Document:

exv10w1

 

Exhibit 10.1

THE CLOROX COMPANY

REPLACEMENT SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

FOR THE BENEFIT OF DONALD R. KNAUSS

	I.	 	General. 

	 	(A).	 	Purpose.

	 	(i).	 	The Clorox Company (the “Company”) hereby
establishes this Replacement Supplemental Executive Retirement Plan For
the Benefit of Donald R. Knauss (the “Plan”), which is intended to
provide benefits to Donald R. Knauss (the “Executive”) (and his surviving
spouse in the event of the Executive’s death) that duplicate the rights
and benefits the Executive would have been entitled to under the Employee
Retirement Plan of The Coca-Cola Company, attached hereto as Exhibit
A (the “Retirement Plan”) and the defined benefit provisions of The
Coca-Cola Company Supplemental Benefit Plan, attached hereto as
Exhibit B (the “Coca-Cola SERP”), as each was in effect on August
25, 2006 (collectively the “Coca-Cola Plans”), had the Executive’s
employment with The Coca-Cola Company continued until the Executive’s
retirement or other termination of employment with the Company.

	 	(B).	 	Conflicts.

	 	(i).	 	Except as otherwise provided herein, all terms and
conditions of the Coca-Cola Plans shall apply under the Plan for purposes
of calculating the Executive’s benefit under the Plan. In the event of
any conflict between the terms of the Plan and the terms of the Coca-Cola
Plans, the Plan shall govern.

	 	(C).	 	Unfunded Status.

	 	(i).	 	The Plan is intended to be an unfunded plan
maintained primarily to provide deferred compensation benefits for a
“select group of management or highly-compensated employees” within the
meaning of Sections 201, 301, and 401 of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”).

	II.	 	Plan Benefits. 

The Executive’s accrued benefit under the Plan shall be equal to the benefit the
Executive would have accrued under the Coca-Cola Plans had the Executive’s employment
with The Coca-Cola Company continued until the date of the Executive’s retirement or
other termination of employment with the Company, as determined under the terms and
conditions of the Coca-Cola Plans, and shall be payable at the time, and in the manner,
provided for in the Coca-Cola Plans, except as superseded and/or as clarified by the
following:

 

 

	 	(A).	 	Benefit Offset.

	 	(i).	 	The Executive’s accrued benefit under the Plan, if
any, calculated according to Section II(B) below, shall be offset by the
value of any benefits to which the Executive is entitled to receive under
the Retirement Plan and the defined benefit provisions of the Coca-Cola
SERP, subject to Section II(H)(i) below. For purposes of this offset,
the benefits to which the Executive is entitled to receive under the
Retirement Plan and the defined benefit provisions of the Coca-Cola SERP
shall be calculated based on the assumption that the Executive begins to
receive his benefit under such plans on the same date on which he begins
to receive benefits under the Plan.

	 	(B).	 	Benefit Limit.

	 	(i).	 	Notwithstanding anything herein to the contrary,
the benefit payable to the Executive shall be equal to the greater of (1)
the dollar amount of the Executive’s accrued benefit under the Plan as
provided herein payable in the normal payment form as of the date of
determination as provided in the Coca-Cola SERP, or (2) the dollar amount
of the Executive’s accrued benefit under The Clorox Company Supplemental
Executive Retirement Plan (the “Clorox SERP”), payable in the normal
payment form as of the date of determination as provided in the Clorox
SERP.

	 	(ii).	 	If the dollar amount of the Executive’s accrued
benefit under the Clorox SERP is greater than the dollar amount of the
Executive’s accrued benefit under the Plan as determined in Section
II(B)(i) above, the Executive’s benefit shall be determined and payable
solely in accordance with the terms and conditions of the Clorox SERP and
no benefit shall be payable from the Plan. In no event shall the
Executive receive a benefit under both the Clorox SERP and the Plan.

	 	(C).	 	Change in Control.

	 	(i).	 	All references to “Change in Control” in the
Coca-Cola Plans shall mean a “Change in Control” as defined in the Clorox
SERP.

	 	(D).	 	Defined Contribution Plan Disregarded.

	 	(i).	 	All provisions in the Coca-Cola SERP relating to
the Supplemental Thrift Benefit under the Coca-Cola SERP are disregarded
under the Plan and shall not be part of the Executive’s benefit under the
Plan.

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	 	(E).	 	Vesting.

