PRICESMART INC - FORM 10-Q - EX-10.5 - EXHIBIT 10.5 TWENTY-SEVENTH AMENDMENT TO EMPLOYMENT AGREEMENT - April 9, 2015

Attached files

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EXCEL - IDEA: XBRL DOCUMENT - PRICESMART INCFinancial_Report.xls
EX-10.6 - EXHIBIT 10.6 TWENTY-NINTH AMENDMENT TO EMPLOYMENT AGREEMENT - PRICESMART INCexhibit106fy2015.htm
EX-10.4 - EXHIBIT 10.4 TWENTY-FIFTH EMPLOYMENT AGREEMENT JLL - PRICESMART INCexhibit104fy2015.htm
EX-10.7 - EXHIBIT 10.7 THIRTY-FIFTH AMENDMENT TO EMPLOYMENT AGREEMENT - PRICESMART INCexhibit107fy2015.htm
EX-10.8 - EXHIBIT 10.8 FOURTH AMENDMENT TO LEASE (EXPANSION) - PRICESMART INCexhibit108fy2015.htm
EX-10.3 - EXHIBIT 10.3 TWENTY-FIFTH AMENDMENT TO EMPLOYMENT AGREEMENT - PRICESMART INCexhibit103fy2015.htm
EX-10.2 - EXHIBIT 10.2 SIXTEENTH AMENDMENT TO EMPLOYMENT AGREEMENT - PRICESMART INCexhibit102q2fy2015.htm
EX-10.1 - EXHIBIT 10.1 FIFTH AMENDMENT TO EMPLOYMENT AGREEMENT - PRICESMART INCexhibit101q2fy2015.htm
EX-31.2 - EXHIBIT 31.2 CERTIFICATION PURSUANT TO SECTION 302 CFO - PRICESMART INCexhibit312certificationq2f.htm
EX-32.2 - EXHIBIT 32.2 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 CFO - PRICESMART INCexhibit322certificationofc.htm
EX-31.1 - EXHIBIT 31.1 CERTIFICATION PURSUANT TO SECTION 302 CEO - PRICESMART INCexhibit311certificationq2f.htm
EX-32.1 - EXHIBIT 32.1 CERTFICATION PURSUANT TO 18 U.S.C. SECTION 1350 CEO - PRICESMART INCexhibit321certificationofc.htm
10-Q - 10-Q 2QFY15 - PRICESMART INCpsmt-10qmasterdocumentq2fy.htm


TWENTY- SEVENTH AMENDMENT TO EMPLOYMENT AGREEMENT


This Twenty-Seventh Amendment to Employment Agreement is made and entered into as of January 1, 2015 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)
Said Employment Agreement has been amended on twenty-six 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, as amended, provides:

2.1     Salary. For Executive’s services hereunder, Employer shall pay as base salary to Executive the amount of $270,504 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, 2015, to provide as follows:

2.1     Salary. For Executive’s services hereunder, Employer shall pay as base salary to Executive the amount of $278,619 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.

Brud Drachman                    By: ______________________                

Name:     Jose Luis Laparte    

Its:     CEO and President    



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