PRICESMART INC
EXHIBIT 10.4
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>6
<FILENAME>a2083072zex-10_4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#02SAN1563_5">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="kk1563_exhibit_10.4"> </A>
<A NAME="toc_kk1563_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 10.4    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kk1563_fifth_amendment_to_employment_agreement"> </A>
<A NAME="toc_kk1563_2"> </A>
<BR></FONT><FONT SIZE=2><B>FIFTH AMENDMENT TO EMPLOYMENT AGREEMENT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Fifth Amendment to Employment Agreement is made and entered into as of January&nbsp;16, 2002, by and between PriceSmart,&nbsp;Inc., a Delaware
Corporation ("Employer") and K.C. Breen ("Executive"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kk1563_recitals"> </A>
<A NAME="toc_kk1563_3"> </A>
<BR></FONT><FONT SIZE=2><B>Recitals    <BR>  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>A)</FONT></DT><DD><FONT SIZE=2>On
March&nbsp;31, 1998 an Employment Agreement was made and entered into by and between Employer and Executive.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>B)</FONT></DT><DD><FONT SIZE=2>On
March&nbsp;31, 1999, a First Amendment to Employment Agreement was made and entered into by and between Employer and Executive.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>C)</FONT></DT><DD><FONT SIZE=2>On
October&nbsp;1, 1999, a Second Amendment to Employment Agreement was made and entered into by and between Employer and Executive.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>D)</FONT></DT><DD><FONT SIZE=2>On
January&nbsp;11, 2000, a Third Amendment to Employment Agreement was made and entered into by and between Employer and Executive.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>E)</FONT></DT><DD><FONT SIZE=2>Pursuant
to a Memorandum dated August&nbsp;1, 2000, Executive's Annual Base Salary was increased to $170,000, effective as of November&nbsp;1, 2000.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>F)</FONT></DT><DD><FONT SIZE=2>On
January&nbsp;24, 2001, a Fourth Amendment to Employment Agreement was made and entered into by and between Employer and Executive.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>G)</FONT></DT><DD><FONT SIZE=2>Pursuant
to a Memorandum dated October&nbsp;16, 2001, Executive's Annual Base Salary was increased to $192,500, effective September&nbsp;1, 2001.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>H)</FONT></DT><DD><FONT SIZE=2>Employer
and Executive now desire to further amend the Employment Agreement, as set forth hereinbelow: </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kk1563_agreement"> </A>
<A NAME="toc_kk1563_4"> </A>
<BR></FONT><FONT SIZE=2><B>Agreement    <BR>  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>Section&nbsp;3.1
of the Agreement which provides: </FONT></DD></DL>
<UL>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Term.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The term of Executive's employment hereunder shall commence on April&nbsp;1, 1998 and shall continue
until March&nbsp;31, 2002 unless sooner terminated or extended as hereinafter provided. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is
hereby amended, effective January&nbsp;16, 2002, to provide as follows: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Term.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The term of Executive's employment hereunder shall commence on April&nbsp;1, 1998 and shall continue
until March&nbsp;31, 2003 unless sooner terminated or extended as hereinafter provided. </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>All
other terms of the Employment Agreement, as amended, shall remain unaltered and fully effective. </FONT></DD></DL>
<HR NOSHADE>
<!-- ZEQ.=1,SEQ=1,EFW="2083072",CP="PRICESMART, INC.",DN="5",CHK=1007129,FOLIO='blank',FILE='DISK021:[02SAN3.02SAN1563]KK1563A.;5',USER='JBAKER',CD='15-JUL-2002;11:12' -->

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executed
in San Diego, California, as of the date first written above. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><U>EXECUTIVE</U></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><U>EMPLOYER</U></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
PRICESMART, INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
K.C. Breen</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
By: /s/ Gilbert A. Partida</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
/s/ K.C. Breen</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Name: Gilbert A. Partida</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Its: Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=2,EFW="2083072",CP="PRICESMART, INC.",DN="5",CHK=506232,FOLIO='blank',FILE='DISK021:[02SAN3.02SAN1563]KK1563A.;5',USER='JBAKER',CD='15-JUL-2002;11:12' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="02SAN1563_5">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_kk1563_1">Exhibit 10.4</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_kk1563_2">FIFTH AMENDMENT TO EMPLOYMENT AGREEMENT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_kk1563_3">Recitals</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_kk1563_4">Agreement</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=SFLORES,SEQ=,EFW="2083072",CP="PRICESMART, INC.",DN="5" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