	 	(i).	 	Subject to Section II(H)(ii) below, the Executive
shall be fully vested at all times in his benefit under the Plan.

	 	(F).	 	Years of Benefit Service.

	 	(i).	 	The Executive’s Years of Benefit Service (as
defined in the Retirement Plan) shall include the Executive’s service
with the Company plus the Executive’s service with The Coca-Cola Company
from February 7, 1994 through September 15, 2006, the date the Executive
terminated employment with The Coca-Cola Company, and shall also include
the period of time from September 16, 2006 through October 2, 2006, the
date the Executive commenced employment with the Company.
	 
	 	(ii).	 	In the event that the Executive’s employment with
the Company terminates prior to the third anniversary of the Effective
Date (as defined in the Employment Agreement between the Executive and
the Company dated August 25, 2006), the Executive shall be credited with
a minimum of three (3) Years of Benefit Service with the Company and
three (3) years of age for purposes of benefit accruals under the Plan;
provided, however, that in the event the Executive’s employment with the
Company terminates after the third anniversary of the Effective Date, the
Years of Benefit Service and age credited to the Executive shall be based
on the Executive’s actual service with the Company as well as such prior
service as provided in Section II(F)(i) above and the Executive’s actual
age.

	 	(G).	 	Compensation.

	 	(i).	 	For purposes of calculating the Executive’s
“Average Compensation” (as defined in the Retirement Plan) all references
to “Compensation” in the Coca-Cola Plans shall mean the annual base
salary and bonus paid by the Company to the Executive and, to the extent
needed to obtain five years of consecutive annual compensation, the
Executive’s annual base salary and bonus paid by The Coca-Cola Company
prior to the Executive’s retirement.

	 	(H).	 	Non-Competition.

	 	(i).	 	For purposes of the benefit offset set forth in
Section II(A)(i), non-payment by The Coca-Cola Company of any benefit
under the Coca-Cola SERP by virtue of the enforcement of the
non-competition provision in Section 4.3 of the Coca-Cola SERP shall be
disregarded.
	 
	 	(ii).	 	Any obligation of the Company to make payments to
the Executive under the Plan shall cease, and all rights of the Executive
under the Plan shall be extinguished, if the Executive terminates
employment with the Company and without the Company’s written consent is
subsequently employed by

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	 	 	 	or in any manner provides services for any organization that is engaged in a
business that is directly competitive with the products sold by the Company
at the time of the Executive’s termination. If a court of competent
jurisdiction finds that the restrictions provided in this Section II(H)(ii)
are unenforceable in any respect, then such restrictions shall be construed
so as thereafter to be limited or reduced to be enforceable to the extent
compatible with the applicable law.

	 	(I).	 	Beneficiary.

	 	(i).	 	All references to “Beneficiary” in the Coca-Cola
Plans shall mean the Executive’s surviving spouse.

	III.	 	Administration.

	 	(A).	 	The Clorox Company Management Development and Compensation Committee
(the “Committee”) shall administer the Plan. The Committee shall have the
discretion and authority to take all actions and to make all decisions necessary
and proper to carry out the Plan including, but not limited to, (1) making,
amending, interpreting and enforcing all appropriate rules and regulations for the
administration of the Plan and (2) deciding or resolving any and all questions
including interpretations of the Plan as may arise in connection with the Plan.
Without limiting the generality of the foregoing, the Committee hereby designates
the Employee Benefits Committee of the Company to control and manage the operation
and administration of the Plan. The Committee shall have the authority to allocate
among themselves or to the Employee Benefits Committee or to delegate to any other
person, any administrative responsibility with respect to the Plan.

	IV.	 	Claims and Review Procedure.

	 	(A).	 	The Executive or his surviving spouse may make a written request for
review of any matter concerning the Executive’s benefits under the Plan. The claim
must be addressed to The Clorox Company, Supplemental Executive Retirement Plan,
1221 Broadway, Oakland, California, 94612-1888. The Committee shall decide the
action to be taken with respect to any such request and may require additional
information if necessary to process the request. The Committee shall review the
request and shall issue its decision, in writing, no later than 90 days after the
date the request is received, unless the circumstances require an extension of
time. If such an extension is required, written notice of the extension shall be
furnished to the person making the request within the initial 90-day period, and
the notice shall state the circumstances requiring the extension and the date by
which the Committee expects to reach a decision on the request. In no event shall
the extension exceed a period of 90 days from the end of the initial period.

