Amendment to Executive Employment Agreement between Costco Wholesale Corporation and W. Craig Jelinek
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Summary
This letter agreement extends the term of W. Craig Jelinek’s Executive Employment Agreement with Costco Wholesale Corporation through December 31, 2021. It also increases his annual base salary to $1,050,000 and sets his target bonus at $400,000, as approved by the Compensation Committee. The agreement is confirmed by signatures from both the President and CEO, W. Craig Jelinek, and the Chairman of the Board, Hamilton E. James.
EX-10.2 2 costex10210q112220.htm EX-10.2 Document
Exhibit 10.2
December 3, 2020
Hamilton E. James
Chairman of the Board
Costco Wholesale Corporation
RE: Executive Employment Agreement
Dear Tony:
As provided for under section 7(b) of the Executive Employment Agreement, effective January 1, 2017, between Costco Wholesale Corporation and me, this letter will confirm an extension of the term through and including December 31, 2021. Consistent with the prior decisions of the Compensation Committee: section 1(a) is amended to change the Annual Base Salary to $1,050,000; and section 1(h) is amended to change the Target Bonus to $400,000. Please countersign below to indicate acceptance on behalf of the Company.
Very truly yours,
| /s/ W. Craig Jelinek | ||
| W. Craig Jelinek | ||
| President and CEO | ||
| Costco Wholesale Corporation | ||
| By: /s/ Hamilton James | ||
| Hamilton E. James | ||
| Chairman of the Board | ||
cc: John Stanton
