and between Employer and Executive.
         
B)   Effective as of November 1, 2000, Executive’s annual base salary was increased to $115,000.
         
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 March 31, 2000 and shall continue until March 31, 2001 unless sooner terminated or extended as hereinafter provided.
         
    is hereby amended, effective January 24, 2001, to provide as follows:
         
           3.1 Term. The term of Executive’s employment hereunder shall commence on March 31, 2000 and shall continue until March 31, 2002 unless sooner terminated or extended as hereinafter provided.
         
2.   All other terms of the Employment Agreement shall remain unaltered and fully effective.
         
    Executed in San Diego, California, as of the date first written above.
         
EXECUTIVE EMPLOYER
   
  PRICEMART, INC.
   
Edward Oats

/s/ A. Edward Oats
By: /s/ Gilbert A. Partida

Name: Gilbert A. Partida

Its: President & CEO