Document:

Exhibit 10.3

THE CLOROX
COMPANY
NONQUALIFIED
DEFERRED COMPENSATION PLAN
AMENDMENT NO. 1 

Pursuant to Section 6.06 of
The Clorox Company Nonqualified Deferred Compensation Plan (the “Plan”), the
Plan is hereby amended as follows, effective as of July 1, 2016: 

	3.	       	Section
      5.01(b) of the Plan is hereby deleted in its entirety and replaced with
      the following:
	 	 	 
			       	
             “(b) Subsequent Elections. A Participant may change the form of a
      distribution election with respect to his or her entire vested Account by
      submitting the change to the Committee in writing, at least two calendar
      years before the Participant has a Termination of Employment. Unless
      otherwise approved by the Administrator in its sole discretion, only one
      change election under this paragraph (b) can be made for the Participant’s
      entire vested Account. A change election made under this paragraph (b)
      shall be irrevocable as of December 31 of the calendar year that is at
      least the second calendar year prior to the calendar year in which the
      Participant has a Termination of Employment. If such a subsequent election
      is not valid because, for example, it is not made in a timely manner, the
      Participant’s most recent effective distribution election under this
      Section 5.01 will govern payment of the Participant’s entire vested
      Account upon the Participant’s Termination of Employment.”
  

Except as modified by this
Amendment No. 1, the Plan shall remain unchanged and shall remain in full force
and effect. 

IN WITNESS WHEREOF, The Clorox
Company has caused this Amendment No. 1 to be duly executed as of the day and
year first written above. 

	The Clorox
      Company
	 
 
	By:  	/s/ Kirsten
  MarrinerExhibit 10.13

THE CLOROX
COMPANY
AMENDED AND RESTATED 
2005 NONQUALIFIED DEFERRED COMPENSATION PLAN
AMENDMENT NO. 2

Pursuant to Section 6.07 of
The Clorox Company 2005 Nonqualified Deferred Compensation Plan, as amended (the “Plan”), the
Plan is hereby amended as follows, effective as of July 1, 2016: 

	2.	       	Section 5.01(b) of the
      Plan is hereby deleted in its entirety and replaced with the
      following:
	 	 	 
			       	
             “(b) Subsequent Elections for Elective
      Deferrals. A Participant
      may change the form of a distribution election (whether payable in-service
      or upon or following Separation From Service) with respect to all or a
      portion of his or her Account by submitting the change to the Committee,
      in writing, at least one calendar year before the originally scheduled
      distribution date. Unless otherwise approved by the Administrator in its
      sole discretion, only one change election under this paragraph (b) can be
      made for amounts credited to a Participant’s Account for any specific Plan
      Year. Any such change election will defer the timing of commencement of
      the distribution for five years after the originally scheduled
      distribution date. A change election made under this paragraph (b) shall
      be irrevocable as of the date that is one year prior to the originally
      scheduled distribution date. If such a subsequent election is not valid
      because, for example, it is not made in a timely manner, the Participant’s
      most recent effective distribution election will govern the payment of the
      Participant’s Account.” 

Except as modified by this
Amendment No. 2, the Plan shall remain unchanged and shall remain in full force
and effect. 

IN WITNESS WHEREOF, The Clorox
Company has caused this Amendment No. 2 to be duly executed as of the day and
year first written above. 

	The Clorox
      Company
	 
 
	By:  	/s/ Kirsten
  MarrinerExhibit 10.22

THE CLOROX
COMPANY
EXECUTIVE RETIREMENT PLAN 
AMENDMENT NO. 1 

Pursuant to Section 6.07 of
The Clorox Company Executive Retirement Plan (the “Plan”), the Plan is hereby
amended as follows, effective as of July 1, 2016: 

	4.	       	Section 5.01(b) of
      the Plan is hereby deleted in its entirety and replaced with the
      following:
	 	 	 
			       	
             “(b) Subsequent Election. A Participant may change the form of a
      distribution election with respect to all or a portion of his or her
      Account by submitting the change to the Committee, in writing, at least
      one calendar year before the originally scheduled distribution date.
      Unless otherwise approved by the Administrator in its sole discretion,
      only one change election under this paragraph (b) can be made for amounts
      credited to a Participant’s Account for any specific Plan Year. Any such
      change election will defer the timing of commencement of the distribution
      for five years after the originally scheduled distribution date. A change
      election made under this paragraph (b) shall be irrevocable as of the date
      that is one year prior to the originally scheduled distribution date. If
      such a subsequent election is not valid because, for example, it is not
      made in a timely manner, the Participant’s most recent effective
      distribution election will govern the payment of the Participant’s
      Account.” 

Except as modified by this
Amendment No. 1, the Plan shall remain unchanged and shall remain in full force
and effect. 

IN WITNESS WHEREOF, The Clorox
Company has caused this Amendment No. 1 to be duly executed as of the day and
year first written above. 

	The Clorox
      Company
	 
 
	By:  	/s/ Kirsten
  MarrinerExhibit 10.24

THE CLOROX COMPANY

2011 NONQUALIFIED DEFERRED
COMPENSATION PLAN
AMENDMENT NO. 1 

Pursuant to Section 6.07 of
The Clorox Company 2011 Nonqualified Deferred Compensation Plan (the “Plan”),
the Plan is hereby amended as follows, effective as of July 1, 2016: 

	1.	       	Section 5.01(c) of
      the Plan is hereby deleted in its entirety and replaced with the
      following:
	 	 	 
			       	
             “(c) Subsequent Elections for Elective
      Deferrals. A Participant
      may change the form of a distribution election (whether payable in-service
      or upon or following Separation From Service) with respect to all or a
      portion of his or her Account by submitting the change to the Committee,
      in writing, at least one calendar year before the originally scheduled
      distribution date. Unless otherwise approved by the Administrator in its
      sole discretion, only one change election under this paragraph (c) can be
      made for amounts credited to a Participant’s Account for any specific Plan
      Year. Any such change election will defer the timing of commencement of
      the distribution for five years after the originally scheduled
      distribution date. A change election made under this paragraph (c) shall
      be irrevocable as of the date that is one year prior to the originally
      scheduled distribution date. If such a subsequent election is not valid
      because, for example, it is not made in a timely manner, the Participant’s
      most recent effective distribution election will govern the payment of the
      Participant’s Account.” 

Except as modified by this
Amendment No. 1, the Plan shall remain unchanged and shall remain in full force
and effect. 

IN WITNESS WHEREOF, The Clorox
Company has caused this Amendment No. 1 to be duly executed as of the day and
year first written above. 

	The Clorox
      Company
	 
 
	By:  	/s/ Kirsten
  MarrinerExhibit
10.26

EXECUTION
COPY

 

 

 

 

AMENDED AND RESTATED
JOINT VENTURE AGREEMENT

DATED AS OF JANUARY 31,
2003

BETWEEN

THE GLAD PRODUCTS COMPANY
AND ITS AFFILIATES IDENTIFIED HEREIN

AND

THE PROCTER & GAMBLE
COMPANY AND ITS AFFILIATE IDENTIFIED HEREIN

 

 

 

 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST.

TABLE OF
CONTENTS

	          				Page
	ARTICLE
    I	      	DEFINITIONS	2
		Section 1.1		Defined Terms	2
		Section
    1.2		Other
      Definitions	14
		Section 1.3		Other Definitional Provisions;
      Interpretation	16
	ARTICLE
    II		CONTRIBUTIONS AND
      ALLOCATIONS OF INTEREST	16
		Section 2.1		Closing of Joint Venture	16
		Section
    2.2		Clorox
      Contribution and Related Matters	16
		Section 2.3		Contribution by P&G and Related
      Matters	19
		Section
    2.4		Nature of JV
      Interest	20
		Section 2.5		Initial Allocations of Interest and Capital
      Accounts	20
		Section
    2.6		Additional
      Capital Calls and Parent Loans	21
		Section 2.7		P&G Option	23
		Section
    2.8		Rights with
      Respect to Capital	24
		Section 2.9		Capital Accounts	24
	ARTICLE
    III		ALLOCATIONS AND
      DISTRIBUTIONS	26
		Section 3.1		Allocation of Net Profits and Losses	26
		Section
    3.2		Special
      Allocations	27
		Section 3.3		Section 704(c) Allocation	29
		Section
    3.4		Distributions of
      Available Cash Flow	29
		Section 3.5		Distributions of IP Related Amounts	32
	ARTICLE
    IV		REPRESENTATIONS
      AND WARRANTIES	33
		Section 4.1		Representations and Warranties of all the
      Parties	33
		Section
    4.2		Representations
      and Warranties of the Clorox Parties	34
		Section 4.3		Representations and Warranties of
    P&G	39
		Section
    4.4		Survival of
      Representations and Warranties	40
	ARTICLE
    V		GOVERNANCE	40
		Section
    5.1		Board of
      Managers	40
		Section 5.2		Meetings of the Board	42
		Section
    5.3		P&G Veto
      Rights	44
		Section 5.4		Business Plan, Budget and Reports to the
      Board	45

-i-

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

TABLE OF
CONTENTS 
(continued)

	          				Page
		Section
    5.5		Additional Items
      for Board Approval	46
	ARTICLE
    VI	     	TRANSFERS OF INTEREST; TERM AND
      TERMINATION	47
		Section
    6.1		General;
      Restrictions on Transfers	47
		Section 6.2		Effect of Transfers on Distributions among JV
      Partners	47
		Section
    6.3		Term of Joint
      Venture	48
		Section 6.4		P&G Put Rights	48
		Section
    6.5		Clorox Purchase
      of P&G JV Interest	50
		Section 6.6		Tag-Along Rights	52
		Section
    6.7		Drag Along
      Rights	52
		Section 6.8		Services Termination Amount	53
	ARTICLE
    VII		CERTAIN
      AGREEMENTS	54
		Section 7.1		Personnel; Provision of Services	54
		Section
    7.2		Non-Competition	55
		Section 7.3		Confidentiality; Non-Disclosure	56
		Section
    7.4		Non-Solicitation	58
		Section 7.5		Agreement to Cooperate; Further Assurances;
      Other Matters	59
		Section
    7.6		Public
      Statements	60
		Section 7.7		Conduct of Business	60
		Section
    7.8		International
      Relationships	62
		Section 7.9		Sublicenses of P&G Intellectual
      Property	62
	ARTICLE
      VIII		CONDITIONS
      PRECEDENT TO CLOSING	63
		Section 8.1		Conditions to Each Party’s
Obligations	63
		Section
    8.2		Conditions to the
      Closing Obligations of the Clorox Parties	63
		Section 8.3		Conditions to the Closing Obligations of the
      P&G Parties	64
	ARTICLE
    IX		ACCOUNTING; TAX
      MATTERS	65
		Section 9.1		Accounting	65
		Section
    9.2		Tax
    Matters	66
	ARTICLE
    X		INDEMNIFICATION	67
		Section
      10.1		Indemnification
      by Clorox Partners	67
		Section 10.2		Indemnification by P&G Partners	67

-ii-

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

TABLE OF
CONTENTS 
(continued)

	          		     		Page
		Section
      10.3		Third-Party
      Claims	68
		Section
      10.4		Limitation on
      Losses and Expenses	69
	ARTICLE XI	MISCELLANEOUS	69
		Section
      11.1		Amendments and
      Waivers	69
		Section
      11.2		Successors,
      Assigns and Transferees	69
		Section
      11.3		Notices	69
		Section
      11.4		Integration	70
		Section
      11.5		Severability	70
		Section
      11.6		Counterparts	71
		Section
      11.7		Governing
      Law	71
		Section
      11.8		Arbitration	71
		Section
      11.9		Injunctive
      Relief	72
		Section
      11.10		Expenses	72
		Section
      11.11		No Third Party
      Beneficiaries	72
		Section
      11.12		Guarantees by
      Clorox and P&G	73
		Section
      11.13		Effectiveness of
      Amendment and Restatement, Representations,	
				Warranties and
      Agreements	74

-iii-

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

TABLE OF
CONTENTS

		     		Page
	EXHIBITS			
	 			
	Exhibit A		P&G License Agreement
[SUPERSEDED]	
			 	
	Exhibit B		P&G Services Agreement
    [SUPERSEDED]	
			 	
	Exhibit C		Description of P&G Equipment	
			 	
	Exhibit D		Preliminary Business Plan	
			 	
	Exhibit E		Preliminary Budget	
			 	
	Exhibit F		Clorox Services	
			 	
	Exhibit G		Terms of International Relationships	
			 	
	Exhibit H		JV Accounting Principles	
			 	
	Exhibit I		Form of JV Sublicense Agreement	
			 	
	Exhibit J		Form of Amended Glad License
Agreement	

-iv-

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

AMENDED AND RESTATED
JOINT VENTURE AGREEMENT

This Amended and Restated
Joint Venture Agreement (this “Agreement”) is made as of
the 31st day of January, 2003 by and between The Glad Products Company, a
Delaware corporation, Glad Manufacturing Company, a Delaware corporation, Clorox
Services Company, a Delaware corporation, The Clorox Sales Company, a Delaware
corporation, Clorox International Company, a Delaware corporation (collectively
the “Clorox
Parties”), and The Clorox
Company, a Delaware corporation (“Clorox”), and The Procter
& Gamble Company, an Ohio corporation (“P&G”) and Procter & Gamble RHD Inc., an Ohio corporation
(“P&G Sub” and collectively with P&G, the
“P&G Parties”) (each, a “Party” and collectively, the “Parties”).

BACKGROUND

WHEREAS, the Clorox Parties
currently operate the Glad Business (as defined below);

WHEREAS, the P&G Parties
have certain intellectual property and proprietary technologies that the P&G
Parties and the Clorox Parties wish to use in the Glad Business;

WHEREAS, the Clorox Parties
and the P&G Parties desire that P&G Sub acquire an undivided
participation interest in the Glad Business and participate in the management of
such business, as provided for herein;

WHEREAS, the Clorox Parties
and the P&G Parties have previously entered into a Joint Venture Agreement,
dated as of November 15, 2002 (the “Original Date”) with respect to the Glad
Business (the “Original
Agreement”);

WHEREAS, the Clorox Parties
and the P&G Parties wish to amend and restate in its entirety the Original
Agreement in accordance with the further provisions of this
Agreement;

WHEREAS, the Parties intend
for their contractual relationship established by this Agreement with respect to
the Glad Business to be treated as a partnership for U.S. federal, state and
local income tax purposes; and

WHEREAS, the Clorox Parties
and the P&G Parties wish to set forth, and be bound by their mutual
agreement as to certain significant terms and conditions regarding the foregoing
and related matters;

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth in this
Agreement, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties agree as
follows:

ARTICLE I

DEFINITIONS

For purposes of this
Agreement, the following terms have the meanings specified or referred to in
this Section 1:

Section 1.1 Defined Terms.

As used in this
Agreement:

“Adjustment Amount” means an amount equal to (a) ten percent (10%)
of the aggregate Capital Contributions made or deemed made by all JV Partners
after the Closing Date and on or prior to the closing of the exercise of the
P&G Option, minus
(b) ten percent (10%) of the
aggregate distributions to the JV Partners with respect to distributions of
Available Cash Flow (other than distributions made under Section 3.4(c)(ii)
hereof) consisting of the net cash proceeds of any sale, transfer or other
disposition of any business or assets of the Glad Business outside the ordinary
course of business of the Glad Business after the Closing Date and on or prior
to the closing of the P&G Option, minus (c) the aggregate
distributions under Section 3.4(c)(ii) and Section 3.5(b)(ii) made prior to the
closing of the P&G Option (which for the avoidance of doubt will not include
any amounts included in the following clause (d)), minus (d) the cumulative amount of Distribution Shortfalls owed or previously
paid to the holder of the Class A JV Interest under Section 3.4(c)(v)
hereof.

“Affiliate” means with respect to a specified Person, any Person that directly or
indirectly, through one or more intermediaries, controls, is controlled by, or
is under common control with, the specified Person. As used in this definition,
the term “control” means the possession, directly or indirectly, or as trustee
or executor, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities, as trustee
or executor, by contract or credit arrangement or otherwise. For purposes of
clarification, the Parties agree that Henkel KGaA, an entity organized under the
laws of Germany, will not be deemed to be an Affiliate of any Clorox
Party.

“Affiliate Loans” with respect to any International Licensee shall
have the meaning set forth in the JV Sublicense Agreement to which such
International Licensee is a party.

“Available Cash Flow” means,
with respect to any Fiscal Quarter or other period, the sum of all cash receipts
during such Fiscal Quarter or other period attributed to the Joint Venture from
any and all sources other than the cash proceeds of any Indebtedness, plus all
Reserves as of the close of business on the last day of the preceding Fiscal
Quarter or other period, plus interest on such Reserves at Clorox’s 30-day
commercial paper borrowing rate (or, if Clorox is unable to obtain commercial
paper, Clorox’s short term cost of borrowing) minus all cash disbursements
attributed to the Joint Venture for any and all purposes during such Fiscal
Quarter or other period (including loan repayments (other than Parent Loans),
interest payments (other than in respect of Parent Loans), capital improvements
and replacements but excluding (x) disbursements funded by the cash proceeds of
any Indebtedness (other than Parent Loans)), (y) guaranteed payments made under
Section 3.5(a) and 3.5(b) for such Fiscal Quarter, and (z) a reasonable
allowance as of the last day of such Fiscal Quarter or other period for
Reserves, contingencies and anticipated obligations as determined by the Board,
determined in accordance with the JV Accounting Principles, minus distributions
made pursuant to Section 3.5 hereof for such Fiscal Quarter (other than the
guaranteed payments described in Sections 3.5(a) and 3.5(b) hereof).

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

2

“Business Day” means a day other than a Saturday, Sunday,
federal or New York holiday or other day on which commercial banks in New York,
New York are authorized or required by law to close.

“Capital Call” means a call by the Board pursuant to Section
2.6 hereof to the JV Partners for additional contributions of capital to be
attributed to the Joint Venture.

“Capital Contribution” means the total amount of cash and the [* * *]
fair market value [* * *] of all of
the assets to be attributed to the Joint Venture as contributed by a JV Partner,
including the Clorox Contribution and the P&G Contribution.

“Carrying Value” means, with respect to any Property, the
Property’s [* * *] except that the Carrying Value of all Properties may be
adjusted to equal their [* * *] in accordance with the [* * *] immediately prior
to: (i) the date of the acquisition of any additional interest in the Joint
Venture by any new or existing JV Partner in exchange for more than a de minimis
capital contribution; or (ii) the date of the distribution of more than a de
minimis amount of Property (other than a pro rata distribution) to a JV Partner.
The Carrying Value of any Property distributed to any JV Partner will be
adjusted immediately prior to such distribution to equal its fair market value.
The Carrying Value of any Property contributed by any JV Partner will be
adjusted immediately prior to such contribution to equal its fair market value.
In the case of any asset that has a Carrying Value that differs from its [* * *]
Carrying Value will be adjusted by the amount of depreciation calculated for
purposes of the definition of “Net Profits and Net Loss” rather than the amount
of depreciation calculated for [* * *]. For purposes of clarification, Clorox
and P&G have agreed on the initial contributions and the [* * *] as
reflected in the initial Capital Accounts.

“Change of Control” of any Person (the “Relevant Person”) means the occurrence of either (i) the
acquisition by any Person or group of Persons acting in concert (other than a JV
Partner or its Affiliates) of direct or indirect (through the ownership of a
majority of the voting power of a parent corporation of otherwise) beneficial
ownership (as defined under Section 13(d) of the Securities and Exchange Act of
1934, as amended) of securities of the Relevant Person such that following such
acquisition such Person or group of Persons acting in concert beneficially own a
majority of the voting power of all outstanding voting securities of such
Relevant Person or (ii) any merger, consolidation or share exchange of the
Relevant Person with or into any other Person, unless the equity holders of the
Relevant Person immediately prior to any such transaction are holders of a
majority of the voting power of the surviving entity or its parent company
immediately thereafter.

“Class A Interest” means the undivided Class A participation
interest in the Joint Venture, which shall entitle the JV Partner holding such
Class A interest to receive allocations and distributions from time to time as
provided in this Agreement.

“Class A Royalty Amount” means, with respect to any Fiscal Quarter,
royalty payments attributable to the Joint Venture received under the Glad
License Agreements in an amount equal to [* * *] percent ([* * *]%) of the
aggregate Distributable Local Cash Flow for the International Licensees for such
Fiscal Quarter, less Deemed Withholding Taxes on such royalty
payments.

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

3

“Class B Interest” means the undivided Class B participation
interest in the Joint Venture, which shall entitle the JV Partner holding such
Class B interest to receive allocations and distributions from time to time as
provided in this Agreement.

“Class C Interest” means the undivided Class C participation
interest in the Joint Venture, which shall entitle the JV Partner holding such
Class C interest to receive allocations and distributions from time to time as
provided in this Agreement.

“Clorox Disclosure Schedule” means a schedule dated as of the Original Date
delivered by Clorox to P&G, which identifies exceptions and other matters
with respect to the representations and warranties of the Clorox Parties
contained in Sections 4.1 and 4.2.

“Clorox Partners” means the Clorox Parties and any Permitted
Transferees of any Clorox Parties that have been Transferred all or any part of
the JV Interest held by such Clorox Parties.

“Code” means the Internal Revenue Code of 1986, as amended (or any
corresponding provision or provisions of any succeeding law).

“Contribution Allocation Statement” means the allocation of the Clorox Contribution
among the Clorox Parties to be prepared by Clorox in good faith.

“Deemed Withholding Taxes” means an amount of withholding taxes deemed to
have been imposed under the definition of “Class A Royalty Amount.” The amount
of withholding taxes deemed to have been imposed will be determined based on the
aggregate amount of withholding taxes that would have been imposed on payments
made under the Glad License Agreements had royalty payments in an aggregate
amount equal to the Class A Royalty Amount been paid in such Fiscal Quarter by
the International Licensees pro rata in accordance with the total royalty
payments actually made by the International Licensees under the Glad License
Agreements for such Fiscal Quarter.

“Distributable Cash Flow” means, with respect to any Fiscal Quarter or
other period, Available Cash Flow for such Fiscal Quarter or other Period minus
any payments required to be made pursuant to Section 3.4(d) hereof.

“Distributable Local Cash Flow” for any International Licensee has the meaning
set forth in the JV Sublicense Agreement to which such International Licensee is
a party.

“Environmental Laws” means any and all laws, rules, orders,
regulations, statutes, ordinances, guidelines, codes, decrees, or other legally
enforceable requirement (including common law) of any foreign government, the
United States, or any state, local, municipal or other Governmental Authority,
regulating, relating to or imposing liability or standards of conduct concerning
protection of the environment or of human health, or employee health and
safety.

“Exclusive Field” means the [* * *] of bags, wraps, straws and
covered containers primarily [* * *].

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

4

“Fair Market Value” means, except to the extent otherwise expressly
provided herein:

(i) with respect to a Party’s
Ordinary JV Interest, “Fair Market Value” will be calculated as the product of
(x) the Ordinary JV Interest held by such Party and (y) “Fair Market Value” for
all outstanding Ordinary JV Interests as if all Ordinary JV Interests were to be
sold to a single buyer who would acquire sole control over the business and
affairs of the Glad Business. “Fair Market Value” for all outstanding Ordinary
JV Interests will be determined by agreement of the Parties or, if the Parties
are unable to so agree within [* * *] through good faith negotiation, then the
Parties will agree upon [* * *] to determine such valuation, provided that if
the Parties are unable to so agree [* * *]. Notwithstanding the foregoing, to
the extent “Fair Market Value” is being determined for purposes of Section 6.6
or 6.7 hereof, “Fair Market Value” for purposes of the foregoing clause (y) will
be determined by reference to the [* * *] as applicable. For example, [* * *].
If, in either of the examples provided in the two immediately preceding
sentences, there were $[* * *] outstanding, the Fair Market Value of all
outstanding Ordinary JV Interests would have equaled $[* * *] rather than $[* *
*] (i.e. the value of all of the Ordinary JV Interests would equal the value of
the[* * *]). The [* * *] in any such transaction will include the [* * *] are
not attributable to the Joint Venture. The intent of the immediately preceding
four sentences is to make it clear that Fair Market Value under those
circumstances will be derived solely from the [* * *].

(ii) with respect to a Glad
Local Business, “Fair Market Value” will be equal to [* * *]. “Fair Market
Value” of the Glad Local Business will be determined by agreement of the Parties
or, if the Parties are unable to so agree within [* * *] through good faith
negotiation, then the [* * *] will determine such valuation. Notwithstanding the
foregoing, to the extent “Fair Market Value” is being determined [* * *] “Fair
Market Value” will be determined by reference to the [* * *]. For example, if [*
* *]. If, in the example provided in the immediately preceding sentence, there
were $[* * *] of Affiliate Loans outstanding, the Fair Market Value of all
outstanding Ordinary JV Interests would have equaled $[* * *] rather than $[* *
*] (i.e. the value would equal the value of [* * *]). The [* * *] in any such
transaction will include the [* * *]. The intent of the immediately preceding
three sentences is to make it clear that Fair Market Value under those
circumstances will be derived solely from [* * *]. In the event of any transaction involving the [* * *], to the
extent the P&G Partners believe in good faith that the [* * *] in such
transaction [* * *] represents, the Parties will negotiate in good faith to
agree upon the appropriate allocation and, if the Parties are unable to so agree
within [* * *] through good faith negotiation, then the [* * *] will determine
such allocation;

(iii) with respect to each of
the Class A Interest and the Class C Interest, individually, “Fair Market Value”
will be deemed to be an amount equal to [* * *] of the aggregate Fair Market
Value of the [* * *];

(iv) with respect to the
P&G Option, (A) during the Option Exercise Period, if the P&G Option is
not yet exercised, the greater of [* * *] with respect to the Ordinary JV
Interest and [* * *] the then-applicable Option Price; and (B) after the Option
Exercise Period, [* * *];
and

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

5

(v) in the event “Fair Market
Value” is being determined in connection with a Clorox Change of Control, the [*
* *] will determine the Fair Market Values of the Ordinary JV Interests held by
the Clorox Partners (taking into account the existence of the P&G Option if
such option has not been previously exercised or terminated) and the Glad Local
Businesses [* * *]. Once the [* * *]
has determined the Fair Market Values of the Ordinary JV Interests held by the
Clorox Partners and the Glad Local Businesses, it will then determine the “Fair
Market Values” of [* * *]. For example, assuming the P&G Option has been
exercised, if a third party buyer acquires [* * *]. If, in the example provided
in the immediately preceding sentence, there were [* * *] the Ordinary JV
Interests would have equaled [* * *] (i.e. the value of all of the Ordinary JV
Interests would equal [* * *] the Glad Local Businesses would have equaled $[* *
*]. The [* * *]. This determination in connection with a Clorox Change of
Control will be made by the [* * *] based on the [* * *], and for avoidance of
doubt it is expected in determining such relative values that [* * *] as the
case may be). The [* * *] will be directed to determine Fair Market Value based
on [* * *].

With respect to any
determination of “Fair Market Value” hereunder, the [* * *] by the Clorox
Partners (collectively), and each of the Clorox Partners (collectively) and the
P&G Partners (collectively) will have the right to make a presentation with
respect to the calculation of Fair Market Value to the [* * *] making the
determination.

“Field” means, collectively, the Exclusive Field and the Non-Exclusive
Field.

“Fiscal Quarter” means each three (3) calendar month period
ending on March 31, June 30, September 30 and December 31, or in the case of the
first Fiscal Quarter of the Joint Venture, the period from the Closing Date
through March 31, 2003.

“Fiscal Year” means (i) each 12-month period ending on June 30, or in the case of the
first Fiscal Year of the Joint Venture, the period from the Closing Date through
June 30, 2003, or (ii) if after the date of this Agreement the taxable year is
required by the Code to be a period other than the period described in clause
(i), then each 12-month period that is the taxable year of the Joint Venture
determined in accordance with the requirements of the Code; (iii) the period
from the day after the end of the most recently ended Fiscal Year until the date
the Term ends, and (iv) for purposes of making allocations of Net Profits and
Net Loss, Fiscal Year means any portion of a taxable year of the Joint Venture
to the extent required to comply with Section 706 of the Code.

“GAAP” means generally accepted accounting principles as in effect in the
United States (or such other jurisdiction as may be specified herein)
consistently applied.

“General Technology” means any technology of general utility not
specific [* * *], including but not limited to technology that can be used [* *
*] and/or [* * *] or [* * *] or [* * *]. Any technology that is not General
Technology is Specific Technology.

“Glad Balance Sheet” means the balance sheet of the Glad Business as
of June 30, 2002, attached to Section 1.1 to the Clorox Disclosure
Schedule.

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

6

“Glad Business” means the business conducted by Clorox and its
Subsidiaries within the Field and any other business that the Board determines
to enter into without violating Section 5.3(a), including any expansion of such
business into a New Country that is structured in the manner set forth in
Section 7.8(b) hereof, provided that such business will not include (i) any
business, operations, properties, assets or Liabilities of the Glad Licensed
Business or (ii) any equity interest in any Subsidiary of Clorox conducting the
Glad Licensed Business.

“Glad Existing International
Business” means the business in
the Field conducted by Clorox and its Subsidiaries in Canada, Australia, New
Zealand, the People’s Republic of China, the Philippines, Hong Kong, Costa Rica,
South Korea and South Africa.

“Glad Financial Statements” means the Glad Balance Sheet and the related
statements of earnings and cash flows of the Glad Business previously delivered
to P&G.

“Glad Global Business” means the Glad Business and the Glad Licensed
Business as conducted during the Term.

“Glad License Agreements” means the license agreements between The Glad
Products Company and each of the International Licensees, entered into as of the
Closing Date substantially in the form set forth on Exhibit J hereto, which license agreements provide for a royalty payment calculated
based on the net sales of such International Licensee, and such other comparable
new or amended license agreements that may be entered into during the Term with
respect to intellectual property of Clorox Affiliates for the Glad Business,
which license agreements are between The Glad Products Company (or another
Affiliate on behalf of Clorox) and an International Licensee with respect to New
Countries in connection with an expansion structured in the manner set forth in
Section 7.8(a).

“Glad License Termination Amount” means, under any Glad License Agreement, an
amount equal to [* * *] percent ([* * *]%) of the Fair Market Value of the Glad
Local Business for the Territory (as defined in such Glad License
Agreement).

“Glad Licensed Business” means (x) the Glad Existing International
Business and (y) any expansion of the business conducted by Clorox and its
Subsidiaries in the Field into a New Country that is structured in the manner
set forth in Section 7.8(a) hereof.

“Glad Local Business”, with respect to any International Licensee,
shall have the meaning set forth in the JV Sublicense Agreement to which such
International Licensee is a party.

“Glad Parties” means, collectively, the Clorox Parties and the
International Licensees and “Glad Party” means any one such Person.

“Governmental Authority” means any nation or government, any state or
other political subdivision thereof, and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining
to government.

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

7

“Improvements” means any and all Intellectual Property rights
in and to any update, modification, customization, translation, upgrade,
improvement, enhancement and/or derivative work.

“Indebtedness” means all obligations for borrowed money,
including guarantees, and all reimbursement obligations in respect of
outstanding letters of credit (measured assuming such letters of credit are
drawn in full).

[* * *] shall have the meaning
set forth in the definition of [* * *].

“Industrial Packaging” means [* * *] used as packaging for products,
which packaging is (i) [* * *], (ii) sold to [* * *] for their use as the
packaging for their products, and (iii) [* * *]. For the avoidance of doubt, Industrial Packaging shall exclude any
[* * *] and used as packaging [* * *], and which packaging is (A) [* * *] and
(B) sold to [* * *] for their use as the packaging for their
products.

“Infringe” means to infringe, misappropriate, dilute, impair or otherwise
violate.

“Institutional Channel” means sales of products to commercial,
educational and/or governmental institutions and organizations including,
without limitation, hospitals, restaurants, janitorial service providers,
universities, schools, hotels and caterers (collectively, “Institutions”), as well as sales of products to [* *
*].

“Intellectual Property” means any and all intellectual property,
including, without limitation, patents, copyrights, trademarks, service marks,
trade names, software, trade secrets, technology, inventions, specifications,
know-how, processes, formulae, product descriptions and specifications and other
technical or proprietary information, and all registrations and applications
therefor.

“International Acquisition” means, with respect to any International
Licensee, the sale, disposition or other transfer to a Third Party of all or
substantially all of the equity interests of such International Licensee or of
all or substantially all the business, assets and properties of such
International Licensee used in the Glad Local Business of such International
Licensee, but excluding any transaction in which the JV Interests of the P&G
Partners are purchased pursuant to the provisions of Sections 6.4, 6.5, 6.6 or
6.7.

“International Licensee” means each of Clorox Australia Pty. Ltd., The
Clorox Company of Canada Ltd., Clorox de Centro America, S.A., Clorox China
(Guangzhou) Ltd., Clorox Hong Kong Limited, Clorox New Zealand Limited, Clorox
International Philippines, Inc., Clorox Africa (Pty) Ltd. and Clorox Korea
Limited and any other Person that becomes a party to a JV Sublicense Agreement
as a licensee thereunder.

“IP Acquisition” means, in connection with an International
Acquisition, a grant of a [* * *] the
Related Local Intellectual Property (or other disposition of all substantial
rights to all such Related Local Intellectual Property) of the applicable
International Licensee, which license is granted to a Third Party licensee on
behalf of the Joint Venture in exchange for a [* * *] to the Joint Venture from
the new licensee of such Related Local Intellectual Property.

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

8

“IP Allocation Amount” means, in the case of any International
Acquisition in which there is an IP Acquisition, an amount equal to [* * *]
percent ([* * *]%) of the Fair Market Value of the relevant Glad Local
Business.

“IP Acquisition Price” means, in the case of any International
Acquisition in which there is a related IP Acquisition, the amount paid to
acquire the license of or rights to the Related Local Intellectual Property by
the new licensee of such Related Local Intellectual Property.

“Joint Venture” means the contractual relationship between the
JV Partners created by this Agreement, which will be treated as a partnership
for U.S. federal, state and local income tax purposes, and will include all
interests attributed to such Joint Venture in accordance with the terms of this
Agreement with respect to any business, asset, right, property or Liability,
including without limitation the Clorox Contribution and the P&G
Contribution.

“JV Interest” means an Ordinary JV Interest, Class A Interest, Class B Interest or
Class C Interest.

“JV Sublicense Agreements” means (i) the sublicense agreements to be dated
and executed as of the Closing Date in the form attached hereto as Exhibit I
between The Glad Products Company and each International Licensee, providing for
the sublicense to the International Licensee of certain Intellectual Property
rights licensed under the P&G License Agreement, pursuant to the terms
thereof, and (ii) such other license agreements which may be entered into on
behalf of the Joint Venture during the Term with respect to New Countries
pursuant to Section 7.8(a).

“JV Sublicense Termination Amount” means, under any JV Sublicense Agreement, an
amount equal to [* * *] percent ([* * *]%) of the Fair Market Value of the Glad
Local Business to which such JV Sublicense Agreement relates.

“JV Partners” means any Person that holds a JV Interest in accordance with the terms
of this Agreement. As of the Closing Date, the JV Partners will consist of each
of the Clorox Parties and P&G Sub.

“Know How” means any and all proprietary information, knowledge or expertise known
to P&G [* * *]; and may include, without limitation, any know how,
copyrights, software, trade secrets, technology, inventions, specifications,
processes, formulae, product descriptions and specifications and other technical
or proprietary information, if any, owned or held by P&G [* * *] (as defined in the P&G License
Agreement).

“Liabilities” means, as to any Person, all debts, liabilities and obligations,
direct, indirect, absolute or contingent of such Person, whether accrued, vested
or otherwise, whether known or unknown and whether or not actually reflected, or
required by GAAP to be reflected, in such Person’s balance sheet.

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

9

“Knowledge” or “knowledge” of a Party
means to the actual knowledge after reasonable inquiry (i) of those employees of
such Party and its Affiliates who prior to the execution of the Original
Agreement participated in the preparation or negotiation of the Original
Agreement or any of the Related Agreements
or the due diligence investigations relating to the PWC Report or the
transactions contemplated by the Original Agreement and the Related Agreements
or (ii) of those employees of such Party and its Affiliates who have been
consulted prior to the execution of the Original Agreement by the employees
specified in clause (i) with respect to the Original Agreement or any of the
Related Agreements or any of the transactions contemplated hereby or
thereby.

“Liens” means any adverse claims, liens, security interests, charges, leases,
licenses or sublicenses and other encumbrances of any kind and
nature.

“Material Adverse Effect” means (i) with respect to the Clorox Parties, a
material adverse effect upon the business, properties, financial condition or
results of operations of the Glad Business and the Glad Existing International
Business, taken as a whole (provided that for avoidance of doubt the Parties
acknowledge that it is not a precondition that an adverse effect impact more
than one country or market before it is possible for this standard to be
satisfied) or on the ability of the Clorox Parties to perform their obligations
under this Agreement or any of the Related Agreements and (ii) with respect to
the P&G Parties, a material adverse effect on the ability of the P&G
Parties to perform their obligations under this Agreement or any of the Related
Agreements.

“Materials of Environmental Concern” means any gasoline or petroleum (including crude
oil or any fraction thereof) or petroleum products, polychlorinated biphenyls,
urea-formaldehyde insulation, asbestos, pollutants, contaminants, radioactivity,
and any other substances of any kind, whether or not any such substance is
defined as hazardous or toxic under any Environmental Law, that is regulated
pursuant to or could give rise to liability under any Environmental
Law.

“Net Income (Loss)” means, for any period, the net income (loss)
attributed to the Joint Venture in accordance with the JV Accounting Principles,
excluding (a) any gains or loss resulting from the sale or other disposition of
any property, plant or equipment attributed to the Joint Venture which is not
sold or otherwise disposed of in the ordinary course of business; (b) any gains
or loss resulting from the sale or other disposition of any equity interest in
any Person; (c) any extraordinary gain or loss; (d) any one-time charges or
expenses associated with the acquisition of any business or Person; and (e) any
cumulative effect of a change in accounting principles.

