SEVERANCE AGREEMENT AND RELEASE OF CLAIMS
THIS SEVERANCE AGREEMENT AND RELEASE OF CLAIMS (“Agreement”) is executed this 3 rd day of March, 2003 by
and between PRICESMART, INC. (referred to herein as “Company”) and Kevin C. Breen (“Employee”).
This Agreement is made with reference to the following facts:
WHEREFORE, the parties agree as follows:
(b) Notwithstanding anything to the contrary herein, both the Company and Employee retain the option to terminate their
employment relationship at any time, for any reason whatsoever, with or without cause, and with or without advance
notice, prior to March 23, 2003.
A) The Company employs Employee as Executive Vice President – Operations.
B) The parties now desire to enter into a binding agreement regarding their future relationship and to settle and compromise,
once and forever, any disputes and controversies which may now exist or may in the future arise from the employment
relationship and termination thereof.
(a) Employee’s employment with the Company terminates effective March 23, 2003. After March 23, 2003 Employee shall
not be entitled to any salary, wages, commissions, options, bonuses, profit sharing, benefits, insurance or other
compensation from Company or any related entity except as specifically set forth in paragraph (2) below.
In consideration for the execution of this Agreement and the performance of the terms and conditions herein, the Company
(a) Pay to Employee severance pay in an amount equal to one hundred forty four thousand five hundred. Dollars
($144,500), minus standard payroll deductions, during the twelve month period beginning eight (8) days after execution of
this Agreement by Employee; said payments shall be made in equal installments in conformity with Price’s normal payroll
Enter into an Independent Contractor Agreement with Employee, in the form attached hereto as Exhibit “A”.
Provide Employee with outplac