<SEC-DOCUMENT>0001041803-19-000049.txt : 20191210
<SEC-HEADER>0001041803-19-000049.hdr.sgml : 20191210
<ACCEPTANCE-DATETIME>20191210170035
ACCESSION NUMBER:		0001041803-19-000049
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20191210
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191210
DATE AS OF CHANGE:		20191210

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRICESMART INC
		CENTRAL INDEX KEY:			0001041803
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-VARIETY STORES [5331]
		IRS NUMBER:				330628530
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22793
		FILM NUMBER:		191278259

	BUSINESS ADDRESS:	
		STREET 1:		9740 SCRANTON ROAD
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121
		BUSINESS PHONE:		8584048800

	MAIL ADDRESS:	
		STREET 1:		9740 SCRANTON ROAD
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>psmt-20191210x8k.htm
<DESCRIPTION>8-K
<TEXT>
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		<title>
			Form 8-K_502 Appointment of Certain Officers
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			<a name="_GoBack"></a><font style="display: inline;font-weight:bold;font-size:16pt;">UNITED STATES</font><a name="bm_8K_Second_Quarter_FY15_and_March_Sale"></a>
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			<font style="display: inline;font-weight:bold;font-size:16pt;">SECURITIES AND EXCHANGE COMMISSION</font>
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			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
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			<font style="display: inline;font-weight:bold;">Washington, D.C. 20549</font>
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			<font style="display: inline;font-weight:bold;font-size:16pt;">FORM 8-K</font>
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			<font style="display: inline;font-weight:bold;">CURRENT REPORT</font>
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			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font>
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			<font style="display: inline;">Date of Report (Date of earliest event reported): </font><font style="display: inline;font-weight:bold;">December 10</font><font style="display: inline;font-weight:bold;">, 201</font><font style="display: inline;font-weight:bold;">9</font>
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			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 24pt">
			<font style="display: inline;font-weight:bold;font-size:24pt;">PriceSmart,&nbsp;Inc.</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">(Exact name of registrant as specified in its charter)</font>
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						&nbsp;</p>
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						&nbsp;</p>
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						&nbsp;</p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;">Delaware</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;">000-22793</font></p>
				</td>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;">33-0628530</font></p>
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						<font style="display: inline;font-weight:bold;">(State or Other Jurisdiction of</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Incorporation)</font></p>
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						<font style="display: inline;font-weight:bold;color:#000000;">(Commission File Number)</font></p>
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						<font style="display: inline;font-weight:bold;">(I.R.S. Employer</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Identification No.)</font></p>
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						&nbsp;</p>
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						&nbsp;</p>
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						&nbsp;</p>
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						&nbsp;</p>
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						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;">9740 Scranton Road</font></p>
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						&nbsp;</p>
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						&nbsp;</p>
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						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;">&#xFEFF;</font></p>
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				<td valign="top" style="width:88.68%;padding:0pt 3.6pt 0pt 3.6pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;">San Diego, CA</font><font style="display: inline;font-weight:bold;color:#000000;">&nbsp;</font><font style="display: inline;font-weight:bold;color:#000000;">92121</font></p>
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						&nbsp;</p>
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						&nbsp;</p>
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						&nbsp;</p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="bottom" style="width:88.68%;padding:0pt 3.6pt 0pt 3.6pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">(Address of principal executive offices</font><font style="display: inline;font-weight:bold;"> and zip code</font><font style="display: inline;font-weight:bold;">)</font></p>
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				<td valign="bottom" style="width:02.56%;padding:0pt 0pt 0pt 3.6pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
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						&nbsp;</p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Registrant's telephone number, including area code: (858) 404-8800</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font>
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						&nbsp;</p>
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						<font style="display: inline;color:#000000;">&#x2610;</font></p>
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					<p style="margin:6pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
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					<p style="margin:6pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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					<p style="margin:6pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2)(b))</font></p>
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					<p style="margin:6pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">Securities registered pursuant to Section 12(b) of the Securities Exchange Act 0f 1934:</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
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						&nbsp;</p>
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						&nbsp;</p>
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						<font style="display: inline;font-weight:bold;color:#000000;">Title of each class</font></p>
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						<font style="display: inline;font-weight:bold;color:#000000;">Trading Symbol</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;">Name of each exchange on which registered</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:37.50%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Common Stock, $0.0001 par value</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:22.12%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;">PSMT</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:40.38%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">NASDAQ Global Select Market</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt 0pt 8pt;line-height:107.92%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 8pt;line-height:107.92%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (&#xA7;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#xA7;240.12b-2 of this chapter). Emerging growth company&nbsp;</font><font style="display: inline;font-family:Segoe UI Symbol;">&#x2610;</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 8pt;line-height:107.92%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &nbsp;</font><font style="display: inline;font-family:Segoe UI Symbol;">&#x2610;</font><font style="display: inline;"> &nbsp; &nbsp; </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;line-height:120%;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 8pt;line-height:107.92%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt -7.2pt 0pt 72pt;text-indent: -72pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">ITEM 5.02</font><font style="display: inline;font-weight:bold;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 45pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">(b), (c)</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">PriceSmart, Inc. (the &#x201C;Company&#x201D;) previously announced that its Chief Financial Officer Maarten Jager offered, and the Company accepted, his resignation effective January 10, 2020.&nbsp;&nbsp;While Mr. Jager&#x2019;s resignation date remains unchanged, he has requested a leave of absence under the Family Medical Leave Act to care for a family member.&nbsp;&nbsp;The Company has granted Mr. Jager&#x2019;s request, effective immediately, and expects that his leave will continue until the resignation date.&nbsp; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">In light of Mr. Jager&#x2019;s leave of absence, the Company has accelerated plans to appoint its Senior Vice President and Corporate Controller Michael McCleary as Interim Chief Financial Officer.&nbsp;&nbsp;Mr. McCleary joined the Company as Vice President and Corporate Controller in 2003 and was subsequently promoted to Senior Vice President and Corporate Controller. Mr. McCleary has over 30 years of international finance, tax and accounting experience.&nbsp;&nbsp;Mr. McCleary </font><font style="display: inline;">is a C.P.A and </font><font style="display: inline;">has a </font><font style="display: inline;">Bachelor of Arts</font><font style="display: inline;"> degree in business economics from the University of California, San</font><font style="display: inline;">ta Barbara.</font><font style="display: inline;"> Prior to joining PriceSmart, Mr. McCleary worked for 14 years in various international companies based in Madrid, Spain.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">(e)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">In connection with his appointment as Interim Chief Financial Officer, the Company will increase Mr. McCleary&#x2019;s salary to $330,625 per year, retroactive to December 1, 2019.&nbsp;&nbsp;Mr. McCleary will continue to receive this salary going forward; the increase is not limited to the term of his service as Interim Chief Financial Officer.&nbsp;&nbsp;Mr. McCleary also will receive a special grant of 1,000 shares of restricted stock, vesting 50% in August 2020 and 50% in August 2021.&nbsp;&nbsp;Such vesting is not contingent on his continuing to hold the position of Interim Chief Financial Officer.&nbsp;&nbsp;Mr. McCleary will be eligible to receive cash bonuses with respect to his service as Interim Chief Financial Officer.&nbsp;&nbsp;Such bonuses will be comprised of a $50,000 target bonus payable in January 2020 and a $100,000 target bonus payable following completion of his service as Interim Chief Financial Officer.&nbsp;&nbsp;Mr. McCleary&#x2019;s bonus eligibility and the final amount of such bonuses will be determined based on performance.&nbsp; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">These terms are set forth in an Employment Agreement between the Company and Mr. McCleary dated as of December 10, 2019.&nbsp;&nbsp;Mr. McCleary may terminate his employment on 60 days&#x2019; prior written notice.&nbsp;&nbsp;The Company may terminate the executive&#x2019;s employment with cause upon immediate notice or without cause upon 30 days&#x2019; prior written notice, or immediately upon the death or disability of Mr. McCleary. </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Upon the termination of Mr. McCleary&#x2019;s employment with the Company for any reason, he will be entitled to receive any earned but unpaid base salary, unpaid expense reimbursements and any vested benefits he may have under any employee benefit plan of the Company.&nbsp;&nbsp;In the event that the Company terminates Mr. McCleary&#x2019;s employment without &#x201C;cause&#x201D; or upon the executive&#x2019;s &#x201C;disability,&#x201D; Mr. McCleary terminates his employment for &#x201C;good reason,&#x201D; subject to his execution of a release of claims, Mr. McCleary will be entitled to:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt;margin:0pt;">
			<font style="display: inline;color:#000000;">payment of an amount equal to one times base salary, payable over 24 months in conformity with the Company&#x2019;s normal payroll period (less any earned income or disability payments received during such period, in the case of a termination upon his disability),</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt;margin:0pt;">
			<font style="display: inline;color:#000000;">continued contribution of the premium cost for Mr. McCleary&#x2019;s and his eligible dependents&#x2019; participation in the Company&#x2019;s group health plan for 12 months, and</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt;">
			<font style="display: inline;color:#000000;">payment of any accrued but any unpaid bonus for year prior to termination and a pro rata bonus for the year of termination (payable when all other bonuses are paid). </font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:inherit;color:#000000;">This description of the Employment Agreement is qualified in its entirety by the terms set forth in the definitive agreement </font><font style="display: inline;color:#000000;">attached</font><font style="display: inline;font-family:inherit;color:#000000;"> hereto as an exhibit.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;line-height:120%;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-weight:bold;">Item 9.01. Exhibits</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">(d)</font><font style="display: inline;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">The following exhibit is filed herewith:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<a href="psmt-20191210xex10_1.htm" style="-sec-extract:exhibit"><font style="display: inline;">10.1</font></a><font style="display: inline;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><a href="psmt-20191210xex10_1.htm" style="-sec-extract:exhibit"><font style="display: inline;">Employment Agreement dated December 10, 2019 between Michael McCleary and the Company </font></a>
		</p>
		<p style="margin:0pt -7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt -7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;line-height:120%;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font>
		</p>
		<p style="margin:5pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">SIGNATURES</font>
		</p>
		<p style="margin:5pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Pursuant to the requirements of the Securi</font><font style="display: inline;">ties Exchange Act of 1934, the registrant has duly caused this r</font><font style="display: inline;">eport to be</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">signed on its behalf by the undersigned hereunto duly authorized.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:auto;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:auto;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:19.55pt;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:17.95pt;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:auto;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:auto;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:19.55pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="middle" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:235.20pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;">PriceSmart, Inc.</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:17.95pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:auto;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
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						<font style="display: inline;color:#000000;">Date:</font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">December 10</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">201</font><font style="display: inline;color:#000000;">9</font></p>
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						<font style="display: inline;color:#000000;">By:&nbsp;&nbsp; </font><font style="display: inline;color:#000000;">/</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;">/</font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">FRANCISCO VELASCO</font></p>
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						<font style="display: inline;color:#000000;">Francisco Velasco</font></p>
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						<font style="display: inline;color:#000000;">Executive Vice President, General Counsel and Secretary</font></p>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>psmt-20191210xex10_1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<!--HTML document created with Certent Disclosure Management 6.34.1.2-->
<!--Created on: 12/10/2019 1:58:14 PM-->
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		<title>
			Exhibit 10.1
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	<body><div style="margin-left:72pt;margin-right:72pt;"><div style="width:100%">