“Net Profits” and “Net
Loss” mean, for each Fiscal Year
or other period, an amount equal to the taxable income or loss attributed to the
Joint Venture for such year or period, determined in accordance with Code
Section 703(a) (for this purpose, all items of income, gain, loss or deduction
required to be stated separately pursuant to Code Section 703(a)(1) will be
included in taxable income or loss) and with the accounting method used by the
Joint Venture for federal income tax purposes, with the following
adjustments:

(i) any income attributed to
the Joint Venture that is exempt from U.S. federal income tax and not otherwise
taken into account in computing Net Profits or Net Loss will be added to such
taxable income or loss;

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

10

(ii) any expenditures
attributed to the Joint Venture described in Code Section 705(a)(2)(B) or
treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury
Regulation Section 1.704-1(b)(2)(iv)(i) and not otherwise taken into account in
computing Net Profits or Net Loss will be subtracted from such taxable income or
loss;

(iii) if the Carrying Value of
any Property differs from its adjusted tax basis for federal income tax
purposes, any gain or loss resulting from a disposition of such asset will be
calculated with reference to such Carrying Value;

(iv) upon an adjustment to the
Carrying Value of any Property (other than an adjustment in respect of
depreciation) pursuant to the definition of Carrying Value, the amount of the
adjustment will be included as gain or loss in computing such taxable income or
loss;

(v) if the Carrying Value of
any Property differs from its adjusted tax basis for federal income tax purposes
the amount of depreciation, amortization or cost recovery deductions with
respect to such Property will for purposes of determining Net Profits and Net
Loss be an amount which bears the same ratio to such Carrying Value as the
federal income tax depreciation, amortization or other cost recovery deductions
bears to such adjusted tax basis;

(vi) notwithstanding any other
provision of this definition, any items of income, gain, loss or deduction that
are specially allocated pursuant to Section 3.2 will not be taken into account
in computing Net Profits or Net Loss.

“Non-Exclusive Field” means (i) [* * *] outside of the Exclusive Field
of [* * *] products of the Glad Global Business in the Exclusive Field as of the
Closing Date, including [* * *] of
the Glad Global Business and/or the [* * *] and (ii) [* * *] branded with a Glad
Global Business trademark sold to [* * *] Glad Global Business products [* *
*].

“Ordinary JV Interest” means, with respect to any JV Partner, its
undivided participation interest in the Joint Venture (other than any
participation interest represented by the Class A Interest, Class B Interest or
Class C Interest, as applicable). The Ordinary JV Interest of each JV Partner
will be expressed as a percentage of the aggregate Ordinary JV Interests of all
JV Partners. The Ordinary JV Interests of the JV Partners may be adjusted from
time to time as provided in this Agreement. The initial Ordinary JV Interest of
each JV Partner as of the Closing will be as set forth in Section 2.5
hereof.

“P&G Disclosure Schedule” means a schedule dated as of the Original Date
delivered by P&G to Clorox, which identifies exceptions and other matters
with respect to the representations and warranties of the P&G Parties
contained in Sections 4.1 and 4.3.

“P&G Equipment” means the equipment described on Exhibit C hereto.

“P&G Equipment Transfer
Documents” means such instruments
of transfer, with appropriate instruments of title, in form and substance
reasonably satisfactory to Clorox, to effectively transfer the P&G Equipment
as provided in Section 2.3 hereof.

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

11

“P&G License Agreement” means the Intellectual Property License
Agreement to be dated and executed as of the Closing Date in the form attached
hereto as Exhibit
A, providing for the license of
certain Intellectual Property by P&G Sub. 

“P&G Partners” means P&G Sub and any Permitted Transferee
of P&G Sub that has been Transferred all or any part of the JV Interest held
by P&G. 

“P&G Services Agreement” means the Product Development and Services
Agreement to be dated and executed as of the Closing Date in the form attached
hereto as Exhibit
B, providing for certain services
to be provided by P&G. 

“Permitted Liens” means (i) Liens for Taxes that (x) are not yet
due or delinquent or (y) are being contested in good faith by appropriate
proceedings; (ii) statutory Liens or landlords’, carriers’, warehousemen’s,
mechanics’, suppliers’, materialmen’s, repairmen’s or other like Liens arising
in the ordinary course of business; (iii) Liens incurred or deposits made in
connection with workers’ compensation, unemployment insurance and other types of
social security or similar benefits; (iv) Liens incurred or deposits made to
secure the performance of tenders, bids, leases, statutory obligations, surety
and appeal bonds, government contracts, performance bonds and other obligations
of like nature; (v) as to any real property leases with respect to which the
relevant entity is a lessee, any Lien effecting the interest of the landlord
thereunder and (vi) Liens the existence of which do not and will not have,
individually or in the aggregate, a Material Adverse Effect. 

“Permitted Transfer” means a Transfer of all or part of any JV
Interest to a Permitted Transferee. 

“Permitted Transferee” means: 

(i) in the case of the Clorox
Parties and any Permitted Transferee of any Clorox Party: (A) Clorox, (B) any
Subsidiary of Clorox, (C) any Person that, together with its Affiliates, has
acquired all or substantially all of the Glad Global Business from the Clorox
Parties or their Permitted Transferees, and (D) any other Person to the extent
P&G has given its prior written consent to such Transfer; and 

(ii) in the case of P&G
Sub and any Permitted Transferee of P&G Sub, (A) P&G, (B) any Subsidiary
of P&G and (C) any other Person to the extent Clorox has given its prior
written consent to such Transfer. 

“Person” means any individual, corporation, limited liability company,
partnership, trust, joint stock company, business trust, unincorporated
association, joint venture or other form of business or legal entity or
Governmental Authority. 

“Prime Rate” means the rate of interest per annum publicly announced from time to
time by Citibank, N.A. as its prime rate in effect at its principal office in
New York, New York; each change in the Prime Rate will be effective from and
including the date such change is publicly announced as being effective.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

12

“Property” means the assets attributed to the Joint Venture, both tangible and
intangible. 

“PWC Report” means the report of PriceWaterhouse Coopers dated October 4, 2002 with
respect to the Glad Business and the Glad Existing International Business
previously provided by Clorox to P&G. 

“Raw Material Technology” means technology used in the production of [* *
*] that can be used in the production of products [* * *]. 

“Regulations” means the federal income tax regulations promulgated by the Treasury
Department under the Code, as such regulations may be amended from time to time.
All references herein to a specific section of the Regulations will be deemed
also to refer to any corresponding provisions of succeeding Regulations.

“Related Agreements” means, collectively, (i) the P&G License
Agreement, (ii) the P&G Services Agreement, (iii) the P&G Equipment
Transfer Documents, (iv) the JV Sublicense Agreements and (v) the Glad License
Agreements. 

“Related Local Intellectual
Property” means, for any
International Licensee, the Intellectual Property licensed to such International
Licensee under the applicable Glad License Agreement and JV Sublicense
Agreement. 

“Reserves” means cash funds set aside from Capital Contributions or gross cash
revenues as reserves. Such “Reserves” will be maintained in amounts and upon
such timing as is reasonably deemed necessary by the Board to finance any
working capital requirements and/or to pay taxes, insurance, debt service,
repairs, replacements, renewals, capital expenditures or other costs or expenses
to be attributed to the Joint Venture in accordance with the JV Accounting
Principles in the four Fiscal Quarters following the date such Reserves are
being established that will not be funded from Available Cash Flow based on the
then-current financial forecasts of the Joint Venture. 

“Significant Contracts” means any contract that would be required to be
submitted to the board of directors of Clorox in accordance with the policies of
Clorox for authorization and approval of contracts to which Clorox or its
Subsidiaries are a party as such policies are in effect as of the Original Date.

“Specific Technology” means any technology (as it may be modified with
[* * *] for specific application [* * *]) that has specific application [* * *],
including but not limited to technology that has a [* * *] or otherwise is of
specific utility [* * *]. Any technology that is not Specific Technology is
General Technology. 

“Subsidiary” of any Person means any corporation, partnership, limited liability
company, joint venture or other legal entity of which such Person (either alone
or through or together with any other Subsidiary) owns or has the right to
acquire, directly or indirectly, 50% or more of the stock or other equity
interests the holder of which is generally entitled to vote for the election of
the board of directors or other governing body of such corporation or other
legal entity. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

13

“Taxes” means all forms of taxation, duties, levies and imposts, whether of the
United States or elsewhere including income, chargeable gains, alternative or
add-on minimum, gross receipts, sales, use, ad valorem, value added, franchise,
capital, paid-up capital, profits, greenmail, license, environmental (including
taxes under Section 59A of the Internal Revenue Code of 1986, as amended),
withholding, payroll, employment, excise, severance, stamp, occupation, premium,
real or personal property, windfall profit, custom, duty or other tax,
(including national insurance contributions) together with any interest or any
penalty or addition to tax. 

“Third Party” means a Person other than the Clorox Parties, the P&G Parties or
their respective Affiliates. 

“Transfer” means to transfer, sell, hypothecate, encumber or assign, directly or
indirectly, provided that a Change of Control of Clorox will not be considered a
Transfer of any JV Interest held by any Clorox Partner for purposes hereof, and
a Change of Control of P&G will not be considered a Transfer of any JV
Interest held by any P&G Partner for purposes hereof. 

Section 1.2 Other
Definitions. 

The following terms are
defined in the Sections indicated: 

		Term	     	Section
	          	
		Additional
      Amount		2.6(e)
		Additional
      Contribution		2.6(f)
		Agreement		Preamble
		Arm’s Length
      Terms		5.3(a)(v)
		Authorized
      Persons		7.3(b)(iii)
		Board		5.1(a)
		Call
    Right		6.5(b)
		Capital
      Account		2.9(a)
		Change of Control
      Notice		6.4(a)(i)
		Class A Special
      Amount		3.4(c)(ii)
	 	Class C Special
      Amount		3.4(c)(i)
		Clorox		Preamble
		Clorox
      Contribution		2.2(a)(i)
		Clorox Benefit
      Plans		4.2(o)
		Clorox Excluded
      Assets		2.2(b)
		Clorox
      Indemnified Parties		10.2
		Clorox
      Parties		Preamble
		Clorox Retained
      Liabilities		2.2(c)
		Clorox
      Services		7.1(a)
		Closing		2.1
		Closing
      Date		2.1
		Competing
      Business		7.2(c)
		Confidential
      Information		7.3(b)
		Deadlock
      Notice		6.5(b)(i)
		Defined Benefit
      Plans		7.5(d)

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

14

		Term	      	Section
	           
    	 
		Distribution
      Shortfall		3.4(c)(v)
		Escalation		5.3(b)
		Existing
      International Balance Sheets		4.2(a)(vii)
		Existing
      Product		7.2(b)(vii)
	 	FDA		4.2(h)
		Glad Leadership
      Team		5.1(e)
		HSR Act		7.5(a)
		Indemnified
      Parties		10.2
		Indemnifying
      Party		10.3
		Initial
      Term		6.3(a)
		IP
      Transferees	 	11.12(c)
		JV Accounting
      Principles		9.1(a)
		Leased Real
      Property		4.2(e)
		Losses and
      Expenses		10.1
		Negative Cash
      Flow		2.6(b)
		New
    Country		7.8
		Option Exercise
      Period		2.7(a)
		Option
      Price		2.7(a)
		Original
      Agreement		Recitals
		Original
      Date		Recitals
		Owned Real
      Property		4.2(e)
		P&G		Preamble
		P&G
    Sub		Preamble
		P&G
      Contribution		2.3(a)(ii)
		P&G
      Indemnified Parties		10.1
		P&G
      Observers		5.1(b)
		P&G
      Option		2.7(a)
		P&G
      True-Up		2.6(c)
		P&G
      Parties		Preamble
		P&G
      Veto		5.3(b)
		Parent
      Loans		2.6(a)
		Party		Preamble
		Pro Rata
      Portion		7.5(d)
		Prohibited
      License Amounts		3.4(b)
		Purchaser
      Plan		7.5(d)
		Put
    Right		6.4(a)
		Resolution
      Period		5.3(b)
		Revised
      Valuation		6.8(a)
		Quarterly
      Financials		2.6(b)
		SEC		4.2(a)(v)
		SEC
      Documents		4.2(a)(v)
		Supplemental
      Schedule		7.5(e)

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

15

	           
    	Term	      	Section
		 
		Tag-Along
      Right		6.6(a)
		Tax Matters
      Partner		9.2(b)
		Third-Party
      Sale		6.7(a)
		Term		6.3(a)
	 	Working
      Capital	 	4.2(a)(ii)

Section 1.3 Other
Definitional Provisions; Interpretation. 

The words “hereof,” “herein”
and “hereunder” and words of similar import when used in this Agreement will
refer to this Agreement as a whole and not to any particular provision of this
Agreement, and section and subsection references are to this Agreement unless
otherwise specified. The headings in this Agreement are included for convenience
of reference only and will not limit or otherwise affect the meaning or
interpretation of this Agreement. Whenever the words “include,” “includes” or
“including” are used in this Agreement, they will be deemed to be followed by
the words “without limitation.” The phrases “the date of this Agreement,” “the
date hereof” and terms of similar import, unless the context otherwise requires,
will be deemed to refer to the date set forth in the first paragraph of this
Agreement. The meanings given to terms defined herein will be equally applicable
to both the singular and plural forms of such terms. All matters to be agreed to
by any Party hereunder must be agreed to in writing by such Party unless
otherwise indicated herein. 

ARTICLE
II 

CONTRIBUTIONS AND
ALLOCATIONS OF INTEREST

Section 2.1 Closing of
Joint Venture. 

Subject to the satisfaction or
waiver of the conditions set forth in Article VIII, the closing of the
transactions contemplated by Sections 2.2 and 2.3 (the “Closing”) will take place as of the close of business Pacific Time on January
31, 2003 at the offices of Clorox in Oakland, California, or at such other time
and place as may be mutually agreed to by the Parties (the “Closing Date”). The Parties agree that the actual exchange of
any documents, certificates assets or any other object required to be delivered
at Closing will take place at such other time and place either before or after
the close of business Pacific Time on January 31, 2003, as the Parties
reasonably determine. 

Section 2.2 Clorox
Contribution and Related Matters.

(a) From and after the Closing,
the following interests and Liabilities of the Clorox Parties and their
Subsidiaries will be attributed to, and for income Tax purposes will be deemed
owned or assumed by, the Joint Venture, except as provided in Section 2.2(b)
below with respect to Clorox Excluded Assets and Section 2.2(c) below with
respect to Clorox Retained Liabilities: 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

16

(i) the interest of the Clorox
Parties and their respective Subsidiaries on the Closing Date in all of the
businesses, assets, rights and properties (w) reflected in the Glad Balance
Sheet except as set forth in Schedule 2.2(a)(i) hereto, (x) set forth in Section
2.2(a)(iii)(C) of the Clorox Disclosure Schedule (to the extent an asset), (y)
subject to the JV Accounting Principles, to the extent and only to the extent
utilized in or related to the Glad Business, not reflected in the Glad Balance
Sheet, provided that the Joint Venture and the Glad Business
shall continue to have the right to use (in the same manner, to the same extent
and on the same terms) any businesses, assets, rights and properties of the
Clorox Parties and their Subsidiaries that would have been included in this
clause (y) but for the application of the JV Accounting Principles or (z)
subject to the JV Accounting Principles, to the extent and only to the extent
utilized in or related to the Glad Business, acquired after the date of such
Glad Financial Statements and prior to the Closing and including, for the
avoidance of doubt, the rights of the Clorox Parties under the Glad License
Agreements as of the Closing and in the Intellectual Property licensed
thereunder (collectively, the “Clorox Contribution”), and
which Clorox Contribution will be allocated among the Clorox Parties as set
forth in the Contribution Allocation Statement and for income Tax purposes will
be deemed contributed to the Joint Venture; 

(ii) subject to the JV Accounting
Principles, the interest of the Clorox Parties and their Subsidiaries in any
business, asset, right or property acquired during the Term by the Clorox
Parties to the extent and only to the extent utilized in or related to the Glad
Business (for the avoidance of doubt, for income Tax purposes, such interests
shall be deemed to be acquired by the Joint Venture rather than contributed by
the Clorox Parties); 

(iii) all Liabilities of the Clorox
Parties and their Subsidiaries to the extent and only to the extent (A)
reflected in the Glad Balance Sheet except as set forth in Schedule 2.2(a)(iii)
hereto, (B) incurred or assumed by the Glad Business in the ordinary course of
business after the date of such Glad Balance Sheet and prior to the Closing that
would be reflected as current Liabilities on a balance sheet of the Glad
Business as of the Closing prepared in accordance with the JV Accounting
Principles, but excluding any current Liabilities arising from third party
litigation claims, (C) set forth in Section 2.2(a)(iii)(C) of the Clorox
Disclosure Schedule (to the extent a Liability), (D) arising out of the conduct
of the Glad Business or the ownership or possession of any business, assets,
rights or property of the Glad Business during the Term or (E) assumed or
incurred during the Term by the Clorox Parties or their Subsidiaries in
accordance with the terms hereof with respect to the Glad Business,
provided that Indebtedness will be attributed to the Joint
Venture only to the extent that the provisions of Article V hereof with respect
to approvals are complied with and the proceeds of such Indebtedness are
utilized in the Glad Business to finance expenditures that cannot be financed by
Distributable Cash Flow; and 

(iv) all Net Income and Net Loss
and Available Cash Flow arising in respect of the foregoing and proceeds of any
disposition thereof. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

17

For avoidance of doubt, the
interests in clauses (i) through (iv) above will not include any interests in
the Glad Licensed Business other than the interests represented by the Glad
License Agreements and no foreign Subsidiary of Clorox that conducts the Glad
Licensed Business will be a JV Partner hereunder. 

(b) The following interests of
the Clorox Parties and their Subsidiaries will be excluded from the Joint
Venture and will not be attributed to the Joint Venture (collectively, the
“Clorox Excluded
Assets”), and from and after the
Closing the Joint Venture will not include any interest in any of the following:

(i) all rights of the Clorox
Parties and their Subsidiaries under this Agreement; 

(ii) all interests in any
business, asset, right or property sold, transferred or otherwise disposed of
after the date of the Glad Financial Statements and prior to the Closing in the
ordinary course of the Glad Business and not in violation of Section 7.7 hereof;

(iii) all cash and cash equivalents
as of the Closing other than petty cash with respect to the Glad Business;

(iv) all refunds or credits with
respect to any Taxes paid or incurred by Clorox or its Subsidiaries prior to the
Closing Date, except to the extent reflected on the Glad Balance Sheet;

(v) all refunds or credits with
respect to any income Taxes of Clorox or its Subsidiaries other than refunds of
non-U.S. income Taxes that were attributed to the Joint Venture pursuant to
Section 2.2(c)(ii); 

(vi) all capital stock or other
equity interests of Clorox and its Subsidiaries; and 

(vii) all rights of the Clorox
Parties arising out of or in connection with any Retained Liabilities, including
without limitation any cause of action, right of recovery, right of set-off or
counterclaim. 

(c) From and after the Closing,
none of the following Liabilities will be attributed to the Joint Venture
(“Clorox Retained
Liabilities”): 

(i) any Liability (A) arising out
of or relating to the conduct of the Glad Business or the ownership or
possession of any business, assets, rights or property of the Glad Business
prior to the Closing Date or (B) assumed or incurred prior to the Closing Date
by the Clorox Parties or their Subsidiaries, except for any Liabilities
described in clause (A), (B) or (C) of Section 2.2(a)(iii); 

(ii) (A) any Liability with
respect to income Taxes of the Clorox Parties and their Subsidiaries, except for
income Taxes imposed by a Tax authority of a foreign jurisdiction in which the Joint Venture is conducting (or causing
to be conducted) the Glad Business, and (B) any Liability of the Clorox Parties
and their Subsidiaries with respect to Taxes resulting from effecting the Clorox
Contribution at Closing; 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

18

(iii) any Liability arising out of
or relating to the Clorox Excluded Assets; 

(iv) any Liability with respect to
the matters set forth in Section 2.2(c)(iv) of the Clorox Disclosure Schedule;

(v) any Liability of the Clorox
Parties to the P&G Parties arising out of or related to any breach of this
Agreement or any Related Agreement by the Clorox Parties or their Subsidiaries,
even if arising out of or related to conduct of the Glad Business or the
ownership or possession of any business, asset, right or property of the Glad
Business during the Term; and 

(vi) any Liability for which the
Clorox Parties or their Subsidiaries have otherwise agreed to be liable and not
have attributed to the Glad Business pursuant to this Agreement or any Related
Agreement. 

Section 2.3 Contribution by
P&G and Related Matters.

(a) As of the Closing, the
following interests of the P&G Parties will be attributed to, and for Tax
purposes, will be deemed contributed to the Joint Venture: 

(i) a license to certain
Intellectual Property rights licensed to the Clorox Parties as set forth in the
P&G License Agreement; and 

(ii) all title, right and interest
to the P&G Equipment, the title to which P&G Equipment will be conveyed
to one or more Clorox Parties at the Closing, free and clear of all Liens,
except for Permitted Liens (collectively clauses (i) and (ii), the
“P&G
Contribution”). 

(b) From and after the Closing:

(i) the rights of the Clorox
Parties under the P&G License Agreement and the JV Sublicense Agreements
will be attributed to the Joint Venture; 

(ii) the right, title and interest
of the Clorox Parties to the P&G Equipment will be attributed to the Joint
Venture; and 

(iii) all Net Income and Net Loss
and Available Cash Flow arising in respect of the foregoing and proceeds of any
disposition thereof will also be attributed to the Joint Venture. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

19

(c) The P&G Parties will make
the following deliveries on the Closing Date and during the Term in connection
with the rights granted under the P&G License Agreement: 

(i) Within a reasonable time after the Closing Date,
the P&G Parties will deliver to Clorox for use in the Glad Business all Know
How included in the [* * *] medium on the Closing Date; 

(ii) On and after the Closing
Date, the P&G Parties will deliver to Clorox for use in the Glad Business
(A) all Know How [* * *], as promptly as commercially practicable after any such
Know How [* * *]; and 

(iii) In the event that any Know
How is necessary for the Clorox Parties’ use or practice of any P&G
Technology, but does not, as of the Closing Date or any later date, [* * *] then
the P&G Parties, at Clorox’s request, will promptly (x) provide the Clorox
Parties with [* * *] to Clorox. 

Section 2.4 Nature of JV
Interest 

An Ordinary JV Interest
represents an undivided participation interest in the Glad Business and each JV
Interest represents a right to receive income and losses, cash flow and proceeds
with respect thereto, as described herein. A JV Interest does not represent, and
will not be deemed to convey, a direct ownership interest in any of the
properties, assets or other rights of the Glad Business, title to which will be
held by the Clorox Parties, nor will it result in the assumption by the P&G
Parties of any Liabilities of the Glad Business. For income Tax purposes only, a
JV Interest represents a capital and profits interest in the Joint Venture.

Section 2.5 Initial
Allocations of Interest and Capital Accounts. 

(a) In consideration for the
Clorox Contribution, at the Closing the Clorox Parties will have an aggregate
initial Ordinary JV Interest of ninety percent (90%), the Class A Interest and
the Class B Interest and an aggregate Capital Account balance as will be
mutually agreed by the Parties prior to Closing. The JV Interests and Capital
Account balance of each individual Clorox Party as of the Closing will be
determined by Clorox in accordance with the Contribution Allocation Statement,
but in no event will the aggregate JV Interests and Capital Accounts balances of
the Clorox Parties as of the Closing exceed those provided in the first sentence
of this Section 2.5(a). 

(b) In consideration for the
P&G Contribution, at the Closing P&G Sub will have an initial Ordinary
JV Interest of ten percent (10%), the Class C Interest and an aggregate Capital
Account balance as will be mutually agreed by the Parties prior to Closing. All
JV Interests and Capital Account balances of the P&G Parties as of the
Closing will be deemed to be owned solely and exclusively by P&G Sub.
P&G is a party to this Agreement for purposes of guaranteeing the
performance of all obligations of P&G Sub and to perform directly certain
obligations pursuant to this Agreement. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

20

Section 2.6 Additional
Capital Calls and Parent Loans.

(a) All additional capital
contributions that will be attributed to the Joint Venture will be made in
accordance with this Section 2.6. In the event additional funds are required to
finance specific capital, acquisition or extraordinary expenditures of the Glad
Business, such funds may be provided by the JV Partners as loans
attributed to the Joint Venture (“Parent
Loans”) or as additional
contributions of capital, in each case as provided in this Section 2.6. The
Board may, from time to time, issue Capital Calls, requesting the JV Partners to
make additional contributions of capital in proportion to their respective
Ordinary JV Interests in order to finance expenditures of the Glad Business if
based on the then-current financial forecasts of the Joint Venture (i) such
expenditures cannot be funded entirely out of Distributable Cash Flow for such
Fiscal Quarter and (ii) if Parent Loans are used to finance such expenditures,
the Available Cash Flow during the next [* * *] will be insufficient to repay in
full all Parent Loans that would be outstanding immediately after such new
Parent Loans are incurred. Each JV Partner agrees that Capital Calls issued to
any JV Partner will be paid by the JV Partner at its election. The remedy for
non-payment of any Capital Calls will be limited to the remedy set forth in this
Section 2.6 and such non-payment will not be a breach of this Agreement pursuant
to this Section 2.6(a). Except as otherwise required by law, no JV Partner will
be required to make any additional contributions to the capital attributed to
the Joint Venture. All capital contributions to be attributed to the Joint
Venture will be paid by the JV Partners to the account of the Clorox Partner
designated by Clorox to receive such capital contributions. 

(b) In the event that additional
funds are required to finance specific capital, acquisition or extraordinary
expenditures of the Glad Business, and the then-current financial forecasts of
the Joint Venture indicate that (i) such expenditures can be funded entirely out
of Distributable Cash Flow for that Fiscal Quarter or (ii) if Parent Loans are
used to finance such expenditures, the Available Cash Flow during the next [* *
*] will be sufficient to repay in full all Parent Loans that would be
outstanding immediately after such new Parent Loans are incurred, the Clorox
Partners will provide such additional funds as a Parent Loan having a term of [*
* *]. In the event that Available Cash Flow for any Fiscal Quarter as set forth
in the quarterly financial statements of the Joint Venture for such Fiscal
Quarter to be delivered pursuant to Section 9.1(c) (the “Quarterly Financials”) is a negative number (such number, the
“Negative Cash
Flow”) (x) less than $[* * *] and
the aggregate outstanding Parent Loans by the Clorox Partners would not exceed
$[* * *] if the amount of such Negative Cash Flow were treated as a Parent Loan
or (y) if Parent Loans are used to fund the Negative Cash Flow, the Available
Cash Flow during the next [* * *] will be sufficient to repay in full all Parent
Loans that would be outstanding immediately after such new Parent Loans are
incurred, then the amount of the Negative Cash Flow will be treated as a Parent
Loan by the Clorox Partners, which Parent Loan will be deemed to have been made
as of the last day of the Fiscal Quarter to which the Negative Cash Flow
relates. 

(c) In the event that there is
Negative Cash Flow for any Fiscal Quarter that will not be treated as a Parent
Loan in accordance with Section 2.6(b), then within three (3) Business Days of
delivery of the Quarterly Financials pursuant to Section 9.1(c), the Board will
issue a Capital Call to P&G Sub in an amount (the “P&G True-Up”) equal to: (i) the aggregate amount of the
Ordinary JV Interests held by the P&G Partners [* * *] (ii) the Negative
Cash Flow. In the event the P&G Partners pay such Capital Call, (A) the
proceeds thereof will be paid to the Clorox Partner designated by Clorox, (B)
the P&G Partners will be deemed to have made a capital contribution to the
Joint Venture in the amount of the P&G True-Up, (C) each of the Clorox
Partners will be deemed to have made a capital contribution to the Joint Venture
in the amount of (x) the amount of the Ordinary JV Interest held by such Clorox
Partner [* * *] (y) the Negative Cash Flow
and (D) the respective Ordinary JV Interests of the Parties will not be adjusted
with respect to such capital contributions or such Capital Call paid by P&G
Sub or deemed paid by the Clorox Partners. In the event the P&G Partners
decline to pay such Capital Call, the Clorox Partners will be deemed to have
advanced the amount of the Negative Cash Flow, which may be treated as a loan or
a contribution by the Clorox Partners at their election as provided in Section
2.6(e) below. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

21

(d) All Parent Loans will bear
interest calculated on the outstanding principal amount thereof for each day
from the date such Parent Loan is made until it is paid in full at [* * *] plus [* * *] percent ([*
* *]%) per annum payable on a quarterly basis, and payments with respect to any
Parent Loans will be credited first to accrued interest. Subject to the
provisions of Section 3.4(b)(iv), each Parent Loan will have a maturity date of
the last day of the Term. 

(e) Subject to the provisions of
Section 2.6(c) hereof, in the event of the failure of any P&G Partner to
make full and timely payment of any additional capital contribution required by
any Capital Call pursuant to this Section 2.6, the Clorox Partners will be
deemed to have advanced to the Joint Venture the entire unpaid amount. Subject
to the provisions of Section 2.6(c) hereof, such advance as well as any other
amounts that would have been deemed paid by the Clorox Partner on its own behalf
with respect to such Capital Call if the P&G Partners had paid such Capital
Call in full (together with such advance, the “Additional Amount”) will, at the election of the advancing Clorox
Partner, be treated in either of the following manners: 

(i) the Additional Amount may be
treated as a Parent Loan; or 

(ii) the Additional Amount may be
treated as a contribution by the Clorox Partner paying such Additional Amount
attributed to the Joint Venture of all or any portion of such unpaid Capital
Call. 

(f) Effective upon the making of
an additional capital contribution by a Clorox Partner pursuant to Section
2.6(e)(ii) (an “Additional
Contribution”), the Ordinary JV
Interest of each JV Partner will be recalculated as that percentage equal to a
fraction: 

(i) [* * *] of which is equal to
the sum of (A) (x) the Ordinary JV Interest of such JV Partner prior to the
Additional Contribution [* * *] by (y) the aggregate Fair Market Value of all
Ordinary JV Interests prior to the Additional Contribution plus (B) the amount,
if any, of the Additional Contribution made by such JV Partner, and 

(ii) [* * *] of which is equal to
the sum of (A) the aggregate Fair Market Value of all Ordinary JV Interests
prior to the Additional Contribution [* * *] (B) the aggregate amount of all
Additional Contributions by all the JV Partners made at the same time as such
Additional Contribution. 

For purposes of this Section
2.6(f), prior to the three-year anniversary of the Closing Date, the Fair Market
Value of all the Ordinary JV Interests will be no less than $[* * *] plus the
aggregate amount of Additional Contributions
made or deemed made prior to the date as of which such Fair Market Value is
being determined. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

22

By way of illustration, in the
event the Ordinary JV Interests held by the JV Partners remain unchanged from
the Closing Date and the P&G Option has not been exercised, and an
Additional Contribution is made by a Clorox Partner in the amount of $[* * *]
and the Fair Market Value for all Ordinary JV Interests prior to such Additional
Contribution is equal to $[* * *] the Ordinary JV Interests held by the P&G
Partners would be an aggregate of [* * *]% and the Ordinary JV Interests held by
the Clorox Partners would be an aggregate of [* * *]%, calculated as follows:

[* * *]% = [* * *] 

[* * *]% = [* * *] 

Section 2.7 P&G
Option. 

(a) During the period commencing
on the Closing Date and ending on January 1, 2008 (the “Option Exercise Period”), the P&G Partners will have the option (the
“P&G Option”) to acquire from the Clorox Partners all (but
not less than all) of (x) a portion of the Clorox Partners’ Ordinary JV
Interests equal to ten percent (10%) of the total Ordinary JV Interests as of
the date of the closing of the exercise of the P&G Option and (y) the Class
A Interest. The [* * *] price to be paid by P&G Sub to the Clorox Partners
(the “Option Price”) will be determined as follows: 

(i) $[* * *] plus the Adjustment
Amount, if any, in the event the P&G Option is exercised on or before
January 1, 2004; 

(ii) $133 million plus the
Adjustment Amount, if any, if the P&G Option is exercised after January 1,
2004 and on or before January 1, 2005; 

(iii) $[* * *] plus the Adjustment
Amount, if any, if the P&G Option is exercised after January 1, 2005 and on
or before January 1, 2006; 

(iv) $[* * *] plus the Adjustment
Amount, if any, if the P&G Option is exercised after January 1, 2006 and on
or before January 1, 2007; and 

(v) $[* * *] plus the Adjustment
Amount, if any, if the P&G Option is exercised after January 1, 2007 and on
or before January 1, 2008. 

(b) If the P&G Partners wish
to exercise the P&G Option, P&G will provide ten (10) Business Days
prior written notice to Clorox. The closing with respect to any exercise of the
P&G Option will take place on the tenth Business Day after exercise by the
P&G Partners of the P&G Option, provided that if all orders, consents
and approvals of Governmental Authorities legally required for the closing of
such sale will not have been obtained or will not be in effect, or if any
waiting period under the HSR Act will not have expired or been terminated, such
closing will be delayed until the tenth Business Day after such orders, consents
and approvals will be obtained and in effect
and such waiting period, if any, will have expired or been terminated. Payment
of the Option Price will be by immediately available funds to the accounts
designated by Clorox. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

23

Section 2.8 Rights with
Respect to Capital. 

(a) No JV Partner will have the
right to withdraw, or receive any return of, its Capital Contribution, and no
Capital Contribution may be returned in the form of property other than cash
except as specifically provided herein. 

(b) Except as expressly provided
in this Agreement, no Capital Contribution of any JV Partner will bear any
interest or otherwise entitle the contributing JV Partner to any compensation
for use of the contributed capital. 

Section 2.9 Capital
Accounts. 

(a) There will be established for
each JV Partner on the books of the Joint Venture a capital account
(“Capital Account”) that will be maintained in accordance with this
Section 2.9. 

(b) In the event a JV Partner
transfers a JV Interest in accordance with the terms of this Agreement, the
transferee will succeed to the Capital Account of the transferor to the extent
it relates to the transferred JV Interest. 

(c) The Capital Account of each
JV Partner will be increased by: 

(i) such JV Partner’s cash
contributions attributed to and deemed contributed to the Joint Venture
(including deemed cash contributions equal to the amount of organizational
expenses incurred by such JV Partner on behalf of the Joint Venture);

(ii) the Carrying Value of
property attributed to and deemed contributed by such JV Partner (net of
Liabilities secured by such contributed property that the Joint Venture is
considered to have attributed to it or such property is subject to under Code
Section 752); 

(iii) all items of Net Profits
allocated to such JV Partner pursuant to Article III or other provisions of this
Agreement, and 

(iv) all items of income and gain
specially allocated to such JV Partner pursuant to Section 3.2. 

(d) The Capital Account of each
JV Partner will be decreased by: 

(i) the amount of cash
distributed to such JV Partner as a distribution with respect to the Joint
Venture; 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

24

(ii) the Carrying Value of all
actual and deemed distributions of Property made to such JV Partner as a
distribution with respect to the Joint Venture pursuant to this Agreement (net
of Liabilities secured by such distributed Property that the JV Partner is
considered to assume or take subject to under Code Section 752); 

(iii) all items of Net Loss
allocated to such JV Partner pursuant to Article III or other provisions of this
Agreement; and 

(iv) all items of deduction,
expense or loss specially allocated to such JV Partners pursuant to Section 3.2.

(e) The provisions of this
Agreement relating to the maintenance of Capital Accounts are intended to comply
with Regulations Section 1.704-1(b)(2)(iv), and will be interpreted and applied
in a manner consistent with such Regulations Section. To the extent such
provisions are inconsistent with such Regulations Section or are incomplete with
respect thereto, Capital Accounts will be maintained and adjustments thereto
will be made in accordance with such Regulations Section; provided, however,
that no such adjustment will have any effect on the amount distributable
hereunder to any JV Partner. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

25

ARTICLE
III 

ALLOCATIONS AND
DISTRIBUTIONS 

Section 3.1 Allocation of
Net Profits and Losses.

(a) Except as otherwise provided
in this Article III, Net Profits and Net Loss of the Joint Venture in each
Fiscal Year will be allocated among the JV Partners in accordance with their
respective Ordinary JV Interests. 

(b) Notwithstanding Section
3.1(a) above, Net Profits with respect to each of the first eight Fiscal
Quarters of the Joint Venture will be allocated among the JV Partners as
follows: 

(i) with respect to the first
four Fiscal Quarters of the Joint Venture, Net Profits will be allocated one
hundred percent (100%) to the Clorox Partners (pro rata in accordance with their
respective Ordinary JV Interests); provided that, if P&G Sub exercises the
P&G Option on or prior to the first day of any such Fiscal Quarter, Net
Profits for such Fiscal Quarter will be allocated (subject to adjustment
pursuant to Section 2.6(f)) ninety percent (90%) to the Clorox Partners (pro
rata in accordance with their respective JV Interests) and ten percent (10%) to
the P&G Partners (pro rata in accordance with their respective Ordinary JV
Interests); 

(ii) with respect to the fifth
through eighth Fiscal Quarters of the Joint Venture, Net Profits will be
allocated (subject to adjustment pursuant to Section 2.6(f)) ninety-five percent
(95%) to the Clorox Partners (pro rata in accordance with their respective
Ordinary JV Interests) and five percent (5%) to the P&G Partners (pro rata
in accordance with their respective Ordinary JV Interests); provided that, if
P&G Sub exercises the P&G Option on or prior to the first day of any
such Fiscal Quarter, Net Profits for such Fiscal Quarter will be allocated
(subject to adjustment pursuant to Section 2.6(f)) eighty-five percent (85%) to
the Clorox Partners (pro rata in accordance with their respective Ordinary JV
Interests) and fifteen percent (15%) to the P&G Partners (pro rata in
accordance with their respective Ordinary JV Interests); and 

(iii) notwithstanding the
provisions of Section 3.1(b)(i) and (ii) above, Net Profits with respect to any
sale, transfer or other disposition of any business or assets of the Glad
Business outside the ordinary course of the Glad Business during the first eight
Fiscal Quarters will be allocated among the JV Partners pro rata in accordance
with their respective Ordinary JV Interests. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

26

Section 3.2 Special
Allocations. 

