Document:

exv10w3

 

Exhibit 10-3

THE CLOROX COMPANY

INDEPENDENT DIRECTORS’

DEFERRED COMPENSATION PLAN

1. Establishment, Objectives, Duration.

     The Clorox Company (hereinafter referred to as the “Company”) hereby establishes a
nonqualified deferred compensation plan for Independent Directors of the Company to be known as the
“The Clorox Company Independent Directors’ Deferred Compensation Plan” (hereinafter referred to as
the “Plan”).

     The purpose of the Plan is to enhance the Company’s ability to attract and retain Independent
Directors whose training, experience and ability will promote the interests of the Company and to
directly align the interests of such Independent Directors with the interests of the Company’s
stockholders. The Plan is designed to permit Independent Directors to defer the receipt of all or
a portion of the compensation otherwise payable to them for services to the Company as members of
the Board.

     The Plan is effective as of November 16, 2005. The Plan will remain in effect until such time
as it shall be terminated by the Board, pursuant to Section 11 herein.

2. Definitions.

     The following terms, when capitalized, shall have the meanings set forth below:

     (a) “Account” means a bookkeeping account established and maintained for a
Participant pursuant to Section 5(a).

     (b) “Beneficiary” means the person, persons or entity designated by the Participant
pursuant to Section 10 to receive any benefits payable under the Plan.

     (c) “Board” means the Board of Directors of the Company.

     (d) “Change in Control” means

     (i) The acquisition by any individual, entity or group (within the meaning of Section
13(d)(3) or 14(d)(2) of the Exchange Act ) (a “Person”) of beneficial ownership (within
the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% of either (a) the
then outstanding shares of common stock of the Company (the “Outstanding Company Common
Stock”) or (b) the combined voting power of the then
outstanding voting securities of the Company entitled to vote generally in the
election of directors (the “Outstanding Company Voting Securities”); provided, however,
that for purposes of this subparagraph (i), the following acquisitions shall not
constitute a Change in Control: (a) any acquisition directly from the Company, (b) any
acquisition by the Company, including any acquisition which, by reducing the number of
shares outstanding, is the sole cause for increasing the percentage of shares beneficially
owned by any such Person

 

 

to more than the applicable percentage set forth above, (c) any
acquisition by any employee benefit plan (or related trust) sponsored or maintained by the
Company or any corporation controlled by the Company or (d) any acquisition by any
corporation pursuant to a transaction which complies with clauses (a), (b) and (c) of
subparagraph (iii) of this definition; or

     (ii) Individuals who, as of the date hereof, constitute the Board (the “Incumbent
Board”) cease for any reason within any period of 24 months to constitute at least a
majority of the Board; provided, however, that any individual becoming a director
subsequent to the date hereof whose election, or nomination for election by the Company’s
stockholders, was approved by a vote of at least a majority of the directors then
comprising the Incumbent Board, shall be considered as though such individual were a
member of the Incumbent Board, but excluding, for this purpose, any such individual whose
initial assumption of office occurs as a result of an actual or threatened election
contest with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board; or

     (iii) Consummation by the Company of a reorganization, merger or consolidation or
sale or other disposition of all or substantially all of the assets of the Company or the
acquisition of assets of another corporation (a “Business Combination”), in each case,
unless, following such Business Combination, (a) more than 50% of, respectively, the then
outstanding shares of common stock and the combined voting power of the then outstanding
voting securities entitled to vote generally in the election of directors, as the case may
be, of the corporation resulting from such Business Combination (including without
limitation, a corporation which as a result of such transaction owns the Company or all or
substantially all of the Company’s assets either directly or through one or more
subsidiaries) is represented by Outstanding Company Common Stock and Outstanding Company
Voting Securities, respectively, that were outstanding immediately prior to such Business
Combination (or, if applicable, is represented by shares into which such Outstanding
Company Common Stock and Outstanding Company Voting Securities were converted pursuant to
such Business Combination) and such ownership of common stock and voting power among the
holders thereof is in substantially the same proportions as their ownership, immediately
prior to such Business Combination of the Outstanding Company Common Stock and Outstanding
Company Voting Securities, as the case may be, (b) no Person (excluding any employee
benefit plan (or related trust) of the Company or such corporation resulting from such
Business Combination) beneficially owns, directly or indirectly, 20% or more of,
respectively, the then outstanding shares of the corporation resulting from such Business
Combination or the combined voting power of the then outstanding voting securities of such
corporation except to the extent that such ownership existed prior to the Business
Combination and (c) at least a majority of the members of the board of directors of the
corporation resulting from such Business Combination were members of the Incumbent Board
at the time of the execution of the initial agreement, or of the action of the Board,
providing for such Business Combination; or