		<p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;font-weight:bold;">Exhibit 10.1</font>

		</p>

		<p style="margin:0pt;text-align:right;line-height:100%;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

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		<p style="margin:0pt 0pt 12pt;text-align:center;font-weight:bold;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<a name="_GoBack"></a><font style="display: inline;">EMPLOYMENT AGREEMENT</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">This Employment Agreement (&#x201C;</font><font style="display: inline;text-decoration:underline;">Agreement</font><font style="display: inline;">&#x201D;) is made as of </font><font style="display: inline;"> December </font><font style="display: inline;">10</font><font style="display: inline;">, 2019 </font><font style="display: inline;">between </font><font style="display: inline;">PriceSmart, Inc. </font><font style="display: inline;">(the &#x201C;</font><font style="display: inline;text-decoration:underline;">Company</font><font style="display: inline;">&#x201D;), and </font><font style="display: inline;">Michael McCleary</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">(the &#x201C;</font><font style="display: inline;text-decoration:underline;">Executive</font><font style="display: inline;">&#x201D;).</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">WHEREAS, the Executive currently serves as th</font><font style="display: inline;">e &nbsp;</font><font style="display: inline;">Senior Vice President, Corporate Controller</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">and the Company desires to designate the Executive as Interim Chief Financial Officer</font><font style="display: inline;"> for the Interim Period (as defined herein)</font><font style="display: inline;">; &nbsp;</font><font style="display: inline;">and</font>
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			<font style="display: inline;">WHEREAS, the Company desires to </font><font style="display: inline;">continue to </font><font style="display: inline;">employ the Executive and the Executive desires to be retained and employed by the Company on the terms contained in this Agreement.</font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:</font>
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		<p style="margin:0pt 0pt 12pt;text-indent:36pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">1.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Position and Duties</font><font style="display: inline;color:#000000;">.</font>
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		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(a)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">The Executive shall serve as the Company&#x2019;s </font><font style="display: inline;color:#000000;">Interim Chief Financial</font><font style="display: inline;color:#000000;"> Officer</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">reporting to the Company&#x2019;s</font><font style="display: inline;color:#000000;"> Chief Executive Officer</font><font style="display: inline;color:#000000;"> during the period (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Interim Period</font><font style="display: inline;color:#000000;">&#x201D;) commencing as of the date hereof and ending on the date that the Company hires a full-time Chief Financial Officer, or until such other date as the Company determines in its sole discretion</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;"> &nbsp;Upon the </font><font style="display: inline;color:#000000;">conclusion</font><font style="display: inline;color:#000000;"> of the Interim Period, the Executive shall continue his employme</font><font style="display: inline;color:#000000;">nt with the Company as its Senior Vice President, Corporate Controller</font><font style="display: inline;color:#000000;">, or other role as determined by the Chief Executive Officer</font><font style="display: inline;color:#000000;">.</font>
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		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(b)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">During the Interim Period, t</font><font style="display: inline;color:#000000;">he Executive shall perform those s</font><font style="display: inline;color:#000000;">ervices customary to the position of Chief </font><font style="display: inline;color:#000000;">Financial</font><font style="display: inline;color:#000000;"> Officer</font><font style="display: inline;color:#000000;"> and such other lawful duties that the </font><font style="display: inline;color:#000000;">Chief Executive Officer </font><font style="display: inline;color:#000000;">may reasonably assign to </font><font style="display: inline;color:#000000;">him</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">Thereafter, the Executive shall perform those services customary to </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> position </font><font style="display: inline;color:#000000;">at such time</font><font style="display: inline;color:#000000;"> and such other lawful duties that the Company may reasonably assign to him.&nbsp; </font><font style="display: inline;color:#000000;">The Executive shall devote all of </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> business time and best efforts to the performance of </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> duties under this Agreement and shall be subject to, and shall comply with the Company policies, practices and procedures and all codes of ethics or business conduct applicable to </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> position, as in effect from time to time.&nbsp; </font>
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		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">2.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">At Will Employment</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">The Executive&#x2019;s employment with the Company shall be at will.&nbsp; </font><font style="display: inline;color:#000000;">This Agreement and the Executive&#x2019;s employment pursuant to this Agreement </font><font style="display: inline;color:#000000;">may be terminated by either party at any time pursuant to </font><font style="display: inline;text-decoration:underline;color:#000000;">Section 4</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">3.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Compensation and Related Matters</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(a)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Base Salary</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">T</font><font style="display: inline;color:#000000;">he Executive&#x2019;s </font><font style="display: inline;color:#000000;">annual base salary shall be </font><font style="display: inline;color:#000000;">$</font><font style="display: inline;color:#000000;">330,</font><font style="display: inline;color:#000000;">625</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">(the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Base Salary</font><font style="display: inline;color:#000000;">&#x201D;)</font><font style="display: inline;color:#000000;"> effective as of December 1, 2019</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Base Salary shall be payable in accordance with the Company&#x2019;s normal payroll procedures in effect from time to time and may be increased, but not decreased, at the discretion of the </font><font style="display: inline;color:#000000;">Company</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(b)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Bonus</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">In consideration for assuming additional responsibilities, employee shall be eligible to receive a one-time bonus in January 2020 targeted at</font><font style="display: inline;color:#000000;"> $50,000 (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Initial </font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt -9pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;text-decoration:underline;color:#000000;">Bonus</font><font style="display: inline;color:#000000;">&#x201D;).&nbsp; </font><font style="display: inline;color:#000000;">The Employee shall be eligible to receive another one-time bonus at the end of the Interim Period targeted at $100,000</font><font style="display: inline;color:#000000;"> (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Second Bonus</font><font style="display: inline;color:#000000;">&#x201D; and together with the Initial Bonus, the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Bonuses</font><font style="display: inline;color:#000000;">&#x201D;).&nbsp; </font><font style="display: inline;color:#000000;">The Bonuses are not guaranteed and the amount of the Bonuses, if any, shall be based on duration of service as the Interim CFO, and on Company and individual performance and is at the sole discretion of the Company.&nbsp;&nbsp;The Executive must be employed on the payment date in order to receive the applicable Bonus</font><font style="display: inline;color:#000000;">.&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(c)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Equity</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;Subject to approval by the Board of Directors of the Company or the Compensation Committee thereof, and pursuant to the PriceSmart, Inc. 2013 Equity Incentive Award Plan (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Plan</font><font style="display: inline;color:#000000;">&#x201D;) Employee shall be granted 1000 shares of the Company&#x2019;s Common Stock (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Stock Grant</font><font style="display: inline;color:#000000;">&#x201D;).&nbsp; </font><font style="display: inline;color:#000000;">The Stock Grant shall vest as follows (i) 50% shall vest in August 2020, and (ii) 50% shall vest in August 2021.&nbsp; </font><font style="display: inline;color:#000000;">The Stock </font><font style="display: inline;color:#000000;">Grant</font><font style="display: inline;color:#000000;"> shall be subject to and governed by the terms of the </font><font style="display: inline;color:#000000;">Plan</font><font style="display: inline;color:#000000;">, and the applicable award agreement evidencing the Stock Grants.</font>
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		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(d)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Business Expenses</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">T</font><font style="display: inline;color:#000000;">he Executive shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred by </font><font style="display: inline;color:#000000;">him</font><font style="display: inline;color:#000000;"> in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its senior executive officers.</font>
		</p>
		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(e)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Other Benefits</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">S</font><font style="display: inline;color:#000000;">ubject to any contribution therefor required of employees of the Company, the Executive shall be entitled to participate in all equity, pension, savings and retirement plans, welfare and insurance plans, practices, policies, programs and perquisites of employment applicable generally to other senior executives of the Company, except to the extent any employee benefit plan provides for benefits otherwise provided to the Executive hereunder (e.g., bonuses and severance).&nbsp;&nbsp;Such participation shall be subject to (i) requirements of applicable law, (ii) the terms of the applicable plan documents, (iii) generally applicable Company policies, and (iv) the discretion of the Board or any administrative or other committee provided for under or contemplated by such plan.&nbsp;&nbsp;The Executive shall have no recourse against the Company under this Agreement in the event that the Company should alter, modify, add to or eliminate any or all of its employee benefit plans.</font><font style="display: inline;color:#000000;">&nbsp;</font>
		</p>
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			<font style="display: inline;color:#000000;">(f)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Vacation; Holidays</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">T</font><font style="display: inline;color:#000000;">he Executive shall be entitled to take </font><font style="display: inline;color:#000000;">vacation and other holiday time </font><font style="display: inline;color:#000000;">in accordance with the policies applicable to senior executives of the Company generally.&nbsp; </font>
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		<p style="margin:0pt 0pt 12pt;text-indent:36pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">4.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Termination</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Executive&#x2019;s employment may be terminated under the following circumstances:</font>
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			<font style="display: inline;color:#000000;">(a)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Death</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Executive&#x2019;s employment shall terminate upon </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> death.</font>
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		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(b)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Disability</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Company may terminate the Executive&#x2019;s employment if the Executive becomes subject to a Disability.&nbsp;&nbsp;For purposes of this Agreement, &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Disability</font><font style="display: inline;color:#000000;">&#x201D; means the Executive is unable to perform the essential functions of </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> position, with or without a reasonable accommodation, for a period of 90 consecutive calendar days or 180 non-consecutive calendar days within any rolling 12 month period.</font>
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		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(c)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Termination by Company for Cause</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Company may terminate the Executive&#x2019;s employment for Cause.&nbsp;&nbsp;For purposes of this Agreement, &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Cause</font><font style="display: inline;color:#000000;">&#x201D; means (</font><font style="display: inline;color:#000000;">i</font><font style="display: inline;color:#000000;">) the </font>
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		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">2</font><font style="display: inline;"></font><font style="display: inline;">-</font>