For purposes of the following
provisions of this Section 3.2, the Clorox Partners will be regarded as a single
JV Partner with a single Capital Account. Notwithstanding anything contained
herein to the contrary: 

(a) If a JV Partner would at any time receive, but for
this Section 3.2(a), an allocation of deduction, loss, or expenditure that would
cause or increase a deficit balance in such JV Partner’s Capital Account in
excess of any amount of such deficit balance that the JV Partner is obligated to
restore or deemed obligated to restore (as determined in accordance with
Treasury Regulation Section 1.704-1(b)(2)(ii)(c)), then the portion of such
allocation that would cause or increase such deficit Capital Account balance
will be specially allocated to the other JV Partners, if any, with positive
Capital Account balances in proportion to such balances. The loss limitation
under this Section 3.2(a) is intended to comply with Treasury Regulation Section
1.704-1(b)(2)(ii)(d), including the reductions described in subparagraphs (4),
(5) and (6) therein. 

(b) If in any Fiscal Year a JV
Partner receives an adjustment, allocation or distribution described in Treasury
Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Joint Venture
income and gain will be specially allocated to each such JV Partner in an amount
and manner sufficient to eliminate, to the extent required by the Treasury
Regulations, the Capital Account deficit of such JV Partner as quickly as
possible provided that an allocation pursuant to this Section 3.2(b) will be
made only if and to the extent that such JV Partner would have a Capital Account
deficit after all other allocations provided for in this Article III have been
tentatively made as if this Section 3.2(b) were not in the Agreement. This
Section 3.2(b) is intended to qualify and be construed as a “qualified income
offset” within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(d)
and will be interpreted consistently therewith. 

(c) If there is a net decrease in
minimum gain attributed to the Joint Venture or JV Partner nonrecourse debt
minimum gain (determined in accordance with the principles of Treasury
Regulation Sections 1.704-2(d) and 1.704-2(i)) during any Joint Venture
taxable year, the JV Partners will be allocated items of income and gain
attributed to the Joint Venture for such year (and, if necessary, subsequent
years) in an amount equal to their respective shares of such net decrease during
such year, determined pursuant to Treasury Regulation Sections 1.704-2(g) and
1.704-2(i)(5). The items to be so allocated will be determined in accordance
with Treasury Regulation Section 1.704-2(f). This Section 3.2(c) is intended to
comply with the minimum gain chargeback requirements in such Treasury
Regulations and will be interpreted consistently therewith, including that no
chargeback will be required to the extent of the exceptions provided in Treasury
Regulation Sections 1.704-2(f) and 1.704-2(i)(4). 

(d) The allocation provisions set
forth in this Article III and the other provisions of this Agreement relating to
the maintenance of Capital Accounts are intended to comply with Treasury
Regulation Section 1.704-1(b) and will be interpreted and applied in a manner
consistent with such Regulations; provided however that such
provisions will not affect the economic rights of any JV Partner, including
rights to distributions with respect to the Joint Venture. 

(e) Any special allocations of
items of income, gain, loss or deductions pursuant to Sections 3.2(a), (b) and
(c) will be taken into account in computing subsequent allocations pursuant to
Section 3.1 and this Section 3.2, so that the net amount of any items so
allocated will, to the extent possible, be equal to the net amount that would
have been allocated to each such JV Partner pursuant to the provisions of this
Article III if such special allocations had not occurred. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

27

(f) In the
event that any fees, interest, or other amounts paid to any JV Partner or any
Affiliate thereof pursuant to this Agreement or any other agreement attributed
to the Joint Venture with any JV Partner or Affiliate thereof providing for the
payment of such amount, and deducted by the Joint Venture in reliance on Section
707(a) and/or 707(c) of the Code, are disallowed as deductions to the Joint
Venture on its federal income tax return and are treated as Joint Venture
distributions, then:

(i) the
Net Profits or Net Loss, as the case may be, for the Fiscal Year in which such
fees, interest, or other amounts were paid will be increased or decreased, as
the case may be, by the amount of such fees, interest, or other amounts that are
treated as Joint Venture distributions; and

(ii) there
will be allocated to the JV Partner to which (or to whose Affiliate) such fees,
interest, or other amounts were paid, prior to the allocations pursuant to
Section 3.1, an amount of gross income for the Fiscal Year equal to the amount
of such fees, interest, or other amounts that are treated as Joint Venture
distributions.

(g) Prior
to the allocation of Net Profits and Net Losses pursuant to Section 3.1, the
following allocations shall be made for each Fiscal Year:

(i) The
holder of the Class A Interest will be specially allocated royalty income
attributable to royalty payments made under the Glad License Agreements for such
Fiscal Year in an amount of royalty payments [* * *] to the aggregate amounts
distributable to the holder of the Class A Interest under Section 3.5(b)(i)
hereof (without regard to distributions treated as guaranteed payments under
such Section) in each Fiscal Quarter in such Fiscal Year. Royalty income
allocated to the Class A Interest hereunder will be allocated among the various
sources of such royalty income in the same manner as withholding taxes are
calculated under the definition of “Deemed Withholding Taxes”. The holder of the
Class A Interest will also be specially allocated income for such Fiscal Year in
an [* * *] of the IP Allocation Amounts with respect to IP Acquisitions for such
Fiscal Year and will be specially allocated all income attributable to Glad
License Termination Amounts paid for such Fiscal Year;

(ii) After
the allocations pursuant to Section 3.2(g)(i) are made, the holder of the Class
B Interest will be specially allocated royalty income attributable to royalty
payments made under the Glad License Agreements for such Fiscal Year in an
amount [* * *] royalty payments received under the Glad License Agreements for
such Fiscal Year, [* * *] the amount of royalty income allocated to the Class A
Interest under Section 3.2(g)(i) for such Fiscal Year. The holder of the Class B
Interest will also be specially allocated income for such Fiscal Year [* * *] IP
Acquisition Prices with respect to IP Acquisitions, if any, for such Fiscal Year
in excess of the aggregate IP Allocation Amounts included in the calculation of
the Class A Special Amount and the Class C Special Amount for each Fiscal
Quarter in such Fiscal Year;

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

28

(iii) The holder of the Class
C Interest will be specially allocated royalty income attributable to royalty
payments made under the JV Sublicense Agreements in such Fiscal Year in an
amount of royalty payments [* * *] royalty payments received under the JV
Sublicense Agreements for such Fiscal Year. The holder of the Class C Interest
will also be specially allocated income for such Fiscal Year in an amount [* *
*] of the IP Allocation Amounts with respect to IP Acquisitions for such Fiscal
Year and will be specially allocated [* * *] attributable to JV Sublicense
Termination Amounts paid for such Fiscal Year;

(iv) The
Clorox Partners will be specially allocated all deductions arising from the
payment of guaranteed payments pursuant to Section 3.5(a) and Section 3.5(b)
hereof in such Fiscal Year and shall be specially allocated [* * *] attributable
to Prohibited License Amounts received on behalf of the Joint Venture in such
Fiscal Year; and

(v) Each
JV Partner will be specially allocated all deductions arising from the
amortization of organizational expenses (within the meaning of Section 709(b) of
the Code) incurred by such JV Partner on behalf of the Joint Venture.

Section 3.3 Section 704(c) Allocation.

(a) For
income tax purposes only, each item of income, gain, loss, and deduction with
respect to any Property, the Carrying Value of which differs from its adjusted
tax basis for federal income tax purposes, will be allocated in accordance with
the principles of Section 704(c) of the Code so as to take into account the
variation between the adjusted tax basis of such Property and its Carrying
Value. For purposes of applying the principles of Section 704(c) of the Code,
the Joint Venture will use the traditional method described in Treasury
Regulation Section 1.704-3(b) or such other methods as the JV Partners
unanimously agree.

(b) Subject to the provisions of Section 3.3(a), items of income, gain, loss,
deduction and credit to be allocated for income tax purposes will be allocated
for each Fiscal Year among the JV Partners in the same manner and on the same
basis as Net Profits and Net Loss are allocated, taking into account special
allocations made pursuant to Section 3.2.

Section 3.4 Distributions of Available Cash Flow.

(a) After
making distributions of Distributable Cash Flow pursuant to Section 3.4(c) for
any Fiscal Quarter, all remaining Distributable Cash Flow attributed to the
Joint Venture for such Fiscal Quarter will be distributed by the Clorox Partners
in accordance with this Section 3.4(a). If Available Cash Flow as shown in the
Quarterly Financials for any Fiscal Quarter results in the Distributable Cash
Flow for that Fiscal Quarter being a positive number, a distribution with
respect to such Fiscal Quarter will be made by the Clorox Partners to the
P&G Partners within three (3) Business Days after delivery of such Quarterly
Financials and each Clorox Partner will be deemed to have received a
distribution on that same date. All distributions made by the Clorox Partners
pursuant to this Section 3.4 will be in [* * *] to the account designated by the
P&G Partners to Clorox in writing. Except as otherwise provided in this
Section 3.4 or Article VI, all distributions of Distributable Cash Flow from any
Fiscal Quarter will be made to the JV Partners pro rata in accordance with their
respective Ordinary JV Interests as of the last day of such Fiscal Quarter so
that the amount distributed to the P&G Partners will equal its Ordinary JV
Interest as of such day multiplied by the aggregate amount of Distributable Cash
Flow. 

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

29

(b) Notwithstanding the provisions of Section 3.4(a), after making
distributions of Distributable Cash Flow pursuant to Section 3.4(c),

(i) with
respect to the first four Fiscal Quarters of the Joint Venture, the remaining
Distributable Cash Flow will be distributed one hundred percent (100%) to the
Clorox Partners (pro rata in accordance with their respective Ordinary JV
Interests); provided that if the P&G Partners exercise the P&G Option on
or prior to the first day of any such Fiscal Quarter, such Distributable Cash
Flow for such Fiscal Quarter will be distributed (subject to adjustment pursuant
to Section 2.6(f)) ninety percent (90%) to the Clorox Partners (pro rata in
accordance with their respective Ordinary JV Interests) and ten percent (10%) to
the P&G Partners;

(ii) with
respect to the fifth through eighth Fiscal Quarters of the Joint Venture, the
remaining Distributable Cash Flow will be distributed (subject to adjustment
pursuant to Section 2.6(f)) ninety-five percent (95%) to the Clorox Partners
(pro rata in accordance with their respective Ordinary JV Interests) and five
percent (5%) to the P&G Partners; provided that if the P&G Partners
exercises the P&G Option on or prior to the first day of any such Fiscal
Quarter, such Distributable Cash Flow for such Fiscal Quarter will be
distributed (subject to adjustment pursuant to Section 2.6(f)) eighty-five
percent (85%) to the Clorox Partners (pro rata in accordance with their
respective Ordinary JV Interests) and fifteen percent (15%) to P&G Partners;
and

(iii) notwithstanding the provisions of Section 3.4(b)(i) and (ii) above,
distributions of Distributable Cash Flow consisting of the net cash proceeds of
any sale, transfer or other disposition of any business or assets of the Glad
Business outside the ordinary course of the Glad Business during the first eight
Fiscal Quarters will be made to the JV Partners pro rata in accordance with
their respective Ordinary JV Interests as of the last day of such Fiscal
Quarter.

(c) Prior
to any distributions of Distributable Cash Flow under Sections 3.4(a) or 3.4(b),
Distributable Cash Flow for any Fiscal Quarter will be distributed in accordance
with this Section 3.4(c) in the following order of priority:

(i) In the
event of one or more International Acquisitions that have related IP
Acquisitions in a Fiscal Quarter, the holder of the Class C Interest will be
entitled to a distribution with respect to such Fiscal Quarter of Distributable
Cash Flow in an amount equal to the sum of the aggregate IP Allocation Amounts
with respect to all such International Acquisitions in such Fiscal Year (the
“Class C Special
Amount”);

(ii) In the
event of one or more International Acquisitions that have related IP
Acquisitions in a Fiscal Quarter, the holder of the Class A Interest will also
be entitled to a distribution with respect to such Fiscal Quarter of
Distributable Cash Flow equal to the sum of the aggregate IP Allocation Amounts
with respect to all such International Acquisitions in such Fiscal Quarter (the
“Class A Special
Amount”);

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

30

(iii) The
holder of the Class B Interest will be entitled to a distribution with respect
to each Fiscal Quarter of Distributable Cash Flow in an amount equal to the
aggregate royalty payments received under the Glad License Agreements (net of
withholding taxes imposed on such royalty payments) for such Fiscal Quarter,
minus the amount distributable to the holder of the Class A Interest under
Section 3.5(b)(i) for such Fiscal Quarter;

(iv) The
holder of the Class B Interest will be entitled to a special distribution with
respect to each Fiscal Quarter of Distributable Cash Flow equal to the aggregate
IP Acquisition Prices, if any, for such Fiscal Quarter, less the sum of the
Class A Special Amount and the Class C Special Amount for such Fiscal Quarter;
and

(v) In the
event there is insufficient Distributable Cash Flow in any Fiscal Quarter to pay
the amounts otherwise distributable under this Section 3.4(c) (a
“Distribution
Shortfall”), there shall be a
priority distribution of Distributable Cash Flow in the next succeeding Fiscal
Quarter in the amount of such Distribution Shortfall (and all prior Distribution
Shortfalls to the extent a distribution has not been made with respect to any
such Distribution Shortfall under this Section 3.4(c)(v)) in the order of
priority set forth in this Section 3.4(c) to the Parties who were the holders of
the Class A Interest, Class B Interest and Class C Interest at the time of such
Distribution Shortfall. Notwithstanding anything set forth in this Section 3.4 to the contrary,
distributions under this Section 3.4(c)(v) shall be made before any
distributions are made under Sections 3.4(c)(i) through (iv), inclusive, for a
Fiscal Quarter.

Any distributions of
Distributable Cash Flow pursuant to this Section 3.4(c) will reduce the amount
of Distributable Cash Flow available for distribution pursuant to Section 3.4(a)
and 3.4(b) hereof.

(d) To the
extent there are any outstanding Parent Loans, and there is Available Cash Flow
in any Fiscal Quarter, then all Available Cash Flow will be immediately applied
towards outstanding Parent Loans and accrued and unpaid interest thereon until
all Parent Loans and accrued interest thereon will have been repaid in full. As
long as any Parent Loans remain outstanding, no distributions will be made
pursuant to this Section 3.4 in respect of the JV Interests.

(e) The
Parties acknowledge that it is expected that the Glad Global Business will
participate in Clorox’s centralized cash management system and that any cash
generated by the Glad Global Business may be used by Clorox in its discretion,
subject to the other provisions of this Agreement and the Related
Agreements.

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

31

Section 3.5 Distributions of IP Related Amounts.

The holders of the Class C
Interest and the Class A Interest shall be entitled to distributions of the
following amounts received under the JV Sublicense Agreements and the Glad
License Agreements, which amounts shall be distributed or paid, as the case may
be, by the Clorox Partners on behalf of the Joint Venture in the order and
priority set forth below for any Fiscal Quarter:

(a) The
holder of the Class C Interest will be entitled to distributions of (i) all
royalties paid under the JV Sublicense Agreements for such Fiscal Quarter (net
of withholding taxes imposed on such royalty payments), and (ii) all JV
Sublicense Termination Amounts paid under the JV Sublicense Agreements for such
Fiscal Quarter (net of withholding taxes imposed on such JV Sublicense
Termination Amounts). In the event the foregoing amounts payable under any JV
Sublicense Agreement are not permitted to be paid as a result of legal
restrictions in a local jurisdiction of an International Licensee, the holder of
the Class C Interest shall be entitled to receive, and the Clorox Partners on
behalf of the Joint Venture shall cause to be paid, an amount equal to the
shortfall (reduced by any withholding taxes that would have been imposed had the
full amounts due actually been paid by the International Licensee). The amount
of such payment shall be treated as a guaranteed payment under Section 707(c) of
the Code. For the avoidance of doubt, no P&G Partner shall be required to
contribute or otherwise fund, directly or indirectly, such guaranteed payments.
If the International Licensee is later permitted by the local jurisdiction to
make royalty payments that were previously prohibited, the amount of such
payments received shall be distributed to the Clorox Partners.

(b) The
holder of the Class A Interest will be entitled to distributions of (i)
royalties paid under the Glad License Agreements for such Fiscal Quarter in an
amount equal to the Class A Royalty Amount (or, in the event the aggregate
royalty payments paid under the Glad License Agreements for such Fiscal Quarter
(net of withholding taxes imposed on such royalty payments) are less than the
Class A Royalty Amount, such lesser amount of royalty payments) and (ii) all
Glad License Termination Amounts paid under the Glad License Agreements for such
Fiscal Quarter (net of withholding taxes imposed on such amounts). In the event
the P&G Option has been exercised, to the extent (x) the aggregate royalty
payments under the Glad License Agreements for a Fiscal Quarter are less than
the Class A Royalty Amount for such Fiscal Quarter or (y) Glad License
Termination Amounts are not permitted to be paid as a result of legal
restrictions in a local jurisdiction of an International Licensee, the holder of
the Class A Interest will be entitled to receive, and the Clorox Partners on
behalf of the Joint Venture shall cause to be paid an amount equal to such
shortfall (in the case of clause (y), reduced by any withholding taxes that
would have been imposed had the full amounts due actually been paid by the
International Licensee). The amount of such payment shall be regarded as a
guaranteed payment under Section 707(c) of the Code. For the avoidance of doubt,
no P&G Partner shall be required to contribute or otherwise fund, directly
or indirectly, such guaranteed payments. If the International Licensee is later
permitted by the local jurisdiction to make royalty payments that were
previously prohibited, the amount of such payments received shall be distributed
to the Clorox Partners (such amounts, together with the amounts described in the
last sentence of Section 3.5(a) hereof, shall be referred to as “Prohibited
License Amounts”).

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

32

ARTICLE
IV

REPRESENTATIONS AND
WARRANTIES

Section 4.1 Representations
and Warranties of all the Parties.

Each of the Clorox Parties
hereby jointly and severally represents and warrants to the P&G Parties with
respect to each Glad Party, and each of the P&G Parties hereby jointly
and severally represents and warrants
to each of the Clorox Parties with respect to each of the P&G Parties, as
follows, in each case subject to the exceptions set forth on the Clorox
Disclosure Schedule, or the P&G Disclosure Schedule, as
applicable:

(a) Organization and Authority. Such Party is duly organized, validly existing and in good standing
under the laws of its jurisdiction of organization, and has the requisite power
and authority to own, lease and operate its properties and to conduct its
business as now conducted by it. Such Party has all requisite power and
authority to enter into this Agreement and the Related Agreements to which it is
a party and to perform its obligations hereunder and thereunder. Such Party is
qualified to do business and is in good standing as a foreign corporation,
partnership or other entity, as applicable, in all jurisdictions in which it
conducts its business, except where the failure to be so qualified does not and
will not, individually or in the aggregate, have a Material Adverse
Effect.

(b) Authorization. The
execution, delivery and performance by such Party of this Agreement and the
Related Agreements, in each case to which it is a party, and the consummation by
such Party of the transactions contemplated hereby and thereby have been duly
authorized by all necessary corporate action on the part of such Party. This
Agreement has been, and each of the Related Agreements will on the Closing Date
be, in each case to which it is a party, duly executed and delivered by such
Party and constitutes or, in the case of the Related Agreements, upon execution
thereof by all other appropriate parties will constitute, a valid and legally
binding obligation of such Party, enforceable against it in accordance with its
terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other similar laws relating to or affecting
creditors’ rights generally, general equitable principles (whether considered in
a proceeding at equity or at law) and an implied covenant of good faith and fair
dealing.

(c) Consents and Approvals; No Conflicts. The execution, delivery and performance by such
Party of this Agreement and the Related Agreements, in each case to which it is
a party, and the consummation by such Party of the transactions contemplated
hereby and thereby will not (i) conflict with or result in a breach of any
provision of the charter or bylaws (or equivalent governing documents) of such
Party, (ii) require any consent, approval, authorization or permit of, or filing
with or notification to, any Governmental Authority, (iii) require the consent
or approval of any Person (other than a Governmental Authority) or violate or
conflict with, or result in a breach of any provision of, constitute a default
(or an event which with notice or lapse of time or both would become a default)
or give to any third party any right of termination, cancellation, amendment or
acceleration under, or result in the creation of a Lien on any of the assets
attributed to the Joint Venture under, any of the terms, conditions or
provisions of any contract or license to which such Party is a party or by which
it or its assets or property are bound, or (iv) violate or conflict with any
order, writ, injunction, decree, statute, rule or regulation applicable to such
Party; other than any matters described in clauses (ii), (iii) and (iv) above
which, individually or in the aggregate, do not and will not have a Material
Adverse Effect.

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

33

(d) Certain Fees. Neither such
Party nor any of its officers, directors or employees, on behalf of such Party,
has employed any broker or finder or incurred any other Liability for any brokerage fees, commissions or
finders’ fees in connection with transactions contemplated hereby.

Section 4.2 Representations and Warranties of the Clorox Parties.

Each of the Clorox Parties
hereby jointly and severally represents and warrants to the P&G Parties as
follows, in each case subject to the exceptions set forth on the Clorox
Disclosure Schedule:

(a) Financial Statements.

(i) The
Glad Financial Statements were derived from the books and records of the Glad
Business. The Glad Balance Sheet has been prepared in accordance with the
methodologies set forth in the PWC Report consistently applied. The income
statement included in the Glad Financial Statements has been prepared in
accordance with the JV Accounting Principles. The application of the JV
Accounting Principles will not affect the statement of results of operations
included in the Glad Financial Statements. The Glad Financial Statements fairly
and truly present in accordance with the JV Accounting Principles the financial
position of the Glad Business as at June 30, 2002 and the results of its
operations for the year then ended, before deductions for any income Taxes and
after certain internal adjustments indicated in the notes thereto.

(ii) As of
the Closing, the Glad Business will have sufficient Working Capital to operate
the Glad Business after the Closing in the ordinary course consistent with past
practice. For purposes hereof, “Working Capital” is calculated as (i) the
current assets of the Glad Business attributed to the Joint Venture minus (ii)
the current Liabilities of the Glad Business attributed to the Joint Venture,
prepared and calculated as provided in the immediately preceding
sentence.

(iii) Except
as and to the extent disclosed in the Glad Balance Sheet and, except for
Liabilities incurred in connection with the transactions contemplated by this
Agreement and the Related Agreements, there are no Liabilities of the Glad
Business, that would be required to be reflected on, or reserved against, in a
consolidated balance sheet of the Glad Business in accordance with the JV
Accounting Principles, except for (x) Liabilities which, singly or in the
aggregate, do not and will not have a Material Adverse Effect, and (y)
Liabilities incurred subsequent to the date of such balance sheet by the Glad
Business in the ordinary course of business consistent with past
practice.

(iv) Any
hedge arrangements included in the Liabilities to be attributed to the Glad
Global Business pursuant to Section 2.2(a)(iii)(c) relate to the underlying
business operations of the Glad Global Business and are not held for speculative
purposes.

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

34

(v) Clorox has filed on a
timely basis all forms, reports and documents required to be filed with the
United States Securities and Exchange Commission (the “SEC”) since July 1, 2001
(all forms, reports and documents filed by Clorox with the SEC since July 1,
2001 are referred to herein as the “SEC Documents”). The SEC
Documents (A) complied as to form in all material respects with the requirements
of the Securities Act of 1933, as amended, or the Exchange Act of 1934, as
amended, as the case may be, and the rules and regulations thereunder, each as
in effect on the date so filed or amended, and (B) did not at the time they were
filed (or if amended or superseded by a filing prior to the date of this
Agreement, then on the date of such filing) contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

(vi) The
most recent audited annual financial statements and unaudited quarterly
financial statements included in the SEC Documents were prepared in accordance
with GAAP applied on a consistent basis throughout the periods involved (except
as may be indicated in the notes thereto or in the SEC Documents), and each
fairly presents the consolidated financial position of Clorox and its
Subsidiaries at the respective dates thereof and the consolidated results of
their operations and cash flows for the periods indicated, except that the
unaudited interim financial statements were or are subject to normal and
recurring year-end adjustments and do not contain all of the footnote
disclosures required by GAAP.

(vii) Each
of the balance sheets set forth in the PWC Report with respect to the Glad
Existing International Business in Canada, Australia and New Zealand (the
“Existing International Balance
Sheets”) has been prepared in
accordance with the methodologies set forth in the PWC Report consistently
applied, and is accurate based on such methodologies. The application of the JV
Accounting Principles to the Existing International Balance Sheets will not
affect the statement of results of operations included in the PWC Report with
respect to the Glad Existing International Business in Canada, Australia and New
Zealand. The income statements included in the PWC Report with respect to the
Glad Existing International Business in Canada, Australia and New Zealand fairly
and truly present in accordance with the JV Accounting Principles the results of
operations of the Glad Existing International Business in such countries in
accordance with the JV Accounting Principles, excluding costs included therein
that would be charged through the Clorox Services in accordance with Exhibit
F.

(viii) There
are no Liabilities of the Glad Existing International Business in South Africa,
Costa Rica, Hong Kong, Philippines and Korea, singly or in the aggregate, which,
in light of the business, properties, assets and cash flow of the Glad Existing
International Business in such countries, do or will have a material adverse
effect upon the business, properties, financial condition or results of
operations of the Glad Existing International Business or a Material Adverse
Effect.

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

35

(b) Absence of Certain Changes or Events. Since June 30, 2002, the Glad Parties have
conducted the Glad Global Business in all material respects only in the ordinary
course, consistent with past practice and except as reflected in the Glad
Financial Statements, since such date there has not been, prior to the date
hereof, (i) any material adverse change in the business, properties, financial
condition or results of operations of the Glad Global Business, except as may arise from or relate to changes in
general economic conditions in the geographic regions in which the Glad Global
Business operates or (ii) any damage, destruction, loss, conversion,
condemnation or taking by eminent domain related to any material property or
assets of the Glad Global Business except for such matters that, individually or
in the aggregate, do not and will not have a Material Adverse Effect related to
the Glad Global Business.

(c) Sufficiency of and Title to Properties; Absence of Liens and Encumbrances. The Clorox Parties and their Subsidiaries have
good title to all properties, assets and other rights reflected as owned by the
Clorox Parties on the Glad Balance Sheet or acquired after the date of such Glad
Balance Sheet and prior to the Closing Date, as well as all other properties,
assets and other rights included in the Clorox Contribution, free and clear of
all Liens (other than Permitted Liens), except for any such properties, assets
or other rights sold, transferred or otherwise disposed of after the date of the
Glad Balance Sheet and prior to the Closing in the ordinary course of the Glad
Business and not in violation of Section 7.7 hereof. The Glad Parties and their
Subsidiaries will own or have the right to use all properties, assets and other
rights used to generate the income reflected in the income statements included
in the PWC Report with respect to the Glad Existing International Business
except for any such properties, assets or other rights sold, transferred or
otherwise disposed of after the date of such income statements and prior to the
Closing in the ordinary course of the Glad Existing International Business and
not in violation of Section 7.7 hereof.

(d) Properties, Contracts, Permits and Other Data. All rights, licenses, leases, registrations,
applications, contracts, commitments and other agreements of the Glad Global
Business or by which the assets used in the Glad Global Business are bound are
in full force and effect and are valid and enforceable in accordance with their
respective terms except for such failures to be in full force and effect and
valid and enforceable that do not and will not, individually or in the
aggregate, have a Material Adverse Effect. The Glad Parties are not in breach or
default in the performance of their obligations thereunder with respect to the
Glad Global Business and no event has occurred or has failed to occur whereby
any of the other parties thereto have been or will be released therefrom or will
be entitled to refuse to perform thereunder, except for such matters which do
not and will not individually or in the aggregate, a Material Adverse
Effect.

(e) Real Property. With
respect to any real property owned by the Glad Parties and used in the Glad
Global Business (the “Owned Real
Property”), the Glad Parties have
good title to such parcel, free and clear of all Liens, except for Permitted
Liens, and (i) there are no leases, subleases, licenses or agreements granting
to any party or parties the right of use or occupancy of any portion of such
Owned Real Property; and there are no outstanding options or rights of first
refusal to purchase such parcel, or any portion thereof or interest therein, in
each case except as, individually or in the aggregate, do not and will not have
a Material Adverse Effect. With respect to any real property leased by the Glad
Parties and used in the Glad Global Business (the “Leased Real Property”), none of the Glad Parties has assigned,
transferred, conveyed, mortgaged, deeded in trust or encumbered any interest in
the leasehold or subleasehold under any Leased Real Property and there are no
leases, subleases, licenses or agreements granting to any third party or parties
the right of use or occupancy of any portion of any Leased Real Property, in
each case except as do not and will not have a Material Adverse Effect.

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

36

(f) Legal Proceedings. As of
the date of this Agreement, there is no material litigation, proceeding or
governmental investigation to which any Glad Party is a party pending or, to the
knowledge of the Clorox Parties, threatened against the Glad Parties or their
respective Subsidiaries arising out of or related to the Glad Global Business or
assets used in the Glad Global Business or the transactions contemplated by this
Agreement or which seeks to restrain or enjoin the consummation of any of the
transactions contemplated hereby. The Glad Parties are not a party to with
respect to the Glad Global Business, nor are the assets used in the Glad Global
Business subject to, any material judgment, writ, decree, injunction or order
entered by any court or Governmental Authority (domestic or foreign).

(g) Labor Controversies. (i)
There have been no labor strikes, slow-downs, work stoppages or lock-outs during
the past three years, nor is any such strike, slow-down, work stoppage or
lock-out pending or, to the knowledge of the Clorox Parties, threatened with
respect to the current or former employees of the Glad Parties performing
services with respect to the Glad Global Business and (ii) the Glad Parties are
not party with respect to the Glad Global Business to any collective bargaining
agreement, contract, letter of understanding or, to the knowledge of the Clorox
Parties, any other agreement, formal or informal with any labor union or
organization.

(h) Intellectual Property and Technology. The Glad Parties own, or are licensed to use,
all Intellectual Property used in the Glad Global Business as of the date hereof
and as used during the [* * *]. The patents and trademarks used in the Glad
Global Business are unexpired and have not been abandoned other than pursuant to
a reasonable business decision made in the ordinary course of business. The
patents and trademarks of the Glad Global Business are valid and enforceable. To
the knowledge of the Clorox Parties, the Intellectual Property used in the Glad
Global Business is not being Infringed by any third party. The conduct of the
Glad Global Business, including the use or practice of the patents in the Glad
Global Business and the use of the trademarks in the Glad Global Business,
consistent with past practice during the [* * *] does not Infringe upon or
misappropriate the Intellectual Property of any third party. Except as expressly
provided in the [* * *] none of the rights of Clorox or its Affiliates to any
Intellectual Property used in the Glad Global Business will be impaired by the
transactions provided for herein. There are no currently pending claims (whether
private or governmental) against any of the Glad Parties, or to their knowledge
threatened, that seek to limit their right to use any of the Intellectual
Property used by the Glad Parties in conducting the Glad Global Business or
alleging that the use of any Intellectual Property by the Glad Parties does not
comply with any governmental regulation, or that seek to cancel or question the
validity, enforceability, ownership or use of any Intellectual Property used in
the Glad Global Business. The Glad Parties have taken all reasonable steps to
protect, maintain and safeguard the Intellectual Property used in the Glad
Global Business. The food storage, bags, wraps and container products of the
Glad Business contain only substances that are food-contact safe as determined
by the United States Food and Drug Administration (“FDA”) and do not contain any
other substances that require approval of the FDA or any other Governmental
Authority.

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

37

(i) Government Licenses, Permits, Etc. The Glad Parties have all licenses, permits, consents, approvals,
authorizations, qualifications and orders of Governmental Authorities required
for the conduct of the Glad Global Business as presently conducted by the Glad
Parties consistent with past practice, except where failure does not and will
not, individually or in the aggregate, have a Material Adverse
Effect.

(j) Conduct of Business in Compliance with Regulatory and
Contractual Requirements. The Glad Parties have complied in conducting the
Glad Global Business with all applicable laws, ordinances, regulations or orders
or other requirements of any Governmental Authority, including all rules,
regulations and administrative orders relating to anti-competitive practices,
discrimination, employment, health and safety, except for such matters which do
not and will not have, individually or in the aggregate, a Material Adverse
Effect.

(k) Environmental Matters.
Except for matters that, individually or in the aggregate, do not and will not
have a Material Adverse Effect, (i) there are no Materials of Environmental
Concern at any property owned or leased by the Glad Parties and used in the
conduct of the Glad Global Business that have or will give rise to any Liability
under any Environmental Law; and (ii) no judicial, administrative, or arbitral
proceeding (including any notice of violation or alleged violation) under any
Environmental Law to which any Glad Party is, or to the knowledge of the Clorox
Parties will be, named as a party is pending or, to the knowledge of the Clorox
Parties, threatened with respect to the Glad Global Business.

(l) Tax
Matters.

Except for matters that,
individually or in the aggregate, do not and will not, have a Material Adverse
Effect:

(i) (x)
the Glad Parties have (A) duly and timely filed with the appropriate tax
authority all Tax returns required to be filed by or with respect to the Glad
Global Business, and (B) paid in full all Taxes due by or in respect of the Glad
Global Business for all periods; and (y) the Glad Parties have, in respect of
the Glad Global Business, properly withheld amounts for Taxes from its employees
and has made all remittances of amounts required to be withheld and, with
respect to such employees, has filed all Tax returns and reports required to be
filed with any tax authority;

(ii) there
is no existing Tax audit or proceeding between any Glad Party and any Tax
authority with respect to, or which may have an effect on, the Glad Global
Business; there are no claims for Taxes that have been asserted or proposed in
writing against any Glad Party with respect to, or which may have an effect on,
the Glad Global Business; and

(iii) there
are no Liens for Taxes, nor any pending or threatened Liens for Taxes, upon any
property or assets of the Glad Global Business, except for Liens for current
Taxes not yet due.

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

38

(m) Entire Business. Except
for (i) the Clorox Excluded Assets, (ii) the properties, assets and other rights
used by Clorox and its Subsidiaries to conduct the Clorox Services and (iii) the properties, assets and
other rights used by the Glad Parties to conduct the Glad Existing International
Business, the Clorox Contribution constitutes all of the properties, assets,
contracts and other rights necessary for the conduct of the Glad Global Business
as currently conducted by the Glad Parties consistent with past
practice.

(n) Affiliate Transactions.
Except for transactions and other matters subject to the JV Accounting
Principles or the Related Agreements and for the Clorox Services, there are no
agreements, arrangements, undertakings or other transactions between the Glad
Global Business and any other business or division of Clorox, except for
transactions in the ordinary course of business on terms comparable in all
material respects to those that it would obtain in a comparable arm’s length
transaction with a third party that is not an Affiliate.

(o) Employee Benefit Matters.
Each employee benefit plan, severance, change-in-control or employment plan,
program or agreement, stock option, bonus plan, or incentive plan or program of
the Glad Parties with respect to employees engaged in conducting the Glad Global
Business (such plans, the “Clorox
Benefit Plans”) has been
administered and is in compliance with the terms of such Clorox Benefit Plan and
all applicable laws, rules and regulations except where the failure thereof does
not and will not, individually or in the aggregate, result in Liability that has
or will have a Material Adverse Effect. No litigation or administrative or other
proceeding involving any Clorox Benefit Plan has occurred or, to the knowledge
of the Clorox Parties, is threatened where an adverse determination would result
in Liability that has or will have a Material Adverse Effect.

(p) Insurance. The Glad
Parties have insurance policies with respect to the assets and Liabilities
attributed to the Glad Global Business that are of the type and in amounts that
are adequate to protect and conduct the Glad Global Business. There is no
material claim by Clorox or any of its Subsidiaries pending under any of such
insurance policies.

Section 4.3 Representations and Warranties of P&G.

Each of the P&G Parties
hereby jointly and severally represents and warrants to the Clorox Parties as
follows, subject to the exceptions set forth on the P&G Disclosure
Schedule:

(a) P&G Equipment. The
P&G Parties or their Affiliates have, and at the Closing the Clorox Parties
will receive, good and marketable title to the P&G Equipment, free and clear
of all Liens except for Permitted Liens. The P&G Equipment is in good
condition and, to the extent installed, has been reasonably maintained
consistent with standards generally followed in the industry, and is suitable
for use as it is currently used and as currently expected to be used in
connection with the Glad Global Business after the Closing.

(b) Legal Proceedings. As of
the date of this Agreement, there is no material litigation, proceeding or
governmental investigation to which the P&G Parties or their Affiliates is a
party pending or, to the knowledge of the P&G Parties, threatened against
P&G or its Subsidiaries or relating to the P&G Equipment or the
transactions contemplated by this Agreement or which seeks to restrain or enjoin
the consummation of any of the transactions contemplated hereby. None of the
P&G Parties is a party to, nor is the P&G Equipment subject to, any
material judgment, writ, decree, injunction or order entered by any court or
Governmental Authority (domestic or foreign). 

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

39

Section 4.4 Survival of Representations and Warranties

The representations and
warranties given by the Parties in this Article IV and contained in the
certificates delivered pursuant to Article VIII will survive until the eighteen
(18) month anniversary of the Closing Date, at which time such representations
and warranties will terminate and have no further force or effect except for any
claim of breach that has been made in writing to Clorox (in the case of any
breach of representation or warranty by the Clorox Parties) or the P&G
Parties (in the case of any breach of representation or warranty by the P&G
Parties) prior to such termination.

ARTICLE V

GOVERNANCE

Section 5.1 Board of Managers.

(a) The
day-to-day business of the Joint Venture will be managed by the Clorox Partners,
under the direction and control of the board of managers of the Joint Venture
(the “Board”). The Board will consist of five (5) managers or
such other number (but in no event fewer than three (3)) as may be established
from time to time by the Board. The Clorox Partners and the P&G Partners
will be entitled to representation on the Board in proportion to their
respective JV Interests, provided that the number of managers that each of the
Clorox Partners (together) and the P&G Partners (together) may appoint will
be rounded to the nearest whole number. Notwithstanding the foregoing, during
the Term, the P&G Partners (together) will have the right to appoint at
least one member of the Board. The remaining members of the Board will be
appointed by the Clorox Partners, provided that, in the
event the total number of members is adjusted, the Clorox Partners will in all
cases have the right to appoint a majority of the Board. In the event the
P&G Partners exercise the P&G Option, the P&G Partners’
representation on the Board will be adjusted, if necessary, so as to comply with
this Section 5.1(a). Each JV Partner will have the right to remove and
designate replacements of those members of the Board appointed by it, and each
JV Partner agrees to take any actions necessary to cause such designations or
removals in accordance with this Section 5.1 to be given immediate effect, and
to give effect to decisions of the Board validly taken in accordance with the
terms hereof. The initial Board will consist of Warwick Every-Burns, Wayne
Delker, Greg Frank and Larry Peiros as the Clorox Partners’ appointees and
Robert McDonald as the P&G Partners’ appointee. Replacement Board members
designated by the P&G Partners will be reasonably acceptable to Clorox. The
Board will appoint by majority vote one of its members appointed by the Clorox
Partners to preside at meetings of the Board.

