Document:

EX-10.20

 Exhibit 10.20 

EXECUTION VERSION 
 AMENDED
AND RESTATED EMPLOYMENT AGREEMENT 
 THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT is entered into as of October 12,
2015 (the “Effective Date”), by and between Univision Communications Inc. (“Univision”), Univision Holdings, Inc. (“Parent” and together with Univision, the “Company”), and Jonathan Schwartz
(“Executive”). 
 RECITALS 

WHEREAS, the Univision Management Co., Parent and Executive entered into that certain Employment Agreement dated as of December 1,
2012 pursuant to which Executive serves as Executive Vice President, General Counsel and Secretary of the Company (“Prior Agreement”). 

WHEREAS, the Company and Executive desire to amend and restate the Prior Agreement in its entirety, to set forth the terms of the
Executive’s continued employment with the Company. 
 WHEREAS, the Company desires to continue to employ Executive and Executive
desires to continue to be employed by the Company on the terms and conditions set forth herein; 
 NOW, THEREFORE, in consideration
of the mutual covenants contained herein, Executive and Company agree as follows: 
 1. Definitions/Interpretation. The terms
and conditions of Sections 1-10 (the “Express Terms and Conditions”), together with the “Standard Terms and Conditions” attached hereto and incorporated herein by reference, are collectively referred to as the
“Agreement.” All capitalized terms in the Agreement have the meaning set forth in the Express Terms and Conditions, except as otherwise specifically defined in the Standard Terms and Conditions. In the event of a conflict, the Express
Terms and Conditions will prevail over the Standard Terms and Conditions. All references to “Section” are Sections of the Standard Terms and Conditions unless expressly stated otherwise. 

2. Employment/Term. On the terms and subject to the conditions set forth in this Agreement, Company hereby continues to employ
Executive and Executive hereby accepts such continued employment as Executive Vice President, General Counsel & Head of Government Relations, and Secretary for the period commencing on the Effective Date and ending on December 31,
2019, unless terminated earlier in accordance with this Agreement. On December 31, 2019 and each anniversary thereof, the term of this Agreement will be automatically extended for an additional twelve month period unless either the Company or
Executive shall have given written notice to the other of an intention not to automatically extend the Agreement (delivered at least six months prior to any scheduled expiration). The initial term, together with any extensions, is referred to as the
“Term”. 

 3. Duties. Executive will perform the duties and responsibilities and render
services in the capacity of Executive Vice President, General Counsel & Head of Government Relations, and Secretary of the Company. Executive will observe and comply with all rules, regulations, policies, orders and directions, whether oral
or written, as Company may prescribe from time to time (“Company’s Policies”) and will report directly to the Chief Executive Officer of the Company and its Board of Directors. 

4. Base Salary. In consideration of all services rendered by Executive under this Agreement, Company shall pay Executive a base
salary (as it may be increased pursuant to Section 6 below, the “Base Salary”) at the annualized rate of $1,100,000 effective as of January 1, 2015, with any amount due with respect to the period prior to the execution of this
Agreement, to be paid with the first payroll following the execution of this Agreement. The Base Salary will be paid in accordance with Company’s customary payroll practices, which may change from time to time in Company’s sole discretion.

 5. Annual Bonus. Executive shall be eligible for an annual target bonus of 136% of Base Salary (initially, approximately
$1,500,000) for each fiscal year during the Term (as it may be increased pursuant to Section 6 below, the “Target Bonus”), subject to the satisfaction of performance and other criteria (including discretionary components in accordance
with Company practices) established by the Chief Executive Officer in good faith and in consultation with the compensation committee of the board of directors of Univision or the compensation committee of the board of directors of the Parent, as
applicable (such compensation committees are collectively referred to herein, as the “Compensation Committee”), and approved by the Compensation Committee to the extent required by the Company’s or the Parent’s governance
practices, following the end of the applicable fiscal year. Each annual bonus, if any, shall be paid in the calendar year next following the year in which it is earned when bonuses are paid to other executives. 

6. Annual Compensation Review. Beginning on January 1, 2017 Executive’s Base Salary and annual Target Bonus will be
reviewed annually by the Chief Executive Officer of the Company and either or both may be increased, but not decreased; provided that, Executive’s Base Salary and annual Target Bonus shall not be decreased at any time. Performance goals for
Executive will be established by the Chief Executive Officer of the Company after consultation with the Executive. 
 7. Equity
Grants. Executive shall be eligible for consideration for equity grants, which grants shall be made in the sole discretion of the Compensation Committee from time to time. 

8. Vacation. Pursuant to Company policy, Executive is no longer eligible for a fixed amount of paid vacation time and shall
cease to accrue vacation days in accordance with the Company’s prior vacation policy. Effective as of the date of this Agreement, Executive agrees that, in exchange for the consideration provided herein, all vacation days accrued under the
prior policy and this Section 8 are waived as of the date of this Agreement. Executive may take reasonable paid vacation time, to the extent such does not materially conflict with the performance of his duties and responsibilities under this
Agreement. 

  
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 9. Other Benefits. During the Term, Executive shall be entitled to participate in
any benefit plans, including medical, disability and life insurance offered by the Company from time to time, on the same basis as those generally made available to other senior executives of the Company, to the extent Executive may be eligible to
do so under the terms of any such benefit plan, it being agreed that Executive will be eligible for medical plan coverage and 401(k) plan participation on the first day of his employment hereunder. Executive understands that any such Benefit Plans
may be terminated or amended from time to time by the Company in its sole discretion. 
 10. Place of Employment.
Executive’s principal place of employment will be in New York City, or at such other place as may be mutually determined by Company and Executive. Notwithstanding the foregoing, Executive will engage in temporary travel as Company may
reasonably request or as may be required to carry out Executive’s duties and responsibilities hereunder. 
 IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date written below. 
  

			
	UNIVISION HOLDINGS, INC.
		
	By:	 	 /s/ Francisco J. Lopez-Balboa

		 	(Francisco J. Lopez-Balboa)
	Dated:                     
	
	UNIVISION COMMUNICATIONS INC.
		
