Costco Wholesale Corp 8-K, filed Nov 10, 2021
Costco Wholesale Corp (COST)
About this 8-K
Costco Wholesale Corp filed this 8-K on November 10, 2021, reporting on events of November 8, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02. | Departure of Directors or Principal Officers; Election of Directions; Appointment of Principal Officers; Compensatory Arrangement of Certain Officers. |
On November 8, 2021, the Compensation Committee of the Board of Directors approved the fiscal 2022 performance criteria for bonuses to executive officers. Executive officers other than the Chief Executive Officer are eligible to receive bonuses up to $232,000. This amount includes $80,000 based on the achievement of specified targets relating to sales and $80,000 based on the achievement of specified targets relating to pre-tax income. The potential payment attributable to each of these performance goals may be from zero to up to 120% of the award target amount, based on the level of achievement of the goal. In addition, up to $40,000 can be earned relating to environmental and social objectives: $24,000 relating to achievement of quantitative performance metrics (including metrics concerning diversity equity and inclusion, resource consumption, and other emissions and environmental-related areas); and up to $16,000 based on discretionary assessment by the Chief Executive Officer of the officer’s environmental and social achievements (including, without limitation, progress in controlling emissions). For fiscal 2022, the Chief Executive Officer is eligible to receive a bonus of up to $580,000. This amount includes $200,000 based on the achievement of specified targets relating to sales and $200,000 based on the achievement of specified targets relating to pre-tax income. The potential payment attributable to each of these performance goals may be from zero to up to 120% of the award target amount, based on the level of achievement of the goal. In addition, up to $100,000 can be earned relating to environmental and social objectives for achievement of quantitative performance metrics (as discussed above for executive officers). See Exhibit 10.1.
| Item 9.01. | Financial Statements and Exhibits |
| (d) | Exhibits. The following exhibit is included in this report: | |
| 10.1 | Fiscal 2021 Executive Bonus Plan | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized, on November 10, 2021.
| COSTCO WHOLESALE CORPORATION | ||
| By: | /s/ John Sullivan | |
| John Sullivan | ||
| Senior Vice President and General Counsel | ||
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Exhibit 10.1
Costco Wholesale Corporation
Executive Bonus Plan
For fiscal year 2022, executive officers other than the Chief Executive Officer are eligible for a bonus of up to approximately $232,000. This amount includes $80,000 based on the achievement of specified targets relating to sales and $80,000 based on the achievement of specified targets relating to pre-tax income. The potential payment attributable to each of these performance goals may be from zero to up to 120% of the award target amount, based on the level of achievement of the goal. Up to $40,000 can be earned relating to environmental and social objectives: $24,000 relating to achievement of quantitative performance metrics (including metrics concerning diversity equity and inclusion, resource consumption, and other emissions and environmental-related areas); and up to $16,000 based on discretionary assessment by the Chief Executive Officer of the officer’s environmental and social achievements (including, without limitation, progress in controlling emissions).
For fiscal year 2022, the Chief Executive Officer is eligible to receive a bonus of up to $580,000. This amount includes $200,000 based on the achievement of specified targets relating to sales and $200,000 based on the achievement of specified targets relating to pre-tax income. The potential payment attributable to each of these performance goals may be from zero to up to 120% of the award target amount, based on the level of achievement of the goal. Up to $100,000 can be earned relating to environmental and social objectives for achievement of quantitative performance metrics (including metrics concerning diversity equity and inclusion, resource consumption, and other emissions and environmental-related areas).
The final bonus amounts are subject to the approval of the Compensation Committee. To be eligible for the annual bonus, an individual must be employed by the Company at the time bonus checks are issued (November).
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