(b) The
P&G Partners will also be entitled to designate in writing to Clorox up to
two (2) representatives reasonably satisfactory to Clorox to attend all meetings
of the Board in a nonvoting observer capacity (the “P&G Observers”). Such representatives will receive copies of
all notices, minutes, consents, and other materials as and when provided to the
members of the Board, provided that all such representatives must agree
to be bound by the same policies and agreements relating to confidentiality with
respect to information concerning the Joint Venture as apply to the members of
the Board appointed by the P&G Partners. 

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

40

(c) Notwithstanding the foregoing, the provisions of this Article V will not
entitle any Person to receive any information from any Clorox Partner in the
event and to the extent that: (i) such information would be subject to
attorney-client or other legally-recognized privilege except for its being
provided to such Person and (A) based on the reasonable advice of its counsel
the Clorox Partner determines that such privilege would no longer be available
in the event the information was disclosed to such Person and (B) the Clorox
Partner desires to retain the availability of such privilege with respect to
such information, (ii) such information is subject to confidentiality
obligations of the Clorox Partners to third parties, which obligations existed
prior to the date of this Agreement and would be breached by the disclosure to
such Person or (iii) such information is determined by Clorox reasonably and in
good faith as being information that could be used by the P&G Partners to
the competitive disadvantage of any business of operations of Clorox and its
Subsidiaries other than the Glad Global Business. Notwithstanding the foregoing,
the Parties acknowledge and agree that they intend to minimize the amount of
information not shared by the Clorox Partners with the P&G Partners with
respect to the Glad Global Business. Accordingly, the Clorox Partners agree to
use their [* * *] efforts to identify and implement appropriate means to share
such information while at the same time protecting the interests of the Joint
Venture and the Clorox Partners.

(d) The
Board has, subject to the control of the JV Partners, general supervision,
direction and control of the business of the Joint Venture. The Board will have
the general powers and duties typically vested in the board of directors of a
corporation and all other powers and duties over the Joint Venture and its
business except as expressly provided elsewhere in this Agreement, provided that
the power of the Board will be no greater than the powers of the board of
directors or equivalent governing body of any other business unit of Clorox, and
the operations of the Glad Business will remain subject to in all respects, and
the provisions of this Section 5.1 will in no way affect, any requirements for
approval of the board of directors of Clorox with respect to any matter. Certain
specific items that will be subject to Board-level authorization are identified
in Sections 5.3, 5.4 and 5.5 hereof.

(e) The
Joint Venture will be managed in the United States on a day-to-day basis by a
Glad Leadership Team (“Glad
Leadership Team”) that will
consist of the executive management team for the Glad Business and will report
to the Board. The composition of the Glad Leadership Team will consist primarily
of representatives of [* * *]. The P&G Partners [* * *] Glad Leadership Team [* * *] position to
be determined by the Board, and subject to the [* * *]. The representatives [* *
*] on the Glad Leadership Team will [* * *] will be attributed to the [* *
*].

(f) The
persons designated by the P&G Partners as Board members, P&G Observers
and [* * *] will all be employees of P&G or its Subsidiaries who have
sufficient seniority, knowledge and experience to contribute to the success of
the Glad Business.

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

41

(g) No
member of the Board or P&G Observer will receive any compensation for
serving as Board member or non-voting observer on the Board, other than
reimbursement for reasonable out-of-pocket expenses for travel to and from
meetings of the Board, which reimbursement will be paid by the Party appointing
such Board member or non-voting observer.

(h) Notwithstanding anything to the contrary contained herein, but subject to
the provisions of Section 7.1 hereof, all matters relating to the pricing of
intercompany transfers and charges between or among any of the Clorox Partners
will be decided by the Clorox Partners, in their sole discretion, and the Board
will have no control whatsoever over such matters, provided that such intercompany transfers and charges are consistent with the JV
Accounting Principles, this Agreement and the Related Agreements and the effects
of all such intercompany transfers and charges on the calculation of Net Profits
and Net Loss of the Joint Venture are eliminated therefrom in accordance with
the JV Accounting Principles.

(i) The
Board will have the right to form one or more committees of the Board and to
delegate authority to such committees in its discretion, provided that the
formation of any committee, its size, the identity of its members, and the scope
of authority to be delegated to it will all subject to the unanimous approval of
the Board.

Section 5.2 Meetings of the Board.

(a) The
Board will meet at least six (6) times a year for the first two Fiscal Years of
the Joint Venture and four (4) times annually thereafter. Regular meetings of
the Board will be scheduled with at least five (5) Business Days notice. Special
meetings of the Board for any purpose may be called at any time by the person
selected to preside at meetings of the Board, upon at least two (2) Business
Days notice unless waived by each member of the Board. Notice of the time and
place of any meeting of the Board will be given to each Board member (i)
personally communicated to them by telephone, and confirmed in writing by
facsimile or electronic mail, or (ii) communicated by Federal Express or other
comparable overnight courier service (receipt requested).

(b) Meetings of the Board will be held at the Joint Venture’s offices in
Oakland, California, unless some other place is designated in the notice of the
meeting. Any member of the Board may participate in a meeting by conference
telephone or similar medium so long as all members of the Board participating in
such meeting can hear one another and any such member will count towards the
determination of the presence of a quorum. Accurate minutes of any meeting of
the Board will be maintained by the person designated by the Board for that
purpose.

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

42

(c) A quorum for any meeting
of the Board will require the presence of (x) a majority of the total number of
incumbent members of the Board and (y) at least one member appointed by the
P&G Partners, which member must be a voting member. Any Board member may
appoint another individual to act in his or her stead for a particular Board
meeting by executing a written proxy that is delivered to the Board at the
meeting and filed with the records of the Board with respect to such meeting.
Any Board member making such an appointment will seek in good faith to provide
that the person appointed will be of comparable seniority and/or experience with
respect to the Joint Venture to such Board member. Except as otherwise set
forth in this Agreement, an action or decision of the Board will require the
consent or vote of a majority of its members. Except as otherwise provided in
this Agreement or by applicable law, the action of a majority of the members of
the Board present at any meeting at which there is a quorum, when duly
assembled, is valid. A meeting at which a quorum is initially present may
continue to transact business, notwithstanding the withdrawal of members of the
Board, if any action taken is approved by a majority of the required quorum for
such meeting. If at any meeting of the Board that has been duly called or
noticed, no Board member(s) appointed by the P&G Partners are present, such
meeting will be adjourned and reconvened in two (2) Business Days, unless such
adjournment has been waived by each of the members of the Board. Notice of the
revised meeting date will be given to each Board member pursuant to the
foregoing provisions excluding the number of days of advance notice.
Notwithstanding the other provisions of this Section 5.2(c), in the event that
no Board member(s) appointed by the P&G Partners are present at such
reconvened meeting, such meeting will be deemed to have a quorum if a majority
of the total number of Board members is present. Meetings of the Board will be
delayed only once for lack of participation of the Board member(s) appointed by
the P&G Partners. For purposes of clarification, all references to member(s)
appointed by P&G Partners are to P&G Partners’ voting member(s) not
Board Observers.

(d) With
respect to a meeting which has not been duly called or noticed pursuant to the
foregoing provisions, all transactions carried out at the meeting are as valid
as if they had been carried out at a meeting regularly called and noticed if:
(i) all members of the Board are present at the meeting, and sign a written
consent to the holding of such meeting, (ii) a majority of the members of the
Board are present and if those not present sign a waiver of notice of such
meeting or a consent to holding the meeting or an approval of the minutes
thereof, whether prior to or after the holding of such meeting, which waiver,
consent or approval will be filed with the other records of the Joint Venture or
(iii) all members of the Board attend a meeting without notice and do not
protest prior to the meeting or at its commencement that notice was not given to
them.

(e) Any
action required or permitted to be taken by the Board may be taken without a
meeting and will have the same force and effect as if taken by a vote of Board
at a meeting properly called and notice, if authorized by a writing signed
individually or collectively by all, but not less than all, the members of the
Board. Such consent will be filed with the records of the Joint
Venture.

(f) A
reasonably detailed agenda for any meeting of the Board will be supplied to each
member of the Board at the same time notice of the meeting is given, together
with other appropriate documentation relating to items on such agenda. Any
member of the Board wishing to place a matter on the agenda of any meeting may
do so by communicating with the person selected to preside at meetings of the
Board.

THE PORTIONS OF THIS AGREEMENT IDENTIFIED BY THE SYMBOL “[* * *]” HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.

43

Section 5.3 P&G Veto
Rights. 

(a) Notwithstanding anything
in this Agreement to the contrary, during the Term, none of the following
actions will be taken by the Clorox Partners or their Subsidiaries, regardless
of whether such actions will have been approved by the board of directors of
Clorox or any Clorox Partner, without either (x) the prior written consent of
the P&G Partners or (y) the approval of a majority of the Board members
appointed by the P&G Partners: 

(i) any
issuance of any JV Interest to any Person other than as expressly provided in
this Agreement; 

(ii) the
incurrence or assumption of any Indebtedness to be attributed to the Joint
Venture (other than Parent Loans attributed to the Joint Venture pursuant to
Section 2.6) that would result in the aggregate outstanding Indebtedness
attributed to the Joint Venture and the Glad Licensed Business at the time such
Indebtedness is incurred or assumed (other than Parent Loans attributed to the
Joint Venture pursuant to Section 2.6 and Affiliate Loans attributed to the Glad
Licensed Business) to be in excess of [* * *] $[* * *] percent ([* * *]%) of the
annual net sales attributed to the Joint Venture and the Glad Licensed Business
for the prior four Fiscal Quarters; 

(iii) any
purchase or other acquisition of any business, division or Person that will be
attributed to the Joint Venture for consideration (which will include the
purchase price, plus the aggregate of (A) any Indebtedness assumed and (B) any
Liabilities assumed that in the good faith estimation of the Board at the time
the relevant acquisition agreement is executed will not be satisfied from cash
flow of the acquired business or assets) in excess of [* * *] $[* * *] percent
([* * *]%) of the annual net sales attributed to the Joint Venture and the Glad
Licensed Business during the prior four Fiscal Quarters; 

(iv) subject to the provisions of Section 7.5(c), any sale, transfer or other
disposition in any single transaction or series of related transactions (A) of
any business, division or Person attributed to the Joint Venture, or (B) other
than in the ordinary course of the conduct of the Glad Business of any assets
attributed to the Joint Venture, which assets (x) are not obsolete, (y) are
utilized in a material manner in the Glad Business at the time of such sale, and
(z) are not being replaced with assets of comparable utility or value to the
Glad Business, provided that in each case such business, division, Person or
assets have a value in excess of [* * *] $ [* * *] percent ([* * *]%) of the
annual net sales attributed to the Joint Venture and the Glad Licensed Business
during the prior four Fiscal Quarters, and provided further that this Section
5.3(a)(iv) will not apply with respect to any sale of all or substantially all
the business, assets and properties attributed to the Joint Venture; 

(v) except
as provided in this Agreement or the Related Agreements, any transaction with
respect to the Glad Business between Clorox and any Affiliate of Clorox unless
(x) (A) such transaction is [* * *] or is less than $[* * *] and (B) the terms
of such transaction to be attributed to the Joint Venture are no less favorable
than those that would be obtained in a comparable arm’s length transaction with
a third party that is not Clorox or an Affiliate of Clorox (“Arm’s Length Terms”), (y) any effects of such transaction that would
be attributed to the Joint Venture will be eliminated pursuant to the JV
Accounting Principles or (z) such transaction is otherwise provided for pursuant
to the JV Accounting Principles; 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

44

(vi) any
distributions made to the JV Partners with respect to the JV Interests other
than from Distributable Cash Flow; 

(vii) any
internal restructuring of the method by which Clorox’s legal ownership of the
Glad Business is held by Clorox and its Subsidiaries that, based on the facts
and circumstances known at the time such restructuring is approved, has or will
have a material adverse effect on the business, properties, financial condition,
results of operations or prospects of the Glad Business; 

(viii) any
changes in the accounting policies of the Joint Venture so as to differ from the
JV Accounting Principles, except as required by Governmental Authorities or
except as required to conform to a general change being made by Clorox to its
accounting policies as in effect throughout its businesses that, based on the
facts and circumstances known at the time such change is approved, do not and
will not adversely affect the relative economic interests hereunder of the
P&G Partners, on the one hand, and the Clorox Partners, on the other hand;

(ix) the
Glad Business [* * *]; 

(x) any
termination of any [* * *], any failure to renew the term of any [* * *] or any
change to the [* * *] terms of any [* * *] in each case prior to the earlier of
(A) termination of [* * *] and (B) any [* * *]; and 

(xi) any
termination of any [* * *], any failure to renew the term of any [* * *] or any
change to the [* * *] terms of any [* * *], in each case prior to the earlier of
(A) termination of the [* * *] and (B) any [* * *]. 

(b) In the
event that the Board designees of the P&G Partners fail to approve any
action approved by a majority of the Board and the Joint Venture is prohibited
from taking such action (a “P&G Veto”), the
P&G Partners and Clorox will attempt to resolve such dispute by immediately
submitting it for resolution to the respective chief executive officers of
Clorox and P&G. The chief executive officers will negotiate in good faith to
resolve the dispute in at least one face-to-face meeting to occur within thirty
(30) days (the process of such submission and negotiation is referred to herein
as “Escalation”). If the chief executive officers of Clorox and
P&G are unable to resolve the dispute within thirty (30) days, the Joint
Venture will be prohibited from taking such action and Clorox will have the
ability to exercise its Call Right pursuant to Section 6.5(b)(i), if and only to
the extent applicable (such thirty (30) day period, the “Resolution Period”). 

Section 5.4 Business Plan, Budget and Reports to the Board. 

(a) The
preliminary business plan for the Joint Venture has been presented to the
P&G Parties and agreed upon by the Parties. The preliminary business plan
with respect to the use of the P&G Parties’ proprietary Forceflex and
Impress technologies, which technologies are the subject of licenses under the
P&G License Agreement, is attached as Exhibit D. All subsequent business
plans as well as the long-term strategic plan for the Joint Venture will be
submitted for approval to the Board, in a process that will be consistent with
the submission and approval process of Clorox for the board of directors of
Clorox. The business plan and the long-term strategic plan will be regularly
reviewed by management, and material proposed revisions to the then-current
business plan and long-term strategic plan will be submitted to the Board for
approval.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

45

(b) The
preliminary budget for the Joint Venture is attached as Exhibit E. All
subsequent budgets for the Joint Venture will be submitted for approval to the
Board, in a process that will be consistent with the submission and approval
process of Clorox for the board of directors of Clorox. The budget will be
regularly reviewed by management, and material proposed revisions to the
then-current budget will be submitted to the Board for approval. 

(c) The
Board will determine the additional reports and other information about the
Joint Venture that is to be provided to the members of the Board on a scheduled,
periodic basis. 

Additional information about
the Joint Venture will be provided to individual members of the Board upon
reasonable request, provided that it is understood that such requests should not
be unduly burdensome or otherwise of such a nature as to interfere with the
customary operations of the Glad Business or cause the Glad Business to operate
other than in the ordinary course. 

Section 5.5 Additional Items for Board Approval. 

(a) Any
candidate to become a member of the Glad Leadership Team must be submitted to
and approved by the Board prior to becoming a member of such Glad Leadership
Team. The Board will have the right to meet with any such candidate prior to
acting with respect to him or her, and if the Board declines to do so then the
P&G Partners will have an opportunity to meet with such candidate prior to
the Board acting with respect to such candidate. The Board may also designate
other key employee positions in the Glad Business with respect to which it must
approve the candidates, and which the Board will have the right to interview
prior to their appointment (and which the P&G Partners will have an
opportunity to meet with if the Board declines). 

(b) All
new Significant Contracts to be attributed to the Joint Venture in whole, and
the portions of any Significant Contracts to be attributed to the Joint Venture
in part, will be submitted to and subject to the approval of the Board, in a
process that will be consistent with the submission and approval process of
Clorox for the board of directors of Clorox. 

(c) The
establishment of a direct presence or exclusive distributorship arrangement in
any country where Clorox and its Affiliates do not conduct business directly or
through an exclusive distributor with respect to the Glad Global Business brands
as of the Closing will be submitted to and subject to the approval of the Board,
in a process that will be consistent with the submission and approval process of
Clorox for the board of directors of Clorox. 

(d) Any
(i) assumption or incurrence of Indebtedness (other than Parent Loans) in excess
of $[* * *] or (ii) purchase or other acquisition and any sale, transfer or
other disposition of any business, division or Person that will be attributed to
the Glad Business that will not be subject to the prior consent of P&G
pursuant to Sections 5.3(a)(ii), 5.3(a)(iii) or 5.3(a)(iv) hereof will be
submitted to and subject to the approval of the Board. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

46

ARTICLE
VI 

TRANSFERS OF INTEREST;
TERM AND TERMINATION 

Section 6.1 General; Restrictions on Transfers. 

(a) No JV
Partner may Transfer all or any part of its JV Interests except to a Permitted
Transferee, or pursuant to Section 2.7 hereof. For purposes of clarification, in
the event Clorox engages in any Third-Party Sale, Clorox will assign to the
transferee, and the transferee will assume, this Agreement as part of such
Third-Party Sale as well as all Related Agreements other than those Related
Agreements that by their terms will terminate in connection with such
Third-Party Sale. All Transfers of JV Interests will be effected by written
notice of such Transfer to the Joint Venture. Upon receipt of such notice, the
JV Interests of the JV Partners will be modified to reflect any Transfer
effected in accordance with this Agreement. Notwithstanding the foregoing, any
sale, transfer or assignment of a JV Interest or this Agreement to a Subsidiary
of the transferring Party will not relieve the transferring Party of its
obligations hereunder 

(b) No JV
Partner will Transfer all or any part of its JV Interest to any Person
(including any Permitted Transferee that is not already bound by the terms of
this Agreement) without such transferee executing and the transferring Party
delivering to the Board and any non-transferring Party a written agreement to be
bound by the terms of this Agreement and all Related Agreements in form and
substance reasonably satisfactory to the Board and the non-transferring Parties.
Any Transfer by a JV Partner of all or any part of its JV Interest must be in
compliance with all applicable federal and state securities laws, and the
provisions of this Section 6.1(b) and the other provisions of this Article VI.

(c) Any
Transfer or attempted Transfer by a JV Partner in violation of this Section 6.1
will be null and void and of no force or effect whatever. Each JV Partner who is
a transferring Party hereby further agrees to hold the Joint Venture and every
other JV Partner and its Affiliates wholly and completely harmless from any
cost, Liability, or damage (including Liabilities for income taxes and costs of
enforcing this indemnity) incurred by any of such indemnified Persons as a
result of a Transfer or an attempted Transfer in violation of this Agreement.
For the avoidance of doubt, the provisions of this Section 6.1 do not limit in
any respect any Transfer by any Clorox Partner of any business, assets or
properties of the Glad Business, including without limitation a Third Party Sale
pursuant to Section 6.7 hereof; provided, such Clorox Partner has assigned to
the transferee and the transferee has assumed this Agreement and all Related
Agreements to the extent required by the terms of Section 6.1. 

Section 6.2 Effect of Transfers on Distributions among JV Partners. 

Upon the occurrence of a
Permitted Transfer of a JV Interest during any Fiscal Year, Net Profits, Net
Losses, each item thereof, and all other items attributed to such JV Interest
for such Fiscal Year will be divided and allocated between the transferor and
the transferee by taking into account their varying interests during the Fiscal
Year in accordance with Code Section 706(d), using any conventions permitted by
law and selected by the Board. Except as otherwise provided in Section
3.4(c)(v), all distributions on or before the date of a Permitted Transfer will
be made to the transferor, and all distributions thereafter will be made to the
transferee. Solely for purposes of making such allocations and distributions, a
Permitted Transfer will be recognized upon the Board’s receipt of (i) written
notice stating the date such Interest was transferred and such other information
as the Board may reasonably require and (ii) the written agreement to be
executed by the Permitted Transferee agreeing to be bound by the terms of this
Agreement pursuant to the requirements of Section 6.1 hereof. The Board will
incur no Liability for making allocations and distributions in accordance with
the provisions of this Section 6.2 whether or not the Board has knowledge of any
Transfer of ownership of any JV Interest.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

47

Section 6.3 Term of Joint Venture.

(a) The
term of the Joint Venture (the “Term”) will commence at
the Closing and will expire on the twenty-year anniversary of the Closing Date
(the “Initial Term”), unless earlier terminated pursuant to the
provisions of Sections 6.4, 6.5, 6.6 or 6.7 hereof. Either the P&G Partners
or Clorox may deliver written notice to the other not less than five (5) years
prior to the end of the Initial Term requesting that the Term be extended for an
additional ten (10) years after the end of the Initial Term. If the Party
receiving the notice agrees to such extension, the Term will terminate on the
thirty-year anniversary of the Closing Date, unless earlier terminated pursuant
to the provisions of Sections 6.4, 6.5, 6.6 or 6.7 hereof. If the Party
receiving the notice does not agree to such extension, the Term will
automatically terminate at the end of the Initial Term. The expiration of the
Term will not relieve any Party from any liability it may have to any other
Party arising out of or relating to acts or omissions prior to such expiration.

(b) The
provisions of Section 6.3, 7.2, 7.3, 7.4, 9.1(b) and 9.2, and Articles X and XI
shall survive any termination or expiration, in whole or in part, of this
Agreement. The termination or expiration of this Agreement will not relieve
either Party of any liability it may have to the other Party arising out of or
relating to acts or omissions occurring prior to expiration or termination.

Section 6.4 P&G Put Rights.

(a) The
P&G Partners will have the right to sell to Clorox, and upon exercise of
such right Clorox (or the Clorox Partner designated by Clorox) will be required
to purchase, all (but not less than all) of the P&G Partners’ JV Interests,
including the P&G Option (if the sale is to occur during the Option Exercise
Period and the P&G Option is not yet exercised) (the “Put Right”) in the event of (x) any Change of Control of
Clorox as set forth in Section 6.4(a)(i) below or (y) the failure to cure
certain breaches by Clorox Partners as set forth in Section 6.4(a)(ii) below.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

48

(i) In the event a Clorox
Change of Control occurs during the Term, Clorox will provide the P&G
Partners with written notice of the Clorox Change of Control (a “Change of
Control Notice”) within [* * *] after the closing of the transaction resulting
in the Clorox Change of Control. The P&G Partners may irrevocably exercise
their Put Right in connection with such Clorox Change of Control by delivering
written notice of such irrevocable exercise to Clorox within [* * *] days after
the receipt of the Change of Control Notice. The purchase price payable by
Clorox to the P&G Partners for such JV Interests and the P&G Option (if
unexercised but exercisable) will be paid to the P&G Partners and will be
cash equal to the Fair Market Value of their respective JV Interests and the
P&G Option (if unexercised, but exercisable) as of the date of closing of
such Clorox Change of Control, but will be reduced by the applicable Services
Termination Amount, if any, pursuant to Section 6.8 hereof. If the P&G
Partners do not deliver a written exercise notice to Clorox within the
[* * *] period referred to above, the
Put Right will terminate and Clorox will have no further obligation with respect
to the Put Right with respect to such Clorox Change of Control, provided that
such termination will not in any way affect and the P&G Partners will retain
all rights pursuant to this Section 6.4 with respect to any future Clorox Change
of Control. 

(ii) In the
event a Clorox Partner knowingly breaches in any material respect a material
obligation of a Clorox Partner under the provisions of this Agreement or any
Related Agreement during the Term, the P&G Partners will have the right to
provide Clorox with written notice of such breach. The Clorox Partners will then
have a period of [* * *] to attempt to cure such breach (which period will be
suspended to the extent Clorox is contesting the breach in good faith). If the
Clorox Partners do not cure such breach in all material respects within such [*
* *] period, the P&G Partners and Clorox will attempt to resolve such
dispute by Escalation. If the chief executive officers of Clorox and P&G are
unable to resolve the dispute within thirty (30) days, P&G Partners may
exercise its Put Right in connection with such material breach within [* * *]
after the end of such thirty-day period. The purchase price payable by Clorox to
the P&G Partners for such JV Interests and the P&G Option (if
unexercised, but exercisable) will be cash equal to Fair Market Value of the
P&G Partners’ JV Interests and the P&G Option (if unexercised, but
exercisable) as of the date of [* * *] with respect to such breach, provided
that for purposes of this Section 6.4(a)(ii), the Fair Market Value of P&G
Partners’ initial Ordinary JV Interest of ten percent (10%) and Class C Interest
during the period commencing on the Closing Date and ending on the [* * *]
anniversary of the Closing Date will be an aggregate of no less than $140
million. If the P&G Partners do not deliver an exercise notice to Clorox
within the [* * *] period referred to above, their Put Right will terminate and
Clorox will have no further obligation with respect to the Put Right with
respect to such Clorox Partner breach and any related matters of which the
P&G Partners have actual knowledge, provided that such termination will not
in any way affect and the P&G Partners will retain all rights pursuant to
this Section 6.4 with respect to any future Clorox Partner breach. In addition,
the P&G Partners will have the right, but not the obligation, to terminate
the P&G Services Agreement at the time of exercise of its Put Right pursuant
to this Section 6.4(a)(ii).

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

49

(b) The
closing of any sale of a JV Interest pursuant to exercise by P&G Sub of a
Put Right pursuant to this Section 6.4 will take place at the principal office
of Clorox on the [* * *] after final determination of Fair Market Value
of the JV Interest being sold, provided that all material orders, consents and
approvals of Governmental Authorities legally required for the closing of such
sale will have been obtained and be in effect. At such closing, Clorox (or the
Clorox Partner designated by Clorox) will deliver the purchase price in
immediately available funds in the appropriate amount (unless other
consideration has been mutually agreed upon by the P&G Partners and Clorox).
The P&G Partners will deliver their JV Interests to Clorox (or the Clorox
Partner designated by Clorox) free and clear of all Liens, and the Term of the
Joint Venture will terminate as of such closing. 

Section 6.5 Clorox Purchase of P&G JV Interest. 

(a) In the
event of any termination or expiration of the Term in accordance with Section
6.3, Clorox (or the Clorox Partner designated by Clorox) will purchase, and the
P&G Partners will be required to sell to Clorox or such Clorox Partner, all
of the JV Interests held by the P&G Partners. In the event of a purchase by
Clorox pursuant to this Section 6.5(a) due to a termination of the Term, the
purchase price for the JV Interests of the P&G Partners will be the Fair
Market Value of such JV Interests, which Fair Market Value will be calculated as
of the date on which the Term is to terminate. 

(b) Clorox
will also have the right, but not the obligation, to purchase, and upon exercise
of Clorox’s right the P&G Partners will be required to sell to Clorox (or
the Clorox Partner designated by Clorox), all of the P&G Partners’ JV
Interests, including the P&G Option if such exercise by Clorox is within the
Option Exercise Period and the P&G Option is not yet exercised, (the
“Call Right”) for a cash purchase price of Fair Market Value
in the event of (x) the failure to resolve certain P&G Vetoes within the
Resolution Period as set forth in Section 6.5(b)(i) below or (y) the failure to
cure certain breaches by P&G Partners as set forth in Section 6.5(b)(ii)
below. 

(i) In the
event Clorox and the P&G Partners fail pursuant to Section 5.3(b) to resolve
a dispute with respect to a P&G Veto pursuant to (A) Section 5.3(a)(iii),
(B) Section 5.3(a)(iv) or (C) Section 5.3(a)(v) with respect to a transaction
that is on Arm’s Length Terms, Clorox will have the right to exercise its Call
Right by providing written notice to the P&G Partners of such exercise (a
“Deadlock Notice”) within [* * *] of the end of the Resolution
Period, and if Clorox does not provide the P&G Partners with a Deadlock
Notice in a timely manner in accordance with this Section 6.5(b)(i), all rights
of Clorox to exercise its Call Right with respect to such P&G Veto will
terminate, provided that such termination will not in any way affect and Clorox
will retain all rights pursuant to this Section 6.5 with respect to any future
P&G Veto. Fair Market Value of the P&G Partners’ JV Interests and the
P&G Option (if exercisable but unexercised) for purposes of a purchase
pursuant to this Section 6.5(b)(i) will be determined as of the date of the [* *
*], provided that for purposes of this Section 6.5(b)(i), the Fair Market Value
of the P&G Partners initial Ordinary JV Interest of ten percent (10%) and
Class C Interest during the period commencing on the Closing Date and ending on
the [* * *] anniversary of the Closing Date will be an aggregate of no less than
$140 million. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

50

(ii) In the
event a P&G Partner knowingly breaches in any material respect a material
obligation of a P&G Partner under the provisions of this Agreement or any
Related Agreement during the Term, Clorox will have the right to provide the
P&G Partners with written notice of such breach. The P&G Partners will
then have a period of [* * *] to attempt to cure such breach (which
period will be suspended to the extent the P&G Partners are contesting the
breach in good faith). If the P&G Partners do not cure such breach in all
material respects within such [* * *] period, the P&G Partners and Clorox
will attempt to resolve such dispute by Escalation. If the chief executive
officers of Clorox and the P&G Partners are unable to resolve the dispute
within thirty (30) days, Clorox may exercise its Call Right in connection with
such material breach within [* * *] after the end of such thirty-day period. The
purchase price payable by Clorox to the P&G Partners for such JV Interests
and the P&G Option (if unexercised but exercisable) will be cash equal to
Fair Market Value [* * *] with respect to such breach. If Clorox does not
deliver an exercise notice to the P&G Partners within the [* * *] period
referred to above, its Call Right will terminate and the P&G Partners will
have no further obligation with respect to the Call Right with respect to such
P&G Partner breach and any related matters of which Clorox has actual
knowledge, provided that such termination will not in any way affect and Clorox
will retain all rights pursuant to this Section 6.4 with respect to any future
P&G Partner breach. In addition, Clorox will have the right, but not the
obligation, to terminate the P&G Services Agreement at the time of exercise
of its Call Right pursuant to this Section 6.5(b)(ii). 

(c) The
closing of any sale of a JV Interest and the P&G Option pursuant to an
exercise by Clorox of a Call Right pursuant to this Section 6.5 will take place
at the principal office of Clorox on the [* * *] after final determination of
Fair Market Value of the JV Interest being sold, provided that all material
orders, consents and approvals of Governmental Authorities legally required for
the closing of such sale will have been obtained and be in effect. At such
closing, Clorox (or the Clorox Partner designated by Clorox) will deliver the
purchase price in immediately available funds in the appropriate amount (unless
other consideration has been mutually agreed upon by the P&G Partners and
Clorox). The P&G Partners will deliver their JV Interests to Clorox (or the
Clorox Partner designated by Clorox) free and clear of all Liens, and the Term
of the Joint Venture will terminate as of such closing. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

51

Section 6.6 Tag-Along Rights.

(a) With
respect to any proposed direct or indirect sale, transfer or assignment (which
will not include a bona fide pledge of assets) by any Clorox Partner of all or
substantially all of the Glad Global Business (other than such a sale, transfer
or assignment to a Clorox Affiliate), Clorox will have the obligation, and each
P&G Partner will have the right (the “Tag-Along Right”), to
require the proposed transferee to purchase from each P&G Partner all, but
not less than all, its JV Interests, and the P&G Option if the Tag-Along
Right is exercised during the Option Exercise Period and the P&G Option is
not yet exercised, at a price equal to Fair Market Value, and upon the same
other terms and conditions as to be given to the Clorox Partners, provided that
in order to be entitled to exercise their Tag-Along Right, the P&G Partners
must agree to give the same indemnities as the Clorox Partners agree to make in
connection with the proposed sale, transfer or assignment, which obligations
will be borne by the P&G Partners on a pro rata basis based on the relative
Ordinary JV Interests of all the JV Partners but in the case of each P&G
Partner will in no event exceed ten percent (10%) of the sale proceeds received
by such P&G Partner. In addition, the purchase price payable to the P&G
Partners will be reduced by the applicable Services Termination Amount, if any,
pursuant to Section 6.8 hereof. With respect to the P&G
Option if the P&G Option is unexercised but exercisable, the P&G
Partners will receive from the proceeds otherwise payable to the Clorox Partners
the amount by which the Fair Market Value of the Ordinary JV Interest and Class
A Interest subject to the P&G Option exceeds the Option Price. The purchase
price payable to the P&G Partners for the P&G Option (if the P&G
Option is unexercised, but exercisable) will therefore be the greater of (i)
zero and (ii) an amount equal to (x) the Fair Market Value of the Ordinary JV
Interest and Class A Interest to be acquired by the P&G Partners upon
exercise of the P&G Option minus (y) the
then-applicable Option Price (and the amount of the purchase price payable to
the Clorox Parties will be reduced by an equal amount). Upon completion of such
sale the P&G Option will terminate. 

(b) Clorox
must give notice to the P&G Partners of each proposed sale, transfer or
assignment (which will not include a bona fide pledge of assets) giving rise to
a Tag-Along Right at least [* * *] prior to the proposed consummation of such
sale, transfer or assignment, setting forth the JV Interest proposed to be so
sold, transferred or assigned, the name and address of the proposed transferee,
the proposed amount of consideration therefor and terms and conditions agreed to
by the proposed transferee. The Tag-Along Right must be exercised by a P&G
Partner within [* * *] days following receipt of the Clorox notice, by delivery
of a written irrevocable notice to Clorox indicating exercise of the Tag-Along
Right. If the proposed transferee fails to complete its purchase from any
P&G Partner that has properly exercised its tag-along rights, then Clorox
will not be permitted to make the proposed Transfer, and any such attempted
sale, transfer or assignment will be void and of no effect. If a P&G Partner
exercises its Tag-Along Rights, the closing of the purchase will take place
concurrently with and as part of the closing of the sale of the Glad Global
Business, and the Term of the Joint Venture will terminate as of such closing.

Section 6.7 Drag Along Rights.

(a) If at
any time during the Term, any Clorox Partner enters into an agreement to
consummate a transaction constituting a direct or indirect sale of all or
substantially all of the Glad Global Business (other than a Clorox Change of
Control) (a “Third-Party Sale”), then upon the written demand of Clorox, each
P&G Partner will agree to sell all its JV Interests, and the P&G Option
if the Third-Party Sale is during the Option Exercise Period and the P&G
Option is not yet exercised, and at a price equal to the Fair Market Value for
such JV Interests, and upon the same other terms and conditions as to be given
to the Clorox Partners, provided that in order to be entitled to exercise their
rights in connection with a Third Party Sale, the P&G Partners must agree to
give the same indemnities as the Clorox Partners agree to make in connection
with the proposed sale, transfer or assignment, which obligations will be borne
by the P&G Partners on a pro rata basis based on the relative Ordinary JV
Interests of all JV Partners but in the case of each P&G Partner will in no
event exceed ten percent (10%) of the sale proceeds received by such P&G
Partner. Notwithstanding the foregoing, with respect to any a Third-Party Sale
that occurs prior to [* * *] anniversary of the Closing Date, the purchase price
to be paid to the P&G Partners in such Third-Party Sale for P&G’s
initial Ordinary JV Interest of ten percent (10%) and Class C Interest will be
an aggregate of no less than $140 million. With respect to the P&G Option if
the P&G Option is unexercised but exercisable, the P&G Partners will
receive from the proceeds otherwise payable to the Clorox Partners the amount by
which the Fair Market Value of the Ordinary JV Interest and Class A Interest
subject to the P&G Option exceeds the Option Price. The purchase price
payable to the P&G Partners for the P&G Option (if the P&G Option is
unexercised, but exercisable) will therefore be the greater of (i) zero and (ii)
an amount equal to (x) the Fair Market Value of the Ordinary JV Interest and
Class A Interest to be acquired by P&G upon exercise of the P&G Option
minus (y) the then-applicable Option Price (and the amount of the purchase price
payable to the Clorox Parties will be reduced by an equal amount). Upon
completion of such sale the P&G Option will terminate. Clorox agrees it will
not enter into a Third-Party Sale, unless otherwise agreed by the P&G
Partners, without obtaining an opinion from a nationally-recognized investment
banking firm selected by Clorox, which investment banking firm is not otherwise
entitled to any financial advisor’s or similar fee in connection with the
Third-Party Sale, [* * *].

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

52

(b) Clorox
may exercise its rights in connection with a Third-Party Sale at any time during
the Term upon written notice to the P&G Partners, setting forth the name and
address of the proposed transferee, the proposed amount of consideration
therefor and terms and conditions agreed to by the proposed transferee, provided
that Clorox will use [* * *] efforts to give notice to the P&G Partners at
least [* * *] prior to the proposed consummation of any such Third-Party Sale.
Each P&G Partner will consent to and raise no objections to the proposed
transaction and will take all other actions necessary or desirable to cause the
consummation of such Third-Party Sale on the terms proposed by Clorox. If Clorox
exercises its rights to cause a sale pursuant to this Section 6.7, the closing
of the purchase will take place concurrently with and as part of the closing of
the sale of the Glad Global Business, and the Term of the Joint Venture will
terminate as of such closing. If the proposed transferee fails to complete its
purchase from any P&G Partner at the closing of any Third-Party Sale, then
Clorox will not be permitted to make the proposed Third-Party Sale, and any such
attempted sale, transfer or assignment will be void and of no effect.