	By:	 	 /s/ Francisco J. Lopez-Balboa

		 	(Francisco J. Lopez-Balboa)
	Dated:                     
	
	 /s/ Jonathan Schwartz

	Jonathan Schwartz
	Date: 10-12-15

  
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 STANDARD TERMS AND CONDITIONS 

1. Exclusivity of Services. 

(a) Full Time. Executive will render services solely and exclusively for Company and devote Executive’s full business time, energy
and ability to Company and faithfully and diligently promote the business affairs and interests of Company. 
 (b) Prohibited
Activities. Without the prior express written consent of Company, which consent may be withheld or rescinded at any time in the sole discretion of Company, Executive will not, directly or indirectly, either individually or as an employee, agent,
partner, joint venturer, shareholder, consultant, officer, director or in any other capacity: (i) render professional services to any other person or entity, except to a charitable organization for no consideration and then only to the extent
it does not interfere with the business interests of Company and the performance by Executive of Executive’s obligations under this Agreement and does not have the effect of negatively impacting the reputation of Company or Executive; or
(ii) participate, engage in or have any financial or other interest in any business that is competitive in any manner whatsoever with any business in which Company or any of its affiliates is now or may hereafter become engaged. The foregoing
prohibition does not include ownership by Executive of less than five percent (5%) of the outstanding shares of any publicly-traded entity, provided that Executive does not otherwise participate in such entity as a director, officer, employee
or in any other capacity. 
 (c) No Commitments. Executive represents and warrants to Company that Executive has no outstanding
commitments inconsistent with any of the terms of this Agreement or the services to be rendered by Executive hereunder. 
 2.
Termination. 
 (a) Events. This Agreement and Executive’s employment by Company will terminate on the earlier of
(i) the expiration of the Term, or (ii) the first to occur of any of the following: 
 (1) Disability. 

(i) Failure to Render Service. In the event Executive fails for a period of one hundred twenty (120) business days, either
consecutively or in the aggregate during any twelve- (12) month period, as a result of illness, incapacity, Disability, injury, or by reason of any statute, law, ordinance, regulation, order, judgment or decree, to render the services
contemplated by this Agreement, Company, by written notice to Executive, may terminate Executive’s employment. 

  
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 (ii) Disability Defined. “Disability” shall for purposes of this Agreement mean
a physical or mental condition that substantially limits a major life activity and that renders Executive unable to perform the essential functions of Executive’s position, even with such reasonable accommodation by Company that does not impose
an undue hardship on Company. Company reserves the right, in good faith, to make the determination of Disability under this Agreement based on information supplied by Executive’s medical personnel, as well as information from medical personnel
selected by Company or its insurers. 
 (2) Death. Executive’s employment shall automatically terminate upon the death of
Executive. 
 (3) For Cause. Company may terminate Executive’s employment at any time, without notice, for Cause. For purposes
of this Agreement the term “Cause” means: (i) willful misconduct in connection with the performance of Executive’s duties; (ii) gross negligence that is materially damaging to the Company; (iii) theft, fraud or other
illegal conduct in connection with the performance of Executive’s duties; (iv) willful refusal or unwillingness to perform material duties; (v) sexual or other unlawful harassment in connection with the performance of Executive’s
duties; (vi) conviction (or plea of guilty or nolo contendere) of a felony or a crime involving moral turpitude; (vii) material violation of a fiduciary duty; material violation of the duty of loyalty; or material breach of this Agreement.
If an alleged event of Cause is susceptible to cure, the Company shall provide 20 days written notice, stating the particulars of the alleged event of Cause, and may only terminate for Cause if Executive has failed to cure or take reasonable steps
to cure such alleged event of Cause within such 20 day period. For purposes hereof, no act or omission shall be deemed “willful” unless it was taken (or not taken) in bad faith or without a reasonable belief that it was in the best
interests of the Company. 
 (4) Without Cause. Company, in its sole and absolute discretion, may terminate Executive’s
employment at any time without Cause and with or without notice, subject to subsection (b) below. 
 (5) Without Good Reason.
Executive may terminate his employment hereunder and this Agreement without Good Reason upon 30 days prior written notice. 
 (6) With
Good Reason. Executive may terminate his employment hereunder and this Agreement with Good Reason. For purposes of this Agreement, the term “Good Reason” means any of the following events without Executive’s prior written consent:
(i) material reduction in Executive’s duties, responsibilities or authority, (ii) no longer reporting to the Chief Executive Officer, (iii) an adverse change in title, (iv) a relocation of Executive’s primary office
location at least fifty miles father from both his then primary office location and the Executive’s then 

  
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primary residence, or (v) a material breach by the Company of this Agreement or any other agreement between the Executive and the Company (or an affiliate thereof). Resignation by Executive
for Good Reason shall be communicated by delivery to the Company of a written notice from Executive within ninety days of the event constituting Good Reason stating the particulars thereof. If an alleged event of Good Reason is susceptible to cure,
the Company shall have 30 days from the receipt of such notice to cure or take reasonable steps to cure such alleged event of Good Reason. Notwithstanding the foregoing, an event or condition shall not constitute Good Reason for purposes of this
Agreement unless Executive terminates his employment as a result of such event or condition no later than six months after the initial occurrence of such event or condition. 

(b) Effect of Termination. Effective as of the date of the termination of Executive’s employment pursuant to this Section 2,
Executive’s right to receive Base Salary, Benefits, expense reimbursement and other amounts (such as bonuses) for periods following the date of termination will cease, provided that Company will pay to Executive such amounts, if any, that
Executive has earned but are unpaid, payable in accordance with Company’s customary payroll practices or the applicable plan, program or policy. For the avoidance of doubt, Executive shall be entitled to receive (1) Base Salary through the
date of termination, (2) reimbursement of all reasonable and necessary business expenses incurred on or prior to the date of termination, (3) all payments due pursuant to any plan or arrangement of the Company, and (4) any other
payments or benefits required by law. If the Term ends as a result of Executive’s death or disability, he (or his estate) shall be entitled to receive the payments described in clauses (ii)–(iv) below as if his employment had been
terminated without Cause. Notwithstanding the foregoing, in the event Executive’s employment is terminated without Cause pursuant to Section 2(a)(4) or by the Executive with Good Reason pursuant to Section 2(a)(6), and subject to
Executive’s compliance with the conditions of Sections 2(c), 3 and 5(j) and execution and delivery within sixty (60) days following such termination of a full and general release of all claims, including but not limited to all claims in
connection with Executive’s employment or the termination thereof, in such form as reasonably required by Company and which shall be delivered on or about the date of termination (which is no longer subject to revocation under applicable law),
Company will have the following obligations to the Executive: 
 (i) Pay to the Executive an amount equal to eighteen (18) months of
his Base Salary (at the rate in effect on the date of termination but excluding any reduction that may have been the basis for a Good Reason termination), over the twelve (12) month period following the date of termination in substantially
equal installments in accordance with Company’s customary payroll practices, during which time Executive will be required to fully comply with Executive’s obligations under Section 3(b)(2) (the Cooling-Off Period), and Executive will
be required to certify such compliance in writing on a monthly basis; 
 (ii) pay to the Executive (A) 70% of the pro rata portion of
the Target Bonus within 30 days of the effective date of the release described above (such pro rata portion to be calculated by multiplying the Target Bonus in effect on the date of 

