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Exhibit
10.6.1
As
of August 31, 2009
Jim
Sinegal
999 Lake
Drive
Issaquah, WA
98027
Dear
Jim:
This letter
agreement confirms the terms of your employment with Costco
Wholesale Corporation (the “Company”):
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1.
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Employment.
The
Company employs you as its President and Chief Executive
Officer.
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2.
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Employment
Term. The terms of
this letter agreement cover one year, beginning August 31,
2009, and coinciding with the Company’s fiscal year 2010,
unless otherwise terminated as provided below. The parties may
renew this letter agreement from year-to-year upon
agreement.
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(a)
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You will
receive a base salary of $350,000 for fiscal year 2010. The base
salary will be paid to you in accordance with the Company’s
standard payroll practices.
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(b)
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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.
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(c)
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You will be
eligible for an equity award under the Company’s Third
Restated 2002 Stock Incentive Plan or its successor plan. The Board
of Directors or the Compensation Committee will determine the
amount of any grant.
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(d)
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All payments to
you will be subject to withholding for taxes and oth
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