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	 	(B).	 	If the Committee denies a request in whole or in part, it shall provide
the person making the request with written notice of the denial within the period
specified in paragraph (A) above. The notice shall set forth the specific reason
for the denial, reference to the specific Plan provisions upon which the denial is
based, a description of any additional material or information necessary to perfect
the request, an explanation of why such information is required, and an explanation
of the Plan’s appeal procedures and the time limits applicable to such procedures,
including a statement of the claimant’s right to bring a civil action under Section
502(a) of ERISA following an adverse benefit determination on review.
	 
	 	(C).	 	Decision on Appeal.

	 	(i).	 	A person whose request has been denied in whole or
in part (or such person’s authorized representative) may file an appeal
of the decision in writing with the Committee within 60 days of receipt
of the notification of denial. The appeal must be addressed to: The
Clorox Company Supplemental Executive Retirement Plan, 1221 Broadway,
Oakland, California 94612-1888. The Committee, for good cause shown, may
extend the period during which the appeal may be filed for another 60
days. The appellant and/or his or her authorized representative shall be
permitted to submit written comments, documents, records and other
information relating to the claim for benefits. Upon request and free of
charge, the applicant should be provided reasonable access to and copies
of, all documents, records or other information relevant to the
appellant’s claim.
	 
	 	(ii).	 	The Committee’s review shall take into account all
comments, documents, records and other information submitted by the
appellant relating to the claim, without regard to whether such
information was submitted or considered in the initial benefit
determination. The Committee shall not be restricted in its review to
those provisions of the Plan cited in the original denial of the claim.
	 
	 	(iii).	 	The Committee shall issue a written decision within a reasonable period
of time but not later than 60 days after receipt of the appeal, unless
special circumstances require an extension of time for processing, in
which case the written decision shall be issued as soon as possible, but
not later than 120 days after receipt of an appeal. If such an extension
is required, written notice shall be furnished to the appellant within
the initial 60-day period. This notice shall state the circumstances
requiring the extension and the date by which the Committee expects to
reach a decision on the appeal.
	 
	 	(iv).	 	If the decision on the appeal denies the claim in
whole or in part written notice shall be furnished to the appellant.
Such notice shall state the

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	 	 	 	reason(s) for the denial, including references to specific Plan provisions
upon which the denial was based. The notice shall state that the appellant
is entitled to receive, upon request and free of charge, reasonable access
to, and copies of, all documents, records, and other information relevant to
the claim for benefits. The notice shall describe any voluntary appeal
procedures offered by the Plan and the appellant’s right to obtain the
information about such procedures. The notice shall also include a
statement of the appellant’s right to bring an action under Section 502(a)
of ERISA.

	 	(v).	 	The decision of the Committee on the appeal shall
be final, conclusive and binding upon all persons and shall be given the
maximum possible deference allowed by law.

	 	(D).	 	No legal or equitable action for benefits under the Plan shall be
brought unless and until the claimant has submitted a written claim for benefits in
accordance with paragraph (A) above, has been notified that the claim is denied in
accordance with paragraph (B) above, has filed a written request for a review of
the claim in accordance with paragraph (C) above, and has been notified in writing
that the Committee has affirmed the denial of the claim in accordance with
paragraph (C)(iv) above; provided, however, that an action for benefits may be
brought after the Committee has failed to act on the claim within the time
prescribed in paragraph (A) and paragraph (C)(iii), respectively.

	V.	 	Amendment, Suspension, Termination. 

	 	(A).	 	The Board of Directors may at any time and from time to time, amend,
suspend or terminate the Plan in whole or in part with the prior written consent of
the Executive or, in the event the Executive is deceased, the Executive’s surviving
spouse, which consent shall not be unreasonably withheld; provided, however, that
no such consent shall be required for the Board of Directors to amend, suspend or
terminate the Plan to the extent required by law or to conform the Plan with any
such modifications made by The Coca-Cola Company to the Coca-Cola Plans, in either
case as is determined necessary by the Board of Directors in its sole discretion
and provided any such amendment required by law shall in all material respects
preserve the Executive’s then-current and projected economic benefit provided under
the Plan and his rights therein unless he shall otherwise give his prior written
consent.

	VI.	 	Section 409A; Delayed Distribution. 

	 	(A).	 	To the extent applicable, it is intended that the Plan and all payments
made hereunder comply with the requirements of Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”) and any related regulations or other guidance
promulgated with respect to such Section by the U.S. Department of the Treasury or
the Internal Revenue Service (“Section 409A”).