  
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termination (but excluding any reduction that may have been the basis for a Good Reason termination) by a fraction where the numerator is the number of days that have elapsed since the beginning
of the applicable year through the date of termination and the denominator is 365) and (B) at such time as bonuses are determined and paid to other executives of the Company for the year of termination, any additional bonus that would have been
due to the Executive if he had been employed at the payment date with such amount being consistent with the percentages paid to other executives but pro rated in the manner described above (to illustrate, if the other executives receive their target
bonus, then Executive shall be entitled to the pro rata portion of the remaining 30% of the Target Bonus or if the other executives receive 90% of their target bonus. Executive shall receive a pro rata portion of the additional 20%); 

(iii) pay to the Executive any bonus that has been earned from the year prior to the year in which the termination occurred to the extent it
has not been previously paid, payable at the time such bonuses are paid generally to other executives pursuant to Section 5 of the Express Terms and Conditions; 

(iv) pay that portion of the COBRA premium that it would have paid if Executive were an active employee for the same level of coverage in
place on the date of termination for a period of one year (or, if earlier, until he is eligible for comparable coverage with a subsequent employer); 

provided that, in the case of amounts in excess of the Separation Pay Limit (as defined in Section 5(j)(2) hereof), to the extent that the
Separation Pay Limit is applicable and the “short-term deferral” exception under Code Section 409A is not applicable, the first payment under clause (i) shall not be made prior to the sixtieth (60th) day following such
termination and such payment shall include any amounts that would otherwise be due prior thereto (and which has not previously been paid) and in such cases, not until the general release is executed, delivered and effective. Such payments will be in
lieu of all other rights of Executive under this Agreement, at law or in equity, except as provided in the first sentence of this Section 2(b). 

(c) Effect of Non-Renewal. In addition, notwithstanding anything to the contrary contained herein, in the event that a notice of
non-renewal is provided, Executive shall remain entitled to the annual bonus pursuant to Section 5 of the Express Terms and Conditions for the last year of the then effective Term, payable at the same time as bonuses are paid to other
executives as provided in such Section. 
 (d) Post Termination Conditions. Upon termination of Executive’s employment,
Executive will cooperate with and provide reasonable assistance to Company (with due regard to Executive’s business and personal commitments) regarding any litigation, contract negotiation, or other matter in which the benefit of
Executive’s knowledge or expertise may be requested by Company, including, without limitation, assisting Company, at Company’s request, in the preparation of litigation (including testifying). The Company shall promptly reimburse Executive
for all reasonable expenses incurred in connection with the provision of such services. 

  
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 (e) Exclusivity. During the Term, Executive shall not directly or indirectly enter into
any negotiations with anyone for the performance of services by Executive after the expiration of the Term if such services would violate Section 3(b)(2). 

3. Confidentiality/Trade Secrets/Unfair Competition: Competitive Activities; Proprietary Rights. 

(a) Confidentiality/Trade Secrets/Unfair Competition. 

(1) Defined. In the performance of Executive’s duties, Executive will have access to, receive and be entrusted with trade secrets
and other confidential information, included but not limited to information regarding marketing, sales, finances, management, administration, production, distribution, customer lists, pricing, plans, processes, and specifications, which are
presently owned, or at any time in the future may be developed and owned by Company or its affiliates or its or their agents or consultants, which are actually or may potentially be used in the operation of Company’s business, or obtained from
third parties under an agreement of confidentiality, and which is not otherwise part of the public domain (collectively the “Confidential Material”). 

(2) Prohibitions. Executive acknowledges and agrees that all Confidential Material is considered secret and is made available to
Executive in strictest confidence. Except in the performance of Executive’s duties or as may be required by applicable law, Executive shall not, directly or indirectly for any reason whatsoever, disclose, duplicate or use any such Confidential
Material, unless such Confidential Material ceases (through no fault of Executive) to be confidential because it has become part of the public domain. All records, files, drawings, documents, equipment and other tangible items, and all copies
thereof, wherever located, relating in any way to the Confidential Material or otherwise to Company’s business, which Executive prepares, uses or encounters, shall be and remain Company’s sole and exclusive property and shall be included
in the Confidential Material. Notwithstanding anything herein to the contrary, nothing in this Agreement shall be construed to prohibit Executive from reporting possible violations of federal or state laws or regulations to any governmental agency
or self-regulatory organization, or making other disclosures that are protected under whistle blower or other provisions of any federal or state law or regulation. Executive does not need the prior authorization of the Company to make any such
reports or disclosures and Executive is not required to notify the Company that he made such reports or disclosures. 
 (3)
Delivery. Upon termination of this Agreement by any means, or whenever requested by Company, Executive shall promptly deliver to Company any and all of the Confidential Material, and all copies thereof, not previously delivered to Company,
that may be or at any previous time has been in Executive’s possession or under Executive’s control. Executive hereby acknowledges that the sale or unauthorized use, duplication or disclosure of any Confidential Material by any means
whatsoever and any time before, during or after employment with Company shall constitute a material breach of this Agreement and unfair competition: and Executive agrees not to engage in unfair competition either during the time employed by Company
or at any time thereafter in perpetuity. 

  
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 (b) Competitive Activities. 

