Employment Agreement (2016)Full Document 

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EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (the "Agreement") is made and entered into as of the 16th day of June, 2015, by and between PriceSmart, Inc, a Delaware corporation ("Employer"), and Rodrigo Calvo ("Executive").

RECITALS

A. Employer desires to employ Executive as Executive Vice President - Real Estate of Employer.

B. Executive desires to accept such position upon the terms and subject to the conditions herein provided.

TERMS AND CONDITIONS

NOW, THEREFORE, in consideration of the foregoing premises and mutual covenants and conditions hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

EMPLOYMENT AND DUTIES

1.1 Position and Duties. Executive shall serve as Executive Vice President - Real Estate of Employer. Executive shall have such duties and authority as are customary for, and commensurate with, such position, and such other related duties and authority as may from time to time be delegated or assigned to him by the Chief Executive Officer or the Board of Directors of Employer. Executive shall discharge his duties in a diligent and professional manner.

1.2 Outside Business Activities Precluded. During his employment, Executive shall devote his full energies, interest, abilities and productive time to the performance of this

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Agreement. Executive shall not, without the prior written consent of Employer, perform other services of any kind or engage in any other business activity, with or without compensation, that would interfere with the performance of his duties under this Agreement. Executive shall not, without the prior written consent of Employer, engage in any activity adverse to Employer's interests.

1.3 Place of Employment. Unless the parties agree otherwise in writing, during the Employment Term (as defined in Section 3.1 below) Executive shall-perform-the service he is required to perform under this Agreement at Employer's offices located in Miami, Florida; provided, however, that Employer may from time to time require Executive to travel temporarily to other locations on Employer's business.

ARTICLE II
COMPENSATION

2.1 Salary. For Executive's services hereunder, Employer shall pay as base salary to Executive the amount of $275,000 during each year of the Employment Term. Said salary shall be payable in equal installments in conformity with Employer's normal payroll period. Executive shall receive such salary increases, if any, as Employer, in its sole discretion, shall determine.

2.2 Bonus. During the Employment Term Executive shall be entitled to participate in Employer's Bonus Plan.

2.3 Other Benefits. Executive shall be entitled to participate in and receive benefits under Employer's standard company benefits practices and plans for officers of Employer, including medical insurance, long-term disability, life insurance, profit sharing and retirement plan, and Employer's other plans, subject to and on a basis consistent with the terms, conditions and overall administration of such practices and plans. Employer may from time to time in its sole discretion grant such additional compensation or benefits to Executive as it deems proper and desirable.

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2.4 Expenses. During the term of his employment hereunder, Executive shall be entitled to receive prompt reimbursement for all reasonable business-related expenses incurred by him, in accordance with the policies and procedures from time to time adopted by Employer, provided that Executive properly accounts for such business expenses in accordance with Employer policy.

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