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     (iv) Approval by the stockholders of the Company of a complete liquidation or
dissolution of the Company.

     (e) “Code” means the Internal Revenue Code of 1986, as amended.

     (f) “Company” means The Clorox Company and any successor thereto as provided in
Section 12(d).

     (g) “Deferred Stock Unit” means a hypothetical Share as described in Section 5(b).

     (h) “Deferred Stock Unit Award” means any annual award of Deferred Stock Units that
may be granted to a Participant for services to the Company as an Independent Director under The
Clorox Company 2005 Stock Incentive Plan (or any successor stock incentive plan approved by the
stockholders of the Company).

     (i) “Director’s Fees” means the annual cash retainer for Board and committee service,
special assignment fees, meeting fees, Committee Chair or Presiding Director fees, and other
amounts payable to a Participant for services to the Company as an Independent Director.
Director’s Fees do not include awards granted to a Participant under The Clorox Company 2005 Stock
Incentive Plan (or any successor stock incentive plan approved by the stockholders of the
Company).

     (j) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     (k) “Fair Market Value” means, as of any date, the value of a Share determined as
follows:

     (i) Where there exists a public market for the Share, the Fair Market Value shall be
(a) the closing sales price for a Share for the last market trading day prior to the time
of the determination (or, if no sales were reported on that date, on the last trading date
on which sales were reported) on the New York Stock Exchange, the NASDAQ National Market
or the principal securities exchange on which the Share is listed for trading, whichever
is applicable, or (b) if the Share is not traded on any such exchange or national market
system, the average of the closing bid and asked prices of a Share on the NASDAQ Small Cap
Market, in each case, as reported in The Wall Street Journal or such other source as the
Board deems reliable; or

     (ii) In the absence of an established market of the type described above for the
Share, the Fair Market Value thereof shall be determined by the Board in good faith, and
such determination shall be conclusive and binding on all persons.

     (l) “Independent Director” means any individual who is a member of the Board of
Directors of the Company who is not an employee of the Company or any of its subsidiaries.

     (m) “Participant” means any Independent Director who elects to participate by filing
a Participation Agreement as provided in Section 4.

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     (n) “Participation Agreement” means an agreement in such form as the Board may
prescribe filed by a Participant in accordance with Section 4.

     (o) “Payment Anniversary Date” means an anniversary of the Payment Commencement Date.

     (p) “Payment Commencement Date” means the first business day of the Plan Year
immediately following the Plan Year in which the Participant terminates service as a member of the
Board.

     (q) “Plan” means The Clorox Company Independent Directors’ Deferred Compensation
Plan, as amended from time to time.

     (r) “Plan Year” means the calendar year.

     (s) “Share” means a share of common stock of the Company, par value $1.00 per share.

3. Administration of the Plan.

     (a) In General. The Plan shall be administered by the Board. The Board shall act by
vote or written consent of a majority of its members.

     (b) Authority of the Board. Subject to applicable laws and the provisions of the
Plan, the Board shall have full and final authority in its discretion to establish rules and take
all actions, including, without limitation, interpreting the terms of the Plan and any related
rules or regulations or other documents enacted hereunder and deciding all questions of fact
arising in their application, determined by the Board to be necessary in the administration of the
Plan.