(1) Solicitation. Executive covenants and agrees that during the Term and for a period of one (1) year after the date of
termination of Executive’s employment, Executive shall not directly or indirectly influence or attempt to influence or solicit any existing (at the time of Executive’s termination) or prospective (known by Executive to be targeted at the
time of his/her termination or where the relationship is created after termination, but during the non-solicitation period) customers, employees, performers or independent contractors of Company or any of its affiliates to restrict, reduce, sever or
otherwise alter their relationship or prospective relationship with Company or such affiliates. 
 (2) Cooling-Off. Executive
further covenants and agrees that if Executive’s employment is terminated prior to the expiration of the Term, for a period of one (1) year after the date of termination (the “Cooling-Off Period”), Executive will not directly or
indirectly engage in the “Business” (as defined at the end of this Section 3(b)(2)) in the United States and Puerto Rico and any other country in which Company or any of its affiliates engages in such Business (whether alone, as a
partner, joint venturer, officer, director, employee, consultant or investor of any other entity), including but not limited to any activity that is competitive with or adverse to such business or that involves (x) representing, as talent agent
or otherwise, any performer or celebrity, (y) the production of advertising, news or programming of any kind or the distribution or transmission of any such advertising, news or programming wherever produced, or (z) the advertising,
marketing, telemarketing or sale of any product, institution or service. Executive also covenants and agrees that during the Cooling-Off Period Executive will not (other than in the performance of Executive’s duties under this Agreement) join
or participate with any person who is, or hereafter at any time is engaged by Company or any of its affiliates as an officer, performer or independent contractor in the conduct of any business, corporation, partnership, firm or enterprise competing
with the business of Company or any of its affiliates. For purposes of this subsection, “Business” means any and all forms of media, communication and entertainment, including, without limitation, television, radio, the internet (including
e-services and e-commerce), music, movies, theater, print and visual/audio entertainment via all methods of delivery whether now known or hereafter developed or conceived. Notwithstanding anything to the contrary contained herein or in any other
agreement between the Executive and the Company or an affiliate thereof, nothing shall prevent Executive from practicing law even if for an entity engaged in the Business other than in the capacity as an in-house attorney for a Business to the
extent that Business is directly and materially competitive with the Company. 
 (c) Copyrights and Other Intellectual and Industrial
Property Rights. 
 (1) Copyrights: Works Made For Hire. Executive acknowledges and agrees that Executive is Company’s
employee “for hire.” In this regard, Company, 

  
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and not Executive, is the sole and exclusive owner of the rights to the fruit, proceeds and work product of Executive, including, but not limited to, scripts, artwork, software programs,
lay-outs, story boards, characters, stage-names, slogans, designs, sales presentations, etc., created, written, developed, furnished, produced, disclosed or acquired by Executive, alone or in collaboration with others, during Executive’s
employment by Company as well as within the one (1) year period thereafter (collectively the “Work Product”). Executive further acknowledges and agrees that the Work Product constitutes “work made for hire” as such term is
defined in Section 101 of the U.S. Copyright Act of 1976 (17 U.S.C. §101), as amended, such that all copyrights in and to the Work Product, in any and all media and through all forms of communication or transmission, whether presently
known or hereafter developed, are the exclusive property of Company. If, for any reason, the Work Product or any portion thereof does not qualify as “work made for hire,” Executive is deemed to have hereby irrevocably sold, assigned and
transferred to Company all copyrights in and to the Work Product or applicable portion thereof, exclusively, in perpetuity and throughout the universe. 

(2) Other Intellectual or Industrial Property Rights. Without limitation to subparagraph 4(c)(1) above, Executive further acknowledges
and agrees that all rights in and to any patent, trademark, trade secret, or other intellectual or industrial property relating to Company’s actual or contemplated business or activities, where the underlying basis for such patent, trademark,
trade secret or other intellectual or industrial property is conceived, discovered, created, made, written, developed, etc. by Executive, alone or in collaboration with others, at any time during Executive’s employment by Company or within one
(1) year after the expiration or termination of Executive’s employment for any reason, shall belong to Company as its sole and exclusive property, and are hereby irrevocably assigned by Executive to Company, exclusively, in perpetuity and
throughout the universe. Executive shall promptly and fully disclose the underlying basis for all such patent, trademark, trade secret or other intellectual or industrial property to Company and shall cooperate with Company in perfecting its
ownership rights therein and thereto. 
 (3) Moral Rights. Executive hereby irrevocably assigns and transfers to Company,
exclusively, in perpetuity and throughout the world, any and all Moral Rights (as defined below) that Executive may have in or to the Work Product under the laws of any country or jurisdiction in the world. To the extent any such rights cannot be
assigned to Company, Executive hereby irrevocably waives in perpetuity and agrees never to assert such rights against Company or its affiliates, partners or licensees. In the event any such rights cannot be assigned to Company or waived by
Executive, Executive hereby irrevocably grants to Company an exclusive, worldwide, royalty-free, perpetual license, with the right to sublicense to others, to exploit such rights in any manner and for any purpose whatsoever. As used herein, the term
“Moral Rights” shall mean the rights to (a) divulge a work to the public, (b) retract a work from the public, (c) claim authorship of a work, and (d) prevent any distortion, mutilation, or other modification of a work;
the term shall include any and all similar rights existing under the laws of any country or jurisdiction in the world, or under any international treaties, regardless of whether such rights are generally referred to as moral rights.” 

  
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 4. Conflicts of Interest. Executive represents and warrants that Executive is familiar
with the provisions of Sections 317 and 507 of the Communications Act of 1934, as amended, recognizes Executive’s responsibilities and personal liabilities thereunder, and will fully comply with those provisions during the Term. Specifically,
Executive will not, without the prior knowledge and written consent of Company in each instance: (a) engage in any business or economic activity that would create a conflict of interest in the selection of broadcast matter; (b) accept any
favors, loans, entertainment or anything of value from persons seeking the airing of any matter in return therefor; or (c) promote over the air any activity or matter in which Executive or any affiliate of Executive has a direct or indirect
financial interest. Executive will provide Company with such information and execute such certifications as Company may from time to time reasonably require to enable Company to discharge its obligations under the above-referenced statutory
provisions. 
 5. Miscellaneous. 

(a) Succession. This Agreement shall inure to the benefit of and shall be binding upon Company, its successors and assigns. The
obligations and duties of Executive hereunder are personal and not assignable. Company will have the right to assign its rights and obligations only to any successor or affiliate of Company, provided that the Company remains liable for such
obligations. 
 (b) Notices. Any notice provided for in this Agreement shall be in writing and sent: 

If to Company to: 
 Frank
Lopez-Balboa, EVP, Chief Financial Officer 
 Univision Communications Inc. 

605 Third Avenue, 12th Floor 

New York, NY 10158 
 With copies
to: 
 Ray Mercedes, Senior Vice President/Associate General Counsel 

Univision Communications Inc. 