(c) Clorox
further agrees that in the event that it [* * *] Third Party Sale, it will
notify the P&G Partners and if the P&G Partners notifies Clorox in
writing within [* * *] of receipt of such notice that P&G has made a good
faith determination to pursue [* * *], Clorox and P&G will negotiate [* * *]
days with respect to [* * *] by P&G of the [* * *] on terms satisfactory to
each of Clorox and P&G, provided that the provisions of this Section 6.7(c)
will in no way obligate Clorox to notify or negotiate with P&G in the event
Clorox receives a [* * *] for a Third Party Sale, and provided further that it
is understood that in the event P&G and Clorox do not enter into a binding
agreement with respect to such a purchase on terms and conditions satisfactory
to each Party in its sole discretion within such [* * *] day period, Clorox will
have the right thereafter to [* * *] into a Third Party Sale with any other
Person. 

Section 6.8 Services Termination Amount. 

(a) In the
event the P&G Services Agreement is terminated by P&G pursuant to
Section 8.2(b) of the P&G Services Agreement in connection with an exercise
by P&G Partners of their Put Right pursuant to Section 6.4(a)(i) hereof or
their Tag-Along Right pursuant to Section 6.6 hereof, the aggregate purchase
price payable to the P&G Partners with respect to their JV Interests
pursuant to such Sections 6.4(a) and 6.6, as applicable, will be reduced as
follows: 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

53

	Date of P&G Notice of Termination	 	      	Purchase Price Reduction
	On the Closing Date		$[*  
      *   *]
	On the one-year
      anniversary of the Closing Date		$[*  
      *   *]
	On the two-year anniversary of the Closing
      Date		$[*  
      *   *]
	On the three-year
      anniversary of the Closing Date		$[*  
      *   *]
	On the four-year anniversary of the Closing
      Date		$[*  
      *   *]
	On the five-year
      anniversary of the Closing Date		$[*  
      *   *]
	On the six-year anniversary of the Closing
      Date		$[*  
      *   *]
	On the seven-year
      anniversary of the Closing Date		$[*  
      *   *]
	On the eight-year anniversary of the Closing
      Date		$[*  
      *   *]
	On the nine-year
      anniversary of the Closing Date		$[*  
      *   *]
	On and after the ten-year anniversary of the
      Closing Date		[*  
      *   *]

To the extent that the date of
the P&G notice of termination is delivered other than on one of the
anniversary date referenced above, the purchase price reduction will equal the
sum of the purchase price reduction on the immediately succeeding anniversary
date referenced above plus the product of (i) the number of days until the
immediately succeeding anniversary date divided by 365 and (ii) the purchase
price reduction amount on the immediately preceding anniversary date minus the
purchase price reduction amount on the immediately succeeding anniversary date.

ARTICLE
VII 

CERTAIN
AGREEMENTS 

Section 7.1 Personnel; Provision of Services. 

(a) During
the Term, the Clorox Parties will make certain corporate services and employees
available to provide services to the Glad Business and the Glad Licensed
Business on terms and conditions as detailed on Exhibit F (such services, the “Clorox Services”). The
cost of the Clorox Services with respect to the Glad Business and the Glad
Licensed Business will be attributed to the Joint Venture as set forth on such
Exhibit F, which Exhibit F will be
consistent with the JV Accounting Principles. Exhibit F also sets forth provisions providing for the modification or termination
of the Clorox Services. All costs and expenses that will otherwise be attributed
to the Joint Venture or the Glad Licensed Business with respect to employees of
Clorox or the Clorox Parties will be attributed solely in accordance with the JV
Accounting Principles. Under no circumstances will the Clorox Services be
considered for tax purposes to be given in exchange for any portion of the
Clorox Parties’ JV Interest.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

54

(b) During
the Term, P&G will make certain services and employees available to provide
services to the Glad Business and the Glad Licensed Business on terms and
conditions as provided in the P&G Services Agreement attached as
Exhibit B hereto. In addition, P&G will have the right
to propose that additional employees provide services to the Glad Business and
the Glad Licensed Business from time to time in business functions in which
P&G thinks such employees would be of benefit to the Glad Business or the
Glad Licensed Business, as the case may be. Any such proposals by P&G with
respect to the Glad Business will be reviewed by the Glad Leadership Team and
the Board, and must be approved by the Board prior to being implemented.
Any such proposals by P&G with respect to the Glad Licensed Business will be
reviewed by The Glad Products Company and the International Affiliate conducting
the relevant Glad Local Business. Any such employees will be provided to the
Glad Business or the Glad Licensed Business, as the case may be, at their actual
cost to P&G and its Subsidiaries, which cost will be attributed to the Joint
Venture in a manner consistent with the JV Accounting Principles. 

Section 7.2 Non-Competition.

(a) In
order to further the business of the Joint Venture and to protect the
Intellectual Property and other contributions of the Parties to the Joint
Venture, each of Clorox and P&G agrees that during the Term, and P&G
agrees that for [* * *] thereafter (unless otherwise provided herein), it will
not, and it will cause its Subsidiaries not to, directly or indirectly conduct,
engage in, manage, own, operate, invest in or license the right to use any
trademark, tradename or Specific Technology for use in connection with, any
Competing Business anywhere in the world other than through the Joint Venture
and the Glad Global Business. 

(b) Notwithstanding the foregoing, the provisions of this Section 7.2 will
not prohibit, restrict or prevent Clorox, P&G or their respective
Subsidiaries from: 

(i) engaging in a [* * *] so long as the aggregate revenues to Clorox and its
Subsidiaries or P&G and its Subsidiaries, as applicable, from all such [*
* *], 

(ii) acquiring not more than [* * *] percent ([* * *]%) of any class of
publicly traded equity securities of any Person, 

(iii) acquiring [* * *] percent ([* * *]%) or more of any class of capital
stock of any Person that directly or indirectly through one or more Subsidiaries
or otherwise has a [* * *] operations as long as (x) such [* * *] percent ([* *
*]%) of such acquired Person’s [* * *] acquisition and (y) the portion of such
Person’s business that engages in the [* * *] is sold or disposed of no later
than [* * *] after the [* * *] by Clorox, P&G or their respective
Subsidiaries (as applicable), 

(iv) investing in any Person [* * *] operations as long as (w) such [*
* *] percent ([* * *]%) of such
acquired Person’s [* * *] acquisition, (x) such investment [* * *] percent ([* *
*]%) of any [* * *] interests of such Person, (y) the investor does not,
directly or indirectly, direct or cause the direction of, or participate in, the
[* * *] of such Person, and (z) the Person that directly or indirectly [* * *]
and its Subsidiaries will [* * *] (A) any trademark or tradename of the investor
or any of the investor’s Affiliates [* * *] or (B) any [* * *] owned, licensed
or otherwise held by the investor or any of the investor’s Affiliates,

(v) with
respect to [* * *] with respect to which (A) the license of any P&G
Technology has terminated pursuant to Section 7.1 of the P&G License
Agreement and (B) the Glad Global Business does not conduct any business in such
country or license any third party to conduct such business,

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

55

(vi) [* *
*] if (A) the license of any P&G Technology for use [* * *] has terminated
pursuant to Section 7.1 of the P&G License Agreement and (B) the Joint
Venture [* * *] any business in the [* * *] or license any third party [* * *]
such business, 

(vii) [* *
*] directly or indirectly [* * *] or [* * *] any product currently [* * *] or [*
* *] by [* * *] (“Existing Product”) which Existing Product would be deemed [* *
*], or 

(viii) [* *
*], co-marketing products of P&G or its Subsidiaries that are [* * *] with
products of a third party Competing Business that are [* * *]. 

(c) As
used in this Section 7.2, “Competing Business” means
the [* * *] bags, wraps, straws or covered containers [* * *] but excluding [* *
*]. 

(d) The
restrictions contained in this Section 7.2 will terminate with respect to
P&G and its Subsidiaries in the event of an exercise by P&G of its Put
Right pursuant to Section 6.4(a)(ii) hereof. The expiration or termination of
this Section 7.2 will not affect any of the Parties’ rights under the P&G
License Agreement. 

(e) In
order to further the business of the Joint Venture and to protect the
Intellectual Property and other contributions of the Parties to the Joint
Venture, during the Term of this Agreement and for [* * *], P&G [* * *]. For
purposes of clarification, P&G will not be deemed to be in breach hereof if
any products based on [* * *] by a customer or broker (or a subsequent customer
or broker) [* * *], so long as P&G and its Subsidiaries [* * *]. Nothing
herein will prevent P&G or its Subsidiaries from selling to any third party
[* * *] (except as set forth in the immediately preceding two sentences).

Section 7.3 Confidentiality; Non-Disclosure. 

(a) Each
of Clorox and P&G will, and will cause their respective Subsidiaries,
directors, officers, employees and any other Person to whom such Party discloses
information with respect to the Joint Venture, to hold in confidence all
documents furnished to it, by or on behalf of the other Party in connection with
the transactions contemplated by this Agreement. For purposes of this Section
7.3, references to information of a Party or to disclosure of information by or
to a Party shall in each case include information of, disclosure by and
disclosure to Affiliates of such Party. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

56

(b) During
the Term, Clorox and P&G and their respective Subsidiaries, directors,
officers, employees and other representatives will be given access to
non-public, proprietary information that relates to the other’s past, present,
and future research, development, business activities, products, services, and
technical knowledge, as well as non-public information relating to the Glad
Global Business and the Joint Venture, including without limitation the
information provided with respect to the Glad Global Business and the Joint
Venture to the Board, the members of the Glad Leadership Team, and the
P&G Observers and the financial and other information made available to the
Parties pursuant to Sections 7.9 and 9.1 hereof (collectively, “Confidential Information”). The Parties acknowledge that certain of the
Confidential Information could be used by one Party to the competitive
disadvantage of the business or operations of the other Party unrelated to the
Joint Venture or the Glad Global Business, and therefore agree as follows with
respect to all the Confidential Information: 

(i) the
Confidential Information of the disclosing Party may be used by the receiving
Party only in connection with the Joint Venture and the Glad Global Business;

(ii) each
Party agrees to protect, and to cause their respective Subsidiaries, directors,
officers, employees and any other Person to whom such Party discloses
Confidential Information of the other Party, to protect the confidentiality of
the Confidential Information of the other in the same manner that it protects
the confidentiality of its own proprietary and confidential information of like
kind, but in no event will either Party exercise less than reasonable care in
protecting such Confidential Information; 

(iii) access
to any Confidential Information of the other Party will be restricted to (A) the
members of the Board and (B) the P&G Observers, members of the Glad
Leadership Team, and those other employees and other personnel of the Parties
that (x) are made available to perform services with respect to the Joint
Venture or the Glad Licensed Business pursuant to Section 7.1 as provided
therein, or (y) otherwise need to know such Confidential Information for
purposes of conducting the business of the Joint Venture or the Glad Licensed
Business or implementing this Agreement or any Related Agreement (collectively,
“Authorized
Persons”). Each Party will cause
the Authorized Persons of such Party not to disclose any Confidential
Information to any other Person who is not an Authorized Person. Each Party will
establish internal ethical walls and other policies and procedures reasonably
satisfactory to the other Party to prevent the disclosure of Confidential
Information of the other Party other than to Authorized Persons and other than
for the purposes of providing services to or otherwise conducting the business
of the Joint Venture or implementing this Agreement or any Related Agreement;

(iv) all
Confidential Information made available hereunder, including copies thereof,
will be returned or destroyed upon the first to occur of (A) the termination of
the Joint Venture or (B) any request by the disclosing Party, unless the
receiving Party is otherwise allowed to retain such Confidential Information.
Either Party may retain, subject to the terms of this Section 7.3, copies of the
other’s Confidential Information required for compliance with record keeping or
quality assurance requirements or other applicable legal requirements;
and

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

57

(v) nothing in this Agreement will prohibit or limit Clorox’s or P&G’s
(or their Subsidiaries’) use of information (including, but not limited to,
ideas, concepts, know-how, techniques, and methodologies) (A) previously known
to it without an obligation of confidence, (B) independently developed by
or for it, (C) acquired by it from a third party which is not, to its knowledge,
under an obligation of confidence with respect to such information, or (D) which
is or becomes publicly available through no breach of this Agreement. For
avoidance of doubt, this Section 7.3 does not limit the disclosure by the Clorox
Parties of information with respect to the Glad Global Business to Clorox and
its Subsidiaries in the event such information does not include any Confidential
Information disclosed by the P&G Parties. 

(c) Each
Party further acknowledge and agree that it is possible that certain uses of its
own Confidential Information could be detrimental to the Joint Venture or the
Glad Global Business, and each Party will use [* * *] efforts to avoid any such
detrimental use. 

(d) Notwithstanding the provisions of this Section 7.3, the Parties agree
that each of the other Parties may disclose Confidential Information to one or
more third parties in a due diligence investigation being conducted by such
third party in connection with a Third Party Sale or a transaction that would
result in a Clorox Change of Control, in the case of the Clorox Partners, or a
transaction that would result in a P&G Change of Control, in the case of the
P&G Partners. Prior to any disclosure of Confidential Information pursuant
to this Section 7.3(d), the third party to whom such information is to be
disclosed must have agreed to keep in confidence all Confidential Information to
be disclosed to such third party, and the Party hereto disclosing such
Confidential Information will be responsible for any disclosure of the
Confidential Information by such third party. 

Section 7.4 Non-Solicitation.

Each of Clorox and P&G
agrees that the solicitation for employment by it or its Subsidiaries of
employees of the other Party whom the soliciting Party becomes aware of as a
result of the Joint Venture or the Glad Licensed Business would have an adverse
impact on the Parties. Each of Clorox and P&G agrees that during the Term
and for [* * *] thereafter it will, and it will cause its Subsidiaries to, take
[* * *] steps to prevent its employees from making such solicitations; to use [*
* *] efforts to cause itself and its Subsidiaries to enforce such prohibition;
and, to the extent that it becomes aware of any such solicitation occurring
within itself or any of its Subsidiaries, to take [* * *] action to cause such
solicitation to immediately cease. In the event of any breach of these
non-solicitation obligations, the Parties agree to conduct good faith
discussions and negotiations to determine a mutually acceptable means of
addressing such breach, provided that in no event will there be any penalty for
any inadvertent breach of this provision by any Party. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

58

Section 7.5 Agreement to Cooperate; Further Assurances; Other Matters. 

(a) Subject to the terms and conditions of this Agreement, each of the
Parties will use all reasonable efforts to take, or cause to be taken, all
actions and to do, or cause to be done, all things necessary, proper or
advisable under applicable laws and regulations to consummate and make effective
the transactions contemplated by this Agreement, including providing information
and using reasonable efforts to obtain all necessary or appropriate waivers,
consents and approvals, and effecting all necessary registrations and filings,
and will actively take all reasonable steps to pursue such waivers,
consents and approvals for a period not to exceed three (3) months, after which
period either Clorox or P&G will have the right to terminate this Agreement
if such waivers, consents and approvals have not been received such that the
condition to closing set forth in Section 8.1(b) has not been satisfied or if
the Closing has not otherwise occurred. The Parties will timely and promptly
make all filings which may be required by each of them in connection with the
consummation of the transactions contemplated hereby under the Hart-Scott-Rodino
Antitrust Improvements act of 1976, as amended, and the rules and regulations
thereunder (the “HSR
Act”) and any similar foreign
legislation. Each Party will furnish to the other such necessary information and
assistance as such Party may reasonably request in connection with the
preparation of any necessary filings or submissions by it to any U.S. or foreign
governmental agency, including any filings necessary under the provisions of the
HSR Act. Notwithstanding anything to the contrary in this Agreement, no Party
nor any of their Affiliates will be required to make any disposition, including
any disposition of, or any agreement to hold separate, any Subsidiary, asset or
business, and no Party nor any of their Affiliates will be required to comply
with any condition or undertaking or take any action which, individually or in
the aggregate, would materially adversely affect the economic benefits to such
Party of the transactions contemplated hereby and by the Related Agreements,
taken as a whole or adversely affect any other business of such Party or its
Affiliates. In case at any time after the Closing Date any further action is
necessary or desirable to carry out the purposes of this Agreement, the proper
officers and directors of the Parties and their respective Affiliates will
execute such further documents (including assignments, acknowledgments and
consents and other instruments of transfer) and will take such further action as
will be necessary or desirable to effect such transfer and to otherwise carry
out the purposes of this Agreement, in each case to the extent not inconsistent
with applicable law. 

(b) P&G will have the right [* * *] year, upon reasonable notice to
Clorox to have an independent public accounting firm review and audit that
portion of the books, records and accounts of the Glad Business with respect to
those transactions attributed to the Glad Business that are between Clorox and
any Affiliate of Clorox for which the consent of P&G is not sought pursuant
to Section 5.3(a)(v) by reason of such transactions being within the scope of
Section 5.3(a)(v)(x). P&G agrees to cause any review conducted pursuant to
this Section 7.5(b) to be conducted in a manner so as not to unreasonably
interfere with the normal business operations of the Glad Business. 

(c) In the
event the Clorox Partners or any of their Subsidiaries wish to [* * *] of any
business, division, Person or asset for which transaction the consent of the
P&G Partners is required pursuant to [* * *], Clorox will notify the P&G
Partners and if the P&G Partners notifies Clorox in writing within [* * *]
of receipt of such notice that the P&G Partners has made a [* * *] to pursue
a [* * *] business, division, Person or asset, Clorox and the P&G Partners
will negotiate [* * *] for a period not to exceed [* * *] with respect to
[* * *] by the P&G Partners of
such business, division, Person or asset, on terms [* * *] Clorox and the
P&G Partners, provided that it is understood that in the event the P&G
Partners and Clorox do not enter into a binding agreement with respect to [* *
*] to each Party in [* * *] within such [* * *] day period, Clorox will have the
right thereafter to [* * *] and enter into a [* * *] of such business, division,
Person or asset with any other Person. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

59

(d) In the event of a Third-Party
Sale by Clorox, Clorox will determine the actuarial liabilities with respect to
the pensions of any defined benefit pension plans maintained by Clorox or any
Affiliate which are subject to the funding requirements of Section 412 of the
Code in which personnel engaged in the Glad Global Business at the time of the
proposed sale are participating (the “Defined Benefit Plans”),
based on the same actuarial assumptions that Clorox uses to fund the Defined
Benefit Plans over time. Clorox will determine the pro rata portion of those
actuarial liabilities attributable to Glad Global Business personnel who will
become employees of the purchaser in connection with the proposed sale (the
“Pro Rata Portion”) assumed as
compared to the total actuarial liabilities for the Defined Benefit Plans.
Clorox will propose that the purchaser accept a spin-off of the Pro Rata Portion
to a tax-qualified defined benefit pension plan maintained by the purchaser for
its own employees (a “Purchaser Plan”) to such assets for the benefit of the Glad Global Business personnel
who become employees of the purchaser in connection with the proposed sale. To
the extent the purchaser negotiates a transaction in which an amount different
from the Pro Rata Portion is spun off from the Defined Benefit Plans to the
Purchaser Plan then (i) if the purchaser accepts an amount less than the Pro
Rata Portion, P&G Sub will receive an amount equal to (A) its Ordinary JV
Interest percentage multiplied by (B) the difference between the Pro Rata
Portion and the actual amount accepted by the purchaser and (ii) if the
purchaser acquires more than the Pro Rata Portion, P&G Sub’s purchase price
received for its interest in the Joint Venture will be decreased by an amount
equal to (A) its Ordinary JV Interest percentage multiplied by (B) the
difference between the amount proposed by Clorox in accordance with the
immediately preceding sentence and the actual amount accepted by the purchaser.
With respect to any post-retiree healthcare benefits not assumed by the third
party purchaser, the JV Partners will divide that expense between them, based on
their proportionate share of the actuarial liabilities with respect to such
benefit programs calculated on the basis of their relative Ordinary JV
Interests. 

(e) Prior to the Closing, the
Clorox Parties will deliver to the P&G Parties a supplement to Schedules
2.2(a)(i) and 2.2(a)(iii) setting forth the amounts of the eliminations and
additions referenced therein (the “Supplemental Schedule”).

Section 7.6 Public
Statements. 

Before any Party or any
Affiliate of such Party will release any information concerning this Agreement
or the matters contemplated hereby which is intended for or may result in public
dissemination thereof, they will cooperate with the other Parties, will furnish
drafts of all documents or proposed oral statements to the other Parties,
provide the other Parties the opportunity to review and comment upon any such
documents or statements and will not release or permit release of any such
information without the consent of the other Parties, except to the extent
required by applicable law or the rules of any securities exchange or automated
quotation system on which its securities or those of any of its Affiliates are
traded. 

Section 7.7 Conduct of
Business. 

(a) The Clorox Parties agree that
prior to the Closing Date, without the prior written consent of the P&G
Partners, which consent will not be unreasonably withheld, as may be expressly
permitted or contemplated by this Agreement or as may be set forth in Section
7.7 of the Clorox Disclosure Schedule
hereto, the Clorox Parties will cause the Glad Global Business:

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

60

(i) to be conducted in the usual, regular and ordinary course of business
consistent with past practice, and will use [* * *] efforts to preserve intact
the Glad Global Business, keep available the services of their employees and
preserve their relationships with customers, suppliers, licensees, licensors,
distributors, agents and others having business dealings with the Glad Global
Business; 

(ii) to (A) maintain its inventory of supplies, parts and other materials and
keep its books of account, records and files, in each case in the ordinary
course of business consistent with past practice, (B) maintain its promotional
activities and expenditures in the ordinary course of business consistent with
past practice and (C) maintain in full force and effect property damage,
liability and other insurance with respect to the Glad Global Business and its
assets and properties providing coverage against such risks and in at least the
amounts as provided by the insurance policies currently maintained by the Clorox
Parties with respect to the Glad Global Business to the extent reasonably
available; 

(iii) not to sell, transfer or otherwise dispose of any business, assets,
rights or properties of the Glad Global Business other than (A) sales of
obsolete or worn-out equipment or other assets no longer used in the Glad Global
Business not exceeding a value in excess of $[* * *] individually or $[* * *] in
the aggregate, (B) sales of inventory in the ordinary course of business, (C)
sales, transfers or other dispositions of assets or properties that will be
replaced prior to the Closing with assets or properties of a comparable value or
utility that will be attributed to the Glad Global Business or (D) sales,
transfers or dispositions in the ordinary course of the Glad Global Business
consistent with past practice and not exceeding a value in excess of $[* * *]
individually or $[* * *] in the aggregate not otherwise included in the
foregoing clauses (A) through (C); and 

(iv) not to take any action for which the consent of the P&G Partners
would be required after the Closing Date pursuant to Section 5.3(a) hereof.

(b) Notwithstanding the
provisions of Section 7.7(a), the Parties agree that cash and cash equivalents
(excluding petty cash) of the Glad Global Business prior to Closing will be a
Clorox Excluded Asset pursuant to the provisions of Section 2.2(b) hereof. The
Clorox Parties will have the right to remove any such cash or cash equivalents
(excluding petty cash) from the Glad Global Business prior to the Closing,
subject to the representation and warranty contained in Section 4.2(a)(ii)
hereof. 

(c) The P&G Parties agree
that prior to the Closing Date, without the prior written consent of Clorox, the
P&G Parties will not sell, transfer or otherwise dispose of (i) any P&G
Equipment or (ii) the Forceflex Technology or Impress Technology (in each case
as such terms are defined in the P&G License Agreement) to be licensed to
the Clorox Parties pursuant to the P&G License Agreement. The P&G
Parties agree that they will comply with the provisions of Section 7.4 of the form of License Agreement attached as
Exhibit A, which provisions are incorporated by reference herein.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

61

Section 7.8 International
Relationships. 

The Parties have agreed that
to the extent the Glad Global Business expands to establish operations in any
country other than the United States, Canada, Australia New Zealand, China,
Philippines, Hong Kong, Costa Rica, Korea and South Africa (a “New Country”), the Parties will enter a relationship in such New Country, which
relationship will, at the election of the Clorox Partners, either (a) have a
structure and be on terms substantially similar to those under the JV Sublicense
Agreements and the Glad License Agreements for the International Licensees or
(b) have the structure and be on the terms set forth on Exhibit G hereto, in each case unless the Parties mutually determine that such
structure would result in material adverse tax consequences to P&G or
Clorox, in which case P&G and Clorox will negotiate in good faith to modify
the structure as necessary to avoid such adverse tax consequences. The Parties
do not intend for the provisions of this Section 7.8 to specify any particular
operational structure to be used in any New Country or to set in advance
compensation to be received by P&G or its Affiliates in connection with any
services that may be provided by P&G or its Affiliates as a service provider
to the operations in such New Country. The Parties agree to use all [* * *]
efforts and to negotiate in good faith to complete the documentation necessary
to implement any such relationship. For the avoidance of doubt, in the event
that notwithstanding the provisions of this Section 7.8, the Parties are unable
to agree upon the implementation of any such relationship in any country, such
failure will not prevent the Glad Global Business from entering into operation
in the country in question. 

Section 7.9 Sublicenses of
P&G Intellectual Property.

(a) To the extent The Glad
Products Company or its Affiliates, on behalf of the Joint Venture, sublicenses
any of the Intellectual Property licensed to it by P&G Sub under the P&G
License Agreement to any Affiliate of Clorox, each of The Glad Products Company
and the other Clorox Parties agree as follows during the term of any such
sublicense: 

(i) to [* * *] with respect to [* * *] relating to the licensees under any
such sublicenses and the [* * *] conducted by such licensees. For purposes of
this Section 7.9(a), materiality will be judged based on the Glad Licensed
Business taken as a whole, provided that (i) [* * *]
Glad Local Business, (ii) any [* * *] in excess of $[* * *] and (iii) any [* * *] that will be attributed
to any Glad Local Business that [* * *] will be deemed to be material;

(ii) to provide P&G Sub with copies of the information and reports such
Party receives from the licensees under any such sublicenses, and upon the
reasonable request of P&G Sub, obtain from the licensees under such
sublicenses, additional information concerning the Glad Licensed Business;

(iii) not to [* * *], to the extent such Party has the right under any such
sublicense to [* * *] with respect to the Joint Venture and the Glad Business;
and 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

62

(iv) to use [* * *] efforts to cause the licensees under any such sublicenses
to conduct the Glad Local Businesses conducted by such licensees in a manner not
inconsistent with the overall strategic direction of the Glad Business, but
subject to local market conditions and other circumstances of the jurisdictions
in which such Glad Local Businesses are conducted. 

(b) P&G will have the right
[* * *] year, upon reasonable notice to The Glad Products Company, to have an
independent public accounting firm review and audit the books, records and
accounts of the Glad Licensed Business, at P&G’s expense. P&G agrees to
cause any review conducted pursuant to this Section 7.9(b) to be conducted in a
manner so as not to unreasonably interfere with the normal business operations
of the Glad Licensed Business. 

ARTICLE
VIII 

CONDITIONS PRECEDENT TO
CLOSING 

Section 8.1 Conditions to
Each Party’s Obligations.

The respective obligations of
each Party to consummate the transactions contemplated by this Agreement to
occur at the Closing will be subject to the fulfillment of the following
conditions on or prior to the Closing Date: 

(a) no statute, rule, regulation,
executive order, decree, or preliminary or permanent injunction will have been
enacted, entered, promulgated or enforced by any state, federal or foreign court
of competent jurisdiction or Governmental Authority which prohibits consummation
of the transactions contemplated by this Agreement and the Related Agreements,
whether temporary, preliminary or permanent; provided, however, that subject to the terms of this Agreement the
Parties will use their [* * *] efforts to have such order, decree or injunction
vacated; 

(b) the waiting period applicable
to the consummation of the transactions contemplated by this Agreement under the
HSR Act will have expired or been earlier terminated; and 

(c) all orders, consents and
approvals of Governmental Authorities legally required for the consummation of
the transactions contemplated by this Agreement will have been obtained and be
in effect at the Closing Date, except those for which failure to obtain such
consents and approvals would not, individually or in the aggregate, have a
material adverse effect upon the Company or its future business or results of
operations. 

Section 8.2 Conditions to
the Closing Obligations of the Clorox Parties. 

The obligations of the Clorox
Parties to consummate the transactions contemplated by this Agreement to occur
at the Closing will be subject to the fulfillment of the following additional
conditions: 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

63

(a) The P&G Parties will have
performed in all material respects their obligations under this Agreement and
any Related Agreement required to be performed by them at or prior to the
Closing Date, and the representations and warranties of the P&G Parties set
forth in this Agreement (i) that are qualified as to Material Adverse Effect
will be true and correct in all respects and (ii) that are not so qualified will
be true and correct in all material respects at and as of the Closing Date as if
made at and as of such time, except to the extent that any such representation
or warranty specifically speaks to a specified date, in which case such
representation or warranty will have been true and correct as of such date, and
the Clorox Parties will have received a certificate to such effect dated the
Closing Date signed on behalf of the P&G Parties by an executive officer
thereof; and 

(b) The P&G Parties will have
duly authorized, executed and delivered to the Clorox Parties at or prior to the
Closing Date each of the Related Agreements to which it is a party, and each
such Related Agreements will be in full force and effect. 

Section 8.3 Conditions to
the Closing Obligations of the P&G Parties. 

The obligations of the P&G
Parties to consummate the transactions contemplated by this Agreement to occur
at the Closing will be subject to the fulfillment of the following additional
conditions: 

(a) the Clorox Parties will have
performed in all material respects their obligations under this Agreement and
any Related Agreement required to be performed by them at or prior to the
Closing Date, and the representations and warranties of the Clorox Parties set
forth in this Agreement (i) that are qualified as to Material Adverse Effect
will be true and correct in all respects and (ii) that are not so qualified will
be true and correct in all material respects at and as of the Closing Date as if
made at and as of such time, except to the extent that any such representation
or warranty specifically speaks to a specified date, in which case such
representation or warranty will have been true and correct as of such date, and
in the case of each of the representations and warranties to the extent relating
to the Glad Existing International Business will not be subject to any
exceptions other than as set forth in the Clorox Disclosure Schedule that would
reasonably be expected to have a Material Adverse Effect, and the P&G
Parties will have received a certificate to such effect dated the Closing Date
signed on behalf of the Clorox Parties by an executive officer of Clorox;

(b) each Clorox Party will have
duly authorized, executed and delivered to the P&G Parties at or prior to
the Closing Date each of the Related Agreements to which it is a party, and each
such Related Agreement will be in full force and effect; and 

(c) the Clorox Parties shall have
delivered the Supplemental Schedule to the P&G Parties. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

64

ARTICLE
IX 

ACCOUNTING; TAX
MATTERS 

Section 9.1 Accounting. 

(a) The accounting principles and
policies adopted with respect to the Joint Venture are set forth on Exhibit H
hereto (the “JV Accounting
Principles”). The JV Accounting
Principles shall also apply to the conduct of the Glad Licensed Business.

(b) Each JV Partner will be
supplied with estimates of income and other information necessary to enable such
JV Partner to prepare in a timely manner its U.S. federal, state and local
income estimated tax returns (and extension payments, if any) and such other
financial or other statements and reports that the Board deems appropriate;
provided that each JV Partner will be provided with copies of Schedule K-1 for
the Joint Venture for such Fiscal Year no later than seven (7) calendar months
after the end of the first two Fiscal Years of the Joint Venture and no later
than six (6) calendar months after the end of any Fiscal Year thereafter.

(c) Within (i) sixty (60) days
after the end of each of the first eight Fiscal Quarters, and after the end of
any Fiscal Quarter thereafter, (A) forty-five (45) days with respect to the Glad
Business and (B) sixty (60) days with respect to each Glad Local Business and
(ii) 120 days after the close of each of the first two Fiscal Years of the Joint
Venture and within ninety (90) days after the end of any Fiscal Year thereafter,
the Board will cause to be prepared in accordance with the JV Accounting
Principles and submitted to each JV Partner the balance sheet of the Glad
Business and each Glad Local Business as of the end of such period and a
statement of income or loss and a statement of cash flows of the Glad Business
and each Glad Local Business for such period. 

(d) The Clorox Partners will keep
or cause to be kept books and records pertaining to the business attributed to
the Joint Venture showing all of its assets and Liabilities, receipts and
disbursements, realized profits and losses, JV Partner’s Capital Accounts and
all transactions attributed to the Joint Venture. Such books and records of the
Joint Venture will be kept at the Glad Business headquarters in Oakland,
California and the JV Partners and their representatives will at all reasonable
times have free access thereto for the purpose of inspecting or copying the
same. 

(e) In case of a Transfer of all
or part of the JV Interest of any JV Partner, the Board may cause the Joint
Venture to elect, pursuant to Section 734, 743 and 754 of the Code to adjust the
basis of the assets attributed to the Joint Venture; provided, however, the
election under Section 754 will [* * *] to the Board’s discretion and such
election will be made timely if [* * *] in connection with [* * *]. 

(f) The Parties acknowledge and
agree that from time to time during the Term, as the Glad Business changes,
adjustments may become necessary to the JV Accounting Principles or the
provisions of this Agreement to maintain the intended relative economic
interests of the Parties hereunder as well as the intended economic benefits to
the Parties of this Joint Venture as effected by this Agreement as of the
Closing. The Parties agree to negotiate in good faith to amend the JV Accounting
Principles and this Agreement as may be necessary to maintain such relative
economic interests and intended economic benefits, and any such adjustment or
amendment pursuant to this Section 9.1(f) must be mutually agreed upon by all
the JV Partners. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

65

(g) Clorox’s internal audit group
will perform a review at least once every 24 months of the financial statements
and processes and procedures of the Glad Business, which review will be
conducted in a manner consistent with that used for scheduled periodic reviews
by such internal audit group of other Clorox businesses. The report with respect
to such review will be provided to the Board. 

(h) P&G will have the right
[* * *] year, upon reasonable notice to Clorox to have an independent public
accounting firm review and audit the books, records and accounts of the Glad
Business, at P&G’s expense. P&G agrees to cause any review conducted
pursuant to this Section 9.1(h) to be conducted in a manner so as not to
unreasonably interfere with the normal business operations of the Glad Business.

Section 9.2 Tax
Matters. 

(a) The taxable year of the Joint
Venture will be the same as its Fiscal Year. 

(b) The JV Partners agree and
acknowledge that the Joint Venture will not be subject to the provisions of
Sections 6221, et.
seq., of the Code. The JV
Partners further agree that the Joint Venture will not elect, nor will any JV
Partner, the Board, or any other Person, elect on behalf of the Joint Venture,
to cause the Joint Venture to be subject to said unified Tax Proceedings.
Accordingly, no JV Partner will have any authority to represent the Joint
Venture before the Internal Revenue Service or other Tax authority in a unified
Tax proceeding, nor will any JV Partner have authority to sign any consent,
enter into any settlement agreement, extend the statute of limitations,
compromise any Tax dispute, or take any other action regarding a Tax audit
proceeding on behalf of any other JV Partner (except that Clorox Parties may
take such actions on behalf of other Clorox Parties). Each of Clorox and P&G
Sub agree to keep the other informed as to the progress of Tax audits,
examinations and proceedings of such Parties or their Affiliates that relate to
Tax items attributable to the Joint Venture. 

(c) The Board will cause to be
prepared all federal, state and local tax returns of the Joint Venture for each
year for which such returns are required to be filed and will cause such returns
to be timely filed. The Board will determine the appropriate treatment of each
item of income, gain, loss, deduction and credit attributed to the Joint Venture
and the accounting methods and conventions under the tax laws of the United
States, the several States and other relevant jurisdictions as to the treatment
of any such item or any other method or procedure related to the preparation of
such tax returns. Each JV Partner agrees that it will take no position on its
tax returns inconsistent with the position taken on the Joint Venture’s tax
returns. The Board on behalf of the Joint Venture may make all elections for
federal income tax purposes; provided that, if such election would have a
material adverse effect on P&G, the Board will provide notice to and consult
P&G regarding such election. 

(d) The JV Partners intend for
the Joint Venture to be treated as a partnership for U.S. federal, state and
local income tax purposes, and no JV Partner (nor any Person acting on behalf of
the Joint Venture) will take any action inconsistent with such treatment.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

66

ARTICLE X 

INDEMNIFICATION

Section 10.1 Indemnification
by Clorox Partners. 

From and after the Closing
Date, the Clorox Partners will jointly and severally indemnify and hold harmless
the P&G Parties and their respective Affiliates, and the respective
directors, officers, employees and agents of any of the foregoing and any of the
heirs, executors, successors and assigns of any of the foregoing (collectively,
the “P&G Indemnified
Parties”) from and against any
and all damages, claims, losses, expenses, costs, obligations and Liabilities
including, without limiting the generality of the foregoing, Liabilities for all
reasonable attorneys’ fees and expenses (including attorney and expert fees and
expenses incurred to enforce successfully the terms of this Agreement)
(collectively, “Losses and
Expenses”) suffered or incurred
by any such P&G Indemnified Party arising from, relating to or otherwise in
respect of, (a) any breach of, or inaccuracy in, any representation or warranty
of the Clorox Parties contained in this Agreement or in the certificate
delivered by the Clorox Parties pursuant to Section 8.3(a) of this Agreement,
(b) any breach of any covenant or other agreement of the Clorox Parties
contained in this Agreement, and (c) any Clorox Retained Liabilities. The
aggregate indemnification obligations of the Clorox Partners pursuant to the
foregoing clause (a), together with the indemnification obligations of such
Persons with respect to breaches of representations and warranties under the
P&G License Agreement, will be limited to a maximum of $28,000,000, and the
Clorox Partners will have no indemnification obligations with respect to such
clause (a) unless the aggregate of all Losses and Expenses relating thereto and
with respect to breaches of representations and warranties under the P&G
License Agreement for which the Clorox Partners would, but for this provision,
be liable exceeds on a cumulative basis an amount equal to $3,000,000 , and then
only to the extent of any such excess. Any claims for indemnification pursuant
to such clause (a) must be made prior to the date that is eighteen (18) months
after the Closing Date. From and after the Closing Date, the Clorox Partners
will further jointly and severally indemnify and hold harmless the P&G
Indemnified Parties from and against any and all Losses and Expenses arising out
of or related to any third party claim that any P&G Indemnified Party has
any Liability or obligation with respect to any Liability attributed to the
Joint Venture or arising out of or related to the Glad Business or the Glad
Licensed Business, provided that such indemnification will not apply to any
Liability or obligation for which any P&G Indemnified Party has agreed to
provide indemnification or is otherwise expressly liable for pursuant to the
terms of the Related Agreements. 