     (c) Effect of Board’s Decision. All decisions, determinations and interpretations of
the Board shall be final, binding and conclusive on all persons, including the Company, its
stockholders, the Participants and their estates and Beneficiaries.

     (d) Delegation. The Board may delegate to any Board committee or officers of the
Company any and all authority with which it is vested under the Plan, and the Board may allocate
its responsibilities under the Plan among its members.

4. Participation and Crediting of Accounts.

     (a) Participation. Participation in the Plan shall be limited to Independent
Directors who elect to participate in the Plan by filing a Participation Agreement with the Board.
A Participation Agreement must be filed prior to the beginning of the Plan Year for which it is
effective; provided, however, that in the first year in which an individual becomes eligible to
participate in the Plan, the newly eligible Participant may make an election to defer compensation
for services to be performed subsequent to such election within 30 days after date the individual
first becomes eligible to participate.

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     (b) Contents of Participation Agreement.

     (i) Each Participant Agreement shall set forth whether the Participant elects to
receive Director’s Fees in cash, Shares, deferred cash or Deferred Stock Units. A
Participant who does not file a timely Participation Agreement for a Plan Year shall
receive his or her Director’s Fees in cash.

     (ii) A Participant who elects to receive his or her Director’s Fees in Shares,
deferred cash, and/or Deferred Stock Units shall specify the percentage of such Director’s
Fees (in multiples of 10%) to be paid in Shares, deferred cash or Deferred Stock Units.

     (iii) Each Participation Agreement shall set forth whether amounts deferred pursuant
to subparagraphs (i) and (ii) above will be paid as a lump sum payment or in five annual
installments, as set forth in Section 6(c) herein.

     (iv) Each Participation Agreement shall also set forth whether Deferred Stock Unit
Awards will be paid as a lump sum payment or in five annual installments, as set forth in
Section 6(c) herein.

     (c) Payment of Shares and Crediting of Accounts.

     (i) A Participant who elects to receive all or a portion of his or her Director’s
Fees as Shares shall be distributed Shares as of the last day of each calendar quarter
equal to his or her accrued Director’s Fees for the quarter, multiplied by the percentage
of such Director’s Fees previously selected by the Participant to be applied to the
purchase of Shares, and divided by the Fair Market Value of a Share as of the last trading
day in such calendar quarter. Cash shall be distributed in lieu of fractional Shares.

     (ii) A Participant who elects to receive all or a portion of his or her Director’s
Fees as deferred cash shall have credited to his or her Account as of the last day of each
calendar quarter an amount determined by multiplying his or her accrued Director’s Fees
for the quarter by the percentage of such Director’s Fees previously selected by the
Participant to be received as deferred cash.

     (iii) A Participant who elects to receive all or a portion of his or her Director’s
Fees as Deferred Stock Units shall have credited to his or Account as of the last day of
each calendar quarter the number of Deferred Stock Units (including fractional Deferred
Stock Units) determined by multiplying his or her accrued Director’s Fees for the quarter
by the percentage of such Director’s Fees previously selected by the Participant to be
applied to the purchase of Deferred Stock Units, and dividing the product thereof by the
Fair Market Value of a Share as of the last trading day in such calendar quarter.

     (d) Modification or Revocation of Election by Participant. Elections made pursuant
to paragraphs (b)(i) and (ii) of this Section 4 shall remain in effect for the next Plan Year and
for subsequent Plan Years unless and until a new Participation Agreement is provided. Any
elections made under a new Participation Agreement will apply only to Director’s Fees earned in
the Plan Year beginning after the date of the new Participation Agreement.

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5. Maintenance and Investment of Accounts.