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt -9pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;color:#000000;">Executive&#x2019;s </font><font style="display: inline;color:#000000;">repeated and </font><font style="display: inline;color:#000000;">habitual failure to perform </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> duties or obligations hereunder; (ii) engaging in any act that has a direct, substantial and adverse effect on the Company&#x2019;s interests; (iii) personal dishonesty, willful misconduct, or breach of fiduciary duty involving personal profit; (iv) intentional failure to perform </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> stated duties; (v) willful violation </font><font style="display: inline;color:#000000;">or reckless disregard </font><font style="display: inline;color:#000000;">of any law, rule or regulation which materially adversely affects </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> ability to discharge </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> duties or has a direct, substantial and adverse effect on the Company&#x2019;s interests; </font><font style="display: inline;color:#000000;">(vi) </font><font style="display: inline;color:#000000;">insubordination and/or failure to cooperate with the senior executives of the Company or the Board</font><font style="display: inline;color:#000000;"> of Directors</font><font style="display: inline;color:#000000;">; (vii) </font><font style="display: inline;color:#000000;">any material breach of </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> contract by Executive; or (vi</font><font style="display: inline;color:#000000;">i</font><font style="display: inline;color:#000000;">i) conduct authorizing termination under Cal. Labor Code &#xA7; 2924.</font><font style="display: inline;color:#000000;">&nbsp;</font>
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			<font style="display: inline;color:#000000;">(d)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Termination by the Company without Cause</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Company may terminate the Executive&#x2019;s employment at any time without Cause upon 30 days prior written notice.</font>
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		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(e)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Termination by the Executive</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Executive may terminate </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> employment at any time for any reason other than a Good Reason, upon </font><font style="display: inline;color:#000000;">6</font><font style="display: inline;color:#000000;">0 days prior written notice.</font>
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		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(f)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Termination by the Executive for Good Reason</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Executive may terminate </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> employment for Good Reason.&nbsp;&nbsp;For purposes of this Agreement, &#x201C;Good Reason&#x201D; means the existence of any one or more of the following conditions without the Executive&#x2019;s consent, provided Executive submit</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;"> written notice to the </font><font style="display: inline;color:#000000;">Company </font><font style="display: inline;color:#000000;">within 45 days such condition(s) first arose specifying the condition(s):</font><font style="display: inline;color:#000000;"> &nbsp;(</font><font style="display: inline;color:#000000;">i) a material reduction in the Executive&#x2019;s then current </font><font style="display: inline;color:#000000;">compensation</font><font style="display: inline;color:#000000;">; &nbsp;</font><font style="display: inline;color:#000000;">or </font><font style="display: inline;color:#000000;">(i</font><font style="display: inline;color:#000000;">i)</font><font style="display: inline;color:#000000;"> the requirement that Executive relocate to an office location more than fifty (50) miles from</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">San Diego, California</font><font style="display: inline;color:#000000;">. &nbsp;</font><font style="display: inline;color:#000000;">The Executive&#x2019;s continued employment subsequent to an event that may constitute Good Reason shall not be deemed to be a waiver of </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> rights under this provision</font><font style="display: inline;color:#000000;"> (subject to the 45-day time period specified herein)</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;Upon receipt of written notice from the Executive regarding a condition constituting Good Reason, the Company shall then have 30 days to correct the condition (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Cure Period</font><font style="display: inline;color:#000000;">&#x201D;).&nbsp;&nbsp;If such condition is not corrected by the last day of the Cure Period, the Executive&#x2019;s resignation for Good Reason shall become effective on the 31st day following the </font><font style="display: inline;color:#000000;">Executive&#x2019;s </font><font style="display: inline;color:#000000;">written notice</font><font style="display: inline;color:#000000;"> specifying the events giving rise to a Good Reason termination</font><font style="display: inline;color:#000000;">.</font>
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			<font style="display: inline;color:#000000;">(g)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Termination Date</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The &#x201C;Termination Date&#x201D; means: (i) if the Executive&#x2019;s employment is terminated by </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> death under Section 4(</font><font style="display: inline;color:#000000;">a</font><font style="display: inline;color:#000000;">), the date of </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> death; (ii) if the Executive&#x2019;s employment is terminated on account of </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> Disability under Section 4(</font><font style="display: inline;color:#000000;">b</font><font style="display: inline;color:#000000;">), the date on which the Company provides the Executive a written termination notice; (iii) if the Company terminates the Executive&#x2019;s employment for Cause under Section 4(</font><font style="display: inline;color:#000000;">c</font><font style="display: inline;color:#000000;">), the date on which the Company provides the Executive a written termination notice; (iv) if the Company terminates the Executive&#x2019;s employment without Cause under Section 4(</font><font style="display: inline;color:#000000;">d</font><font style="display: inline;color:#000000;">), 30 days after the date on which the Company provides the Executive a written termination notice; (v) if the Executive resigns </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> employment without Good Reason under Section 4(</font><font style="display: inline;color:#000000;">e</font><font style="display: inline;color:#000000;">), 6</font><font style="display: inline;color:#000000;">0 days after the date on which the Executive provides the Company a written termination notice, </font><font style="display: inline;color:#000000;">and </font><font style="display: inline;color:#000000;">(vii) if the Executive resigns </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> employment with Good Reason under Section 4(</font><font style="display: inline;color:#000000;">f</font><font style="display: inline;color:#000000;">), the 31st day following the day the Executive provides the Company with written notice of the conditions constituting same, if the Company has not cured such conditions by the </font><font style="display: inline;color:#000000;">end of the Cure Period</font><font style="display: inline;color:#000000;">.</font>
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		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(h)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Actions on Termination Date</font><font style="display: inline;color:#000000;">. Executive agrees that on or before the Termination Date, Executive shall resign from all board and officer positions with the Company </font>
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			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">3</font><font style="display: inline;"></font><font style="display: inline;">-</font>