Section 10.2 Indemnification
by P&G Partners. 

From and after the Closing
Date, the P&G Partners will indemnify and hold harmless each of the Clorox
Partners and their respective Affiliates, and the respective directors,
officers, employees and agents of any of the foregoing, and any of the heirs,
executors, successors and assigns of any of the foregoing (collectively, the
“Clorox Indemnified
Parties” and together with the
P&G Indemnified Parties, the “Indemnified Parties”) from
and against any and all Losses and Expenses suffered or incurred by any such
Clorox Indemnified Party arising from, relating to or otherwise in respect of,
(a) any breach of, or inaccuracy in, any representation or warranty of the P&G Parties contained in this Agreement or in
the certificate delivered by the P&G Parties pursuant to Section 8.2(a) of
this Agreement, (b) any breach of any covenant or other agreement of the P&G
Parties contained in this Agreement and (c) any Permitted Liens existing as of
the Closing with respect to the P&G Equipment. The aggregate indemnification
obligations of the P&G Partners pursuant to the foregoing clause (a),
together with the indemnification obligations of such Persons with respect to
breaches of representations and warranties under the P&G License Agreement,
will be limited to a maximum of $28,000,000, and the P&G Partners will have
no indemnification obligations with respect to such clause (a) or with respect
to breaches of representations and warranties under the P&G License
Agreement, unless the aggregate of all Losses and Expenses relating thereto for
which the P&G Partners would, but for this provision, be liable exceeds on a
cumulative basis an amount equal to $3,000,000, and then only to the extent of
any such excess. Any claims for indemnification pursuant to such clause (a) must
be made prior to the date that is eighteen (18) months after the Closing Date.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

67

Section 10.3 Third-Party
Claims. 

If a claim by a third party is
made against an Indemnified Party hereunder, and if such Indemnified Party
intends to seek indemnity with respect thereto under this Article X, such
Indemnified Party will promptly notify Clorox, in the case of a P&G
Indemnified Party, or P&G, in the case of a Clorox Indemnified Party (such
person to be notified, the “Indemnifying Party”) in
writing of such claims setting forth such claims in reasonable detail, provided
that failure of such Indemnified Party to give prompt notice as provided herein
will not relieve the Indemnifying Party of any of its obligations hereunder,
except to the extent that the Indemnifying Party is materially prejudiced by
such failure. The Indemnifying Party will have twenty (20) days after receipt of
such notice to undertake, through counsel of its own choosing, subject to the
reasonable approval of such Indemnified Party, and at its own expense, the
settlement or defense thereof, and the Indemnified Party will cooperate with it
in connection therewith; provided, however, that the Indemnified Party may
participate in such settlement or defense through counsel chosen by such
Indemnified Party, provided that the fees and expenses of such counsel will be
borne by such Indemnified Party. If the Indemnifying Party will assume the
defense of a claim, it will not settle such claim without the prior written
consent of the Indemnified Party, (a) unless such settlement includes as an
unconditional term thereof the giving by the claimant of a release of the
Indemnified Party from all Liability with respect to such claim or (b) if such
settlement involves the imposition of equitable remedies or the imposition of
any material obligations on such Indemnified Party other than financial
obligations for which such Indemnified Party will be indemnified hereunder. If
the Indemnifying Party will assume the defense of a claim, the fees of any
separate counsel retained by the Indemnified Party will be borne by such
Indemnified Party unless there exists a conflict between them as to their
respective legal defenses (other than one that is of a monetary nature), in
which case the Indemnified Party will be entitled to retain separate counsel,
the reasonable fees and expenses of which will be reimbursed by the Indemnifying
Party. If the Indemnifying Party does not notify the Indemnified Party within
twenty (20) days after the receipt of the Indemnified Party’s notice of a claim
of indemnity hereunder that it elects to undertake the defense thereof, the
Indemnified Party will have the right to contest, settle or compromise the claim
but will not thereby waive any right to indemnity therefor pursuant to this
Agreement. The indemnification provisions set forth in this Article X are the sole and exclusive means of recovery of
money damages with respect to the matters covered herein, except for fraud.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

68

Section 10.4 Limitation on
Losses and Expenses 

Notwithstanding anything to
the contrary contained herein, no Indemnifying Party will be liable for any
punitive damages pursuant to this Agreement or any of the Related Agreements (it
being understood that any punitive damages paid by any Indemnified Party to any
third party will be considered direct damages not subject to this Section 10.4). 

ARTICLE
XI 

MISCELLANEOUS 

Section 11.1 Amendments and
Waivers. 

This Agreement may be amended
only by a written instrument executed by Clorox and the P&G Partners. Any
amendment effected in accordance with the immediately preceding sentence will be
binding on all of the Parties to this Agreement. No failure or delay by any
Party in exercising any right, power or privilege hereunder will operate as a
waiver thereof nor will any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right, power or
privilege. 

Section 11.2 Successors,
Assigns and Transferees.

The provisions of this
Agreement will be binding upon and will inure to the benefit of the Parties and
their respective successors and Permitted Transferees, each of which will agree
in a writing reasonably satisfactory in form and substance to Clorox and the
P&G Partners to become a Party hereto and be bound to the same extent hereby
as the transferor that has transferred the JV Interest. No Party to this
Agreement may assign any of its rights or obligations under this Agreement to
any person other than a Permitted Transferee without the prior written consent
of the other Parties. 

Section 11.3 Notices. 

Any notices or other
communications required or permitted hereunder will be sufficiently given if (a)
delivered personally, (b) transmitted by facsimile (with written transmission
confirmation), (c) mailed by certified or registered mail (return receipt
requested) (in which case such notice will be deemed given on the third day
after such mailing) or (d) sent by overnight Federal Express or other overnight
courier (with written delivery confirmation), addressed as follows or to such
other address of which the Parties may have given notice: 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

69

To the Clorox
Partners: 

The Clorox Company
1221
Broadway
Oakland, CA 94612 
Attention: General
Counsel
Facsimile: (510) 271-1696
Telephone: (510) 271-4737
E-mail:
pete.bewley@clorox.com 

To the P&G
Partners: 

The Procter & Gamble
Company
One P&G Plaza
Cincinnati, OH 45202 
Attention: Jeffrey D. Weedman, Vice
President
Facsimile: (513) 983-0911
Telephone: (513) 983-1921
E-mail:
weedman.jd@pg.com 

With copies
to: 

The Procter & Gamble
Company
One P&G Plaza
Cincinnati, OH 45202
Attention: Chris
Walther
Telecopy: (513) 983-2611
Telephone: (513) 983-8469
E-mail:
walther.cb@pg.com 

Section 11.4 Integration. 

This Agreement, the Related
Agreements and the documents referred to herein or therein, or delivered
pursuant hereto or thereto, contain the entire understanding of the Parties with
respect to the subject matter hereof and thereof. There are no agreements,
representations, warranties, covenants or undertakings with respect to the
subject matter hereof and thereof other than those expressly set forth herein
and therein. This Agreement supersedes all other prior agreements and
understandings between the Parties with respect to such subject matter.

Section 11.5 Severability. 

If one or more of the
provisions, paragraphs, words, clauses, phrases or sentences contained herein,
or the application thereof in any circumstances, is held invalid, illegal or
unenforceable in any respect for any reason, the validity, legality and
enforceability of any such provision, paragraph, word, clause, phrase or
sentence in every other respect and of the remaining provisions, paragraphs,
words, clauses, phrases or sentences hereof will not be in any way impaired, it
being intended that all rights, powers and privileges of the Parties will be
enforceable to the fullest extent permitted by law. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

70

Section 11.6 Counterparts. 

This Agreement may be executed
in two or more counterparts, and by different Parties on separate counterparts
each of which will be deemed an original, but all of which will constitute one
and the same instrument. 

Section 11.7 Governing
Law. 

This Agreement will be
construed in accordance with, and the rights of the Parties will be governed by,
the laws of the State of New York. 

Section 11.8 Arbitration. 

(a) The Parties will attempt in
good faith to resolve through negotiation any dispute, claim or controversy
arising out of or relating to this Agreement. Either Clorox or the P&G
Partners may initiate negotiations on behalf of the Clorox Partners or the
P&G Partners, as the case may be, by providing written notice in letter form
to the other Party, setting forth the subject of the dispute and the relief
requested. The recipient of such notice will respond in writing within five days
with a statement of its position on and recommended solution to the dispute. If
the dispute is not resolved by this exchange of correspondence, then
representatives of each of Clorox and the P&G Partners with full settlement
authority will meet at a mutually agreeable time and place within ten (10) days
of the date of the initial notice in order to exchange relevant information and
perspectives, and to attempt to resolve the dispute. If the dispute is not
resolved by these negotiations, the matter will be submitted to JAMS, or its
successor, for mediation. 

(b) Either Clorox or the P&G
Partners may commence mediation on behalf of the Clorox Partners or the P&G
Partners, as the case may be, by providing to JAMS and the other Party a written
request for mediation, setting forth the subject of the dispute and the relief
requested. The Parties will cooperate with JAMS and with one another in
selecting a mediator from JAMS’ panel of neutrals, and in scheduling the
mediation proceedings. The Parties covenant that they will participate in the
mediation in good faith, and that Clorox, on the one hand, and the P&G
Partners, on the other hand, will share equally in its costs. All offers,
promises, conduct and statements, whether oral or written, made in the course of
the mediation by any of the Parties, their agents, employees, experts and
attorneys, and by the mediator or any JAMS employees, are confidential,
privileged and inadmissible for any purpose, including impeachment, in any
arbitration or other proceeding involving the Parties, provided that evidence
that is otherwise admissible or discoverable will not be rendered inadmissible
or non-discoverable as a result of its use in the mediation. Either Clorox or
the P&G Partners may initiate arbitration on behalf of the Clorox Partners
or the P&G Partners, as the case may be, with respect to the matters
submitted to mediation by filing a written demand for arbitration at any time
following the initial mediation session or 45 days after the date of filing the
written request for mediation, whichever occurs first. The mediation may
continue after the commencement of arbitration if the Parties so desire. Unless
otherwise agreed by the Parties, the mediator will be disqualified from serving
as arbitrator in the case. The provisions of this Section 11.8 may be enforced
by any court of competent jurisdiction, and the Party seeking enforcement will
be entitled to an award of all costs, fees
and expenses, including attorneys’ fees, to be paid by the Party against whom
enforcement is ordered. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

71

(c) Any dispute, claim or
controversy arising out of or relating to this Agreement or the breach,
termination, enforcement, interpretation or validity thereof, including the
determination of the scope or applicability of this Agreement to arbitrate,
which is not resolved through negotiation or mediation, will be determined by
arbitration conducted in Oakland, CA, before a sole arbitrator based in the
state of New York, in accordance with the laws of the State of New York for
agreements made in and to be performed in that State. The arbitration will be
administered by JAMS pursuant to its Comprehensive Arbitration Rules and
Procedures unless Clorox and the P&G Partners agree to use its Streamlined
Arbitration Rules and Procedures. The arbitrator’s decision and award with
respect to the dispute referred to will be final and binding on the Parties and
may be entered in any court with jurisdiction, and the Parties will abide by
such decision and award. 

(d) The arbitrator will, in its
award, allocate all of the costs of the arbitration (and the mediation, if
applicable), including the fees of the arbitrator and the reasonable attorneys’
fees of the prevailing Party, against the Party who did not prevail, if any.

Section 11.9 Injunctive
Relief. 

Each of the Parties
acknowledges and agrees that pending the outcome of any arbitration proceeding
pursuant to Section 11.8, each of the Parties will be entitled to an injunction,
restraining order or other equitable relief to prevent breaches of the
provisions of this Agreement and the Related Agreements in any court of
competent jurisdiction solely for the purpose of maintaining the status quo, in
addition to any other remedy to which they may be entitled pursuant to the terms
hereof. 

Section 11.10 Expenses. 

Except as set forth in this
Agreement and the Related Agreements, whether or not the transactions
contemplated by this Agreement are consummated, all legal and other costs and
expenses incurred in connection with this Agreement and the Related Agreements
and the transactions contemplated hereby will be paid by the Party incurring
such costs. 

Section 11.11 No Third Party
Beneficiaries. 

Except for the rights of the
Indemnified Parties pursuant to Article X, nothing in this Agreement, express or
implied, is intended to confer upon any Person, other than the Parties or their
respective successors and permitted assigns, any rights, remedies, benefits,
obligations or Liabilities of any nature whatsoever under or by reason of this
Agreement. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

72

Section 11.12 Guarantees by
Clorox and P&G. 

(a) In consideration of the
P&G Parties entering into this Agreement, Clorox hereby fully and
unconditionally guarantees that each of the Clorox Parties will fully perform
and discharge when due all of its obligations and Liabilities under this
Agreement and each of the Related Agreements, including but not limited
to full and punctual payment and discharge when due of all of the Clorox
Parties’ indemnification obligations to the P&G Indemnified Parties under
this Agreement and each of the Related Agreements. The guarantee of Clorox
pursuant to this Section 11.12(a) is an absolute, unconditional and continuing
guarantee of the full and punctual payment and performance by the Clorox Parties
of such obligations and Liabilities when due and not of their collectibility
only and is in no way conditioned upon any requirement that the P&G Parties
first attempt to collect any of the obligations or Liabilities from the Clorox
Parties, or upon any other contingency whatsoever. The obligations of Clorox
hereunder are absolute and unconditional regardless of the validity or
enforceability of this Agreement or any of the Related Agreements against any
Clorox Partner. Clorox hereby waives any legal or equitable defense to the
enforceability of the provisions of this Section 11.12(a). 

(b) In consideration of the
Clorox Parties entering into this Agreement, P&G hereby fully and
unconditionally guarantees that each of the P&G Parties will fully perform
and discharge when due all of its obligations and Liabilities under this
Agreement and each of the Related Agreements, including but not limited to full
and punctual payment and discharge when due of all of the P&G Parties’
indemnification obligations to the P&G Indemnified Parties under this
Agreement and each of the Related Agreements. The guarantee of P&G pursuant
to this Section 11.12(b) is an absolute, unconditional and continuing guarantee
of the full and punctual payment and performance by the P&G Parties of such
obligations and Liabilities when due and not of their collectibility only and is
in no way conditioned upon any requirement that the Clorox Parties first attempt
to collect any of the obligations or Liabilities from the P&G Parties, or
upon any other contingency whatsoever. The obligations of P&G hereunder are
absolute and unconditioned regardless of the validity or enforceability of this
Agreement or any of the Related Agreements against any P&G Partner. P&G
hereby waives any legal or equitable defense to the enforceability of the
provisions of this Section 11.12(b). 

(c) In consideration of the
Clorox Parties entering into this Agreement and the License Agreement, P&G
hereby fully and unconditionally guarantees that any Person to whom any
Intellectual Property subject to the P&G License Agreement is transferred in
accordance with Section 7.3 of the P&G License Agreement and any subsequent
Persons to whom such Intellectual Property may be transferred (collectively,
“IP Transferees”) will fully perform and discharge when due all
of their obligations and Liabilities under the P&G License Agreement,
including but not limited to any licenses granted pursuant to Article 2, Article
3 or Article 6 of the P&G License Agreement. The guarantee of P&G
pursuant to this Section 11.12(b) is an absolute, unconditional and continuing
guarantee of the full and punctual payment and performance by the IP Transferees
of such obligations and Liabilities when due and not of their collectibility
only and is in no way conditioned upon any requirement that the Clorox Parties
first attempt to collect any of the obligations or Liabilities from the IP
Transferees, or upon any other contingency whatsoever. The obligations of
P&G hereunder are absolute and unconditional regardless of the validity or
enforceability of the License Agreement against any IP Transferee. P&G
hereby waives any legal or equitable defense to the enforceability of the
provisions of this Section 11.12(c). 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

73

Section 11.13 Effectiveness
of Amendment and Restatement, Representations, Warranties and Agreements.

This Agreement amends and
restates certain provisions of the Original Agreement and restates the terms of
the Original Agreement in their entirety. All amendments to the Original
Agreement effected by this Agreement, and all other covenants, agreements, terms
and provisions of this Agreement shall have effect as of the Original Date
unless expressly stated otherwise. This Agreement shall be effective as of the
date that copies hereof have been executed and delivered by each of the Parties.
Each of the representatives and warranties made in this Agreement shall be
deemed to be made on and as of the Original Date and not made as of the date
hereof. 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK.] 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

74

IN WITNESS WHEREOF, each of
the undersigned has executed this Agreement or caused this Agreement to be
executed on its behalf as of the date first written above. 

	THE
      CLOROX COMPANY 

	 
	By: 
    	/s/ Larry Peiros	 
		Name: Larry Peiros	 
		Title: Group Vice President	 

	
      THE GLAD PRODUCTS
      COMPANY 

	 
	By: 
    	/s/ Larry Peiros	 
		Name: Larry Peiros	 
		Title: Vice President	 

	
      GLAD MANUFACTURING
      COMPANY 

	 
	By: 
    	/s/ Larry Peiros	 
		Name: Larry Peiros	 
		Title: Vice President	 

 

	
      CLOROX SERVICES COMPANY
      

	 
	By:  	/s/ Larry Peiros	 
		Name: Larry
      Peiros	 
		Title: Vice
      President	 

[Signature Page to Amended
and Restated Joint Venture Agreement] 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

75

	THE CLOROX SALES COMPANY
		 
		 
	By:
       	/s/ Larry Peiros	 
		Name: Larry Peiros
		Title: Vice President
		 
		 
	CLOROX INTERNATIONAL COMPANY
		 
		 
	By: 	/s/ Larry Peiros	 
		Name: Larry Peiros
		Title: Vice President
		 
		 
	THE PROCTER & GAMBLE
COMPANY
		 
		 
	By: 	/s/ Jeffrey D.
      Weedman	 
		Name: Jeffrey D. Weedman
		Title: Vice President, External Business
		Development & Global Licensing
		 
		 
	PROCTER & GAMBLE RHD, INC.
		 
		 
	By: 	/s/ Jeffrey D.
      Weedman	 
		Name: Jeffrey D. Weedman
		Title: Attorney-in-fact

[Signature Page to Amended
and Restated Joint Venture Agreement]

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

76

Exhibit
C
Description of P&G
Equipment 

 

[* * *]

 

 

 

 

 

 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

Exhibit D
Preliminary
Business Plan

 

[* * *]

 

 

 

 

 

 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

Exhibit
E
Preliminary Budget

 

[* * *] 

 

 

 

 

 

 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

EXHIBIT
F
CLOROX CORPORATE SERVICES

	1.	     	
      Clorox Services and
      Personnel. Clorox will
      provide to the Glad Global Business payroll, product supply, project
      management, human resource services, information systems services,
      facilities services, treasury, tax, financial system and accounting
      services, legal services and other corporate services currently provided
      by Clorox, which are referred to as “Clorox Services” for purposes of this
      Agreement. Clorox will provide or will cause to be provided to the Glad
      Global Business the Clorox Services at such levels as the Glad Global
      Business may require from time to time. The Board will review on an annual
      basis the costs and quality of the Clorox Services and determine whether
      it continues to be in the best interest of the Glad Global Business for
      Clorox to continue to provide all such services. The Glad Leadership Team
      will monitor the Clorox Services on an ongoing basis and will report to
      the Board on an annual basis as to the results of its review of the Clorox
      Services and will provide the Board with any recommendations for changes
      in the Clorox Services. The Board will promptly act on any such
      recommendation by the Glad Leadership Team. 

			 
	2.		
      Fees for Clorox
      Services. The fees Clorox
      will allocate to the Glad Global Business for the Clorox Services (the
      “Service
      Fees”) shall be consistent
      with the JV Accounting Principles and will include apportioned amounts for
      facilities leases and supplies, salaries, bonuses and benefits (including
      pension plan costs) of Clorox employees who perform the Clorox Services,
      operating supplies, utilities, telephone, computers and/or other expenses
      as appropriate. Clorox and the Glad Global Business will use [* * *]
      efforts to identify Clorox Services that can be assumed by the Glad Global
      Business and no longer provided by Clorox corporate (“Assumed Services”). In addition, if the Glad Global Business
      can obtain any Clorox Service from a third party at [* * *] than the
      allocated cost of Clorox providing such Clorox Service, it is contemplated
      that the Glad Global Business will outsource such service and it will no
      longer be provided by Clorox corporate (“Outsourced Services” and, together with the Assumed Services,
      the “Push Down Services”). To
      the extent a Clorox Service becomes a Push Down Service in any calendar
      year, the Service Fee for such year will be reduced by an amount (the
      “Push Down Credit”) equal to what the cost of providing such Clorox
      Service for that remainder of the calendar year (i.e. after the push down
      occurs) would have been based on the cost of providing such Clorox Service
      during the same period of the prior calendar year (determined in
      accordance with the JV Accounting Principles). To the extent that the
      Board of the Joint Venture unanimously determines to obtain any additional
      corporate services from Clorox (“Incremental Services”) in any calendar year, the Service Fee for such year will be
      increased by an amount (the “Supplemental Amount”) equal to the cost of providing such Incremental Services (which
      will thereafter be deemed Clorox Services) for the remainder of that
      calendar year. 

				 
			(a)       	
      The Base Service Fee
      allocated to the Glad Global Business for calendar year 2003 (the
      “2003 Base Service
      Fee”) will equal [* * *]%
      of the aggregate net sales of the Glad Global Business for calendar year
      2002, as adjusted for the change in the Consumer Price Index during
      calendar year 2002 (i.e. if net sales in 2002 were $[* * *] million and
      the Consumer Price Index increased by [* * *]%, the 2003 Base Service Fee
      would equal $[* * *]). The actual Service Fee payable for 2003 will equal
      the 2003 Base Services Fee [* * *] the Push Down Credit for 2003 [* * *]
      the Supplemental Amount for 2003, if
any

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

	        	(b)       	
      The base Service Fee
      (the “Base Service
      Fee”) allocated to the Glad
      Global Business for each calendar year (the “Relevant Year”) commencing in 2004 will equal the Service
      Fee actually paid in the immediately preceding calendar year [*
      * *] the Push Down Adjustment
      for the immediate preceding calendar year [* * *] the Incremental Services
      Adjustment for the immediately preceding calendar year, as adjusted for
      the change in the Consumer Price Index during the immediately preceding
      calendar year (i.e. if the 2003 Service Fee was $[* * *], the Push Down
      Adjustment for 2003 was $[* * *], the Incremental Services Adjustment was
      zero and the Consumer Price Index increased by [* * *]% the Base Service
      Fee would equal $[* * *]). The actual Service Fee payable for the Relevant
      Year will equal the Base Service Fee for the Relevant Year [* * *] the
      Push Down Credit for the Relevant Year [* * *] the Supplemental Amount for
      the Relevant Year, subject to the Cap and Floor described below.
      

The “Push Down Adjustment” for any calendar year will equal the sum of (x)
the amount that the Push Down Credit would have been in such year had all Clorox
Services that became Push Down Services in that calendar year become Push Down
Services on the first day of that calendar year [* * *] (y) the actual Push Down
Credit for that calendar year. The “Incremental Services
Adjustment” for any calendar year
will equal the sum of (A) the amount that the Supplemental Amount would have
been in such year had all services that became Incremental Services in that
calendar year become Incremental Services on the first day of that calendar year
[* * *] (B) the actual Supplemental
Amount for that calendar year. 

	 	(c)       	
      In each calendar year
      beginning in 2004, the Services Fee will not be less than the Floor Amount
      (as defined below) for that calendar year of the aggregate net sales of
      the Clorox Global Business the immediately preceding calendar year nor
      greater than the Cap Amount (as defined below) for that calendar year of
      the aggregate net sales of the Clorox Global Business the immediately
      preceding calendar year. The Floor Amount will initially equal [* * *]%
      and the Cap Amount will initially equal [* * *]%. Beginning in 2004 the
      Floor Amount and the Cap Amount will be subject to adjustment annually as
      follows: 

	        		 
	 	 	(i)       	
      At such time as the sum
      of all Push Down Credits [* * *] all Push Down Adjustments [* * *] all
      Supplemental Amounts [* * *] all Incremental Services Adjustments
      occurring in or prior to a specific calendar year (the “Base Year”) exceeds [* * *]% of the aggregate net
      sales of the Glad Global Business in the Base Year (the percentage amount
      by which they exceed [* * *]% is referred to as the “Initial Adjustment Amount”), the Floor
      Amount and the Cap Amount for the immediately succeeding calendar year
      will be reduced by the Initial Adjustment Amount. The Floor Amount and the
      Cap Amount will remain at such lower levels unless and until further
      adjusted pursuant to this paragraph (c). 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

2

			(ii)      	
      To the extent that any
      additional Push Down Services are implemented after the Base Year (each
      year in which any such additional Push Down Service is implemented is
      referred to herein as an “Adjustment Year”),
      then the Floor Amount and the Cap Amount for the immediately succeeding
      year will be reduced by the percent of the aggregate net sales of the Glad
      Global Business in the Adjustment Year represented by the sum of the Push
      Down Credit for such Adjustment Year plus the Push Down Adjustment for
      such Adjustment Year, provided that the
      Floor Amount and the Cap Amount shall in no event be less than [* * *].
      The Floor Amount and the Cap Amount will remain at such lower levels
      unless and until further adjusted pursuant to this paragraph
      (c).

				 
	        		(iii)	
      To the extent that the
      Board of the Joint Venture unanimously determines to obtain any
      Incremental Services after the Base Year (each year in which any such
      additional Incremental Services are first obtained is referred to herein
      as a “Supplemental
      Adjustment Year”), then the
      Floor Amount and the Cap Amount for the immediately succeeding year will
      be increased by the percent of the aggregate net sales of the Glad Global
      Business in the Supplemental Adjustment Year represented by the sum of the
      Supplemental Amount for such Supplemental Adjustment Year plus the
      Incremental Services Adjustment for such Adjustment Year. The Floor Amount
      and the Cap Amount will remain at such increased levels unless and until
      further adjusted pursuant to this paragraph (c).

				 
		(d)       	
      The aggregate Push Down
      Credits for 2003 and 2004 plus the aggregate Push Down Adjustments for
      2003 and 2004 will equal at least $[* * *]. 

			 
	 	(e)	
      The “Consumer Price
      Index” means the Consumer Price Index of Urban Consumers, West Region All
      Items (base period 1982-1984=100), as published by the Bureau of Labor
      Statistics of the United States Department of Labor or, if such index is
      no longer published or the method of computation thereof is substantially
      modified, an alternative index of similar weighting and geographic focus
      selected by the Board. 

			 
	3.	
      Payments. All
      Service Fees allocated to the Joint Venture pursuant to this Exhibit F
      shall be settled quarterly in arrears by the appropriate accounting
      entries. All Service Fees allocated to the Joint Venture hereunder will be
      expenses attributable to the Joint Venture in accordance with the Joint
      Venture Accounting Principles. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

3

	4.	
      Outsourcing. Any of
      the Clorox Services may be terminated by the Board at any time during the
      Term of the Joint Venture and thereby become Outsourced Services, upon 180
      days prior written notice to Clorox specifying the Clorox Services to be
      terminated and the date of such termination, in the event the Board
      determines (i) that the Glad Global Business can obtain such services from
      a third party at a lower cost to the Glad Global Business or (ii) that it
      is otherwise in the best interest of the Glad Business to discontinue such
      Clorox Services. Clorox’s actual direct costs incurred in connection with
      the termination of any Clorox Services that become Outsourced Services
      will be attributed to the Glad Global Business.

	        	 
	5.	
      Relationship of the
      Parties. All persons
      employed by Clorox or its affiliates in the performance of the Clorox
      Services shall be the sole responsibility of Clorox and its affiliates and
      P&G shall have no obligation or responsibility with respect thereto
      except as expressly provided herein. The persons assigned by Clorox to
      provide the Clorox Services shall at all times remain employees of Clorox
      or its Affiliates, as applicable, and shall not, for any purposes, be or
      be deemed to be employees of any of P&G and P&G shall have no
      obligation or responsibility with respect thereto, including
      responsibility for payment of compensation, benefits, insurance and taxes
      related to such persons except as expressly provided herein.
  

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

4

EXHIBIT
G
TERMS OF INTERNATIONAL
RELATIONSHIPS 

	
      Structure
	
      New Entity Through
      US Joint Venture. In
      those countries in which the Glad business does not currently operate, the
      Clorox Parties will form an entity in the local country, which may be
      either a corporation or pass-through entity for United States tax
      purposes. The newly formed entity will be an asset deemed attributed to
      the United States Joint Venture. If the local entity is treated as a
      corporation for United States tax purposes, P&G will be directly
      issued one share of special voting stock equal to 10% of the vote in such
      entity, provided that such share shall not carry any dissenter’s appraisal
      or similar rights, and that with respect to any matter that requires a
      vote or consent of the shareholders of such corporation, P&G shall
      agree to vote such shares in the same manner that Clorox votes with
      respect to all matters other than those matters with respect to which
      P&G has a veto right as described below under “Governance – P&G
      Veto”.

      Contribution.
      The Clorox Parties, on behalf of the joint venture, will contribute or
      license Intellectual Property rights associated with the Glad business to
      the newly formed entity and will contribute cash attributable to the joint
      venture to fund start-up costs. Cash distributions from the foreign entity
      to the Clorox Parties and proceeds from the sale of an interest in such
      entity received by the Clorox Parties will be distributed to the parties
      under the terms of the JV Agreement. 

      Distributions.
      The foreign entity will distribute or pay Distributable Cash Flow (either
      by distributions or royalty payments) of such entity to the Clorox Parties
      on an annual basis or, in the event the net profits of the business in the
      applicable jurisdiction exceed $[* * *] per annum, on a quarterly basis.
      For the avoidance of doubt, Distributable Cash Flow will be reduced by
      applicable foreign income and other taxes. Also, for the avoidance of
      doubt, P&G will be entitled to its share of Section 902 (income)
      and/or Section 901 (withholding) tax credits with respect to such
      Distributable Cash Flow. 

	 	 
	
      Governance
	
      International
      Board. The
      international operations of the joint venture will be governed by a board
      of managers (the “International Board”) that will have authority to make
      decisions with respect to the operations in all countries other than the
      United States in the same manner as the Board with respect to the United
      States operations. 

	 	●	
      Composition. The
      International Board will consist of the same members as the Board for the
      United States business, with the same board observers being appointed by
      P&G.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

		●	
      Meeting and
      Procedures. Regular
      meetings of the International Board will be scheduled to occur immediately
      before or after the United States Board meetings. The terms with respect
      to the governance of the international operation will be substantially
      identical to the Joint Venture agreement for the United States, including
      with respect to meeting notice, voting, quorum, proxies and other similar
      procedural requirements, disclosure of information, expense reimbursement
      and other matters addressed in Sections 5.1 and 5.2 of the JV Agreement
      with respect to the Board in the United States.

	 	 	 
		●	
      Other Board
      Approvals. The Board
      shall review and approve the budget, business plan and other actions to be
      taken by the international business in the same manner as detailed in
      Section 5.4 and 5.5 of the JV Agreement with respect to the United States
      operations.

		
      P&G
      Veto. P&G will have
      the same veto rights with respect to international operations as it does
      in the United States (subject to the same dollar and other thresholds).
      Vetoes will be subject to the same resolution procedure as provided in
      Section 5.3 of the JV Agreement. 

      Local
      Governance. The general
      managers of the Glad business in each country outside of the United States
      will report to the International Board. To the extent required by local
      law, local partnership entities may have a board or directors or other
      similar governing body in addition to the International Board, but no such
      local board or governing body shall have the authority to take any action
      for which approval of the International Board or P&G is required prior
      to such approval being obtained. 

	 	 
	
      Transfer
	
      Transfer
      Restrictions. The
      interests of the parties in the local partnership and license agreements
      described above will be subject to the same restrictions on transfer as
      set forth in the JV Agreement. 

      Tag-Along and
      Drag-Along.
      Internationally, the P&G affiliate will have the same tag-along rights
      in each country on equivalent terms as it has with respect to the Joint
      Venture in the United States. The Clorox affiliate will also have
      equivalent drag-along rights in each country, including with respect to
      any sale of the Glad business in the relevant country that is not part of
      the sale of the entire Glad business. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

2

EXHIBIT
H
Joint Venture Accounting
Principles 

	
      General Approach
      

	1.	Create an accounting
      framework that to the extent possible is simple, sustainable and
      accurate.
	2.	Start with Clorox’s
      GAAP financial statements for each of Clorox and the relevant subsidiaries
      as a basis for preparing the pro-forma financial statements for the Glad
      Global Business in each country.
	3. 	Consistent
      application of Clorox and Glad Global Business accounting policies,
      principles, and processes.
	 	a.	Accounting Principles. The accounting
      principles of Clorox and the Glad Global Business will be the same in many
      respects, but to the extent they differ these Joint Venture Accounting
      Principles will govern. Any changes to the accounting principles of the
      Glad Global Business will be subject to P&G’s consent rights pursuant
      to Sections 5.3(a) and 9.1(f) of this Agreement, and any other provisions
      of this Agreement (or this Exhibit) requiring the consent of P&G. The
      initial accounting principles of the Glad Global Business will be the same
      as those of Clorox and its subsidiaries, except with respect to Clorox
      corporate overhead allocations and as provided in this Exhibit
  H.
		b.	Accounting Policies. The accounting policies
      for the Glad Global Business can be changed as required by GAAP, the rules
      and regulations of the Securities and Exchange Commission or statements of
      the Financial Standards Accounting Board. The accounting policies can also
      be changed in connection with changes to Clorox’s overall accounting
      policies, but in all cases subject to P&G’s consent rights pursuant to
      Sections 5.3(a) and 9.1(f) of this Agreement and any other provisions of
      this Agreement (or this Exhibit) requiring the consent of
    P&G.
	          	          	 
	
      Direct Costs and
      Allocated Costs 

	4.		The PWC report, the source documents
      referenced in the PWC report and the other materials underlying the PWC
      Report provide the basis for how indirect costs were allocated and direct
      costs were identified as of June 30, 2002. These allocations and
      identifications will be used during the Term, and changes to those
      allocations and identifications may only be made consistent with this
      Exhibit and with Exhibit F (Clorox Services).
	5.		To the extent any costs that are
      attributable to the Glad Global Business on an allocated basis under
      Exhibit F are subsequently identified as direct costs attributable to the
      Glad Global Business, if they can be charged 100% to the Glad Global
      Business, Clorox will cause them to be directly charged to the Glad Global
      Business to the extent reasonably practicable.
	6.		To the extent costs attributable to the Glad
      Global Business cannot be directly identified for the Glad Global Business
      they will be allocated on mutually agreed upon basis and in accordance
      with this Exhibit and with Exhibit F, where
  applicable.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

	7.	The Glad Global
      Business will continuously work to improve the accuracy of any allocated
      costs attributed to the Glad Global Business on an on-going
    basis.
	8.	Capital spending on
      direct property, plant and equipment (e.g. used 100% by the Glad Global
      Business) will be direct costs of the Glad Global Business. Capital
      spending on shared manufacturing, distribution and product development
      assets used in the Glad Global Business will be shared pro rata based upon
      an allocation process to be mutually agreed to by Clorox and P&G. If
      the Parties can not agree on such process the matter will be subject to
      Escalation and, if not resolved by Escalation, by arbitration as to the
      appropriate pro rata allocation.
	          	          	 
	
      Reviews and Audits
      

	9.	All allocations in
      all geographies for all allocated costs (i.e. those costs that cannot be
      solely attributed to the Glad Global Business) will be reviewed and
      documented annually to facilitate consistency and disclosure.
	10.	Clorox’s internal
      audit function will review the Glad Global Business’ financials and
      processes in a manner and frequency consistent with Clorox internal audit
      procedures. For the United States Glad Business and for each country where
      there is a Glad Global Business with annual revenues in excess of the
      greater of (x) U.S. $[* * *] or (y) [* * *]% of the Glad Global Business’s
      aggregate annual revenue (initially, Canada and Australia), these audits
      will be performed at least once every 24 months, and these reports will be
      shared with the Board.
	 
	
      Cash Funding Preferences
      

	11.	The Glad Global
      Business may fund its own global cash requirements internally (which may
      require loans between Glad businesses in different countries) before
      seeking a Parent Loan, and the Parties expect that it will generally seek
      to fund such amounts internally rather than seeking a Parent
    Loan.
	 
	
      Balance Sheet
      Preparation 

	12.	For each country,
      assets and liabilities directly attributable to the Glad Global Business
      will be included on the pro-forma balance sheet of the Glad Global
      Business.
		a.	Shared Assets and Liabilities other than
      Fixed Assets. Where assets and liabilities other than Fixed Assets are not
      solely attributable to the Glad Global Business but are shared with other
      Clorox businesses in the country, they will be allocated on a fair share
      basis to the Glad Global Business.
		b.	Shared Fixed Assets. Any fixed asset shared
      with a Clorox business other than the Glad Global Business will not be
      allocated to the Glad Global Business unless otherwise mutually agreed. It
      is the intention of the Parties that any significant capital investments
      shared with a business other than the Glad Global Business will be shared
      on a pro rata basis based upon an allocation process to be mutually agreed
      to by Clorox and P&G. If the Parties can not agree on such process the
      matter will be subject to Escalation and, if not resolved by Escalation,
      as to the appropriate pro rata allocation.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

2

	          	c.       	
      Allocation Methodology
      Changes. Any change in allocation methodology must be approved by the
      P&G Board member. 

	13.	
      To the extent possible
      and practical all assets and liabilities held by Clorox corporate but
      attributable 100% to the Glad Global Business will be pushed down to the
      pro-forma balance sheet. To the extent this is not possible, an
      appropriate disclosure will be provided. 

	14.	
      To the extent either
      Clorox or P&G adopts the accounting position of expensing its stock
      options, it will be able to attribute the option expense with respect to
      the personnel engaged in the Glad business to the Glad Global Business to
      the extent such expense is a direct cost.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

3

EXHIBIT I

SUBLICENSE AGREEMENT

This Sublicense Agreement
(this “Agreement”), dated as of January 31, 2003 (the “Effective
Date”), by and between The Glad Products Company, a Delaware corporation
(“Licensor”), and _________, a __________1 (“Licensee”) (each, a “Party” and collectively,
the “Parties”). 