     (a) Accounts. A separate Account shall be maintained for each Participant. In
addition, various subaccounts may be maintained for a Participant as necessary to reflect separate
Participation Agreements, cash deferrals, and Deferred Stock Units. A Participant’s Account shall
be utilized solely as a device for measurement and determination of the amounts to be paid
to the Participant pursuant to the Plan, and shall not constitute or be treated as a trust
fund of any kind. The balance of a Participant’s Account shall be adjusted to reflect changes in
the value of the deemed investments thereof, adjustments, credits and debits pursuant to
paragraphs (b) and (c) below, any Deferred Stock Unit Awards, and distributions pursuant to
Section 6.

     (b) Deferred Stock Units.

     (i) Deemed Investment in Shares. The Account of a Participant who elects to receive
Deferred Stock Units, as well as the Account of a Participant who receives Deferred Stock
Unit Awards, shall be treated as if it were invested in Deferred Stock Units equivalent in
value to the Fair Market Value of Shares in accordance with the following rules:

	 	(a)	 	Deemed Reinvestment of Dividend
Equivalents. The number of Deferred Stock Units credited to a
Participant’s Account shall be increased on each date on which a
dividend is paid on Shares. The number of additional Deferred
Stock Units credited to a Participant’s Account as a result of such
increase shall be determined by (1) multiplying the total number of
Deferred Stock Units (excluding fractional Deferred Stock Units)
credited to the Participant’s Account immediately before such
increase by the amount of the dividend paid per Share on the
dividend payment date, and (2) dividing the product so determined
by the Fair Market Value of a Share on the dividend payment date.
	 
	 	(b)	 	Adjustments upon Change in
Capitalization. In the event of any merger, reorganization
consolidation, recapitalization, liquidation, stock dividend,
split-up, spin-off, stock split, reverse stock split, share
combination, share exchange, extraordinary dividend, or any change
in the corporate structure affecting the Shares, the number of
Deferred Stock Units credited to a Participant’s Account and/or the
kind or class of shares deliverable under the Plan shall be
adjusted in such manner as may be determined to be appropriate and
equitable by the Board, in its sole discretion, to prevent dilution
or enlargement of benefits or potential benefits intended to be
made available under the Plan. The determination of the Board as
to such adjustments, if any, to be made shall be conclusive and binding on all
Participants and Beneficiaries.

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     (ii) Hypothetical Nature of Investments. The Deferred Stock Units established
hereunder shall be used solely to determine the amounts to be paid hereunder, shall not be
or represent an equity security of the Company, shall not be convertible into or otherwise
entitle a Participant to acquire an equity security of the Company and shall not carry any
voting rights.

     (c) Cash Deferrals. Cash deferrals shall be credited with interest at an annual rate
for each Plan Year equal to the Prime Lending Rate of Wells Fargo Bank as in effect on January 1
of such year. Interest shall be accrued to the date of the actual payment and shall be compounded
on a calendar quarter basis.

6. Payments.

     (a) Time of Payment. Payments to a Participant with respect to the Participant’s
Account, including any Deferred Stock Unit Awards credited to a Participant’s Account, shall begin
as of the Participant’s Payment Commencement Date; provided, however, that if a Participant dies
before the Participant’s Payment Commencement Date, payment of the entire value of the
Participant’s Account shall be made to the Participant’s Beneficiary in accordance with the
provisions of paragraph (c) below after the Board receives all documents and other information
that it requests in connection with the payment.

     (b) Medium of Payment. Except to the extent the Board determines otherwise, the
portion of the Participant’s Account denominated in Deferred Stock Units shall be paid in Shares.
One Share shall be paid for each whole Deferred Stock Unit contained therein, and any fractional
Deferred Stock Units shall be paid in cash. The portion of the Participant’s Account denominated
in cash shall be paid in cash.

     (c) Form of Payment.

     (i) Lump Sum. A Participant shall receive his or her Account under the Plan in the
form of a lump sum payment unless the Participant has elected to receive any portion
thereof in five annual installments in accordance with subparagraph (ii). The lump sum
shall be payable to the Participant in cash and/or Shares on the Payment Commencement
Date. If the Participant dies before his or her Payment Commencement Date, a lump sum
payment shall be made to the Participant’s Beneficiary on the Payment Commencement Date.