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt -9pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;color:#000000;">and its subsidiaries and affiliates, and this Agreement shall constitute an agreement to so resign upon the effective date of Executive&#x2019;s termination.</font>
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		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(i)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">Upon delivery of any notice of termination, the Company may, immediately or at any time after such notice, preclude Executive from having access to the Company&#x2019;s facilities, equipment, computers and any related processes and property.</font>
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			<font style="display: inline;color:#000000;">(j)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">Notwithstanding the foregoing, the Company may at any time terminate the Executive&#x2019;s position as Interim CFO without termination of employment.</font>
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			<font style="display: inline;color:#000000;">5.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Compensation upon Termination</font><font style="display: inline;color:#000000;">.</font>
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			<font style="display: inline;color:#000000;">(a)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Accrued Obligations Payable Upon Any Termination</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;Upon the termination of Executive&#x2019;s employment with the Company for any reason, the Company shall pay or provide to the Executive (or Executive</font><font style="display: inline;color:#000000;">&#x2019;</font><font style="display: inline;color:#000000;">s estate) the following amounts through the Termination Date: any earned but unpaid Base Salary, unpaid expense reimbursements, and any vested benefits the Executive may have under any employee benefit plan of the Company (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Accrued Obligations</font><font style="display: inline;color:#000000;">&#x201D;) on or before the time required by law but in no event more than 30 days after the Executive&#x2019;s Termination Date.</font>
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			<font style="display: inline;color:#000000;">(b)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Termination by the Company without Cause, or by</font><font style="display: inline;text-decoration:underline;color:#000000;"> the Executive with Good Reason</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">If</font><font style="display: inline;color:#000000;"> the Executive&#x2019;s employment is terminated by the Company witho</font><font style="display: inline;color:#000000;">ut Cause pursuant to Section 4(d</font><font style="display: inline;color:#000000;">), or the Executive terminates </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> employment for Goo</font><font style="display: inline;color:#000000;">d Reason pursuant to Section 4(f), </font><font style="display: inline;color:#000000;">then the Executive shall be entitled to the following subject to Section 6:</font>
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			<font style="display: inline;color:#000000;">(i)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">The Company shall pay the Executive any accrued but unpaid Bonus earned </font><font style="display: inline;color:#000000;">for the relevant </font><font style="display: inline;color:#000000;">performance period</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">(if any)</font><font style="display: inline;color:#000000;">, including any pro rata portion thereof</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">earned as of the Termination Date </font><font style="display: inline;color:#000000;">(which payment shall be made at the time all other bonuses are paid pursuant to the Company&#x2019;s </font><font style="display: inline;color:#000000;">Bonus Program</font><font style="display: inline;color:#000000;">)</font><font style="display: inline;color:#000000;">; &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">Subject to the timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (&#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">COBRA</font><font style="display: inline;color:#000000;">&#x201D;), the Company shall continue to contribute to the premium cost of the Executive&#x2019;s participation and that of </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> eligible dependents&#x2019; in the Company&#x2019;s group health plan (to the extent permitted under applicable law and the terms of such plan) which covers the Executive (and the Executive&#x2019;s eligible dependents) for a period of twelve (12) months, </font><font style="display: inline;text-decoration:underline;color:#000000;">provided</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">(x) </font><font style="display: inline;color:#000000;">the </font><font style="display: inline;color:#000000;">Executive pay the remainder of the premium cost of such participation by payroll deduction (if any)</font><font style="display: inline;color:#000000;">, (y)</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">the </font><font style="display: inline;color:#000000;">Executive is eligible and remains eligible for COBRA coverage</font><font style="display: inline;color:#000000;">; and (z) </font><font style="display: inline;color:#000000;">the </font><font style="display: inline;color:#000000;">Executive reports to the Company on a monthly basis any health care premium payments received </font><font style="display: inline;color:#000000;">from </font><font style="display: inline;color:#000000;">another employer during such twelve-month period, </font><font style="display: inline;color:#000000;">as </font><font style="display: inline;color:#000000;">such amounts shall be deducted from any Company-paid COBRA premium contribution</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;If the reimbursement of any COBRA premiums would violate the nondiscrimination rules or cause the reimbursement of claims to be taxable under the Patient Protection and Affordable Care Act of 2010, together with the Health Care and Education Reconciliation Act of 2010 (collectively, the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Act</font><font style="display: inline;color:#000000;">&#x201D;) or Section 105(h) of the </font><font style="display: inline;color:#000000;">Internal Revenue </font><font style="display: inline;color:#000000;">Code</font><font style="display: inline;color:#000000;"> (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Code</font><font style="display: inline;color:#000000;">&#x201D;)</font><font style="display: inline;color:#000000;">, the Company paid premiums shall be treated as taxable payments and be subject to imputed income tax treatment to the extent, necessary </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">4</font><font style="display: inline;"></font><font style="display: inline;">-</font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;color:#000000;">to eliminate any discriminatory treatment or taxation under the Act or Section 105(h) of the Code.&nbsp;&nbsp;If the Executive&#x2019;s participation or that of </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> eligible dependents&#x2019; participation would give rise to penalties or taxes against the Company under the Act, as determined by the Company in its sole discretion, the Company shall instead make cash payments to the Executive over the same period in monthly installments in an amount equal to the Company&#x2019;s portion of the monthly cost of providing such benefits under its group health plan for such period; and</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(iii)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">The Company shall pay the Executive severance in an amount equal to one times the Base Salary at the rate in effect on the Termination Date (but without giving effect to any reduction if one or all of the bases for the Executive&#x2019;s resignation for Good Reason is a reduction in </font><font style="display: inline;color:#000000;">compensation</font><font style="display: inline;color:#000000;">) in </font><font style="display: inline;color:#000000;">twenty-four</font><font style="display: inline;color:#000000;"> &nbsp;(</font><font style="display: inline;color:#000000;">24</font><font style="display: inline;color:#000000;">) equal installments</font><font style="display: inline;color:#000000;"> (totaling twelve months)</font><font style="display: inline;color:#000000;"> as set forth in Section 6.</font>
		</p>
		<p style="margin:0pt 0pt 12pt -4.5pt;text-indent:72pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(c)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Termination by the Company </font><font style="display: inline;text-decoration:underline;color:#000000;">for Disability</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;If the Executive&#x2019;s employment is terminated by the Company </font><font style="display: inline;color:#000000;">for Disability </font><font style="display: inline;color:#000000;">pursuant to Section 4(</font><font style="display: inline;color:#000000;">b</font><font style="display: inline;color:#000000;">), then the Executive shall be entitled to the following subject to Section 6:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(i)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">The Company shall pay the Executive any accrued but unpaid Bonus earned for the relevant </font><font style="display: inline;color:#000000;">performance</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">period</font><font style="display: inline;color:#000000;">, including any pro rata portion thereof earned as of the Termination Date (which payment shall be made at the time all other bonuses are paid pursuant to the Company&#x2019;s </font><font style="display: inline;color:#000000;">Bonus Program</font><font style="display: inline;color:#000000;">); </font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">Subject to the timely election of continuation coverage under the </font><font style="display: inline;color:#000000;">COBRA</font><font style="display: inline;color:#000000;">, the Company shall continue to contribute to the premium cost of the Executive&#x2019;s participation and that of </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> eligible dependents&#x2019; in the Company&#x2019;s group health plan (to the extent permitted under applicable law and the terms of such plan) which covers the Executive (and the Executive&#x2019;s eligible dependents) for a period of twelve (12) months, </font><font style="display: inline;text-decoration:underline;color:#000000;">provided</font><font style="display: inline;color:#000000;"> (x) the Executive pay the remainder of the premium cost of such participation by payroll deduction (if any), (y) the Executive is eligible and remains eligible for COBRA coverage; and (z) the Executive reports to the Company on a monthly basis any health care premium payments received </font><font style="display: inline;color:#000000;">from </font><font style="display: inline;color:#000000;">another employer during such twelve-month period, as such amounts shall be deducted from any Company-paid COBRA premium contribution.&nbsp;&nbsp;If the reimbursement of any COBRA premiums would violate the nondiscrimination rules or cause the reimbursement of claims to be taxable under the </font><font style="display: inline;color:#000000;">Act</font><font style="display: inline;color:#000000;"> or Section 105(h) of the Code, the Company paid premiums shall be treated as taxable payments and be subject to imputed income tax treatment to the extent, necessary to eliminate any discriminatory treatment or taxation under the Act or Section 105(h) of the Code.&nbsp;&nbsp;If the Executive&#x2019;s participation or that of </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> eligible dependents&#x2019; participation would give rise to penalties or taxes against the Company under the Act, as determined by the Company in its sole discretion, the Company shall instead make cash payments to the Executive over the same period in monthly installments in an amount equal to the Company&#x2019;s portion of the monthly cost of providing such benefits under its group health plan for such period; and</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(iii)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">The Company shall pay the Executive severance in an amount equal to one times the Base Salary at the rate in effect on the Termination Date in </font><font style="display: inline;color:#000000;">twenty-four</font><font style="display: inline;color:#000000;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">5</font><font style="display: inline;"></font><font style="display: inline;">-</font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt 36pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;color:#000000;">(</font><font style="display: inline;color:#000000;">24</font><font style="display: inline;color:#000000;">) equal installments </font><font style="display: inline;color:#000000;">(totaling twelve months) </font><font style="display: inline;color:#000000;">as set forth in Section 6</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">provided, however</font><font style="display: inline;color:#000000;">, that the Company shall deduct from such severance any earned income (other than passive investment income) or disability payments received by Executive during such twelve-month period, and as to which Executive covenants to report to the Company such income on a </font><font style="display: inline;color:#000000;">bi-weekly</font><font style="display: inline;color:#000000;"> basis</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt -4.5pt;text-indent:72pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(d)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Termination by the Company due to Executive&#x2019;s Death</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;If</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">the Executive&#x2019;s employment is terminated by the Company due to Executive</font><font style="display: inline;color:#000000;">&#x2019;s Death pursuant to Section 4(a</font><font style="display: inline;color:#000000;">), then the Executive</font><font style="display: inline;color:#000000;">&#x2019;s estate</font><font style="display: inline;color:#000000;"> shall be entitled to the following subject to Section 6:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(i)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">The Company shall pay to the Executive&#x2019;s estate any accrued but unpaid Bonus earned for the relevant </font><font style="display: inline;color:#000000;">performance</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">period</font><font style="display: inline;color:#000000;">, including any pro rata portion thereof earned as of the Termination Date (which payment shall be made at the time all other bonuses are paid pursuant to the Company&#x2019;s </font><font style="display: inline;color:#000000;">Bonus Program</font><font style="display: inline;color:#000000;">); and</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">Subject to the timely election of continuation coverage under </font><font style="display: inline;color:#000000;"> COBRA</font><font style="display: inline;color:#000000;">, the Company shall continue to contribute to the premium cost of Executive&#x2019;s eligible dependents&#x2019; in the Company&#x2019;s group health plan (to the extent permitted under applicable law and the terms of such plan) for a period of twelve (12) months, </font><font style="display: inline;text-decoration:underline;color:#000000;">provided</font><font style="display: inline;color:#000000;"> (x) the Executive</font><font style="display: inline;color:#000000;">&#x2019;s estate</font><font style="display: inline;color:#000000;"> pay</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;"> the remainder of the premium cost of such participation by payroll deduction (if any), </font><font style="display: inline;color:#000000;">and </font><font style="display: inline;color:#000000;">(y) the Executive</font><font style="display: inline;color:#000000;">&#x2019;s dependents</font><font style="display: inline;color:#000000;"> remain eligible for COBRA coverage.&nbsp;&nbsp;If the reimbursement of any COBRA premiums would violate the nondiscrimination rules or cause the reimbursement of claims to be taxable under the </font><font style="display: inline;color:#000000;">Act </font><font style="display: inline;color:#000000;">or Section 105(h) of the Code, the Company paid premiums shall be treated as taxable payments and be subject to imputed income tax treatment to the extent, necessary to eliminate any discriminatory treatment or taxation under the Act or Section 105(h) of the Code.&nbsp;&nbsp;If the participation of </font><font style="display: inline;color:#000000;">Executive&#x2019;s </font><font style="display: inline;color:#000000;">eligible dependents would give rise to penalties or taxes against the Company under the Act, as determined by the Company in its sole discretion, the Company shall instead make cash payments to the Executive</font><font style="display: inline;color:#000000;">&#x2019;s estate</font><font style="display: inline;color:#000000;"> over the same period in monthly installments in an amount equal to the Company&#x2019;s portion of the monthly cost of providing such benefits under its group health plan for such period</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(e)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Termination by the Company due to Cause or by Executive without Good Reason and Without Notice</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;If </font><font style="display: inline;color:#000000;">the Company terminates Executive&#x2019;s employment for Cause pursuant to Section 4(</font><font style="display: inline;color:#000000;">c</font><font style="display: inline;color:#000000;">)</font><font style="display: inline;color:#000000;"> or by Executive without Good Reason and withou</font><font style="display: inline;color:#000000;">t notice pursuant to Section 4(e</font><font style="display: inline;color:#000000;">), </font><font style="display: inline;color:#000000;">then the Executive shall be entitled </font><font style="display: inline;color:#000000;">only to the Accrued Obligations in Section 5(a) and shall be entitled to no other benefits from the Company.</font>
		</p>
		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(f)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Termination by Executive without Good Reason and With Notice</font><font style="display: inline;color:#000000;">. If</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">Executive terminates without Good Reason but provides the minimum of sixty (60) days notice of such termination pursuant to Section 4(f), </font><font style="display: inline;color:#000000;">and such notice </font><font style="display: inline;color:#000000;">makes the Termination Date </font><font style="display: inline;color:#000000;">at or after the time period</font><font style="display: inline;color:#000000;"> encompassed by the relevant </font><font style="display: inline;color:#000000;">performance</font><font style="display: inline;color:#000000;"> year</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;color:#000000;">then </font><font style="display: inline;color:#000000;">in addition to the Accrued Obligations set forth in Section 5(a), </font><font style="display: inline;color:#000000;">Executive shall</font><font style="display: inline;color:#000000;"> be entitled to Executive&#x2019;s accrued but unpaid Bonus</font><font style="display: inline;color:#000000;">. &nbsp;</font><font style="display: inline;color:#000000;">In such event, t</font><font style="display: inline;color:#000000;">he </font><font style="display: inline;color:#000000;">Bonus </font><font style="display: inline;color:#000000;">shall be paid on the date the </font><font style="display: inline;color:#000000;">bonuses are paid to other Executives pursuant to the applicable </font><font style="display: inline;color:#000000;">Bonus Program</font><font style="display: inline;color:#000000;">, without reference to the actual Termination Date</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">6.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Release; Payment</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">Except for the Accrued Obligations provided for in Section 5(a), </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">6</font><font style="display: inline;"></font><font style="display: inline;">-</font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;color:#000000;">any other </font><font style="display: inline;color:#000000;">payments and benefits provided for in Section 5 shall be conditioned on (a) the Executive&#x2019;s continued compliance with the obligations of the Executive under Sections </font><font style="display: inline;color:#000000;">8</font><font style="display: inline;color:#000000;"> and </font><font style="display: inline;color:#000000;">9</font><font style="display: inline;color:#000000;"> and (b) the Executive or, in the event of </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> death, </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> estate, executing and delivering to the Company a full release of all claims that the Executive, </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> heirs and assigns may have against the Company, its affiliates and subsidiaries and each of their respective directors, officers, employees and agents, in a form reasonably acceptable to the Company</font><font style="display: inline;color:#000000;">, which shall include an affirmation by Executive that Executive shall fully comply with Sections 8 and 9 of this Agreement</font><font style="display: inline;color:#000000;"> (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Release</font><font style="display: inline;color:#000000;">&#x201D;).&nbsp;&nbsp;The Release must become enforceable and irrevocable on or before the sixtieth (60th) day following the Termination Date.&nbsp;&nbsp;If the Executive (or </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> estate) fails to execute without revocation the Release, he shall be entitled to the Accrued Obligations only and no other benefits.&nbsp;&nbsp;The installments of severance provided under Section</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">5(b)(i</font><font style="display: inline;color:#000000;">ii</font><font style="display: inline;color:#000000;">) &nbsp;</font><font style="display: inline;color:#000000;">and 5(c)(iii) </font><font style="display: inline;color:#000000;">shall commence in the calendar month following the month in which the Release becomes enforceable and irrevocable.&nbsp;&nbsp;If, however, the sixty (60) day period in which the Release must become enforceable and irrevocable begins in one year and ends in the following year, the Company shall commence payment of the severance installments in the second year in the later of January and the first calendar month following the month in which the Release becomes effective and irrevocable.&nbsp;&nbsp;The first installment shall include, however, all amounts that would otherwise have been paid to the Executive between the Termination Date and the Executive&#x2019;s receipt of the first installment, assuming the first installment would otherwise have been paid in the month following the month in which the</font><font style="display: inline;color:#000000;"> Termination Date occurs.&nbsp;&nbsp;The pro-rata B</font><font style="display: inline;color:#000000;">onus payable in Section 5 shall be paid </font><font style="display: inline;color:#000000;">in accordance with the Company&#x2019;s applicable </font><font style="display: inline;color:#000000;">Bonus p</font><font style="display: inline;color:#000000;">rogram</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">7.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Section 409A Compliance</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(a)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement.&nbsp;&nbsp;All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred.&nbsp;&nbsp;The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year.&nbsp;&nbsp;Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.</font>
