Third Amendment to Employment Agreement between PriceSmart, Inc. and Brud Drachman

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment extends the employment agreement between PriceSmart, Inc. and Brud Drachman by one year, changing the end date from March 31, 2002, to March 31, 2003. All other terms of the original agreement remain unchanged. The amendment is effective as of January 16, 2002, and is signed by both parties in San Diego, California.

Read More Arrow
EX-10.57E 14 ex-1057e.htm Exhibit 10.59(e)

Exhibit 10.57(e)

         
THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
         
This Third Amendment to Employment Agreement is made and entered into as of January 16, 2002, by and between PriceSmart, Inc., a Delaware Corporation (“Employer”) and Brud Drachman (“Executive”).
         
Recitals
         
A)   On January 11, 2000 an Employment Agreement was made and entered into by and between Employer and Executive.
         
B)   On January 24, 2001, a First Amendment to Employment Agreement was made and entered into by and between Employer and Executive;
         
C)   On June 1, 2001, a Second Amendment to Employment Agreement was made and entered into by and between Employer and Executive;
         
D)   Pursuant to a Memorandum dated October 16, 2001, Executive’s Annual Base Salary was increased to $157,000, effective as of September 1, 2001.
         
C)   Employer and Executive now desire to 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, 2002, unless sooner terminated or extended as hereinafter provided.
         
    is hereby amended, effective January 16, 2002, 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, 2003, 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
   
  PRICESMART, INC.
   

Brud Drachman

/s/ B. E. Drachman

 By: /s/ Robert M. Gans

Name: Robert M. Gans

Its: Executive Vice President