     (ii) Five Annual Installments. A Participant may elect to receive all or a portion
of his or her Account under the Plan in five annual installments. Such election must be
made in the Participant’s Participation Agreement pursuant to Section 4. Annual
installments shall be payable to the Participant in cash/and or Shares beginning as of the
Payment Commencement Date and continuing each Payment Anniversary Date thereafter until
all installments have been paid. The first annual installment shall equal one-fifth
(1/5th) of the value of the Participant’s Account(s), determined as of the
Payment Commencement Date. Each successive annual installment shall equal the value of
the Participant’s Account(s), determined as of the Payment Anniversary Date, multiplied by
a fraction, the numerator of which is one, and the denominator of which is the excess of

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five over the number of installment payments previously made (i.e., 1/4th in
year 2, 1/3rd in year 3, etc.). If the Participant dies before the
Participant’s Payment Commencement Date having elected to receive benefits in five annual
installments, or after the Participant’s Payment Commencement Date but before all five
installments have been paid, the remaining installments shall be paid to the Participant’s
Beneficiary in accordance with the schedule in this subparagraph (ii).

7. Shares Subject to the Plan.

     Unless otherwise determined by the Board, payments under the Plan that are made in the form of
Shares, in whole or in part, shall be made from the aggregate number of Shares authorized to be
issued under and otherwise in accordance with the terms of The Clorox Company 2005 Stock Incentive
Plan (or any successor stock incentive plan approved by the stockholders of the Company). No
Shares are reserved for issuance under the Plan.

8. Change in Control.

     Except as otherwise provided by the Board, upon the occurrence of a Change in Control or as
soon as reasonably practicable thereafter, the value of all amounts deferred by a Participant which
have not yet been credited to the Participant’s Account and the value of such Participant’s Account
shall be paid to the Participant, in each case as a lump sum cash payment. For purposes of
payments under this Section 8, the value of a Deferred Stock Unit shall be computed as the greater
of (a) the Fair Market Value of a Share on or nearest the date on which the Change in Control is
deemed to occur, or (b) the highest per share price for Shares actually paid in connection with the
Change in Control.

9. Taxes.

     The Company shall have the power and right to deduct or withhold from all credits and payments
under the Plan any applicable taxes that the Board
reasonably determines to be required by law to be withheld from such credits and payments.

10. Beneficiary Designation.

     (a) Beneficiary Designation. Each Participant shall have the right, at any time, to
designate any person, persons or entity as his Beneficiary or Beneficiaries. A Beneficiary
designation shall be made, and may be amended, by the Participant by filing a written designation
with the Board, on such form and in accordance with such procedures as the Board shall establish
from time to time.

     (b) No Beneficiary Designation. If a Participant fails to designate a Beneficiary as
provided above, or if all designated Beneficiaries predecease the Participant, then the
Participant’s Beneficiary shall be deemed to be the Participant’s estate.

11. Amendment or Termination of the Plan.

     The Board may at any time and from time to time, amend, suspend or terminate the Plan in whole
or in part; provided, however, that no such amendment, suspension or termination shall

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adversely affect the rights of any Participant or Beneficiary under the Plan unless consented to in writing
by such Participant or, in the event the Participant is deceased, the Beneficiary.

12. Miscellaneous.

     (a) Gender, Number and References. Except where otherwise indicated by the context,
any masculine term used herein also shall include the feminine, the plural shall include the
singular and the singular shall include the plural. Any reference in the Plan to a Section of the
Plan or to an act or code or to any section thereof or rule or regulation thereunder shall be
deemed to refer to such Section of the Plan, act, code, section, rule or regulation, as may be
amended from time to time, or to any successor Section of the Plan, act, code, section, rule or
regulation.