		</p>
		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(b)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">To the extent that any of the payments or benefits provided for in Section 5 are deemed to constitute non-qualified deferred compensation benefits subject to Section 409A of the </font><font style="display: inline;color:#000000;">Code</font><font style="display: inline;color:#000000;"> the following interpretations apply to Section 5:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(i)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">Any termination of the Executive&#x2019;s employment triggering payment of benefits under Section 5 must constitute a &#x201C;separation from service&#x201D; under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. &#xA7; 1.409A-l(h) before distribution of such benefits can commence.&nbsp;&nbsp;To the extent that the termination of the Executive&#x2019;s employment does not constitute a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. &#xA7;1.409A- 1(h) (as the result of further services that are reasonably anticipated to be provided by the Executive to the Company or any of its parents, subsidiaries or affiliates at the time the Executive&#x2019;s employment terminates), any benefits payable under Section 5(b)</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">that constitute deferred compensation under Section 409A of the Code shall be delayed until after the date of a subsequent event constituting a </font>
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		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">7</font><font style="display: inline;"></font><font style="display: inline;">-</font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt 36pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;color:#000000;">separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. &#xA7;1.409A-1(h).&nbsp;&nbsp;For purposes of clarification, this Section 7(b)(i) shall not cause any forfeiture of benefits on the Executive&#x2019;s part, but shall only act as a delay until such time as a &#x201C;separation from service&#x201D; occurs.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">Because the Executive is a &#x201C;specified employee&#x201D; (as that term is used in Section 409A of the Code and regulations and other guidance issued thereunder) on the date </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> separation from service becomes effective, any benefits payable under Section 5(b)</font><font style="display: inline;color:#000000;">(iii) or 5(c)(iii)</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">that constitute non-qualified deferred compensation under Section 409A of the Code shall be delayed until the earlier of (A) the business day following the six-month anniversary of the date </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> separation from service becomes effective, and (B) the date of the Executive&#x2019;s death, but only to the extent necessary to avoid such penalties under Section 409A of the Code.&nbsp;&nbsp;On the earlier of (A) the business day following the six-month anniversary of the date </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> separation from service becomes effective, and (B) the Executive&#x2019;s death, the Company shall pay the Executive in a lump sum the aggregate value of the non-qualified deferred compensation that the Company otherwise would have paid the Executive prior to that date under Section 5 of this Agreement.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(iii)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">It is intended that each installment of the payments and benefits provided under Section 5 of this Agreement shall be treated as a separate &#x201C;payment&#x201D; for purposes of Section 409A of the Code.&nbsp;&nbsp;In particular, the installment severance payments set forth in Section </font><font style="display: inline;color:#000000;">7</font><font style="display: inline;color:#000000;">(b)(ii) of this Agreement shall be divided into two portions.&nbsp;&nbsp;That number of installments commencing on the first payment date set forth in Section </font><font style="display: inline;color:#000000;">7</font><font style="display: inline;color:#000000;"> of this Agreement that are in the aggregate less than two times the applicable compensation limit under Section 401(a)(17) of the Code for the year in which the Termination Date occurs (provided the termination of the Executive&#x2019;s employment is also a separation from service) shall be payable in accordance with Treas. Reg. &#xA7; 1.409A-l(b)(9)(iii) as an involuntary separation plan.&nbsp;&nbsp;The remainder of the installments shall be paid in accordance with Sections 7(b)(i) and (ii) above.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">8.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Confidentiality and Restrictive Covenants</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(a)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">The Executive acknowledges that:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(i)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">the Company (which, for purposes of this Section </font><font style="display: inline;color:#000000;">8</font><font style="display: inline;color:#000000;"> shall include the Company and each of its subsidiaries and affiliates) </font><font style="display: inline;color:#000000;">operates membership warehouse clubs in Central America</font><font style="display: inline;color:#000000;">, Colombia</font><font style="display: inline;color:#000000;"> and the Caribbean </font><font style="display: inline;color:#000000;">(</font><font style="display: inline;color:#000000;">the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Business</font><font style="display: inline;color:#000000;">&#x201D;);</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(ii)&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">the Company is dependent on the efforts of a certain limited number of persons who have developed, or will be responsible for developing the Company&#x2019;s Business;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(iii)&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">the Company&#x2019;s Business is </font><font style="display: inline;color:#000000;">inter</font><font style="display: inline;color:#000000;">national in scope;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(iv)&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">the Business in which the Company is engaged is intensely competitive and that Executive&#x2019;s employment by the Company will require that </font><font style="display: inline;color:#000000;">he</font><font style="display: inline;color:#000000;"> have access to and knowledge of nonpublic confidential information of the Company and the </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">8</font><font style="display: inline;"></font><font style="display: inline;">-</font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;color:#000000;">Company&#x2019;s Business, including, but not limited to, certain/all of the Company&#x2019;s products, plans for creation, acquisition or disposition of products or publications, strategic and expansion plans, </font><font style="display: inline;color:#000000;">formulas, research results, </font><font style="display: inline;color:#000000;">marketing plans, financial status and plans, budgets, forecasts, profit or loss figures, distributors and distribution strategies, pricing strategies, improvements, sales figures, contracts, agreements, then existing or then prospective suppliers and sources of supply and customer lists, undertakings with or with respect to the Company&#x2019;s customers or prospective customers, and patient information, product development plans, rules and regulations, personnel information and trade secrets of the Company, all of which are of vital importance to the success of the Company&#x2019;s business (collectively, &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Confidential Information</font><font style="display: inline;color:#000000;">&#x201D;);</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(v)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">the direct or indirect disclosure of any Confidential Information would place the Company at a serious competitive disadvantage and would do serious damage, financial and otherwise, to the Company&#x2019;s business;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(vi)&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">by </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> training, experience and expertise, the Executive&#x2019;s services to the Company </font><font style="display: inline;color:#000000;">is</font><font style="display: inline;color:#000000;"> special and unique; </font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(vii)&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">the covenants and agreements of the Executive contained in this Section </font><font style="display: inline;color:#000000;">8</font><font style="display: inline;color:#000000;"> are essential to the business and goodwill of the Company; and</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(viii)&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">if the Executive leaves the Company&#x2019;s employ to work for a competitive business, in any capacity, it would cause the Company irreparable harm.</font>
		</p>
		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(b)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Covenant Against Disclosure</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;All Confidential Information relating to the Business is, shall be and shall remain the sole property and confidential business information of the Company, free of any rights of the Executive.&nbsp;&nbsp;The Executive shall not make any use of the Confidential Information except in the performance of </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> duties hereunder and shall not disclose any Confidential Information to third parties, without the prior written consent of the Company.</font>
		</p>
		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(c)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Return of Company Documents</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;On the Termination Date or on any prior date upon the Company&#x2019;s written demand, the Executive will return all memoranda, notes, lists, records, property and other tangible product and documents concerning the Business, including all Confidential Information, in </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> possession, directly or indirectly, that is in written or other tangible form (together with all duplicates thereof) and that </font><font style="display: inline;color:#000000;">he</font><font style="display: inline;color:#000000;"> will not retain or furnish any such Confidential Information to any third party, either by sample, facsimile, film, audio or video cassette, electronic data, verbal communication or any other means of communication.</font>
		</p>
		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(d)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Further Covenant</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;During the Term and through the second anniversary of the Termination Date, the Executive shall not, directly or indirectly, take any of the following actions, and, to the extent the Executive owns, manages, operates, controls, is employed by or participates in the ownership, management, operation or control of, or is connected in any manner with, any business, the Executive will use </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> best efforts to ensure that such business does not take any of the following actions:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(i)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">P</font><font style="display: inline;color:#000000;">ersuade or attempt to persuade any customer of the Company to cease doing business with the Company, or to reduce the amount of business any customer does with the Company;</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">9</font><font style="display: inline;"></font><font style="display: inline;">-</font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">Take any action that interferes with the </font><font style="display: inline;color:#000000;">Company</font><font style="display: inline;color:#000000;">&#x2019;s contracts or prospective contracts with its customers; </font><font style="display: inline;color:#000000;"> or</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(iii)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">P</font><font style="display: inline;color:#000000;">ersuade or attempt to persuade any employee or independent contractor of the Company to leave the service of the Company, </font><font style="display: inline;color:#000000;">where such </font><font style="display: inline;color:#000000;">individual was an employee or independent contractor of the Company within one (1) year prior to the Executive&#x2019;s Termination Date.</font>
		</p>
		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(e)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Enforcement</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The </font><font style="display: inline;color:#000000;">Executive acknowledges and agrees that any breach by him of any of the provisions of this Section </font><font style="display: inline;color:#000000;">8</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">(the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Restrictive Covenants</font><font style="display: inline;color:#000000;">&#x201D;</font><font style="display: inline;color:#000000;">)</font><font style="display: inline;color:#000000;"> would result in irreparable injury and damage for which money damages would not provide an adequate remedy. Therefore, if the Executive breaches or threatens to commit a breach of any of the provisions of Section </font><font style="display: inline;color:#000000;">8</font><font style="display: inline;color:#000000;">, the Company shall have the ability to seek the following rights and remedies, each of which rights and remedies shall be independent of the other and severally enforceable, and all of which rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to the Company under law or in equity (including, without limitation, the recovery of damages): (i)&nbsp;the right and remedy to have the Restrictive Covenants specifically enforced (without posting bond and without the need to prove damages) by any court having equity jurisdiction, including, without limitation, the right to an entry against the Executive of restraining orders and injunctions (preliminary, mandatory, temporary and permanent) against violations, threatened or actual, and whether or not then continuing, of such covenants; and (ii)&nbsp;the right and remedy to require the Executive to account for and pay over to the Company all compensation, profits, monies, accruals, increments or other benefits (collectively, &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Benefits</font><font style="display: inline;color:#000000;">&#x201D;</font><font style="display: inline;color:#000000;">)</font><font style="display: inline;color:#000000;"> derived or received by </font><font style="display: inline;color:#000000;">him</font><font style="display: inline;color:#000000;"> as the result of any transactions constituting a breach of the Restrictive Covenants, and the Executive shall account for and pay over such Benefits to the Company and, if applicable, its affected subsidiaries and/or affiliates.&nbsp;&nbsp;The Executive agrees that in any action seeking specific performance or other equitable relief, </font><font style="display: inline;color:#000000;">he</font><font style="display: inline;color:#000000;"> will not assert or contend that any of the provisions of this Section </font><font style="display: inline;color:#000000;">8</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">are unreasonable or otherwise unenforceable. Other than a material breach of this Agreement, the existence of any claim or cause of action by the Executive, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement of the Restrictive Covenants.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">9.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Intellectual Property</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(a)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Works for Hire</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;All creations, inventions, ideas, designs, software, copyrightable materials, trademarks, and other technology and rights (and any related improvements or modifications), whether or not subject to patent or copyright protection (collectively, &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Creations</font><font style="display: inline;color:#000000;">&#x201D;), relating to any activities of the Company which were, are, or will be conceived by the Executive or developed by the Executive in the course of </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> employment or other services with the Company, whether conceived alone or with others and whether or not conceived or developed during regular business hours, and if based on Confidential Information, after the termination of the Executive&#x2019;s employment, shall be the sole property of the Company and, to the maximum extent permitted by applicable law, shall be deemed &#x201C;works made for hire&#x201D; as that term is used in the United States Copyright Act.&nbsp;&nbsp;The Executive agrees to assign and hereby does assign to the Company all Creations conceived or developed from the start of this employment with the Company through to the Termination Date, and after the Termination Date if the Creation incorporates or is based on any Confidential Information.</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">10</font><font style="display: inline;"></font><font style="display: inline;">-</font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(b)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Assignment</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;To the extent, if any, that the Executive retains any right, title or interest with respect to any Creations delivered to the Company or related to </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> employment with the Company, the Executive hereby grants to the Company an irrevocable, paid-up, transferable, sub-licensable, worldwide right and license: (i) to modify all or any portion of such Creations, including, without limitation, the making of additions to or deletions from such Creations, regardless of the medium (now or hereafter known) into which such Creations may be modified and regardless of the effect of such modifications on the integrity of such Creations; and (ii) to identify the Executive, or not to identify </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;">, as one or more authors of or contributors to such Creations or any portion thereof, whether or not such Creations or any portion thereof have been modified.&nbsp;&nbsp;The Executive further waives any &#x201C;moral&#x201D; rights, or other rights with respect to attribution of authorship or integrity of such Creations that </font><font style="display: inline;color:#000000;">he</font><font style="display: inline;color:#000000;"> may have under any applicable law, whether under copyright, trademark, unfair competition, defamation, right of privacy, contract, tort or other legal theory.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">Notwithstanding the foregoing, pursuant to California Labor Code Section 2870, the foregoing shall not apply to</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">an invention that </font><font style="display: inline;color:#000000;">Executive </font><font style="display: inline;color:#000000;">developed entirely on </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> own time without using the </font><font style="display: inline;color:#000000;">Company&#x2019;s </font><font style="display: inline;color:#000000;">equipment, supplies, facilities, or trade secret information except for those inventions that either:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 72pt;text-indent: -18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;font-family:Symbol;">&#xF0B7;</font><font style="display: inline;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">Relate at the time of conception or reduction to practice of the invention to the Company&#x2019;s business, or actual or demonstrably anticipated research or development of the Company; or</font>
		</p>
		<p style="margin:0pt 0pt 12pt 72pt;text-indent: -18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;font-family:Symbol;">&#xF0B7;</font><font style="display: inline;color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">Result from any work performed by the </font><font style="display: inline;color:#000000;">Executive </font><font style="display: inline;color:#000000;">for the </font><font style="display: inline;color:#000000;">Company</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(c)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Disclosure</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Executive will promptly inform the Company of any Creations </font><font style="display: inline;color:#000000;">he</font><font style="display: inline;color:#000000;"> conceives or develops during the Term.&nbsp;&nbsp;The Executive shall (whether during </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> employment or after the termination of </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> employment) execute such written instruments and do other such acts as may be necessary in the opinion of the Company or its counsel to secure the Company&#x2019;s rights in the Creations, including obtaining a patent, registering a copyright, or otherwise (and the Executive hereby irrevocably appoints the Company and any of its officers as </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> attorney in fact to undertake such acts in </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> name).&nbsp;&nbsp;The Executive&#x2019;s obligation to execute written instruments and otherwise assist the Company in securing its rights in the Creations will continue after the termination of </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> employment for any reason, the Company shall reimburse the Executive for any out-of-pocket expenses (but not attorneys&#x2019; fees) </font><font style="display: inline;color:#000000;">he</font><font style="display: inline;color:#000000;"> incurs in connection with </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> compliance with this Section </font><font style="display: inline;color:#000000;">9</font><font style="display: inline;color:#000000;">(c).</font>
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		<p style="margin:0pt 0pt 12pt;text-indent:36pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">10.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Arbitration</font><font style="display: inline;color:#000000;">. &nbsp;</font>
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			<font style="display: inline;color:#000000;">(a)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">All disputes between Executive (and Executive&#x2019;s attorneys, successors, and assigns) and the Company (and its affiliates, subsidiaries, shareholders, directors, officers, employees, agents, successors, attorneys, and assigns) relating in any manner to Executive&#x2019;s employment or the termination of Executive&#x2019;s employment, including, without limitation, all disputes arising under this Agreement (&#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Arbitrable Claims</font><font style="display: inline;color:#000000;">&#x201D;), shall be resolved by final and binding arbitration to the fullest extent permitted by law.&nbsp;&nbsp;Arbitrable Claims shall include, but are not limited to, contract (express or implied) and tort claims of all kinds, as well as all claims based on any federal, state, or local law, statute, or regulation, excepting only claims under applicable </font>
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			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">11</font><font style="display: inline;"></font><font style="display: inline;">-</font>

