Company: CLX
Filing Date: 2025-06-26
Form Type: 11-K
Source: 0001206774-25-000433
Chunk: 7

Company: CLOROX CO /DE/
Filing Date: 2025-06-26
Form: 11-K
Chunk 7
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 of employment due
to permanent disability.

Payment of Benefits

The Plan provides for lump-sum distributions of
the vested value of a participant’s account upon death, permanent disability, or termination of employment. The Plan also provides
for installment distributions in limited instances. Hardship withdrawals are permitted if certain criterion are met.

Notes Receivable from Participants

Participants may obtain up to two loans for a
minimum of $1,000 each and a maximum amount equal to the lesser of $50,000 reduced by the highest outstanding loan balance in the previous
12 months, or 50% of the participant’s vested account balance. Loan terms range from 1 to 5 years, or up to 15 years if the proceeds
are used for the purchase of a primary residence. The loans are secured by the balance of the participant’s account and bear interest
at a fixed rate (prime plus 1%) determined at the time of the loan. Principal and accrued interest is repaid ratably through payroll deductions.
Outstanding notes receivable at December 31, 2024 carry interest rates ranging from 4.25% to 9.50%.

Plan Termination

Although it has not expressed any intent to do
so, the Companies have the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the
provisions of ERISA. In the event of a Plan termination, participants will become 100% vested in their accounts.

8

Administrative Expenses

The Company pays all administrative expenses except
for the quarterly recordkeeping fees, certain investment fees and loan fees, which are deducted from the affected participant’s
account.

Forfeitures

The unallocated forfeitures related to non-vested
accounts at December 31, 2024 and 2023 are $11,549 and $3,502, respectively. Subsequent to year end, the Companies used $3,686 and $4,914
of forfeitures to reduce the Companies’ non-elective employer contributions for the Plan years ended December 31, 2024 and 2023,
respectively.

2. Summary of Significant Accounting Policies

Basis of Accounting

The accompanying financial statements are prepared
on the accrual basis of accounting in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP”).

The Plan’s financial statements were evaluated for subsequent
events from the date after the financial statement date through June 26, 2025, the date the financial