     (b) No Assignment. Except as specifically set forth in the Plan with respect to the
designation of Beneficiaries and as otherwise required by applicable law, any interest, benefit,
payment, claim or right of any Participant under the Plan shall not be sold, transferred,
assigned, pledged, encumbered or hypothecated by any Participant and shall not be subject in any
manner to any claims of any creditor of any Participant or Beneficiary, and any attempt to take
any such action shall be null and void.

     (c) Severability. In the event any provision of the Plan shall be held illegal or
invalid for any reason, the illegality or invalidity shall not affect the
remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal
or invalid provision had not been included.

     (d) Successors. All obligations of the Company under the Plan shall be binding on
any successor to the Company, whether the existence of such successors is the result of a direct
or indirect purchase, merger, consolidation, or other event, or a sale or disposition of all or
substantially all of the business and/or assets of the Company and references to the “Company”
herein any in any Participation Agreements shall be deemed to refer to such successors.

     (e) Requirements of Law. The payment of cash or Shares under the Plan shall be
subject to all applicable laws and to such approvals by any governmental agencies or national
securities exchanges as may be required.

     (f) Unfunded Plan. The Plan is intended to be an unfunded plan benefiting persons
who are not employees of the Company or any of its subsidiaries. All payments pursuant to the
Plan will be made from the general assets of the Company, and the rights of Participants and
Beneficiaries under the Plan will be only those of general unsecured creditors of the Company.

     (g) Governing Law. To the extent not preempted by federal law, the Plan shall be
construed in accordance with and governed by the laws of the State of California, excluding any
conflicts or choice of law rule or principle that might otherwise refer construction or
interpretation of this Plan to the substantive law of another jurisdiction.

     (h) Non-Exclusive Plan. The adoption of the Plan by the Board shall not be construed as
creating any limitations on the power of the Board or a committee thereof to adopt such other
incentive arrangements as it may deem desirable.

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     (i) Code Section 409A Compliance. To the extent applicable, it is intended that this
Plan and all deferrals and payments made hereunder comply with the requirements of Section 409A of
the Code and any related regulations or other guidance promulgated with respect to such Section by
the U.S. Department of the Treasury or the Internal Revenue Service (“Section 409A”). Any
provision that would cause the Plan or any deferral or payment made hereunder to fail to satisfy
Section 409A shall have no force or effect until amended to comply with Section 409A, which
amendment may be retroactive to the extent permitted by Section 409A.

10exv10w4

 

Exhibit 10-4

AMENDMENT NO. 1 TO CREDIT AGREEMENT

     AMENDMENT dated as of November 22, 2005 (this “Amendment”) to the Credit Agreement dated as of
December 7, 2004 among The Clorox Company, Citicorp USA, Inc. and JPMorgan Chase Bank, N.A., as
Administrative Agents, and the other Agents and Banks parties thereto (the “Agreement”).

W I T N E S S E T H :

     WHEREAS, the Agreement includes a provision whereby the Commitments of the Banks may be
extended from time to time; and

     WHEREAS, the parties hereto desire to amend this provision to modify the timetable specified
therein; and

     WHEREAS, the parties hereto also desire to utilize this Amendment to memorialize the initial
extension of Commitments pursuant to said provision;

     NOW, THEREFORE, the parties hereto agree as follows:

     Section 1 . Defined Terms; References. Unless otherwise
specifically defined herein, each term used herein that is defined in the Agreement has the meaning
assigned to such term in the Agreement. Each reference to “hereof”, “hereunder”, “herein” and
“hereby” and each other similar reference and each reference to “this Agreement” and each other
similar reference contained in the Agreement shall, after this Amendment becomes effective, refer
to the Agreement as amended hereby.