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt -9pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;color:#000000;">workers&#x2019; compensation law and unemployment insurance claims.&nbsp;&nbsp;By way of example and not in limitation of the foregoing, Arbitrable Claims shall include any claims arising under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, and the California Fair Employment and Housing Act, the Family Medical Leave Act as well as all claims under any applicable state or federal statute including but not limited to the California Labor Code, and any claims asserting wrongful termination, breach of contract, breach of the covenant of good faith and fair dealing, negligent or intentional infliction of emotional distress, harassment, discrimination, negligent or intentional misrepresentation, negligent or intentional interference with contract or prospective economic advantage, fraud, defamation, invasion of privacy, all claims related to disability and all wage or benefit claims, including but not limited to claims for salary, bonuses, profit participation, commissions, stock, stock options, vacation pay, fringe benefits or any form of compensation.&nbsp;&nbsp;Arbitration shall be final and binding upon the Parties and shall be the exclusive remedy for all Arbitrable Claims, except that the Parties may seek interim injunctive relief and other provisional remedies in court as set forth in this Agreement.&nbsp;&nbsp;The Parties hereby waive any rights they may have to trial by jury or any other form of administrative hearing or procedure in regard to the Arbitrable Claims.</font>
		</p>
		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(b)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">Claims shall be arbitrated in accordance with the then-existing National Rules for the Resolution of Employment Disputes of the American Arbitration Association (&#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">AAA Employment Rules</font><font style="display: inline;color:#000000;">&#x201D;), as augmented by this Agreement.&nbsp;&nbsp;Arbitration shall be initiated as provided by the AAA Employment Rules, although the written notice to the other Party initiating arbitration shall also include a statement of the claims asserted and all the facts upon which the claims are based.&nbsp;&nbsp;Either Party may bring an action in court to compel arbitration under this Agreement and to enforce an arbitration award.&nbsp;&nbsp;Otherwise, neither Party shall initiate or prosecute any lawsuit or administrative action in any way related to any Arbitrable Claim.&nbsp;&nbsp;All arbitration hearings under this Agreement shall be conducted at the AAA office located nearest to San Diego, California.&nbsp;&nbsp;The Federal Arbitration Act shall govern the interpretation and enforcement of this Section.</font>
		</p>
		<p style="margin:0pt 0pt 12pt -9pt;text-indent:72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(c)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">All disputes involving Arbitrable Claims shall be decided by a single arbitrator.&nbsp;&nbsp;The arbitrator shall be selected by mutual agreement of the Parties within 30 days of the effective date of the notice initiating the arbitration.&nbsp;&nbsp;If the Parties cannot agree on an arbitrator, then the complaining Party shall notify the AAA and request selection of an arbitrator in accordance with the AAA Employment Rules.&nbsp;&nbsp;The arbitrator shall have only such authority to award equitable relief, damages, costs, and fees as a court would have for the particular claims asserted and any action of the arbitrator in contravention of this limitation may be the subject of court appeal by the aggrieved Party.&nbsp;&nbsp;No other aspect of any ruling by the arbitrator shall be appealable, and all other aspects of the arbitrator&#x2019;s ruling shall be final and non-appealable.&nbsp;&nbsp;The arbitrator shall have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law.&nbsp;&nbsp;The arbitrator shall be required to issue a written arbitration decision including the arbitrator&#x2019;s essential findings, conclusions and a statement of award.&nbsp;&nbsp;The Company shall pay all arbitration fees in excess of what the Executive would have to pay if the dispute were decided in a court of law.&nbsp;&nbsp;The arbitrator shall have exclusive authority to resolve all </font><font style="display: inline;color:#000000;">A</font><font style="display: inline;color:#000000;">rbitrable Claims, including, but not limited to, whether any particular claim is arbitrable and whether all or any part of this Agreement is void or unenforceable.</font>
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			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">12</font><font style="display: inline;"></font><font style="display: inline;">-</font>

