{"id":39824,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/executive-employment-agreement-costco.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"executive-employment-agreement-costco","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/executive-employment-agreement-costco.html","title":{"rendered":"Executive Employment Agreement – Costco"},"content":{"rendered":"

Executive Employment Agreement between <\/strong><\/p>\n

James D. Sinegal and Costco Wholesale Corporation
\n<\/strong><\/p>\n

As of August 30, 2010<\/p>\n

Jim Sinegal<\/p>\n

999 Lake Drive<\/p>\n

Issaquah, WA 98027<\/p>\n

Dear Jim:<\/p>\n

This letter agreement confirms the terms of your employment
\nwith Costco Wholesale Corporation (the “Company”):<\/p>\n<\/p>\n\n\n\n
\n

1.<\/p>\n<\/td>\n

\n

Employment.<\/u> The Company employs you as its Chief
\nExecutive Officer.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\n

2.<\/p>\n<\/td>\n

\n

Employment Term.<\/u> The terms of this letter agreement
\ncover one year, beginning August 30, 2010, and coinciding with the Company153s
\nfiscal year 2011, unless otherwise terminated as provided below. The parties may
\nrenew this letter agreement from year-to-year upon agreement.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\n

3.<\/p>\n<\/td>\n

\n

Salary and Benefits.<\/u><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
<\/td>\n\n

(a)<\/p>\n<\/td>\n

\n

You will receive a base salary of $350,000 for fiscal year
\n2011. The base salary will be paid to you in accordance with the Company153s
\nstandard payroll practices.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
<\/td>\n\n

(b)<\/p>\n<\/td>\n

\n

You will be eligible for a bonus of up to $200,000. The
\namount of any bonus will be determined by the Board of Directors or the
\nCompensation Committee, and will be paid to you in accordance with the Company153s
\nstandard practices.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
<\/td>\n\n

(c)<\/p>\n<\/td>\n

\n

You will be eligible for an equity award under the Company153s
\nFourth Restated 2002 Stock Incentive Plan or its successor plan. The Board of
\nDirectors or the Compensation Committee will determine the amount of any grant.\n<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
<\/td>\n\n

(d)<\/p>\n<\/td>\n

\n

All payments to you will be subject to withholding for taxes
\nand other applicable withholding requirements.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
<\/td>\n\n

(e)<\/p>\n<\/td>\n

\n

You will be eligible to participate in the Company153s employee
\nbenefit programs, in accordance with the terms and conditions of those programs.\n<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\n

4.<\/p>\n<\/td>\n

\n

Termination.<\/u> The Company will have the right to
\nterminate your employment at any time for “cause,” as determined under
\napplicable law and policies of the Company. You may terminate your employment at
\nany time upon not less than sixty (60) days prior written notice.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n\n\n\n
\n

5.<\/p>\n<\/td>\n

\n

Miscellaneous.<\/u> This letter agreement represents our
\ncomplete agreement on these subjects. We can only amend this letter agreement by
\nsigning a written amendment. This letter will be governed by Washington law in
\nall respects.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

If you agree with the terms contained in this letter, please
\nsign the enclosed copy of this letter and return it to me.<\/p>\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Sincerely,<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
\n

Compensation Committee of the<\/p>\n

Board of Directors of<\/p>\n

Costco Wholesale Corporation<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

By:<\/p>\n<\/td>\n

<\/td>\n\n

\/s\/ BENJAMIN S. CARSON, SR., M.D.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Benjamin S. Carson, Sr., M.D., Chair<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Acknowledged and agreed:<\/p>\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
\n

\/s\/ JAMES D. SINEGAL<\/p>\n<\/td>\n<\/tr>\n

\n

Jim Sinegal<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

Dated:<\/p>\n<\/td>\n

<\/td>\n\n

October 6, 2010<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7220],"corporate_contracts_industries":[9495],"corporate_contracts_types":[9539,9544],"class_list":["post-39824","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-costco-wholesale-corp","corporate_contracts_industries-retail__department","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39824"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39824"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39824"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}