     Section 2 . Amendment. Section 2.01(b) of the Agreement is amended to read as follows:

     ”Extension of Commitments. The Borrower may, upon not less than 45 days notice to
the Servicing Agent (which shall notify each Bank of receipt of such request), propose to
extend the Termination Date for an additional one-year period measured from the
Termination Date then in effect. Each Bank shall endeavor to respond to such request,
whether affirmatively or negatively (such determination in the sole discretion of such
Bank), by notice to the Borrower and the Servicing Agent within 30 days of its receipt of
such request. Subject to the execution by the Borrower, the Administrative Agents and
such Banks of a duly completed Extension Agreement in substantially the form of Exhibit H
(or other comparable documentation satisfactory to the Borrower and the Administrative
Agents), the Termination Date applicable to the Commitment of each Bank so affirmatively
notifying the Borrower and

 

 

the Servicing Agent shall be extended for the period specified above;
provided that the Termination Date shall not be extended unless Banks having at least
66 2/3% in aggregate amount of the Commitments in effect at the time any such extension is
requested shall have elected so to extend their Commitments. Any Bank which does not give
such notice to the Borrower and the Servicing Agent shall be deemed to have elected not to
extend as requested, and the Commitment of each non-extending Bank shall terminate on, and
each of its outstanding Loans shall mature on a date no later than, the Termination Date
determined without giving effect to such requested extension. The Borrower shall have the
right, with the assistance of the Administrative Agents, to seek a mutually satisfactory
substitute bank or banks or other financial institution (which may be, but need not be, an
extending Bank) to replace a non-extending Bank.”

     Section 3 . Extension of Commitments. The Termination Date is hereby extended for a one-year
period to December 7, 2010 as applicable to the Commitment of each Bank from which the Servicing
Agent shall have received a signed counterpart as contemplated by Section 7(b) hereof.

     Section 4 . Representations of Borrower. The Borrower represents
and warrants that on and as of the date hereof (i) the representations and warranties of such
Borrower set forth in Article 4 of the Agreement are true and (ii) no Default has occurred and is
continuing on such date.

     Section 5 . Governing Law. This Amendment shall be governed by
and construed in accordance with the laws of the State of New York.

     Section 6 . Counterparts. This Amendment may be signed in any
number of counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.

     Section 7 . Effectiveness.  (a) Section 2 of this Amendment shall become effective
when the Servicing Agent shall have received from each of the Borrower and the Required Banks a
counterpart hereof signed by such party or facsimile or other written confirmation (in form
satisfactory to the Servicing Agent) that such party has signed a counterpart hereof.

     (b) Section 3 of this Amendment shall become effective when the Servicing Agent shall have
received from each of the Borrower, the Administrative Agents and Banks having at least 66 2/3% in
aggregate amount of the Commitments a counterpart hereof signed by such party or facsimile or other
written confirmation (in form satisfactory to the Servicing Agent) that such party has signed a
counterpart hereof.

 

 

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the date first above written.

	 	 	 	 	 
	 	THE CLOROX COMPANY

 	 
	 	By:  	  /s/ Charles R. Conradi
 	 
	 	 	Name:  	Charles R. Conradi 	 
	 	 	Title:  	Treasurer 	 
	 
	 	 	 
	 	By:  	                                /s/ Mary Beth Springer
 	 
	 	 	Name:  	Mary Beth Springer 	 
	 	 	Title:  	Group V.P. 	 
	 

 

 

	 	 	 	 	 
	 	CITICORP USA, INC.,

     as a Bank, as Servicing Agent and as

     Administrative Agent

 	 
	 	By:  	  /s/ J. Gregory Davis
 	 
	 	 	Name:  	J. Gregory Davis 	 
	 	 	Title: Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

     as a Bank and as Administrative

     Agent

 	 
	 	By:  	  /s/ William P. Rindfuss
 	 
	 	 	Name:  	William P. Rindfuss 	 
	 	 	Title:  	Vice President 	 
	 

 

 

	 	 	 	 	 
	 	WACHOVIA BANK, N.A., as a Bank

 	 
	 	By:  	   /s/ Thomas M. Harper
 	 
	 	 	Name:  	Thomas M. Harper 	 
	 	 	Title:  	Senior Vice President 	 
	 

 

 

	 	 	 	 	 
	 	THE BANK OF TOKYO-MITSUBISHI,

     LTD., SEATTLE BRANCH, as a

     Bank

 	 
	 	By:  	  /s/ Tsuneto Kodama
 	 
	 	 	Name:  	Tsuneto Kodama 	 
	 	 	Title:  	General Manager 	 
	 

 

 

	 	 	 	 	 
	 	ING CAPITAL LLC, as a Bank

 	 
	 	By:  	  /s/ Bill Redmond
 	 
	 	 	Name:  	Bill Redmond 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	BNP PARIBAS, as a Bank

 	 
	 	By:  	  /s/ Katherine Wolfe
 	 
	 	 	Name:  	Katherine Wolfe 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	                              /s/ Sandy Bertram
 	 
	 	 	              Sandy Bertram 	 
	 	 	              Vice President 	 
	 

 

 

	 	 	 	 	 
	 	CALYON NEW YORK BRANCH, as a

     Bank

 	 
	 	By:  	  /s/ Dianne M. Scott
 	 
	 	 	Name:  	Dianne M. Scott 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	                              /s/ Richard Laborie
 	 
	 	 	Name:  	Richard Laborie 	 
	 	 	Title:  	Director 	 
	 

 

 

	 	 	 	 	 
	 	WILLIAM STREET COMMITMENT

     CORPORATION (Recourse only to

     assets of William Street Commitment

     Corporation), as a Bank

 	 
	 	By:  	  /s/ Mark Walton
 	 
	 	 	Name:  	Mark Walton 	 
	 	 	Title:  	Assistant Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK, as a Bank

 	 
	 	By:  	  /s/ Lisa Y. Brown
 	 
	 	 	Name:  	Lisa Y. Brown 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANCO BILBAO VIZCAYA

     ARGENTARIA, S.A., as a Bank

 	 
	 	By:  	  /s/ Hector O. Villegas
 	 
	 	 	Name:  	Hector O. Villegas 	 
	 	 	Title:  	Vice President

Global Corporate Banking 	 
	 
	 	 	 
	 	By:  	                              /s/ Giampaolo Consigliere
 	 
	 	 	              Giampaolo Consigliere 	 
	 	 	              Vice President

              Global Trade Finance 	 
	 

 

 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL

     ASSOCIATION, as a Bank

 	 
	 	By:  	  /s/ Margarita Chichioco
 	 
	 	 	Name:  	Margarita Chichioco 	 
	 	 	Title:  	Vice President 	 
	 

 

 

	 	 	 	 	 
	 	UNION BANK OF CALIFORNIA, N.A.,

     as a Bank

 	 
	 	By:  	  /s/ J. William Bloore
 	 
	 	 	Name:  	J. William Bloore 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	U.S. BANK NATIONAL

     ASSOCIATION, as a Bank

 	 
	 	By:  	  /s/ Janet Jordan
 	 
	 	 	Name:  	Janet Jordan 	 
	 	 	Title:  	Vice President 	 
	 

 

 

	 	 	 	 	 
	 	SANPAOLO IMA S.P.A., as a Bank

 	 
	 	By:  	  /s/ Renato Carducci
 	 
	 	 	Name:  	Renato Carducci 	 
	 	 	Title:  	G.M. 	 
	 
	 	SANPAOLO IMA S.P.A., as a Bank

 	 
	 	By:  	  /s/ Robert Wurster
 	 
	 	 	Name:  	Robert Wurster 	 
	 	 	Title:  	S.V.P. 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	FIFTH THIRD BANK, as a Bank

 	 
	 	By:  	  /s/ Gary S. Losey
 	 
	 	 	Name:  	Gary S. Losey 	 
	 	 	Title:  	AVP — Relationship Manager 	 
	 

 

 

	 	 	 	 	 
	 	THE NORTHERN TRUST COMPANY,

     as a Bank

 	 
	 	By:  	  /s/ John P. Brazzale
 	 
	 	 	Name:  	John P. Brazzale 	 
	 	 	Title:  	Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00096-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00096-of-00352.parquet"}]]