FOURTH AMENDMENT TO EMPLOYMENT AGREEMENTEmployment Agreement Amendment |
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PRICESMART INC | Jose Luis Laparte. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit 10.54(e)
FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT
This Fourth Amendment to Employment Agreement is made and entered into as of September 25, 2006, by and between PriceSmart, Inc., a Delaware Corporation ("Employer") and Jose Luis Laparte ("Executive").
Recitals
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A) |
On June 3, 2004, an Employment Agreement was made and entered into by and between Employer and Executive. |
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B) |
On August 2, 2004, a First Amendment to Employment Agreement was made and entered into by and between Employer and Executive; |
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C) |
On September 26, 2005, a Second Amendment to Employment Agreement was made and entered into by and between Employer and Executive; |
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D) |
On March 1, 2006, a Third Amendment to Employment Agreement was made and entered into by and between Employer and Executive; |
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E) |
Employer and Executive now desire to amend the Employment Agreement, as set forth hereinbelow: |
Agreement
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1. |
Section 2.2 of the Agreement which currently provides: |
2.2 Bonus. Executive shall be entitled to receive a bonus in the amount of $100,000 if, but only if, Employer’s actual results for Employer’s Fiscal Year ending August 31, 2006 (“FY‘06”) equal or exceed the planned results for FY’06 as reflected in Employer’s Annual Plan for FY’06. In the event Employer’s actual results for FY’06 do not equal or exceed said planned results for FY’06, then Executive’s bonus (if any) shall be determined in accordance with the following schedule:
