SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
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 ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ (“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/▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ | By: /s/▇▇▇ ▇▇▇▇▇▇▇ Name: ▇▇▇ ▇▇▇▇▇▇ Its: President |