605 Third Avenue, 12th Floor 

New York, NY 10158 
 Fax:
(212) 937-3901 
 or at such other address as Company may from time to time in writing designate; and, if to Executive, at such address as Executive
may from time to time in writing designate (or Executive’s residential address of record in the absence of such designation) with copies to Bonnie Klugman, Esq., Becker, Glynn, Muffly, Chassin & Hosinski, LLP, 299 Park Avenue. New
York, NY 10171, Fax No. (212) 888-0255. All notices will be deemed to have been given immediately if communicated by telecopy or facsimile transmission, and two (2) business days after they have been deposited, in the United

  
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States mail, certified, return receipt requested, postage paid and properly addressed to the designated address of the party to receive the notice (or on the date the return receipt is signed, if
later than two (2) business days). 
 (c) Entire Agreement. This instrument (together with the Indemnification Agreement
referred to below) constitutes and contains the entire agreement and final understanding concerning Executive’s employment and the other subject matters addressed herein between the parties. It is intended by the parties as a complete and
exclusive statement of the terms of their agreement, and supersedes and replaces all prior negotiations and all agreements, proposed or otherwise, whether written or oral, concerning the subject matters hereof. Any representation, warranty, covenant
or agreement not specifically included in this Agreement will not be binding upon or enforceable against either party. This is a fully-integrated agreement. No amendment or modification of the terms of this Agreement will be valid unless made in
writing and signed by Executive and Company. 
 (d) Waiver. No failure on the part of any party to exercise or delay in exercising
any right hereunder will be deemed a waiver thereof or of any other right, nor will any single or partial exercise preclude any further or other exercise of such or any other right. 

(e) Choice of Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York
applicable to contracts made and to be performed in such State and without regard to conflicts of law doctrines, except to the extent that federal law preempts certain matters. 

(f) Severability. If this Agreement for any reason is or becomes unenforceable in any material respect by any party, it shall thereupon
terminate and become unenforceable by the other party as well. In all other respects, if any provision of this Agreement is held invalid or unenforceable, the remainder of the Agreement shall nevertheless remain in full force and effect, and if any
provision is held invalid or unenforceable with respect to particular circumstances, it shall nevertheless remain in full force and effect in all other circumstances, to the fullest extent permitted by law. In the event that any portion of the
second paragraph of Section 1 or any portion of Section 3 of these Standard Terms and Conditions is more restrictive than permitted by applicable law, such provisions shall be deemed and construed as limited to the extent, but only to the
minimum extent, necessary to permit their enforcement under such law. In particular, the parties acknowledge that the duration and geographic scope of such provisions may be so limited to permit the greatest possible enforcement thereof. 

(g) Withholding. All compensation payable hereunder shall be subject to applicable taxes, withholding, premium charges, co-payment of
benefits, self-insured retentions and other normal deductions. 
 (h) Remedies. Each of the parties to this Agreement will be
entitled to enforce its rights under this Agreement to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights at law or in equity 

  
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existing in its favor. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for certain breaches of the provisions of this Agreement and that any party may in
its sole discretion apply to any court of law or equity of competent jurisdiction for injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement. Such injunctive relief shall be available without the posting
of any bond or other security. In this connection, the parties agree that the services to be rendered by Executive under this Agreement are of a special, unique and extraordinary nature, which gives them a peculiar value and that a breach by
Executive will cause Company great and irreparable injury and harm. 
 (i) Survival. The provisions of Sections 2(b)(c), 3(a)(b)(c),
and 5(d)(e)(f)(h)(i)(j) will survive the expiration or earlier termination of this Agreement. 
 (j) Code Section 409A. 

(1) The parties agree that this Agreement shall be interpreted to comply with or be exempt from Internal Revenue Code Section 409A and
the regulations and guidance promulgated thereunder to the extent applicable (collectively “Code Section 409A”). and all provisions of this Agreement shall be construed in a manner consistent with the requirements for avoiding
taxes or penalties under Code Section 409A. In no event whatsoever will Company be liable for any additional tax, interest or penalties that may be imposed on Executive under Code Section 409A or any damages for failing to comply with Code
Section 409A. 
 (2) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement
providing for the payment of any amounts or benefits subject to Code Section 409A upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A
and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” In the event that as a result of an earlier
absence because of mental or physical incapacity Executive incurs a “separation from service,” Executive shall on such date automatically be terminated from employment as a Disability termination. If Executive is deemed on the date of
termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code
Section 409A payable on account of a “separation from service,” such payment or benefit shall be made or provided at the date which is the earlier of (i) the expiration of the six (6)-month period measured from the date of such
“separation from service” of Executive, and (ii) the date of Executive’s death (the “Delay Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this
Section 6(j)(2) (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to Executive in a lump sum, and any remaining payments and benefits due under
this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. For purposes of this Agreement, the term “Separation Pay Limit” shall mean, two (2) times the lesser of
(i) Executive’s annualized 

  
 13 

 
compensation based on Executive’s annual rate of pay for the taxable year of Executive preceding the taxable year in which Executive has a “separation from service,” and
(ii) the maximum amount that may be taken into account under a tax qualified plan pursuant to Internal Revenue Code Section 401(a)(17) for the year in which Executive incurs a “separation from service.” 

(3) (i) All expenses or other reimbursements as provided herein shall be payable in accordance with Company’s policies in effect from
time to time, but in any event shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by Executive, (ii) no such reimbursement or expenses eligible for reimbursement in any
taxable year shall in any way affect the expenses eligible for reimbursement in any other taxable year and (iii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchanged for another benefit. 

(4) For purposes of Code Section 409A, Executive’s right to receive any installment payments pursuant to this Agreement shall be
treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within sixty (60) days following
the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of Company. 
 6.
Indemnification. The Company and the Executive have entered into the Indemnification Agreement attached hereto as Exhibit B. 
 7.
Legal Fees. The Company shall pay the cost of Executive’s legal fees incurred in connection with this Agreement up to $25,000. 