WITNESSETH: 

WHEREAS, Licensor, Procter
& Gamble RHD Inc., an Ohio corporation (“P&G Sub”), and certain Affiliates of Licensor and P&G Sub, respectively,
have entered into an Amended and Restated Joint Venture Agreement with respect
to the Glad Global Business, dated as of January 31, 2003 (as such agreement may
be amended, supplemented or otherwise modified in accordance with the terms
thereof, the “JV
Agreement”); 

WHEREAS, Licensor and P&G
Sub have entered into a License Agreement, dated as of January 31, 2003 (as such
agreement may be amended, supplemented or otherwise modified in accordance with
the terms thereof, the “P&G
License Agreement”) providing,
among other things, for the license by P&G Sub to Licensor of certain
Intellectual Property (as defined below) for use in the Glad Global Business,
subject to the terms and conditions thereof; 

WHEREAS, Licensor and Licensee
have agreed to enter into this Agreement providing, subject to the terms and
conditions contained herein, for the sublicense by Licensor to Licensee of
certain Intellectual Property licensed to Licensor by P&G Sub under the
P&G License Agreement, subject to the terms and conditions hereof and
thereof; 

WHEREAS, Licensor and Licensee
have entered into a Technology and Trademark License Agreement, dated as of
January 31, 2003 (as such agreement may be amended, supplemented or otherwise
modified in accordance with the terms thereof, the “Glad License Agreement”) providing,
among other things, for the license by Licensor to Licensee of certain
Intellectual Property (as defined below) for use in the Glad Global Business,
subject to the terms and conditions thereof; and 

WHEREAS, capitalized terms
used but not defined herein shall, as the context requires, have the meaning set
forth in either the JV Agreement or the P&G License Agreement. 

NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Parties agree as follows: 

____________________

1 License
Agreements will be entered into with the Clorox affiliates operating the Glad
business in each of Australia, Canada, New Zealand, South Africa, Costa Rica,
China, Hong Kong, Philippines and Korea. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

Article 1.
Definitions.

Section 1.1 Definitions 

“Action” shall have the meaning set forth in the P&G License Agreement.

“Additional P&G Improvements” shall have the meaning set forth in the P&G
License Agreement. 

“Additional P&G Technology” shall have the meaning set forth in the P&G
License Agreement. 

“Affiliate Loans” shall mean funds provided by Clorox or its
Affiliates as loans attributed to the Glad Local Business pursuant to Section
9.3 hereof. 

“Available Local Cash Flow” shall mean, with respect to any Fiscal Quarter
or other period, without regard to any Royalty payable hereunder, the sum of all
cash receipts during such Fiscal Quarter or other period attributed to the Glad
Local Business from any and all sources other than the cash proceeds of any
Indebtedness, plus all Reserves of the Glad Local Business as of the
close of business on the last day of the preceding Fiscal Quarter or other
period, plus interest on such Reserves at Clorox’s 30-day
commercial paper borrowing rate (or, if Clorox is unable to obtain commercial
paper, Clorox’s short term cost of borrowing), plus the sum of all royalty payments made by Licensee under the Glad License
Agreement during such period, minus all proceeds
attributed to the Glad Local Business from any International Acquisition,
minus all cash disbursements attributed to the Glad
Local Business for any and all purposes during such Fiscal Quarter or other
period ((x) including loan repayments (other than Affiliate Loans), interest
payments (other than in respect of Affiliate Loans), capital improvements and
replacements but (y) excluding disbursements funded by the cash proceeds of any
Indebtedness attributed to the Glad Local Business (other than Affiliate Loans)
and (z) excluding any cash dividends to Clorox or its Affiliates and any
Royalties paid under this Agreement) and a reasonable allowance as of the last
day of such Fiscal Quarter or other period for Reserves, contingencies and
anticipated obligations as determined by the Licensee, determined in accordance
with the JV Accounting Principles. 

“Call Right” shall have the meaning set forth in the JV Agreement. 

“Clorox” shall mean The Clorox Company, a Delaware corporation. 

“Collaborative Improvements” shall have the meaning set forth in the P&G
License Agreement. 

“Collaborative Inventions” shall have the meaning set forth in the P&G
License Agreement. 

“Collaborative Inventions Prosecuting
Party” shall have the meaning set
forth in the P&G License Agreement. 

“Core P&G Improvements” shall have the meaning set forth in the P&G
License Agreement. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

2

“Core P&G Technology” shall have the meaning set forth in the P&G
License Agreement. 

“Distributable Local Cash Flow” shall mean, with respect to any Fiscal Quarter
or other period, Available Local Cash Flow for such Fiscal Quarter or other
period [* * *] the amount of Available Local Cash Flow required to be applied to
the repayment of Affiliate Loans and accrued interest thereon in accordance with
the immediately succeeding sentence. To the extent there are any outstanding
Affiliate Loans with respect to the Glad Local Business and there is Available
Local Cash Flow in any Fiscal Quarter, then all Available Local Cash Flow will
be immediately applied towards such outstanding Affiliate Loans and accrued and
unpaid interest thereon until all Affiliate Loans and accrued interest thereon
will have been repaid in full. As long as any Affiliate Loans remain
outstanding, Distributable Local Cash Flow will be [* * *]. 

“Exclusive Field” shall have the meaning set forth in the P&G
License Agreement. 

“Existing International Balance
Sheet” shall have the meaning set
forth in the JV Agreement. 

“Fair Market Value” shall have the meaning set forth in the JV
Agreement. 

“Field” shall have the meaning set forth in the P&G License Agreement.

“Fiscal Quarter” shall mean each three (3) calendar month period
ending on March 31, June 30, September 30 and December 31 or, in the case of the
first Fiscal Quarter hereunder, the period from the date hereof through March
31, 2003. 

“GAAP” shall mean generally accepted accounting principles as in effect in the
United States (or such other jurisdiction as may be specified herein)
consistently applied. 

“Glad Local Business” shall mean the Glad Global Business conducted by
the Licensee in the Territory. 

“Glad R&D Team” shall have the meaning set forth in the P&G
License Agreement. 

“Governmental Authority” shall mean any nation or government, any state
or other political subdivision thereof, and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining
to government. 

“Improvements” shall have the meaning set forth in the P&G
License Agreement. 

“Indebtedness” shall mean all obligations for borrowed money,
including guarantees, and all reimbursement obligations in respect of
outstanding letters of credit (measured assuming such letters of credit are
drawn in full). 

“Infringe” shall have the meaning set forth in the P&G License Agreement.

“Intellectual Property” shall have the meaning set forth in the P&G
License Agreement. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

3

“International Acquisition” shall mean the sale, disposition or other
transfer to a Third Party of all or substantially all of the equity interests of
Licensee or of all or substantially all the business, assets and properties of
Licensee used in the Glad Local Business, but excluding (i) any transaction in
connection with which the Put Right or the Call Right is exercised, (ii) any
Third-Party Sale in connection with which Clorox exercises its right to cause a
sale and (iii) any transaction in connection with which the Tag-Along Right is
exercised. 

“IP Acquisition” shall have the meaning set forth in the JV
Agreement. 

“JV Accounting Principles” shall have the meaning set forth in the JV
Agreement. 

“Know How” shall have the meaning set forth in the P&G License Agreement.

“Liabilities” means, as to any Person, all debts, liabilities and obligations,
direct, indirect, absolute or contingent of such Person, whether accrued, vested
or otherwise, whether known or unknown and whether or not actually reflected, or
required by GAAP to be reflected, in such Person’s balance sheet. 

“Non–Exclusive Field” shall have the meaning set forth in the P&G
License Agreement. 

“P&G Competitive Business Line” shall have the meaning set forth in the P&G
License Agreement. 

“P&G Technology” shall mean the Core P&G Technology and the
Additional P&G Technology. 

“Patents” shall have the meaning set forth in the P&G License Agreement.

“Person” shall mean any individual, corporation, limited liability company,
partnership, trust, joint stock company, business trust, unincorporated
association, joint venture or other form of business or legal entity or
Governmental Authority. 

“Prime Rate” shall mean the rate of interest per annum publicly announced from time
to time by Citibank, N.A. as its prime rate in effect at its principal office in
New York, New York; each change in the Prime Rate will be effective from and
including the date such change is publicly announced as being effective.

“Prosecuting Party” shall have the meaning set forth in the P&G
License Agreement.

“Put Right” shall have the meaning set forth in the JV Agreement.

“Related Agreements” shall have the meaning set forth in the JV
Agreement. 

“Reserves” shall mean cash funds set aside from gross cash revenues as reserves.
Such “Reserves” will be maintained in amounts and upon such timing as is
reasonably deemed necessary by the Licensee to finance any working capital
requirements and/or to pay taxes, insurance, debt service, repairs,
replacements, renewals, capital expenditures or other costs or expenses to be
attributed to the Glad Local Business in accordance with the JV Accounting Principles in the four Fiscal Quarters following the date such Reserves are being established that
will not be funded from Available Local Cash Flow based on the then-current financial forecasts
of the Glad Local Business.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

4

“Services Agreement” shall have the meaning set forth in the P&G License
Agreement.

“Tag-Along Right”
shall have the meaning set forth in the JV Agreement.

“Team Inventions”
shall have the meaning set forth in the P&G License Agreement. 

“Territory” shall
mean [the Commonwealth of Australia][Canada][New Zealand] [the Republic of South
Africa][the Republic of Costa Rica] [the People’s Republic of China][Hong
Kong][the Republic of the Philippines][the Republic of Korea]. 

“Third Party”
shall have the meaning set forth in the JV Agreement.

“Third-Party Sale”
shall have the meaning set forth in the JV Agreement.

“Trademarks” shall
have the meaning set forth in the P&G License Agreement.

Section 1.2
Other Definitions. 

The following terms are defined in
the Sections indicated: 

	Term		     	Section
	Effective Date	 	Preamble
	Excluded Local
      Assets		9.2(b)
	Glad License Agreement		Recitals
	International
      Acquisition		7.2(a)
	JV Agreement		Recitals
	Licensee		Preamble
	Licensor		Preamble
	Negative Cash
    Flow		9.3(a)
	P&G License Agreement		Recitals
	P&G Sub		Recitals
	Party		Preamble
	Retained Local
      Liabilities		9.2(c)
	Royalty		9.1(a)
	Termination
Fee		7.2(a)

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

5

Article 2. Core P&G Technology. 

Section 2.1 Licensee’s License in the Field. Subject to the terms and conditions of this Agreement,
Licensor hereby grants to Licensee a right and license to use the Core P&G
Technology (including any and all Core P&G Improvements deemed to be Core
P&G Technology pursuant to the provisions of Section 2.3(b) of the P&G
License Agreement) in the Field throughout the Territory,
including without limitation the right and license, in the Field throughout the
Territory, to (i) practice and use the Patents and Know How included in the Core
P&G Technology, (ii) market, make, have made, sell and distribute products
by or on behalf of Licensee in connection with the Glad Local Business, (iii)
make Core P&G Improvements and (iv) sublicense such rights to the Core
P&G Technology. The licenses granted in the Territory pursuant to this
Section 2.1 are exclusive in the Exclusive Field and non-exclusive in the
Non–Exclusive Field. In no event shall the license granted to Licensee pursuant
to this Section 2.1 be interpreted as being broader in any respect than the
license granted to Licensor pursuant to Section 2.1 of the P&G License
Agreement. 

Section 2.2 Core P&G Improvements. 

(a) Ownership. The
Parties acknowledge and agree that, as between P&G (or its Subsidiaries) and
Licensee (on behalf of itself and its Affiliates), P&G (or its Subsidiaries)
is and shall be the sole and exclusive owner of all right, title and interest,
including any and all Intellectual Property rights, in and to any and all Core
P&G Improvements, whether developed by or on behalf of P&G (or its
Subsidiaries), Licensor or Licensee (on behalf of itself and its Affiliates).

(b) Licensee’s
Non–Exclusive License to Certain Core P&G Improvements Outside the
Field. In the event that, during the
Term of the Services Agreement the [* * *] (or, after the termination or
expiration of the Services Agreement [* * *]) participates in the development of
any Core P&G Improvements, then, to the extent such Core P&G
Improvements are [* * *] Collaborative Improvements pursuant to the P&G
License Agreement, Licensor hereby grants to Licensee a non-exclusive right and
license to use such Core P&G Improvements throughout the Territory in
connection with [* * *] that is [* * *], including without limitation the right
and license, solely for the foregoing purposes, to (i) practice and use the
Patents and Know How included in such Core P&G Improvements, (ii) market,
make, have made, sell and distribute products by or on behalf of Licensee,
Clorox or its Subsidiaries, (iii) make Improvements based upon or derived from
such Core P&G Improvements and (iv) sublicense such rights solely to
manufacturers of products of Licensee, Clorox or its Subsidiaries and to Clorox
and Subsidiaries of Clorox. In no event shall the license granted to Licensee
pursuant to this Section 2.2(b) be interpreted as being broader in any respect
than the license granted to Licensor pursuant to Section 2.3(c) of the P&G
License Agreement. 

(c) Clarification of
Licensee’s Rights. For the avoidance of
doubt, (i) any and all Core P&G Improvements developed by P&G or its
Subsidiaries without the participation of the [* * *] or [* * *] ([* * *]) and
(ii) any and all Core P&G Improvements that constitute [* * *] shall not be subject to the licenses set forth in
Section 2.2(b), but shall be subject to the licenses set forth in Section 2.1.
The license granted pursuant to Section 2.2(b) shall only apply to that portion
of the Core P&G Improvements that is incremental to the Core P&G
Technology. Except for the Core P&G Improvements that do not [* * *]
Collaborative Improvements, Licensee (on behalf of itself and its Affiliates)
shall not have the right to use any Core P&G Technology outside of the
Field, irrespective of whether any Core P&G Improvements licensed pursuant
to Section 2.2(b) are based upon or derived from such Core P&G Technology.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

6

(d) Notice of
Improvements. In the event Licensee (on
behalf of itself or its Affiliates) develops any Core P&G Improvements,
Licensee shall promptly provide Licensor with written notice thereof.

Article 3. Additional
P&G Technology.

Section 3.1 Licensee’s License in the Field. Subject to the terms and conditions of this Agreement,
Licensor hereby grants to Licensee a right and license to use the Additional
P&G Technology (including any and all P&G Improvements deemed to be
Additional P&G Technology pursuant to the provisions of the P&G License
Agreement), and all Intellectual Property rights therein, in the Field
throughout the Territory, including without limitation the right and license, in
the Field throughout the Territory, to (i) practice the Patents and Know How
included in the Additional P&G Technology, (ii) market, make, have made,
sell and distribute products by or on behalf of Licensee in connection with the
Glad Local Business, (iii) make Additional P&G Improvements and (iv)
sublicense such rights to the Additional P&G Technology. The licenses
granted in the Territory pursuant to this Section 3.1 are exclusive in the
Exclusive Field and non-exclusive in the Non–Exclusive Field. In no event shall
the license granted to Licensee pursuant to this Section 3.1 be interpreted as
being broader in any respect than the license granted to Licensor pursuant to
Section 3.1 of the P&G License Agreement. 

Section 3.2 Additional P&G Improvements. 

(a) Ownership. The
Parties acknowledge and agree that, as between P&G (or its Subsidiaries) and
Licensee (on behalf of itself and its Affiliates), P&G (or its Subsidiaries)
is and shall be the sole and exclusive owner of all right, title and interest,
including all Intellectual Property rights, in and to any and all Additional
P&G Improvements, whether developed by or on behalf of P&G (or its
Subsidiaries), Licensor or Licensee (on behalf of itself and its Affiliates).

(b) Licensee’s Non–Exclusive License Outside the
Field. In the event that, during the
Term of the Services Agreement the [* * *] (or, after the termination or
expiration of the Services Agreement [* * *]) participates in the development of
any Additional P&G Improvements, then, to the extent such Additional P&G
Improvements are [* * *] Collaborative Improvements pursuant to the P&G
License Agreement, Licensor hereby grants to Licensee a non-exclusive right and
license to use such Additional P&G Improvements throughout the Territory in
connection [* * *] that is [* * *], including without limitation the right and
license, solely for the foregoing purposes, to (i) practice and use the Patents
and Know How included in such Additional P&G Improvements, (ii) market,
make, have made, sell and distribute products by or on behalf of Licensee,
Clorox or its Subsidiaries, (iii) make Improvements based upon or derived from
such Additional P&G Improvements and (iv) sublicense such rights solely to
manufacturers of products of Licensee, Clorox or its Subsidiaries and to Clorox
and Subsidiaries of Clorox. In no event shall the license granted to Licensee
pursuant to this Section 3.1(b) be interpreted as being broader in any respect
than the license granted to Licensor pursuant to Section 3.1(c) of the P&G
License Agreement. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

7

(c) Clarification of Licensee’s Rights. For the avoidance of doubt, (i) any and all Additional
P&G Improvements developed by P&G or its Subsidiaries without the
participation of the [* * *] or [* * *] and (ii) any and all Additional P&G
Improvements that constitute [* * *]
shall not be subject to the licenses set forth in Section 3.2(b), but shall be
subject to the licenses set forth in Section 3.1. The license granted pursuant
to Section 3.2(b) shall only apply to that portion of the Additional P&G
Improvements that is incremental to the Additional P&G Technology. Except
for the Additional P&G Improvements that do not [* * *] Collaborative
Improvements, Licensee (on behalf of itself and its Affiliates) shall not have
the right to use any Additional P&G Technology outside of the Field,
irrespective of whether any Additional P&G Improvements licensed pursuant to
Section 3.2(b) are based upon or derived from such Additional P&G
Technology. 

(d) Notice of Improvements. In the event Licensee (on behalf of itself or its
Affiliates) develops any Additional P&G Improvements, Licensee shall
promptly provide Licensor with written notice thereof. 

Section 3.3 Effect of Expiration or Termination of the JV Agreement
on Section 3.1 and Section 3.2. In the event of any expiration or termination of the
Term under the JV Agreement, the licenses granted to Licensee in Section 3.1
and, if applicable, Section 3.2 shall automatically terminate to the extent the
license to Licensor terminates under the P&G License Agreement. This Section
3.3 shall have no effect on any Additional P&G Improvements developed by or
on behalf of Licensor or Licensee after the termination or expiration of the
Term of the JV Agreement, which shall continue to remain subject to the licenses
granted to Licensee in Section 3.1 and Section 3.2. 

Article 4. Trademarks and Other Intellectual
Property. 

Section 4.1 License Grant.
Subject to the terms and conditions of this Agreement, Licensor hereby grants to
Licensee an exclusive (as set forth in Section 4.2) right and license to use the
Trademarks in the Field throughout the Territory, including without limitation,
the right and license to sublicense such rights in the Field throughout the
Territory. In no event shall the license granted to Licensee pursuant to this
Section 4.1 be interpreted as being broader in any respect than the license
granted to Licensor pursuant to Section 6.1 of the P&G License Agreement.

Section 4.2 Exclusivity. The
licenses granted to Licensee pursuant to Section 4.1 are exclusive with respect
to use of the Trademarks in the Field in the Territory. 

Section 4.3 Trademark Use.
Licensee agrees to maintain and preserve the quality of the Trademarks and to
use the Trademarks in good faith and in a dignified manner, consistent with
P&G Sub’s and Licensor’s high standards of and reputation for quality, and
in accordance with good trademark practice wherever the Trademarks are used.
Both Parties agree to use the Trademarks only in connection with goods and
services that possess a character and quality consistent with the reputation and
high standards associated with Licensor, P&G Sub and/or the Trademarks.
Licensees agree that any and all goodwill arising from Licensee’s use of the
Trademarks shall inure solely to the benefit of P&G Sub, as licensor to
Licensor under the P&G License Agreement. Upon the
request of Licensor, Licensee shall, to the extent reasonable, provide Licensor
with a representative sample of Licensee’s use of the Trademarks.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

8

Section 4.4 Glad Base IP and Glad Improvements. The Parties acknowledge and agree that, as between
Licensor and Licensee, Licensor shall be the sole and exclusive owner of all
right, title and interest, including all Intellectual Property rights, in and to
any and all Glad Base IP and any and all Glad Improvements. Licensee hereby
acknowledges and agrees that it is bound by, and its rights hereunder are in all
respects subject to, the license grants of Licensor contained in Article 4 of
the P&G License Agreement. 

Section 4.5 New Inventions.
The Parties acknowledge and agree that, as between Licensor and Licensee,
Licensor shall be the sole and exclusive owner of all right, title and interest,
including all Intellectual Property rights, in and to any and all New
Inventions. Licensee hereby acknowledges and agrees that it is bound by, and its
rights hereunder are in all respects subject to, the license grants of Licensor
contained in Article 5 of the P&G License Agreement. Licensee shall not, and
shall not authorize third parties to, (a) use any Team Inventions outside of the
Field in the Territory in connection with a [* * *] that is a [* * *] or (b) use
the Collaborative Inventions in the Territory outside of the Field or to
manufacture a product inside the Field for use, sale or distribution outside of
the Field or provide any information or assistance to any third party related
thereto. 

Article 5. Other Agreements. 

Section 5.1 Transfers and Encumbrances of Intellectual
Property. Nothing in this Agreement
shall prevent Licensor from transferring any Intellectual Property rights that
are, in whole or in part, subject to a license or obligation under this
Agreement. Nothing in this Agreement shall prevent Licensor from encumbering any
Intellectual Property rights that are, in whole or in part, subject to a license
or obligation under this Agreement. 

Section 5.2 Intellectual Property Protection. Licensee agrees to notify Licensor immediately after it
becomes aware of any actual or threatened Infringement of the P&G Technology
or the Trademarks or any Collaborative Inventions. Licensee agrees to cooperate
fully with the Prosecuting Party or the Collaborative Invention Prosecuting
Party, as the case may be, during the course of any such Action and to fulfill
all reasonable requests for assistance by the Prosecuting Party or the
Collaborative Invention Prosecuting Party, including without limitation agreeing
to be joined as a party to such Action. 

Section 5.3 Information with Respect to Glad Local
Business. During the term of this
Agreement, Licensee will provide Licensor with copies of [* * *] of its [* * *]
and [* * *] for its [* * *] prior to
finalizing such [* * *], and [* * *] to the then-current versions [* * *], and [* * *] with respect to such [* * *].
Licensee will also provide Licensor with additional reports and other
information about the Glad Local Business as is provided to the members of its
board of directors or other equivalent governing body on a scheduled, periodic
basis, as well as any additional information upon the reasonable request of
Licensor. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

9 

Section 5.4 Consent Rights.
Licensee agrees that during the term of this Agreement, without the prior
consent of Licensor, it will not, and will cause its Subsidiaries not to, take
any of the following actions: 

(a) the incurrence or assumption of
any Indebtedness to be attributed to the Glad Local Business pursuant to Section
9.2 (other than Affiliate Loans pursuant to Section 9.3) that would result in
the aggregate outstanding Indebtedness attributed to the Glad Local Business at
the time such Indebtedness is incurred or assumed (other than Affiliate Loans)
to be in excess [* * *] percent ([* *
*]%) of Available Local Cash Flow for the prior four Fiscal Quarters;

(b) any purchase or other acquisition
of any business, division or Person that will be attributed to the Glad Local
Business pursuant to Section 9.2; 

(c) any sale, transfer or other
disposition in any single transaction or series of related transactions of any
business, division or Person attributed to the Glad Local Business pursuant to
Section 9.2, 

(d) any sale, transfer or other
disposition in any single transaction or series of related transactions, other
than in the ordinary course of the conduct of the Glad Local Business of any
assets attributed to it, which assets (x) are not obsolete, (y) are utilized in
a material manner in the Glad Local Business at the time of such sale, and (z)
are not being replaced with assets of comparable utility or value to the Glad
Local Business, provided that in each case such business, division, Person or
assets have a value in [* * *] of [* * *] ([* * *]%) of Available Local Cash
Flow for the prior four Fiscal Quarters; 

(e) except as provided in the JV
Agreement or the Related Agreements, any transaction with respect to the Glad
Local Business between Licensee or any of its Subsidiaries, on the one hand, and
Clorox or any Affiliate of Clorox, on the other hand, unless (x) (A) such
transaction is [* * *] or is less than $[* * *] and (B) the terms of such
transaction to be attributed to the Glad Local Business are no less favorable
than those that would be obtained in a comparable arm’s length transaction with
a third party that is not Clorox or an Affiliate of Clorox or (y) such
transaction is provided for pursuant to the JV Accounting Principles;

(f) any internal restructuring of the
method by which the legal ownership of the Glad Local Business is held by
Licensee and its Subsidiaries that, based on the facts and circumstances known
at the time such restructuring is approved, has or will have a material adverse
effect on the business, properties, financial condition, results of operations
or prospects of the Glad Local Business; 

(g) any changes in the accounting
policies of the Licensee so as to differ from the JV Accounting Principles,
except as required by Governmental Authorities; and 

(h) the Glad Local Business [* * *].

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

10

Article 6. Other Intellectual Property
Matters. 

Section 6.1 Notices and Legends. Licensee shall apply or use all notices and legends,
including patent markings, required by applicable law or regulations to preserve
and protect the value and validity of any Intellectual Property licensed
pursuant to this Agreement, including applying or using any notices or legends
reasonably requested by Licensor. 

Section 6.2 No Contest.
Licensee agrees not to directly or indirectly question, attack, contest or in
any other manner impugn any Intellectual Property licensed to it pursuant to the
terms of this Agreement, or the enforceability of this Agreement, including
without limitation, in any Action in which enforcement of a provision of this
Agreement is sought; nor shall Licensee willingly become a party adverse to
Licensor or P&G Sub in an Action in which a third party contests the same.

Section 6.3 Assignment and Further Assurances. Notwithstanding any other provision of this Agreement,
in the event that Licensee is held to, or becomes the owner of any Intellectual
Property that is intended to be owned by Licensor or P&G Sub pursuant to the
terms of this Agreement or the P&G License Agreement, Licensee hereby
assigns permanently the entirety of such rights to Licensor or P&G Sub, as
the case may be, and shall, during the term of this Agreement and after any
expiration or termination hereof, execute such documents as Licensor and P&G
Sub reasonably may request from time to time to ensure that all such
Intellectual Property rights reside in the proper party. 

Section 6.4 Reservation of Rights. All Intellectual Property rights not expressly granted
pursuant to this Agreement are reserved to the owner of such Intellectual
Property. 

Article 7. Term and Termination.

Section 7.1 Termination by Licensor. The initial term of this Agreement shall be five (5)
years, which term shall be renewable for successive five (5) year periods
thereafter at the option of the Licensor upon written notice. The term of this
Agreement may be terminated by Licensor at any time upon [* * *] notice to
Licensee. The term of this Agreement may be terminated by Licensee only as
provided in Section 7.2(a) hereof. No further Royalty shall accrue hereunder
after the termination (or deemed termination pursuant to Section 7.2) of this
Agreement. 

Section 7.2 International Acquisition Transaction.

(a) In the event of an International
Acquisition in which there is no IP Acquisition, Licensee will be deemed to have
terminated this Agreement. Upon such deemed termination, Licensee will be
required to pay Licensor a termination fee (the “Termination Fee”) in an amount
equal to [* * *] ([* * *]%) of the Fair Market Value of the Glad Local Business.

(b) In the event of an International
Acquisition in which there is an IP Acquisition, Licensor will be deemed to have
terminated this Agreement and no Termination Fee shall be due or payable.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

11

Article 8. Representations and Warranties. 

Section 8.1 Of Both Parties.
Licensor and Licensee each represents and warrants to the other Party that, as
of the Effective Date: 

(a) The warranting Party is duly
organized and validly existing under the laws of the jurisdiction of its
organization, and has full power, authority and legal right to execute, deliver
and perform this Agreement, and has taken all necessary action to authorize the
execution, delivery and performance of this Agreement; 

(b) This Agreement has been duly
executed and delivered by the warranting Party. This Agreement is a legal, valid
and binding obligation of the warranting Party, enforceable against such Party
in accordance with its terms, subject to the effect of any applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors’ rights and remedies generally, and subject, as to enforceability, to
the effect of general principles of equity (regardless of whether enforcement is
considered in a proceeding at law or in equity); and 

(c) The warranting Party is not
subject to any judgment, order, injunction, decree or award of any court,
administrative agency or governmental body that would or might interfere with
its performance of any of its material obligations hereunder. 

Section 8.2 No Other Representations or Warranties. Neither Party makes any representations or warranties
other than as expressly set forth in this Article. 

Article 9. Royalties and Cash Flow. 

Section 9.1 Royalties.

(a) As consideration for the rights
granted in Articles 2, 3 and 4, Licensee shall pay Licensor a royalty (the
“Royalty”) on a quarterly basis in arrears as set forth below:

(i) With respect to the first four
Fiscal Quarters of the Joint Venture, the Royalty shall be [* * *]; 

(ii) With respect to the fifth
through eighth Fiscal Quarters of the Joint Venture, the Royalty shall be an
amount [* * *] to [* * *] percent ([* * *]%) of Distributable Local Cash Flow;

(iii) With respect to the ninth and
all succeeding Fiscal Quarters of the Joint Venture during the term of this
Agreement, the Royalty shall be an amount [* * *] to [* * *] percent ([* * *]%)
of Distributable Local Cash Flow. 

(b) The Royalty with respect to any
Fiscal Quarter will be paid by Licensee to Licensor within three (3) Business
Days after delivery of the financial statements with respect to the Glad Local
Business for such Fiscal Quarter pursuant to the JV Agreement in immediately
available funds to the account designated by Licensor to Licensee in writing.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

12

Section 9.2 Determining Available Local Cash Flow. For the purposes of determining Available Local Cash
Flow: 

(a) From and after the date hereof,
subject to the JV Accounting Principles, the following interests and Liabilities
of Licensee and other relevant subsidiaries of Clorox will be attributed to the
Glad Local Business for purposes of determining Available Local Cash Flow,
except as provided in Section 9.2(b) below with respect to Excluded Local Assets
and Section 9.2(c) below with respect to Retained Local Liabilities: 

(i) the interest of Licensee and
its Subsidiaries on the date hereof in all of the businesses, assets, rights and
properties of Licensee to the extent and only to the extent utilized in or
related to the Glad Local Business; 

(ii) subject to the JV Accounting
Principles, the interest of Licensee and its Subsidiaries in any business,
asset, right or property acquired during the Term by Licensee or its
Subsidiaries to the extent and only to the extent utilized in or related to the
Glad Local Business; 

(iii) all Liabilities of Licensee and
its Subsidiaries to the extent and only to the extent [(A) reflected in the
Existing International Balance Sheet with respect to the Glad Local Business,
(B) incurred or assumed by the Glad Business in the ordinary course of business
after the date of such Glad Balance Sheet and prior to the date hereof that
would be reflected as current Liabilities on a balance sheet of the Glad Local
Business as of the date hereof, but excluding any current Liabilities arising
from third party litigation claims, (C)]2 [(A) incurred or assumed by
the Glad Local Business in the ordinary course of business prior to the date
hereof that would be reflected as current Liabilities on a balance sheet of the
Glad Local Business, but excluding any current Liabilities arising from third
party litigation claims, (B)]3 arising out of the conduct of the Glad
Local Business or the ownership or possession of any business, assets, rights or
property used in the Glad Local Business after the date hereof or [(D)][(C)]
assumed or incurred after the date hereof by the Licensee and other Subsidiaries
of Clorox in accordance with the terms hereof with respect to the Glad Local
Business, provided that Indebtedness will be attributed to the Glad Local
Business only to the extent permitted to be incurred pursuant to the provisions
of Section 5.4(a); and 

(iv) net income and net losses and
Available Local Cash Flow arising in respect of the foregoing and proceeds of
any disposition thereof. 

(b) The following interests of
Licensee and its Subsidiaries will be excluded from the Glad Local Business and
will not be attributed to the Glad Local Business (collectively, the
“Excluded Local Assets”), and from and after the date hereof the Glad Local
Business will not include any interest in any of the following for purposes of
determining Available Local Cash Flow: 

(i) all rights of Licensee under
this Agreement; 

____________________

	2	Use this version only for Australia, Canada and New Zealand.
	3	Use this version only for South Africa, Costa Rica, China, Hong Kong, Philippines and Korea.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

13

(ii) [all interests in any business,
asset, right or property sold, transferred or otherwise disposed of prior to the
date hereof in the ordinary course of the Glad Local Business and not in
violation of the terms of the JV Agreement;]4 

(iii) all cash and cash equivalents
as of the date hereof other than petty cash with respect to the Glad Local
Business; 

(iv) all refunds or credits with
respect to any Taxes paid or incurred by Licensee; 

(v) all capital stock or other equity
interests of Licensee, Clorox and any other Subsidiaries of Clorox; and

(vi) all rights of the Licensee and
other Subsidiaries of Clorox arising out of or in connection with any Retained
Liabilities, including without limitation any cause of action, right of
recovery, right of set-off or counterclaim. 

(c) From and after the date hereof,
none of the following Liabilities will be attributed to the Glad Local Business
(“Retained Local
Liabilities”) for purposes of
determining Available Local Cash Flow: 

(i) any Liability (A) arising out of
or relating to the conduct of the Glad Local Business or the ownership or
possession of any business, assets, rights or property used in the Glad Local
Business prior to the date hereof or (B) assumed or incurred prior to the date
hereof by Licensee and/or other Subsidiaries of Clorox, except for any
Liabilities described in [clause (A) or (B)]5 [clause
(A)]6 of Section 9.2(a)(iii); 

(ii) any Liability with respect to
income Taxes of Licensee and other Subsidiaries of Clorox; 

(iii) any Liability arising out of or
relating to the Excluded Assets; 

(iv) any Liability of the Licensee,
Clorox and other Subsidiaries of Clorox to the Licensor arising out of or
related to any breach of this Agreement or any Related Agreement by Licensee,
Clorox and other Subsidiaries of Clorox, even if arising out of or related to
conduct of the Glad Local Business or the ownership or possession of any
business, asset, right or property used in the Glad Local Business after the
date hereof; and 

(v) any Liability for which Licensee
and/or other Clorox Subsidiaries have otherwise agreed to be liable and not have
attributed to the Glad Local Business pursuant to this Agreement or any Related
Agreement. 

____________________

	4	Include only for Australia, Canada and New Zealand.
	5	Use only for Australia, Canada and New Zealand.
	6	Use only for South Africa, Costa Rica, China, Hong Kong, Philippines and Korea.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

14

Section 9.3 Affiliate Loans.

(a) In the event that Available Cash
Flow for any Fiscal Quarter as set forth in the quarterly financial statements
of the Glad Business in the Territory for such Fiscal Quarter is a negative
number (such number, the “Negative Cash Flow”) then the amount of the Negative
Cash Flow will be treated as an Affiliate Loan, which Affiliate Loan will be
deemed to have been made as of the last day of the Fiscal Quarter to which the
Negative Cash Flow relates. 

(b) All Affiliate Loans will bear
interest calculated on the outstanding principal amount thereof for each day
from the date such Affiliate Loan is made until it is paid in full at Prime Rate
plus [* * *] percent ([* * *]%) per annum payable on a quarterly basis, and
payments with respect to any Affiliate Loans will be credited first to accrued
interest. Each Affiliate Loan will have a maturity date of the date on which
this Agreement is terminated. 

Section 9.4 Foreign Currency Exchange. 

In determining the amount of
royalties and other amounts payable hereunder, such amounts shall first be
determined in the national currency in which sold and then converted into its
equivalent in United States Dollars at: (i) the rate of United States Dollars to
the national currency of the Territory applicable to the transfer of funds
arising from this type of transaction as established by the exchange control
authorities of the Territory for the last business day of the calendar quarter
for which payment is made; or (ii) if there is no applicable rate so
established, at the selling rate for United States Dollars to the applicable
national currency as published by leading commercial banks in the Territory, for
the last business day of such calendar quarter; or (iii) if there is no rate so
published, at the buying rate for the applicable national currency to United
States Dollars as published by leading New York, New York banks for the last
business day of such calendar quarter. Licensee shall bear responsibility for
all expenses of currency conversion and transmission. 

Article 10. Miscellaneous Provisions.

Section 10.1 Assignment.
Licensor may assign, transfer or otherwise sublicense its rights under this
Agreement, in whole or in part, to any other party without the prior written
consent of the Licensee. Licensee may not assign, transfer or otherwise
sublicense its rights under this Agreement, in whole or in part, to any other
party without the prior written consent of Licensor. Any purported transfer,
assignment or sublicense of this Agreement or the rights granted hereunder that
is not expressly permitted by this Agreement shall be null and void
ab initio and of no force or effect. 

Section 10.2 Arbitration. Any
dispute, claim or controversy arising out of or relating to this Agreement shall
be subject to the dispute resolution proceedings set forth in Section 11.8 of
the JV Agreement. 

Section 10.3 Force Majeure.
Should either Party be prevented from performing its obligations under this
Agreement by an event of force majeure, such as an earthquake, typhoon, flood,
fire, act of war, act of the public enemy, act of terrorism, act of God or any
other unforeseen event the happening and consequences of which are unpreventable
and unavoidable, the prevented Party shall notify the other Party by the most
expedient means available (fax, telex or express mail being acceptable in any
event) without any delay, and within fifteen (15) days thereafter provide detailed
information of the events and, if applicable and available, a valid document for
evidence issued by the relevant public notary organization explaining the reason
for its inability to perform or delay in the performance of all or part of this
Agreement. The Parties shall discuss in good faith, taking into account the
effects of the force majeure and other unforeseen events on the performance of
the obligations under this Agreement, whether to (a) exempt the prevented Party
from performing part or all of its obligations under this Agreement or (b) delay
the performance of the affected obligations under this Agreement. In the absence
of any such agreement, no Party shall be excused from its performance hereunder
once the event of force majeure has subsided.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

15

Section 10.4 Further Assurances. The Parties agree to execute such further documentation
and perform such further actions, including the recordation of such
documentation with appropriate authorities, as may be reasonably requested by
the other Party hereto to evidence, effectuate and further the purposes and
intents set forth in this Agreement. 

Section 10.5 Amendments and Waivers. This Agreement may be amended only by a written
instrument executed by both Parties. Any amendment effected in accordance with
the immediately preceding sentence will be binding on all of the Parties to this
Agreement. No failure or delay by any Party in exercising any right, power or
privilege hereunder will operate as a waiver thereof nor will any single or
partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. 