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	 	 	 	Any provision that would cause the Plan or any payment made hereunder to fail to
satisfy Section 409A shall have no force or effect until amended to comply with
Section 409A, which amendment may be retroactive to the extent permitted by
Section 409A. Notwithstanding the foregoing, it is intended that no amendment to
the Plan made pursuant to Section 409A shall reduce or limit the amount of the
Executive’s benefit hereunder, but only, as applicable, the time and form of such
payment.

	 	(B).	 	Notwithstanding anything herein or in the Coca-Cola Plans to the
contrary, any distribution of benefits under the Plan to the Executive shall be
delayed for a minimum of six (6) months following the Executive’s separation from
service with the Company if required under Section 409A and any payment that would
have otherwise been made during such six-month period shall be made on the first
day of the month following the date that is the six-month anniversary of the
Executive’s separation from service with the Company, unless an earlier payment
date is permitted under Section 409A.

	VII.	 	Miscellaneous.

	 	(A).	 	Notwithstanding any other provision of the Plan or the Coca-Cola Plans,
the Executive and his surviving spouse shall be unsecured general creditors, with
no secured or preferential rights to any assets of the Company or any other party
for payment of benefits under the Plan. Any property held by the Company for the
purpose of generating the cash flow for benefit payments shall remain its general,
unpledged and unrestricted assets. The Company’s obligation under the Plan shall
be an unfunded and unsecured promise to pay money in the future.

	 	(B).	 	The Company shall be responsible for the payment of all benefits
provided under the Plan. At its discretion, the Company may establish one or more
trusts, with such trustees as the Committee may approve, for the purpose of
assisting in the payment of such benefits. Although such a trust may be
irrevocable, its assets shall be held for payment of all Company’s general
creditors in the event of insolvency. To the extent any benefits provided under
the Plan are paid from any such trust, the Company shall have no further obligation
to pay them. If not paid from the trust, such benefits shall remain the obligation
of the Company.

	 	(C).	 	The Plan shall be construed, governed and administered in accordance
with the laws of California, to the extent not preempted by federal law, without
regard to the conflicts of law principles thereof.

	 	(D).	 	Nothing in the establishment of the Plan is to be construed as giving
the Executive the right to be retained in the employ of the Company.

	 	(E).	 	Neither the Executive nor his surviving spouse shall have any power or
right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify, or
otherwise encumber in advance any of the benefits payable hereunder, nor shall

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	 	 	 	any of said benefits be subject to seizure for the payment of any debts,
judgments, alimony, or separate maintenance owed by the Executive or his surviving
spouse to be transferable by operation of law in the event of bankruptcy,
insolvency, or otherwise. In the event the Executive or his surviving spouse
attempts assignment, commutation, hypothecation, transfer, or disposal of the
benefit hereunder, the Company’s liabilities shall forthwith cease and terminate.

	 	(F).	 	The provisions of the Plan shall bind and inure to the benefit of the Company and its
successors and assigns. The term successors as used herein shall include any corporate or other
business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or
substantially all of the business and assets of the Company, and successors of any such corporation
or other business entity.

     The Clorox Company Replacement Supplement Executive Retirement Plan For the Benefit of Donald
R. Knauss is hereby adopted this 14th day of November, 2006, and effective as of October 2, 2006.

THE CLOROX COMPANY

/s/ Jackie Kane

Senior — Vice President, Human Resources and Corporate Affairs

8exv10w17

 

Exhibit 10.17

Cardica, Inc. 

Non-Employee Director Compensation

Effective January 11, 2007

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Annual	 	Per Board Meeting	 	Per Board Meeting
	Position	 	Retainer	 	in Person	 	by Telephone
	Board Chairman
	 	$	30,000	 	 	$	2,000	 	 	$	500	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Audit Committee Chair
	 	$	17,500	 	 	$	2,000	 	 	$	500	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Board Member
	 	$	10,000	 	 	$	2,000	 	 	$	500	 

Each non-employee director will only be entitled to one annual retainer fee. On January 11, 2007,
each non-employee director was granted a fully-vested option to purchase 2,500 shares of Cardica,
Inc. common stock, with each such option subject to a four year term. Each year, immediately
following the Cardica, Inc. Annual Stockholders Meeting, each non-employee director will be granted
a fully-vested option to purchase 2,500 shares of Cardica, Inc. common stock, with each such option
subject to a four year term.

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