  
 14THE CLOROX COMPANY
2005
STOCK INCENTIVE PLAN 
PERFORMANCE
SHARE AWARD AGREEMENT 

NOTICE OF PERFORMANCE SHARE
GRANT
The Clorox Company, a
Delaware company (the “Company”), grants to the Grantee named below, in
accordance with the terms of The Clorox Company 2005 Stock Incentive Plan (the
“Plan”) and this performance share award agreement (the “Agreement”), the
following number of Performance Shares on the terms set forth below:

	GRANTEE:	  	(refer to UBS Financial Services Inc. (“UBS”)
      account for details)
	TARGET AWARD:		(refer to UBS account for details)
	PERFORMANCE PERIOD:		July
      1, 2015 through June 30, 2018
	DATE OF GRANT:		
	 
	SETTLEMENT DATE:		Within 75 days following the last day of the
      Performance Period, provided the Grantee has remained in the employment or
      service of the Company or its Subsidiaries through such date (except for a
      termination of employment or service due to death, Disability or
      Retirement, as provided below)

AGREEMENT 

	1.	       	Grant of
      Performance Shares. The
      Company hereby grants to the Grantee the Target Award set forth above,
      payment of which is dependent upon the achievement of certain performance
      goals more fully described in Section 3 of this Agreement. This Award is
      subject to the terms, definitions and provisions of the Plan and this
      Agreement. All terms, provisions, and conditions applicable to the
      Performance Shares set forth in the Plan and not set forth herein are
      incorporated by reference. To the extent any provision hereof is
      inconsistent with a provision of the Plan, the provisions of the Plan will
      govern. All capitalized terms that are used in this Agreement and not
      otherwise defined herein shall have the meanings ascribed to them in the
      Plan.
	 
	2.		Nature and
      Settlement of Award. The
      Performance Shares awarded pursuant to this Agreement represent the
      opportunity to receive Shares of the Company and Dividend Equivalents on
      such Shares (as described in Section 4 below). The Company shall issue to
      the Participant one Share for each vested Performance Share (plus any
      Dividend Equivalents accrued with respect to such vested Performance
      Shares), rounded down to the nearest whole share, less any Shares withheld
      in accordance with the provisions of Section 7 of this Agreement.
      Settlement shall occur on a date chosen by the Committee, which date shall
      be within seventy-five (75) days following the last day of the Performance
      Period, or any deferred settlement date established pursuant to Section 6
      of this Agreement, whichever is later (the “Settlement Date”), and except
      as specifically provided in Section 5 of this Agreement, provided the
      Grantee has remained in the employment or service of the Company or its
      Subsidiaries through the Settlement Date. Although vested within the
      meaning of Section 83 of the Internal Revenue Code since no substantial
      risk of forfeiture exists at the Settlement Date, the Performance Shares
      (and any associated Dividend Equivalents) will not be earned until the
      Grantee has fulfilled all of the conditions precedent set forth in this
      Agreement, including, but not limited to, the obligations set forth in
      Sections 9(b), 9(c), 9(d), 9(e) and Section 10, and the Grantee shall have
      no right to retain the Shares or the value thereof upon vesting or
      settlement of the Performance Shares until all such conditions precedent
      have been satisfied.

- 1 - 

	3.	       	Determination of
      Number of Performance Shares Vested.
	 
			The number of
      Performance Shares vested, if any, for the Performance Period shall be
      determined in accordance with the following
formula:
	 
	# of Performance Shares =
Payout Percentage x Target Award 

	 
	 	 	The “Payout Percentage” is
based on cumulative economic profit (“EP”), calculated as described in the
paragraph below, at the end of the Performance Period, determined in accordance
with the following table:

	   FY16 – FY18	Payout
	 	 
	 	 
	 	 
	 	
	 	
	   	 
	Performance Period is FY16-FY18
	Interim percentages to be
  interpolated

		      
      	Cumulative
      EP will be the sum of annual EP results over the Performance Period.
      Annual EP is defined as Earnings Before Interest & Taxes (“EBIT”),
      adjusted for non-cash restructuring charges, times one minus the tax rate,
      less capital charge.
	 
			Notwithstanding the above, the EP levels in the preceding table
      shall be adjusted, fairly and appropriately, in accordance with the Plan
      and, as provided in this Agreement, to reflect accurately the direct and
      measurable effect of the impact of each of the following events not
      otherwise reflected in the determination of the initial EP levels (each,
      an “Event”) including, without limitation, the financial statement impact
      on the Company on account of the occurrence or potential occurrence of an
      Event: (1) the acquisition or divestiture of a business, (2) a Change in
      Control, (3) U.S. Federal changes in tax statutes or the addition or
      deletion of taxes to which the Company or any Affiliated Company is
      subject, (4) force majeure (including events known as “Acts of God”), (5)
      the adoption of new or revised accounting pronouncements or changes to
      application of accounting pronouncements, and (6) any extraordinary,
      unusual or non-recurring item not previously listed. Notwithstanding the
      foregoing, an event listed in the preceding sentence shall not qualify as
      an Event, and therefore no adjustment shall be made to the EP levels,
      unless the impact of the occurrence or potential occurrence of such an
      event listed in the preceding sentence exceeds $2 million in EP. The
      purpose of any adjustments on account of the occurrence of an Event is to
      keep the probability of achieving the EP levels the same as if the Event
      triggering such adjustment had either not occurred or had not resulted in
      any financial statement impact. The determination of any adjustments shall
      be based on the Company’s accounting as set forth in its books and records
      (including business projections) and/or in the annual budget and/or long
      range plan of the Company pursuant to which the EP levels were originally
      established. The amount of any such adjustment shall be approved by the
      Committee in its good faith determination in accordance with the
      provisions of this paragraph. To the extent applicable, the Committee
      shall condition the determination of the number of Performance Shares
      vested under this Section 3 upon the satisfaction of the adjusted EP
      levels. All Performance Shares that are not vested for the Performance
      Period shall be forfeited as of the last day of the Performance
      Period.
	  
	4.		Dividend
      Equivalent Rights. No
      Dividend Equivalents shall be paid to the Grantee prior to the settlement
      of the award. Rather, such Dividend Equivalent payments will accrue and be
      notionally credited to the Grantee’s Performance Share account and paid
      out at the Payout Percentage in the form of additional Shares (the
      “Dividend Equivalent Shares”) upon settlement of the award, as described
      in Section 2 above.
	 
	5.		Termination of Continuous Service. Except as otherwise provided below, if the
      Grantee’s employment or service with the Company and its Subsidiaries is
      terminated for any reason prior to the Settlement Date, all Performance
      Shares and Dividend Equivalents subject to this Agreement shall be
      immediately forfeited.
	 
			a.	       	Termination due to
      Death or Disability. If the
      Grantee’s termination of employment or service is due to death or
      Disability, all Performance Shares and Dividend Equivalents shall
      immediately vest and will be paid upon completion of the Performance
      Period based on the level of performance achieved as of the end of such
      Performance Period.