Section 10.6 Notices. Any
notices or other communications required or permitted hereunder will be given in
accordance with the provisions set forth in Section 11.3 of the JV Agreement.

Section 10.7 Integration. This
Agreement, the JV Agreement, the other Related Agreements and the documents
referred to herein or therein, or delivered pursuant hereto or thereto, contain
the entire understanding of the Parties with respect to the subject matter
hereof and thereof. There are no agreements, representations, warranties,
covenants or undertakings with respect to the subject matter hereof and thereof
other than those expressly set forth herein and therein. This Agreement
supersedes all other prior agreements and understandings between the parties
with respect to the subject matter hereof. 

Section 10.8 Severability. If
one or more of the provisions, paragraphs, words, clauses, phrases or sentences
contained herein, or the application thereof in any circumstances, is held
invalid, illegal or unenforceable in any respect for any reason, the validity,
legality and enforceability of any such provision, paragraph, word, clause,
phrase or sentence in every other respect and of the remaining provisions,
paragraphs, words, clauses, phrases or sentences hereof will not be in any way
impaired, it being intended that all rights, powers and privileges of the
parties hereto will be enforceable to the fullest extent permitted by law.

Section 10.9 Counterparts.
This Agreement may be executed in two or more counterparts, and by different
Parties on separate counterparts each of which will be deemed an original, but
all of which will constitute one and the same instrument. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

16

Section 10.10 Governing Law.
This Agreement will be construed in accordance with, and the rights of the
Parties will be governed by, the laws of the State of New York. 

Section 10.11 Injunctive Relief. Each of the Parties acknowledges and agrees that
pending the outcome of any arbitration proceeding pursuant to Section 11.8 of
the JV Agreement, each of the Parties hereto will be entitled to an injunction,
restraining order or other equitable relief to prevent breaches of the
provisions of this Agreement, the JV Agreement or the other Related Agreements
in any court of competent jurisdiction solely for the purpose of maintaining the
status quo, in addition to any other remedy to which they may be entitled
pursuant to the terms hereof. 

Section 10.12 Third Party Beneficiaries. P&G Sub shall be a third party beneficiary of this
Agreement and shall have the right to enforce the rights of Licensor hereunder
solely to the extent that Licensee breaches this Agreement and Licensor fails to
enforce such rights within thirty (30) days being requested by P&G to do so
.. Except as expressly provided in this Section 10.12, nothing in this Agreement,
express or implied, is intended to confer upon any Person, other than the
Parties hereto or their respective successors and permitted assigns, any rights,
remedies, benefits, obligations or liabilities of any nature whatsoever under or
by reason of this Agreement. 

Section 10.13 No Agency.
Nothing herein contained shall be construed to constitute either party hereto as
partner or joint venturer or as agent or other representative of the other.
Licensee is not granted any right, power or authority to assume or create any
obligation, express or implied, on behalf of Licensor or in Licensor’s name, or
to make any purchase for Licensor’s account, or to bind Licensor in any manner
or thing whatsoever. Licensee shall have no right, power or authority to accept
summons or legal process for Licensor. In their operations hereunder, Licensor
and Licensee shall be independent contractors retaining complete control over
and bearing sole liability for each of their own operations and employees.

[The remainder of this page has
been intentionally left blank] 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

17

IN WITNESS WHEREOF, the Parties
hereto have executed this Agreement, effective as of the date first above
written. 

	THE GLAD PRODUCTS
      COMPANY
	 	
	By: 	
		Name:
		Title:
		 
		 
	[NAME OF CLOROX
      AFFILIATE]
		 
	By:	
		Name:
		Title:

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

18

EXHIBIT J

TECHNOLOGY AND TRADEMARK LICENSE
AGREEMENT 

BETWEEN 

THE GLAD PRODUCTS COMPANY, AS
LICENSOR 

AND 

______________________, AS LICENSEE

DATED: JANUARY 31, 2003 

TECHNOLOGY AND TRADEMARK LICENSE
AGREEMENT 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

This Agreement is dated as of January
31, 2003 between: 

(PARTIES) 

		Name, Address,	                    	 
		Telephone and Facsimile	 	Identified Herein As
		 		
		The Glad Products
      Company		“Licensor”
		1221 Broadway		
		Oakland, California
      94612		
		United States of
      America		
	     	
		Attention: Corporate
      Secretary
		 
		Telephone:
      510-271-7000		
		Facsimile:
      510-271-1652		
				“Licensee”
		Attention:
      Director		
		 
		Telephone:		
		Facsimile:		

Parties to Agreement

(RECITALS)

Clorox and Clorox’s affiliates,
including Licensor, are engaged in the business of manufacturing (or causing to
have manufactured), distributing and selling the premium quality consumer
products set forth in Exhibit
A (the “Products”).

Licensor is the owner of the common
law rights and other rights in the Trademarks in the Territory and the owner of
the Technology in the Territory. 

Licensee desires to use the
Technology to manufacture, produce and package the Products, and to distribute
and sell the Products under the Trademarks in the Territory. 

Subject to the terms and conditions
contained herein, Licensor desires to grant Licensee the licenses set forth
herein so that Licensee can manufacture, produce, package, distribute and sell
the Products in the Territories bearing the Trademarks. 

Licensor and Licensee are
simultaneously in connection herewith entering into a Sublicense Agreement
providing, subject to the terms and conditions contained therein, for the
sublicense by Licensor to Licensee of certain Intellectual Property licensed to
Licensor by P&G Sub under the P&G License Agreement. 

Certain capitalized terms shall have
the meaning set forth in Article 30 hereof. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

2

(EXHIBITS) 

The following exhibits are attached
to this Agreement and are incorporated herein and made a part hereof:

	     	Exhibit	           	Content	 
		A		Description of
      Products	 
		B		Description of
      Territory	
		C		Description of
      Royalty	
		D		Superseded
      Agreement(s)	

(AGREEMENT)

The parties hereto agree as follows:

ARTICLE I. GRANT

(a) Licensor grants to Licensee,
subject to the provisions of this Agreement, a right and license to use the
Trademarks in the Territory, in the manufacture, packaging, production,
distribution, sale, offer for sale, advertisement, promotion or any other manner
of use whatsoever on or in relation to the Products, which right shall be
exclusive in the Territory, and Licensee herewith accepts such grant under such
terms and conditions. 

(b) Licensor grants to Licensee,
subject to the provisions of this Agreement, a right and license to use the
Technology in the Territory, in connection with the manufacture, packaging,
production, distribution, sale, offer for sale, advertisement, promotion of or
in relation to the Products, which right shall be exclusive in the Territory,
and Licensee herewith accepts such grant under such terms and conditions.

(c) Notwithstanding the foregoing,
the rights and licenses granted to Licensee pursuant to this Article 1 shall be
non-exclusive with respect to any Intellectual Property to which Licensor has
granted a license to P&G Sub pursuant to the P&G License Agreement.

ARTICLE 2. AMENDMENTS TO EXHIBIT
A

(a) Licensor may, from time to time
by written notices to Licensee, amend Exhibit A
attached hereto by adding to, revising and/or updating, deleting from or
limiting the Products covered by this Agreement to reflect changes, additions,
or revisions in its Product line, the trademarks associated with such Products
or its practices or policies with respect to the conduct of its business.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

3

ARTICLE 3.
ROYALTIES

(a) In consideration of the
rights granted under this Agreement, Licensee agrees to pay Licensor royalties
as set forth on Exhibit
C. 

(b) Royalties shall be based
on Licensee’s billing price (set in accordance with Licensee’s and Licensor’s
mutual agreement) on all Products sold by Licensee after the effective date of
this Agreement, whether sold to a distributor appointed hereunder or to other
customers of Licensee. Any Products given away free by Licensee shall for the
purposes of this Article be treated as products sold at said billing price in
effect at the date of shipment by Licensee. The Products sold by Licensee
hereunder shall be considered as “sold” when invoiced whether or not the amount
invoiced is collected from Licensee’s distributor, or if not invoiced, when
shipped or delivered. In the event that any of the Products on which a royalty
has been paid hereunder by Licensee are returned and accepted for credit,
Licensee shall be credited with the royalty already paid by Licensee on account
of said Products against the amount of the royalties subsequently accruing
hereunder. 

(c) The royalties payable
hereunder shall be paid quarterly within thirty (30) days following the end of
each calendar quarter on an estimated basis, with an adjustment within ninety
(90) days after the close of Licensee’s fiscal year. Royalties shall be
transferred in United States Dollars to Licensor at its address set forth above
or as instructed by Licensor. 

(d) In determining the amount
of royalties and other amounts payable, the Net Sales of the Products shall
first be determined in the national currency in which sold and then converted
into its equivalent in United States Dollars at: (i) the rate of United States
Dollars to the national currency of the Territory applicable to the transfer of
funds arising from this type of transaction as established by the exchange
control authorities of the Territory for the last business day of the calendar
quarter for which payment is made; or (ii) if there is no applicable rate so
established, at the selling rate for United States Dollars to the applicable
national currency as published by leading commercial banks in the Territory, for
the last business day of such calendar quarter; or (iii) if there is no rate so
published, at the buying rate for the applicable national currency to United
States Dollars as published by leading New York, New York banks for the last
business day of such calendar quarter. Licensee shall bear responsibility for
all expenses of currency conversion and transmission. 

(e) Royalties due but not paid
to Licensor, for any reason whatsoever, shall be segregated and not commingled
with monies of Licensee and shall be handled in accordance with written
instructions from Licensor. 

(f) Licensee from time to time
shall prepare all applications, reports and other documents which may be
required by the government in the Territory in order that remittances may be
made in accordance with this Agreement. 

(g) Notwithstanding the above,
no royalties shall be payable on any Products purchased by Licensee from
Licensor or Licensor’s affiliated companies and resold by Licensee, but this
exception shall not apply if Licensee chooses to purchase components of Products
from Licensor. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

4

(h) Licensee agrees to keep
accurate books of account of its sales of the Products and to provide Licensor
with quarterly royalty statements within ten (10) days following the end of each
calendar quarter in such form as Licensor may prescribe setting forth, at a
minimum, the following information for the preceding calendar quarter: (i) the
Net Sales value and units of Licensee’s sales of the Products, (ii) the amount
of any royalty payment due Licensor, and (iii) all other information necessary
to show the basis or bases on which such payment has been computed. In case no
payment is due for any calendar quarter, Licensee shall so report to Licensor
within ten (10) days following the end of such calendar quarter. Licensee agrees
to permit its books and records to be examined at reasonable times during
business hours to the extent necessary to verify the royalties to be paid
hereunder, and to permit copies of or extracts from any books, accounts,
receipts, papers or other documents in the possession or under the control of
Licensee and relating in whole or in part to the Products manufactured and sold
by Licensee, such examination and copying to be made by Licensor’s agents at
Licensor’s expense. Licensee agrees to maintain said documents for a minimum
period of three (3) years. 

ARTICLE 4. QUALITY
CONTROL 

(a) Standards of Quality

Licensee shall use the
Trademarks only on Products that meet Licensor’s specifications and high
standards of quality and workmanship for such Products. 

Licensee undertakes to
implement in full Licensor’s established procedures for the inspection and
quality control of finished Products covered by this Agreement. 

Licensee shall generally
ensure that all Products are free from any defects or other faults in design,
workmanship, and materials and conform with any pre-production samples approved
pursuant to Article 4(b) herein below, and no Products that fail to meet the
quality standards of Licensor shall be introduced to the market. 

All labels and labeling used
for the Products shall have the prior written approval of Licensor. Licensee
agrees to follow any instructions of Licensor with respect to the labels for the
Products, and to maintain Licensor’s high standards with respect to the quality
of labels for the Products. 

Licensor and Licensee agree
that the Products manufactured by Licensee as of the date of this Agreement meet
the quality standards required by Licensor pursuant to this Agreement.

(b) Product Samples

Representative samples of the
Products (including their packaging) initially and thereafter at Licensor’s
request, shall be furnished by Licensee to Licensor at a place designated by
Licensor in sufficient quantity so as to enable Licensor to determine the
quality of such Products. Licensor shall run such tests on the Products as it
may deem expedient, and shall advise Licensee in writing whether the quality
standards maintained by Licensor are met. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

5

In the event any of the
Products do not comply with the product standards maintained by Licensor,
Licensee shall at Licensee’s own expense undertake a diligent inquiry to
determine the reason for such non-conforming Products, the extent of such
non-conforming Products, and correct all such non-conforming Products, or, if
this cannot be done, destroy such Products and bear the loss suffered in this
connection. Licensee shall report to Licensor the cause of such problems, the
extent of the non-conforming Products found, and Licensee’s correction or
destruction of such Products. Licensee shall implement immediately any
instructions received from Licensor regarding changes or modifications in the
products and/or their manufacture or packaging. 

(c) Access to Premises

Licensor shall have the right
to have Licensor’s representatives visit Licensee’s facilities from time to time
to inspect the Products to insure that they comply with Licensor’s
specifications and standards of quality, and Licensee shall cooperate with such
representative and comply with any directions issued by the representative.

ARTICLE 5. SALES
EFFORTS 

Licensee represents that it is
fully able to quantitatively meet the demands of, and is able to supply, the
national markets for the Products in the Territory. Licensee shall use its [* *
*] at all times during the term of this Agreement to promote and expand the
sales of the Products. The size of the sales organization, the competence of the
staff and the quality of the sales efforts shall be satisfactory to Licensor and
shall measure up in all respects to Licensor’s standards of excellence. Licensee
and Licensor shall, from time to time, mutually consult with one another
concerning Licensee’s sales efforts. 

Within ten (10) days of the
end of each calendar quarter, Licensee shall submit to Licensor, in such detail
as Licensor may request, a statement with respect to the sales made by Licensee
during the sales quarter. Each such statement shall be certified as correct by
an officer of Licensee. During the term of this Agreement a marketing plan shall
be mutually agreed upon for each year. 

Licensee also agrees to:

(a) Carry and maintain stocks
of the Products that, in Licensor’s opinion, are sufficient to satisfy market
requirements. 

(b) Keep and maintain true and
accurate records of all transactions involving the Products, including
inventory, purchases and sales and promotional expenditures, which shall be
available to Licensor for inspection. 

(c) Comply with all
governmental laws, regulations and practices with respect to the conduct of
Licensee’s business. 

(d) Obey and comply with
reasonable directions and instructions given by Licensor. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

6

(e) Not make any
representation or give any warranty relating to or in connection with the
Products, except as specifically authorized by Licensor. 

(f) Maintain a customer
complaint reporting system that will be made available to Licensor. 

(g) Set billing prices and any
discounts for the Products at levels mutually agreed upon in advance by Licensee
and Licensor. 

(h) Not appoint a distributor
without Licensor’s previous written authorization. 

ARTICLE 6. PRODUCT
REGISTRATIONS 

Licensee shall make every
reasonable effort to investigate and advise Licensor of all required permits or
registrations of the Products with governmental authorities in the Territory;
and, at Licensor’s request, apply for, obtain and maintain, on Licensor’s
behalf, all such necessary product registrations and permits. 

Upon termination of this
Agreement for any reason, Licensee shall take such action, execute such
assignments or consents and otherwise do such things as may be reasonably
necessary to transfer all product registrations and permits to Licensor or its
designee(s), and/or to otherwise permit or facilitate the manufacture or
importation and sale of the Products in the Territory by Licensor or any party
Licensor may designate. 

ARTICLE 7. TECHNOLOGY AND
TRADEMARKS 

(a) Licensee recognizes and
acknowledges that Licensor, or Licensor’s affiliated companies, are the owners,
assignees or licensees in the Territory of the Technology and the Trademarks,
including all common law rights related to Licensee’s use of the Trademarks, and
the good will and reputation related to the Trademarks generated through such
use, and various proprietary and ancillary rights related to the Trademarks and
the Products including trade names, trade dress, package designs, emblems,
designs, copyrights and any registrations thereof (hereinafter referred to as
the “Properties”) used on various Products and/or in related
advertising literature. Licensee acknowledges the validity of the Technology,
Trademarks and Properties and Licensor’s, and/or Licensor’s affiliated
companies’ title to and rights in the Technology, Trademarks and the Properties
and recognizes the high value of such rights to the business and goodwill of
Licensor. Licensee acknowledges that any goodwill created through the use of the
Trademarks by Licensee belongs to Licensor exclusively. 

(b) Licensee shall not dispute
the validity of or title to the Technology, Trademarks or Properties or oppose
any application by Licensor, or Licensor’s affiliated companies, to register or
protect the Technology, Trademarks or the Properties and shall not, directly or
indirectly, take any action which might impair these proprietary rights or the
business and goodwill of Licensor. 

(c) Licensee will not,
directly or indirectly, seek to register any imitation or translation of the
Trademarks or the Properties. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

7

(d) Licensee shall not use any
of the Technology, Trademarks or the Properties except as approved by Licensor.
Licensee shall in no way modify, add to or omit any of the Trademarks or the
Properties applied to the Products, advertising or promotional material pursuant
to this Agreement, without the written consent of Licensor. Licensee shall not
use in connection with the sale of or any commercial dealing with any of the
Products any other trademark, or other matter which is confusingly or
deceptively similar to any of the Trademarks or Properties. 

(e) Licensee, without the
written consent of Licensor, shall not use any of Licensee’s own trade marks or
trade names in marketing the Products. This provision shall not restrict
Licensee in the normal use of Licensee’s regular business name. Licensee shall
not use the Trademarks or variations thereof in Licensee’s registered trade or
corporate name. 

(f) Should Licensee become
aware of any trade practices or actions or threatened actions by third parties
that may injure the business which Licensee conducts pursuant to this Agreement
or the business or goodwill of Licensor including infringement,
misappropriation, impairment, dilution, violation and/or passing off
(“Infringement”) of the Technology, Trademarks or the Properties, full details
of the same shall be promptly supplied to Licensor. Licensee shall in no event
take any action to prevent or remedy such Infringement or trade practices
without Licensor’s written authorization. Licensor or any parties authorized by
Licensor shall have the sole right to take or direct such action as Licensor may
deem proper against such parties. Licensee shall join with Licensor in taking
action against such parties if Licensor so requests. 

(g) Licensor and/or Licensor’s
affiliated companies will police and protect the Technology and Trademarks in
the Territory to the best of Licensor’s ability and assume the costs of
prosecuting infringers in those cases, which in the opinion of Licensor’s legal
counsel, merit legal action. Licensor shall renew and maintain the Technology
and Trademarks according to the legal requirements of the Territory. Licensee
shall assist Licensor in policing, protecting, renewing and maintaining the
Technology and Trademarks by (i) providing samples of Products, (ii) providing
evidence of use, (iii) providing Licensor with guidance and assistance as to the
legal requirements of the Territory and (iv) executing documents and taking such
other actions as may be required to renew and maintain or otherwise effect
Licensor’s ownership of the Technology and Trademarks. 

(h) Upon expiration or
termination of this Agreement for any reason, Licensee, at Licensee’s own
expense, shall forthwith remove all references to Licensor or any of the
Trademarks or Properties or any work, design, marking, slogan or legend
associated therewith from the business premises, plant, products, materials,
supplies and equipment of Licensee, and from all business paper, stationery and
advertising used or maintained by Licensee (including telephone and business
listings), and Licensee shall not thereafter hold forth in any manner that
Licensee has a connection with Licensor, the Trademarks, Properties or the
Products. Licensee thereafter shall not use the Trademarks or any terms or
devices similar to the Trademarks. 

(i) Licensee shall apply or
use all notices and legends, including patent markings, required by applicable
law or regulations to preserve and protect the value and validity of the
Technology and Trademarks licensed pursuant to this Agreement, including
applying or using any notices or legends reasonably requested by Licensor.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

8

(j) In the event Licensee
develops any improvements to the Technology, Licensee shall promptly provide
Licensor with written notice thereof. 

(k) Licensee agrees that
Licensor is the sole and exclusive owner of the Technology and the Trademarks
and that nothing in this Agreement or otherwise shall confer on Licensee any
right, title or interest in or to the Technology or Trademarks other than as
expressly set forth in this Agreement. In the event that Licensee is held to, or
becomes the owner of any Technology, Trademarks or
Properties that is intended to be owned by Licensor pursuant to the terms of
this Agreement, Licensee hereby assigns permanently the entirety of such rights
to Licensor and shall, during the term of this Agreement and after any
expiration or termination hereof, execute such documents as Licensor reasonably
may request from time to time to ensure that all such rights reside in Licensor.

(l) Nothing in this Agreement
shall prevent Licensor from transferring or encumbering the Technology or
Trademarks that are subject to a license or obligation under this Agreement.

ARTICLE 8. WARRANTIES AND
DISCLAIMERS 

Neither party warrants to the
other that the Products that Licensee may manufacture or sell pursuant to this
Agreement will not Infringe any Intellectual Property or trademark right
possessed by any third parties. 

ARTICLE 9.
COMPETITION 

In order to ensure Licensee’s
undivided attention and maximum efforts on behalf of the Products, Licensee
agrees not to manufacture, market, sell or distribute products which would
compete with the Products during the term of this Agreement. 

ARTICLE 10. EFFECTIVENESS
AND TERM OF AGREEMENT 

This Agreement shall be
effective as of the date first written above. The initial term of this Agreement
shall be five (5) years, which term shall be renewable for successive five (5)
year periods thereafter at the option of the Licensor upon written notice. The
term of this Agreement may be terminated by Licensor at any time upon [* * *]
notice to Licensee. The term of this Agreement may be terminated by Licensee
only as provided in Article 11(a) hereof. No further Royalty shall accrue
hereunder after the termination (or deemed termination pursuant to Article 11)
of this Agreement. 

ARTICLE 11. INTERNATIONAL
ACQUISITION TRANSACTION

(e) In the
event of an International Acquisition in which there is no IP Acquisition,
Licensee will be deemed to have terminated this Agreement. Upon such deemed
termination, Licensee will be required to pay Licensor a termination fee (the
“Termination Fee”) in an amount [* * *] to [* * *] percent ([* *
*]%) of the Fair Market Value of the Glad Local Business 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

9

(f) In the
event of an International Acquisition in which there is an IP Acquisition,
Licensor will be deemed to have terminated this Agreement and no Termination Fee
shall be due or payable. 

ARTICLE 12. OBLIGATIONS
UPON TERMINATION 

In the event of any expiration
or termination of this Agreement: 

(a) Licensee will return to
Licensor, labels, packaging and advertising or other promotional materials
relating to any of the Products. Licensor at Licensor’s sole option shall have
the right to take back at the lower of market price or incremental cost, any
such labels, prints and literature, and Licensee shall be obliged to return to
Licensor without charge all materials received without cost. 

(b) Licensee shall have the
obligation to complete the manufacture of all goods in process. Licensor or
Licensor’s designee, at Licensor’s sole option, shall have the right to purchase
all raw materials, packaging materials and finished goods still in stock after
filling outstanding orders to the date of termination. The price payable to
Licensee with respect to such materials and finished goods shall be the lower of
market price or Licensee’s incremental cost. Licensor in Licensor’s sole
discretion may allow Licensee to sell finished goods still in stock after the
filling of outstanding orders, according to the distribution and pricing
schedule that was in effect for the quarter prior to termination. 

(c) Licensee agrees that from
the date of expiration or termination of this Agreement, none of the Technology
or Trademarks or any terms or devices similar thereto, or to the Properties
shall be used by Licensee. Licensee shall as soon as it is practical, ensure
that any reference to any Trademarks on its products, premises, vehicles or
documents are removed. Upon termination or expiration of this Agreement Licensee
shall immediately cease all use of the Technology and, at Licensor’ option,
promptly, return, delete or destroy all tangible embodiments of the Technology
in Licensee’s possession or control. 

(d) All royalties, fees and
other amounts payable by Licensee to Licensor through the date of such
expiration or termination shall become immediately due. 

ARTICLE 13.
INDEMNITY 

(a) Licensee agrees to
indemnify and hold Licensor harmless from and against any loss, claim,
liability, action, cause of action or damages (including all costs and
attorneys’ fees) for any injury or damages occurring to third parties, or their
property, in connection with the Products manufactured or sold by Licensee and
for such purpose to maintain insurance, if such is available within the
Territory, for the benefit of Licensee and Licensor with such company or
companies and containing such limits as are satisfactory to Licensor.

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

10

(b) Licensee shall also
indemnify and hold Licensor harmless from any liability, loss, damage or
expense, including reasonable attorneys’ fees and expenses, arising out of any
claim or suit involving the manufacture, labeling, sale, distribution or
advertisement of the Products by Licensee in violation of any law or regulation
of the Territory or country of export. 

(c) Licensor shall notify
Licensee of any such claim or suit, and Licensee shall have the right to defend
itself and, if Licensor consents, also defend Licensor through counsel of
Licensee’s choice provided such counsel is acceptable to Licensor. Licensor
shall also be free to retain Licensor’s own counsel, in which case Licensor’s
reasonable attorneys’ fees and expenses shall be covered by the indemnity set
forth in this Article 13. 

ARTICLE 14.
TAXES 

Licensee agrees to procure at
Licensee’s sole cost any required registrations or governmental approval of this
Agreement and to pay any and all stamp, registration and import taxes and all
other taxes and duties which may be levied on Licensor and/or Licensee by
governmental entities within the Territory. Any taxes, fees or other charges
imposed by any government or any state in the Territory upon this Agreement or
upon the payments to be made to Licensor shall be paid by Licensee, both at
minimum rates and final computations, for and on behalf of Licensor and such
costs may not be deducted by Licensee from royalties as they become due. Except,
however, Licensee may withhold from amounts payable under this Agreement the
nonresident income tax of Licensor, if required by law. Licensee shall furnish
to Licensor all original tax receipts or other documentation necessary for
Licensor to verify payment of any tax, fee, or charge and to receive a foreign
tax credit or tax deduction. If such nonresident income taxes are withheld,
Licensee will supply Licensor with official government receipts which indicate
the amount of tax and date the tax was paid. 

ARTICLE 15. FORCE
MAJEURE 

The failure by either party to
perform any term of this Agreement when caused by or resulting from fire,
floods, embargoes, government regulations, war, acts of war (whether war be
declared or not), insurrections, riots, civil commotions, strikes, lockouts, job
actions, Acts of God or any other cause beyond the control of such party, and
which is a result thereof, shall not constitute a default or breach under any
term of this Agreement unless the said party fails to resume normal operations
within one hundred eighty (180) days, in which case the other party may declare
a default. 

ARTICLE 16. ASSIGNMENT AND SUBLICENSES

Licensee may not assign,
pledge, hypothecate, give a security interest in, encumber, or otherwise
transfer any interest in this Agreement or its obligations, rights, claims,
interests or monies due or to become due hereunder, or any materials bearing any
of the Trademarks, without the prior written consent of Licensor. This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
successors and permitted assigns. Notwithstanding the foregoing, subject to the
terms and conditions of this Agreement, Licensee may sublicense the Technology
and Trademarks to only those persons or entities that agree to abide by and
uphold the terms and conditions of this Agreement (including payment of all
royalties and other fees related to the use of the Technology and the Trademarks
hereunder). 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

11

ARTICLE 17. NO
AGENCY 

Nothing herein contained shall
be construed to constitute either party hereto as partner or joint venturer or
as agent or other representative of the other. Licensee is not granted any
right, power or authority to assume or create any obligation, express or
implied, on behalf of Licensor or in Licensor’s name, or to make any purchase
for Licensor’s account, or to bind Licensor in any manner or thing whatsoever.
Licensee shall have no right, power or authority to accept summons or legal
process for Licensor. In their operations hereunder, Licensor and Licensee shall
be independent contractors retaining complete control over and bearing sole
liability for each of their own operations and employees. 

ARTICLE 18.
AMENDMENTS 

This Agreement shall not be
changed, modified, abrogated or superseded unless by a writing signed by both
parties. 

ARTICLE 19.
SEVERABILITY 

Should any part or provision
of this Agreement be held unenforceable or in conflict with the law of any
jurisdiction, the validity of the remaining parts or provisions shall not be
affected by such holding unless the part or provision which is held to be
unenforceable or in conflict with the law of the jurisdiction is an essential
term of the contract in which event the contract shall be deemed terminated.

ARTICLE 20.
CAPTIONS 

The titles of the Articles of
this Agreement are intended only to facilitate reference and shall not be used
in interpreting the meaning of this Agreement. 

ARTICLE 21.
TRANSLATION 

Should this Agreement be
translated into any other language but English, the English version shall remain
controlling and prevail on any question of interpretation or otherwise.

ARTICLE 22. NO
WAIVER 

None of the terms of this
Agreement may be waived except by a writing signed by the waiving party. The
failure of either party hereto to enforce, or the delay by either party in
enforcing, any of its rights under this Agreement shall not be deemed a
continuing waiver or a modification thereof and either party may, within the
time provided by applicable law, commence appropriate legal action to enforce
any or all of such rights. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

12

ARTICLE 23. GOVERNING
LAW 

This Agreement shall be
governed and construed in accordance with the laws of the State of California,
United States of America and the laws of the United States of America as applied
therein, in both cases without regard to the conflict of law principles thereof.
The acts or laws of a foreign government shall not be considered force majeure
or otherwise excuse a departure from this Agreement. It is the intent of the
parties that their relations under this Agreement be governed exclusively as
specified herein. Any controversy or claim arising out of or relating to this
Agreement, or the breach thereof, shall be settled by binding arbitration in
Oakland/San Francisco, California in accordance with the Commercial Arbitration
Rules of the American Arbitration Association, and judgment upon the award may
be entered in any court having jurisdiction thereof. The parties hereby waive
any claim whatsoever that any such controversy or claim is nonarbitrable on the
grounds of public policy. The arbitrator(s) shall have the power to: (1) order
such discovery as, in the arbitrator(s) discretion, shall contribute to a just
and speedy resolution of the controversy or claim and to impose sanctions for
breaches of such orders; (2) award attorneys’ fees and costs to a party
prevailing on a controversy or claim or part thereof; and (3) award preliminary
and final injunctions and awards of specific performance, it being the intent of
the parties that such relief be granted liberally. Any arbitrator shall be
fluent in the English language and familiar with the consumer products industry.
The arbitration proceeding will be held in the English language and all opinions
and awards will be issued in English. The costs of the arbitration and
enforcement of the award shall be an issue determined by the arbitrator(s). Each
of the parties hereto will be entitled to an injunction, restraining order or
other equitable relief to prevent breaches of the provisions of this Agreement.

ARTICLE 24. LOCAL LAWS AND
STANDARDS OF BUSINESS CONDUCT

(a) Licensee acknowledges
Licensee’s responsibilities under the local laws and regulations applicable to
Licensee’s operation under this Agreement and will always conduct Licensee’s
business under this Agreement in a manner meeting the highest ethical standards.

(b) Any failure of Licensee to
abide by this Article that brings harm or injury to the name, good will, or
reputation of Licensor or Licensor’s affiliated companies, the Trademarks, or
the Products shall be grounds for termination of this Agreement by Licensor.

ARTICLE 25. RECORDATION OF
AGREEMENT 

This Agreement, or an extract
hereof, may be recorded at the discretion of Licensor in the proper offices and
registries in the Territory and Licensee shall execute any documents considered
by Licensor to be necessary to effect such recordation. In the event of the
termination of this Agreement, Licensee shall execute any documents considered
by Licensor necessary to effect cancellation of the recordation of this
Agreement, and Licensor may cancel such recordation without the consent of
Licensee. 

ARTICLE 26.
NOTICES 

Any notice, offer or demand
desired or required to be given hereunder shall be in writing and deemed given
when personally delivered or sent by first class registered or certified airmail
or by facsimile addressed as respectively set forth above under “PARTIES”, or to
such other address as any party shall have previously designated by such a
notice. Any notice so delivered personally shall be deemed to be received on the
date of receipted delivery, any notice given by registered airmail shall be
deemed to have been received 5 days after the same has been posted, and any
facsimile shall be deemed to be received on the business day following the date
of the facsimile. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

13

ARTICLE 27.
INTEGRATION 

This Agreement contains the
entire understanding of the parties with respect to the subject matter hereof.
There are no agreements, representations, warranties, covenants or undertakings
with respect to the subject matter hereof and thereof other than those expressly
set forth herein. This Agreement supersedes all other prior agreements and
understandings between the parties with respect to the subject matter hereof,
including the agreements, if any, set forth on Exhibit D, which shall, upon the
execution of this Agreement, terminate and be of no further force or effect.

ARTICLE 28. THIRD PARTY
BENEFICIARIES 

P&G Sub shall be a third
party beneficiary of this Agreement and shall have the right to enforce the
rights of Licensor hereunder solely to the extent that Licensee breaches this
Agreement and Licensor fails to enforce such rights within thirty (30) days
being requested by P&G to do so. Except as expressly provided in this
Article 28, nothing in this Agreement, express or implied, is intended to confer
upon any person, other than the parties hereto or their respective successors
and permitted assigns, any rights, remedies, benefits, obligations or
liabilities of any nature whatsoever under or by reason of this Agreement.

ARTICLE 29.
COUNTERPARTS 

This Agreement may be executed
in any number of counterparts, and by the different parties on separate
counterparts each of which will be deemed an original, but all of which will
constitute one and the same instrument. 

ARTICLE 30.
DEFINITIONS 

The following terms, as used
in this Agreement, shall have the definitions set forth in this Article 30 and
constitute part of the terms and conditions of this Agreement: 

“Affiliate” shall mean any entity that is a direct or indirect subsidiary of a
party, including any entity that is at least [* * *]% owned, directly or
indirectly, by a party, or any entity that owns, directly or indirectly, at
least [* * *]% of a party, or otherwise controls or is controlled by a party, or
which is a joint venture which is at least [* * *]% owned by a party or another
affiliate of a party. 

“Call Right” shall have the meaning set forth in the JV Agreement. 

“Clorox” shall mean The Clorox Company, a Delaware corporation. 

“Fair Market Value” shall have the meaning set forth in the JV
Agreement. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

14

“Glad Global Business” shall have the meaning set forth in the JV
Agreement. 

“Glad Local Business” shall mean the Glad Global Business conducted by
the Licensee in the Territory. 

“Infringement” shall have the meaning set forth in Article 7(f)
hereof. 

“Intellectual Property” shall mean any and all intellectual property,
including, without limitation, patents, copyrights, software, trade secrets,
technology, inventions, specifications, know-how, processes, formulae, product
descriptions and other technical or proprietary information. 

“International Acquisition” shall mean the sale, disposition or other
transfer to a Third Party of all or substantially all of the equity interests of
Licensee or of all or substantially all the business, assets and properties of
Licensee used in the Glad Local Business, but excluding (i) any transaction in
connection with which the Put Right or the Call Right is exercised, (ii) any
Third-Party Sale in connection with which Clorox exercises its right to cause a
sale and (iii) any transaction in connection with which the Tag-Along Right is
exercised. 

“IP Acquisition” shall have the meaning set forth in the JV
Agreement. 

“JV Agreement” shall mean the Amended and Restated Joint
Venture Agreement, dated as of January 31, 2003, between Licensor, P&G Sub
and certain of their respective Affiliates, as such agreement may be amended,
supplemented or otherwise modified in accordance with the terms thereof.

“P&G License Agreement” shall mean the License Agreement, dated as of
January 31, 2003, between P&G Sub and Licensor, as such agreement may be
amended, supplemented or otherwise modified in accordance with the terms
thereof. 

“P&G Sub” shall mean Procter & Gamble RHD Inc., an Ohio corporation.

“Prior Agreement” shall have the meaning set forth in Article 27
hereof. 

“Products” shall mean the products set forth in Exhibit A, as may be amended from time to time pursuant to Article 2 herein.

“Properties” shall have the meaning set forth in Article 7(a) hereof. 

“Put Right” shall have the meaning set forth in the JV Agreement. 

“Tag-Along Right” shall have the meaning set forth in the JV
Agreement. 

“Technology” shall mean any and all Intellectual Property owned or held by Licensor,
from time to time, which Licensor has the right to license or sublicense to
Licensee, that is used or useful in connection with the manufacture, packaging,
production, distribution, sale, offer for sale, advertisement, promotion of or
in relation to the Products, expressly excluding the Intellectual Property
licensed to Licensor under the P&G License Agreement. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

15

“Termination Fee” shall have the meaning set forth in Article
11(a) hereof. 

“Territory” shall mean the territories set forth in Exhibit B. 

“Third-Party Sale” shall have the meaning set forth in the JV
Agreement. 

“Trademarks” shall mean any and all trademarks, service marks, trade names, brand
names, corporate names, domain names, URLs, logos and trade dress, together with
the goodwill symbolized by any of the foregoing and all common law rights
relating to any of the foregoing, owned or held by Licensor, from time to time,
which Licensor has the right to license or sublicense to Licensee, that is used
or useful in the manufacture, packaging, production, distribution, sale, offer
for sale, advertisement, promotion or any other manner of use whatsoever on or
in relation to the Products, expressly excluding any trademarks, service marks,
trade names, brand names, corporate names, domain names, URLs, logos or trade
dress licensed to Licensor under the P&G License Agreement. 

IN WITNESS WHEREOF, this
Agreement has been executed as of the date first above written. 

	
      (“Licensor”)
    
			(“Licensee”)
		 			 
	
      THE GLAD PRODUCTS
      COMPANY 
			
		  			 
	By:	 	         	By:	 
		 			
		 			
	Name: 	 		Name 	 
		 			
		 			
	Title:	 		Title	 
		 			

Signature Page 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

16

EXHIBIT A 

DESCRIPTION OF
PRODUCTS 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

EXHIBIT B

DESCRIPTION OF
TERRITORY 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

EXHIBIT C 

DESCRIPTION OF
ROYALTY 

Licensee agrees to pay
Licensor royalties as follows:

For Products sold bearing the Trademarks:

“Net Sales” shall be defined
as the gross amount billed for the Products less trade or quantity discounts,
credits or allowances. 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST. 

EXHIBIT D 

SUPERSEDED
AGREEMENT(S) 

THE PORTIONS OF THIS AGREEMENT
IDENTIFIED BY THE SYMBOL “[* * *]” HAVE BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT
REQUEST.

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