PRICESMART INC
<DOCUMENT>
<TYPE>EX-10.56B
<SEQUENCE>7
<FILENAME>ex-1056b.htm
<TEXT>
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<head>
<title>Exhibit 10.58(b)</title>
</head>
<body>
<P ALIGN="LEFT"><font face="Times New Roman, Times, serif"><font size="2"><strong>Exhibit
  10.56(b) </strong> </font></font> </P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="80%">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><strong>FIRST
      AMENDMENT TO EMPLOYMENT AGREEMENT</strong></font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="80%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif">This First
      Amendment to Employment Agreement is made and entered into as of January
      24, 2001, by and between PriceSmart, Inc., a Delaware Corporation (&#147;Employer&#148;)
      and Edward Oats (&#147;Executive&#148;).</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="80%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif">
      <p ALIGN="CENTER"><strong>Recitals</strong></p>
      </font> </td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="80%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%" align="right"><FONT size="2" FACE="Times New Roman, Times, serif">A)</FONT></td>
    <td width="5%">&nbsp;</td>
    <td colspan="3"><FONT size="2" FACE="Times New Roman, Times, serif">On January
      11, 2000 an Employment Agreement was made and entered into by and between
      Employer and Executive.</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="right"><FONT size="2" FACE="Times New Roman, Times, serif">B)</FONT></td>
    <td>&nbsp;</td>
    <td colspan="3"><FONT size="2" FACE="Times New Roman, Times, serif">Effective
      as of November 1, 2000, Executive&#146;s annual base salary was increased
      to $115,000.</FONT></td>
  </tr>
  <tr valign="top">
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="right"><FONT size="2" FACE="Times New Roman, Times, serif">C)</FONT></td>
    <td>&nbsp;</td>
    <td colspan="3"><FONT size="2" FACE="Times New Roman, Times, serif">Employer
      and Executive now desire to further amend the Employment Agreement, as set
      forth hereinbelow:</FONT> </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td colspan="5"><font size="2" face="Times New Roman, Times, serif"><strong>Agreement</strong></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2" face="Times New Roman, Times, serif">1.</font></td>
    <td>&nbsp;</td>
    <td colspan="3"><font size="2" face="Times New Roman, Times, serif">Section
      3.1 of the Agreement which provides:</font></td>
  </tr>
  <tr valign="top">
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1
      <em>Term.</em> The term of Executive&#146;s employment hereunder shall commence
      on March 31, 2000 and shall continue until March 31, 2001 unless sooner
      terminated or extended as hereinafter provided.</font> </td>
  </tr>
  <tr valign="top">
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3"><font size="2" face="Times New Roman, Times, serif">is hereby
      amended, effective January 24, 2001, to provide as follows:</font></td>
  </tr>
  <tr valign="top">
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1
      <em>Term.</em> The term of Executive&#146;s employment hereunder shall commence
      on March 31, 2000 and shall continue until March 31, 2002 unless sooner
      terminated or extended as hereinafter provided.</font> </td>
  </tr>
  <tr valign="top">
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2" face="Times New Roman, Times, serif">2.</font></td>
    <td>&nbsp;</td>
    <td colspan="3"><font size="2" face="Times New Roman, Times, serif">All other
      terms of the Employment Agreement shall remain unaltered and fully effective.
      </font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3"><font size="2" face="Times New Roman, Times, serif">Executed
      in San Diego, California, as of the date first written above.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="50%"><font size="2" face="Times New Roman, Times, serif"><u>EXECUTIVE</u></font></td>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif"><u>EMPLOYER</u></font></td>
  </tr>
  <tr valign="top">
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="50%">&nbsp;</td>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">PRICEMART,
      INC.</font></td>
  </tr>
  <tr valign="top">
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">Edward
      Oats<br>
      <br>
      /s/ A. Edward Oats </font></td>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">By: /s/
      Gilbert A. Partida<br>
      <br>
      Name: Gilbert A. Partida<br>
      <br>
      Its: President &#38; CEO</font></td>
  </tr>
</table>
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