- 2 - 

			b.		Termination due to
      Retirement. If the
      Grantee’s termination of employment or service is due to Retirement and is
      more than twelve (12) months from the Date of Grant set forth in this
      Agreement, the Performance Shares shall vest on a pro rata monthly basis,
      including full credit for partial months elapsed, and will be paid upon
      completion of the Performance Period based on the level of performance
      achieved as of the end of such Performance Period; provided, however, that
      this provision shall not apply in the event the Grantee’s employment or
      service is terminated for Cause. The amount of the vested Award may be
      computed under the following formula: Target Award times (number of full
      months elapsed in Performance Period divided by number of full months in
      Performance Period) times percent performance level achieved as of the end
      of the Performance Period. Dividend Equivalents accrued through the
      Grantee’s date of termination due to Retirement shall be paid at the same
      time as the settlement of the vested Performance Shares.
	 
			c.	       	Definition of
      “Retirement.” For purposes
      of this Agreement, the term “Retirement” shall mean termination of
      employment or service as an Employee after (1) twenty (20) or more years
      of “vesting service,” which solely for purposes of this Agreement, shall
      be calculated under Article III of The Clorox Company 401(k) Plan (the
      “401(k) Plan”) entitled “Service” along with any other relevant provisions
      of the 401(k) Plan necessary or desirable to give full effect thereto, or
      any successor provisions, regardless of the status of the Grantee with
      respect to the 401(k) Plan (“Vesting Service”), or (2) attaining age
      fifty-five with ten (10) or more years of Vesting Service.
	 
			d.		Definition of
      “Disability.” For purposes
      of this Agreement, the Grantee’s employment shall be deemed to have
      terminated due to the Grantee’s Disability if the Grantee is entitled to
      long-term disability benefits under the Company’s long-term disability
      plan or policy, as in effect on the date of termination of the Grantee’s
      employment.
	 
	6.	       	Election
      to Defer Settlement. Prior
      to the commencement of the last year of the Performance Period, the
      Grantee may elect to defer the settlement of the Performance Shares from
      the last day of the Performance Period until a date at least two years
      following such date, or until the Grantee’s later termination of
      employment or service. If the Grantee makes such an election, it will
      become irrevocable on the date of such election. If the Grantee makes such
      an election, any Dividend Equivalents awarded with respect to such
      deferred Performance Shares shall also be deferred under the same terms.
      If the Grantee makes such an election, but a transaction occurs that
      subjects the Grantee’s Performance Shares to Section 19 of the Plan prior
      to the settlement date, the Grantee’s deferral election will terminate and
      the Grantee’s Performance Shares and Dividend Equivalents will be settled
      as of the date of that transaction. The Company may terminate any deferral
      hereunder if a change in law requires such termination.
	 
	7.		Taxes. Pursuant to
      Section 16 of the Plan, the Committee shall have the power and the right
      to deduct or withhold, or require the Grantee to remit to the Company, an
      amount sufficient to satisfy any applicable tax withholding requirements
      applicable to this Award. The Committee may condition the issuance of
      Shares upon the Grantee’s satisfaction of such withholding obligations.
      The Grantee may elect to satisfy all or part of such withholding
      requirement by tendering previously-owned Shares or by having the Company
      withhold Shares having a Fair Market Value equal to the minimum statutory
      withholding rate that could be imposed on the transaction (or such other
      rate that will not result in a negative accounting impact) or in such
      other manner as is acceptable to the Company. Such election shall be
      irrevocable, made in writing, signed by the Grantee, and shall be subject
      to any restriction or limitations that the Committee, in its sole
      discretion, deems appropriate.
	 
	8.		Transferability of Performance Shares. Performance Shares shall not be
      transferable by the Grantee other than by will or by the laws of descent
      or distribution. For avoidance of doubt, Shares issued to the Grantee in
      settlement of Performance Shares pursuant to Section 2 of this Agreement
      shall not be subject to any of the foregoing transferability
      restrictions.

- 3 - 

	9.      
      	Protection of Trade
      Secrets and Limitations on Retention.
				 
	        	a.		Definitions.
		 
			      
    	i.	       	“Affiliated Company”
      means any organization controlling, controlled by or under common control
      with the Company.
		 
				ii.		“Confidential Information” means the Company’s technical or business or personnel
      information not readily available to the public or generally known in the
      trade, including inventions, developments, trade secrets and other
      confidential information, knowledge, data and know-how of the Company or
      any Affiliated Company, whether or not they originated with the Grantee,
      or information which the Company or any Affiliated Company received from
      third parties under an obligation of confidentiality.
		 
				iii.		“Conflicting Product”
      means any product, process, machine, or service of any person or
      organization, other than the Company or any Affiliated Company, in
      existence or under development that (1) resembles or competes with a
      product, process, machine, or service upon or with which the Grantee shall
      have worked during the two years prior to the Grantee’s termination of
      employment with the Company or any Affiliated Company or (2) with respect
      to which during that period of time the Grantee, as a result of his/her
      job performance and duties, shall have acquired knowledge of Confidential
      Information, and whose use or marketability could be enhanced by
      application to it of Confidential Information. For purposes of this
      section, it shall be conclusively presumed that the Grantee has knowledge
      of information to which s/he has been directly exposed through actual
      receipt or review of memorandum or documents containing such information
      or through actual attendance at meetings at which such information was
      discussed or disclosed.
		 
				iv.		“Conflicting Organization” means any person or organization that is engaged in or about to
      become engaged in research on or development, production, marketing or
      selling of a Conflicting Product.
		 
		b.		Right to Retain
      Shares Contingent on Protection of Confidential
      Information. In partial
      consideration for the award of these Performance Shares, the Grantee
      agrees that at all times, both during and after the term of the Grantee’s
      employment with the Company or any Affiliated Company, to hold in the
      strictest confidence, and not to use (except for the benefit of the
      Company at the Company’s direction) or disclose (except for the benefit of
      the Company at the Company’s direction), regardless of when disclosed to
      the Grantee, any and all Confidential Information of the Company or any
      Affiliated Company. The Grantee understands that for purposes of this
      Section 9(b), Confidential Information further includes, but is not
      limited to, information pertaining to any aspect of the business of the
      Company or any Affiliated Company which is either information not known
      (or known as a result of a wrongful act of the Grantee or of others who
      were under confidentiality obligations as to the item or items involved)
      by actual or potential competitors of the Company or other third parties
      not under confidentiality obligations to the Company. If, prior to the
      expiration of the Performance Period or at any time within one (1) year
      after the Settlement Date, the Grantee discloses or uses, or threatens to
      disclose or use, any Confidential Information other than in the course of
      performing authorized services for the Company (or any Affiliated
      Company), the Performance Shares, whether vested or not, will be
      immediately forfeited and cancelled, and the Grantee shall immediately
      return to the Company the Shares or the pre-tax income derived from any
      disposition of the Shares.