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			<font style="display: inline;color:#000000;">(d)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">Exception for Injunctive Relief.&nbsp;&nbsp;Notwithstanding the foregoing, in order to provide for interim relief pending the finalization of arbitration proceedings hereunder, nothing in this Section 19 shall prohibit the Parties from pursuing, a claim for interim injunctive relief, for other applicable provisional remedies, and/or for related attorneys&#x2019; fees in a court of competent jurisdiction in order to prevent irreparable harm pending the conclusion of the arbitration.</font>
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			<font style="display: inline;color:#000000;">(e)&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">If for any reason all or part of this arbitration provision is held to be invalid, illegal, or unenforceable in any respect under any applicable law or regulation in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other part of this arbitration provision or any other jurisdiction, but this provision shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable part or parts of this arbitration provision had never been contained herein, consistent with the general intent of the Parties, as evidenced herein, insofar as possible.</font>
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		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">11.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Indemnification</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">This Agreement incorporates, but does not supersede, Executive&#x2019;s Indemnity Agreement with the Company, which survives the execution of this Agreement in all respects.</font>
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		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">12.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Integration</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;This Agreement</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements between the parties concerning such subject matter.</font>
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		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">13.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Successors</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;This Agreement shall inure to the benefit of and be enforceable by the Executive&#x2019;s personal representatives, executors, administrators, heirs, distributees, devisees and legatees.&nbsp;&nbsp;In the event of the Executive&#x2019;s death after </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> termination of employment but prior to the completion by the Company of all payments due </font><font style="display: inline;color:#000000;">him</font><font style="display: inline;color:#000000;"> under this Agreement, the Company shall continue such payments to the Executive&#x2019;s beneficiary designated in writing to the Company prior to </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> death (or to </font><font style="display: inline;color:#000000;">his</font><font style="display: inline;color:#000000;"> estate, if the Executive fails to make such designation).&nbsp;&nbsp;The Company shall require any successor to the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.</font>
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			<font style="display: inline;color:#000000;">14.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Enforceability</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.</font>
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			<font style="display: inline;color:#000000;">15.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Survival</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the Executive&#x2019;s employment to the extent necessary to effectuate the terms contained herein.</font>
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		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">16.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Waiver</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party.&nbsp;&nbsp;The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this </font>
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			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">13</font><font style="display: inline;"></font><font style="display: inline;">-</font>

