EXECUTIVE EMPLOYMENT AGREEMENT BETWEEN JAMES D. SINEGAL AND COSTCO WHOLESALE CORPORATION September 2, 2002
Exhibit 10.6.1
EXECUTIVE EMPLOYMENT AGREEMENT BETWEEN
XXXXX X. XXXXXXX AND COSTCO WHOLESALE CORPORATION
September 2, 2002
Xxx Xxxxxxx
000 Xxxx Xxxxx
Xxxxxxxx, XX 00000
Dear Xxx:
This letter agreement confirms the terms of your
employment with Costco Wholesale Corporation (the “Company”):
1. |
Employment. The Company employs you as its President and Chief Executive Officer. |
2. |
Employment Term. The terms of this letter agreement cover one year, beginning September 2, 2002, and coinciding with the Company’s fiscal
year 2003, unless otherwise terminated as provided below. The parties may renew this letter agreement from year-to-year upon agreement. |
3. |
Salary and Benefits. |
(a) |
You will receive a base salary of $350,000 for fiscal year 2003. The base salary will be paid to you in accordance with the Company’s standard payroll
practices. |
(b) |
You will be eligible for a bonus of up to $200,000. The amount of any bonus will be determined by the Board of Directors or the Compensation Committee, and will
be paid to you in accordance with the Company’s standard practices. |
(c) |
You will be eligible for a stock option grant under the Company’s stock option plan. The Board of Directors or the Compensation Committee will determine
the amount of any grant. |
(d) |
All payments to you will be subject to withholding for taxes and other applicable withholding requirements. |
(e) |
You will be eligible to participate in the Company’s employee benefit programs, in accordance with the terms and conditions of those programs.
|
4. |
Termination. The Company will have the right to terminate your employment at any time for “cause,” as determined under applicable law and
policies of the Company. You may terminate your employment at any time upon not less than sixty (60) days prior written notice. |
5. |
Miscellaneous. This letter agreement represents our complete agreement on these subjects. We can only amend this letter agreement by signing a written
amendment. This letter will be governed by Washington law in all respects. |
If you agree with
the terms contained in this letter, please sign the enclosed copy of this letter and return it to me.
| Sincerely, Compensation Committee, Board of Directors, Costco Wholesale Corporation
| ||
| By: |
/s/ Xxxx Xxxxxxxxxx | |
| Xxxx Xxxxxxxxxx, Director | ||
| Acknowledged and agreed: |
| /s/ Xxx Xxxxxxx |
| Xxx Xxxxxxx |
| Dated: |
October 5, 2002 | |
