Amendment to Executive Employment Agreement between Costco Wholesale Corporation and Hamilton E. James (December 2022)
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Summary
This letter agreement extends the employment term of Hamilton E. James with Costco Wholesale Corporation through December 31, 2023. It also increases Mr. James's annual base salary to $1,150,000 and sets his target bonus at $600,000. The agreement removes the reference to Mr. James serving as President. Both parties have signed to confirm these changes.
EX-10.2 2 costex10210q112022.htm EX-10.2 Document
Exhibit 10.2
December 14, 2022
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, 2023. Consistent with the prior decisions of the Compensation Committee: section 1(a) is amended to change the Annual Base Salary to $1,150,000; and section 1(h) is amended to change the Target Bonus to $600,000. The reference in the first "whereas" clause to my serving as President shall be deemed omitted. Please countersign below to indicate acceptance on behalf of the Company.
Very truly yours,
| By: /s/ W. Craig Jelinek | ||
| W. Craig Jelinek | ||
| Chief Executive Officer | ||
| Costco Wholesale Corporation | ||
| By: /s/ Hamilton James | ||
| Hamilton E. James | ||
| Chairman of the Board | ||
cc: John Stanton