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;color:#000000;">Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.</font>
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			<font style="display: inline;color:#000000;">17.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Notices</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board.</font>
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			<font style="display: inline;color:#000000;">18.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Amendment</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative of the Company.</font>
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		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">19.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Governing Law</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;This is a </font><font style="display: inline;color:#000000;">California </font><font style="display: inline;color:#000000;">contract and shall be construed under and be governed in all respects by the laws of </font><font style="display: inline;color:#000000;">California </font><font style="display: inline;color:#000000;">for contracts to be performed in that State and without giving effect to the conflict of laws principles of </font><font style="display: inline;color:#000000;">California </font><font style="display: inline;color:#000000;">or any other State.&nbsp;&nbsp;In the event of any alleged breach or threatened breach of this Agreement, the Executive hereby consents and submits to jurisdiction </font><font style="display: inline;color:#000000;">in </font><font style="display: inline;color:#000000;">the State of </font><font style="display: inline;color:#000000;">California</font><font style="display: inline;color:#000000;">.</font>
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		<p style="margin:0pt 0pt 12pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">20.&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">Counterparts</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document.</font>
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			<font style="display: inline;color:#000000;">[</font><font style="display: inline;font-style:italic;color:#000000;">signature page follows</font><font style="display: inline;color:#000000;">]</font>
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			<font style="display: inline;color:#000000;">&#xFEFF;</font>
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			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">14</font><font style="display: inline;"></font><font style="display: inline;">-</font>

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			<font style="display: inline;">IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first above written.</font>
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		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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						<font style="display: inline;">&#xFEFF;</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">PriceSmart, Inc.</font></p>
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						<font style="display: inline;">By:</font></p>
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						<font style="display: inline;">/s/ SHERRY BAHRAMBEYGUI</font></p>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:auto;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:36.05pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Name:</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:202.45pt;border-top:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Sherry Bahrambeygui</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:auto;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:36.05pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Title:</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:202.45pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Chief Executive Officer</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:auto;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:36.05pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:202.45pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:auto;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:36.05pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:202.45pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:auto;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&#xFEFF;</font></p>
				</td>
				<td colspan="2" valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:238.50pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Executive</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:auto;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:36.05pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:202.45pt;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">/s/ MICHAEL MCCLEARY</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:auto;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:36.05pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:202.45pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Michael McCleary</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:auto;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:36.05pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:202.45pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">15</font><font style="display: inline;"></font><font style="display: inline;">-</font>

		</p>

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