NINTH AMENDMENT TO EMPLOYMENT AGREEMENT

Employment Agreement Amendment

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This Employment Agreement Amendment involves

PRICESMART INC

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Title: NINTH AMENDMENT TO EMPLOYMENT AGREEMENT
Date: 4/9/2009
Industry: Retail (Department and Discount) Sector: Services

NINTH AMENDMENT TO EMPLOYMENT AGREEMENT

This Ninth Amendment to Employment Agreement is made and entered into as of January 1, 2009 by and between PriceSmart, Inc., a Delaware Corporation ("Employer") and William Naylon ("Executive").

Recitals

A)	On January 16, 2002 an Employment Agreement ("Agreement") was made and entered into by and between Employer and Executive.

B)	Said Employment Agreement has been amended on eight prior occasions;

C)	Employer and Executive now desire to further amend the Agreement, as set forth hereinbelow:

Agreement

1.	Section 2.1 of the Agreement which provides:

2.1

Salary . For Executive's services hereunder, Employer shall pay as base salary to Executive the amount of $280,000 during each year of the Employment Term. Said salary shall be payable in equal

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