- 4 - 

		c.		No Interference
      with Customers or Suppliers. In partial consideration for the award of these Performance
      Shares, in order to forestall the disclosure or use of Confidential
      Information as well as to deter the Grantee’s intentional interference
      with the contractual relations of the Company or any Affiliated Company,
      the Grantee’s intentional interference with prospective economic advantage
      of the Company or any Affiliated Company and to promote fair competition,
      the Grantee agrees that the Grantee’s right to the Shares upon settlement
      of the Performance Shares is contingent upon the Grantee refraining, for a
      period of one (1) year after the date of settlement of the Performance
      Shares, for himself/herself or any third party, directly or indirectly,
      from using Confidential Information to (1) divert or attempt to divert
      from the Company (or any Affiliated Company) any business of any kind in
      which it is engaged, or (2) intentionally solicit its customers with which
      it has a contractual relationship as to Conflicting Products, or to
      interfere with the contractual relationship with any of its suppliers or
      customers (collectively, “Interfere”). If, during the term of the
      Performance Period or at any time within one (1) year after the Settlement
      Date, the Grantee breaches his/her obligation not to Interfere, the
      Grantee’s right to the Shares upon settlement of the Performance Shares
      shall not have been earned and the Performance Shares, whether vested or
      not, will be immediately cancelled, and the Grantee shall immediately
      return to the Company the Shares or the pre-tax income derived from any
      disposition of the Shares. For avoidance of doubt, the term “Interfere”
      shall not include any advertisement of Conflicting Products through the
      use of media intended to reach a broad public audience (such as
      television, cable or radio broadcasts, or newspapers or magazines) or the
      broad distribution of coupons through the use of direct mail or through
      independent retail outlets. THE
      GRANTEE UNDERSTANDS THAT THIS PARAGRAPH IS NOT INTENDED TO AND DOES NOT
      PROHIBIT THE CONDUCT DESCRIBED, BUT PROVIDES FOR THE CANCELLATION OF THE
      PERFORMANCE SHARES AND A RETURN TO THE COMPANY OF THE SHARES OR THE GROSS
      TAXABLE PROCEEDS OF THE SHARES IF THE GRANTEE SHOULD CHOOSE TO VIOLATE
      THIS “NO INTERFERENCE WITH CUSTOMERS OR SUPPLIERS” PROVISION DURING THE
      TERM OF THE PERFORMANCE PERIOD OR WITHIN ONE (1) YEAR AFTER THE SETTLEMENT
      DATE.
		 
	        	d.	       	No Solicitation of
      Employees. In partial
      consideration for the award of these Performance Shares, in order to
      forestall the disclosure or use of Confidential Information, as well as to
      deter the Grantee’s intentional interference with the contractual
      relations of the Company or any Affiliated Company, the Grantee’s
      intentional interference with prospective economic advantage of the
      Company or any Affiliated Company, and to promote fair competition, the
      Grantee agrees that the Grantee’s right to the Shares upon settlement of
      the Performance Shares is contingent upon the Grantee refraining, for a
      period of one (1) year after the date of settlement of the Performance
      Shares, for himself/herself or any third party, directly or indirectly,
      from soliciting for employment any person employed by the Company, or by
      any Affiliated Company, during the period of the solicited person’s
      employment and for a period of one (1) year after the termination of the
      solicited person’s employment with the Company or any Affiliated Company
      (collectively “Solicit”). If, during the term of the Performance Period or
      at any time within one (1) year after the Settlement Date, the Grantee
      breaches his/her obligation not to Solicit, the Grantee’s right to the
      Shares upon settlement of the Performance Shares shall not have been
      earned and the Performance Shares, whether vested or not, will be
      immediately cancelled, and the Grantee shall immediately return to the
      Company the Shares or the pre-tax income derived from any disposition of
      the Shares. THE GRANTEE UNDERSTANDS
      THAT THIS PARAGRAPH IS NOT INTENDED TO AND DOES NOT PROHIBIT THE CONDUCT
      DESCRIBED, BUT PROVIDES FOR THE CANCELLATION OF THE PERFORMANCE SHARES AND
      A RETURN TO THE COMPANY OF THE SHARES OR THE GROSS TAXABLE PROCEEDS OF THE
      SHARES IF THE GRANTEE SHOULD CHOOSE TO VIOLATE THIS NON-SOLICITATION OF
      EMPLOYEES PROVISION DURING THE TERM OF THE PERFORMANCE PERIOD OR WITHIN
      ONE (1) YEAR AFTER THE SETTLEMENT DATE.
				 
		e.		Injunctive and
      Other Available Relief. By
      acceptance of these Performance Shares, the Grantee acknowledges that, if
      the Grantee were to breach or threaten to breach his/her obligation
      hereunder not to Interfere or Solicit or not to disclose or use any
      Confidential Information other than in the course of performing authorized
      services for the Company (or any Affiliated Company), the harm caused to
      the Company by such breach or threatened breach would be, by its nature,
      irreparable because, among other things, damages would be significant and
      the monetary harm that would ensue would not be able to be readily proven,
      and that the Company would be entitled to injunctive and other appropriate
      relief to prevent threatened or continued breach and to such other
      remedies as may be available at law or in equity. To the extent not
      prohibited by law, any cancellation of the Performance Shares pursuant to
      any of Sections 9(b) through 9(d) above shall not restrict, abridge or
      otherwise limit in any fashion the types and scope of injunctive and other
      available relief to the Company. Notwithstanding any provision of this
      Agreement to the contrary, nothing under this Agreement shall limit,
      abridge, modify or otherwise restrict the Company (or any Affiliated
      Company) from pursuing any or all legal, equitable or other appropriate
      remedies to which the Company may be entitled under any other agreement
      with the Grantee, any other plan, program, policy or arrangement of the
      Company (or any Affiliated Company) under which the Grantee is covered or
      participates, or any applicable law, all to the fullest extent not
      prohibited under applicable law.

- 5 - 

			f.	       	Permitted Reporting and
      Disclosure. Notwithstanding
      any language in this Agreement to the contrary, nothing in this Agreement
      prohibits Grantee from reporting possible violations of federal law or
      regulation to any governmental agency or governmental entity, or making
      other disclosures that are protected under federal law or regulation;
      provided, that, in each case such communications and disclosures are
      consistent with applicable law. Notwithstanding the foregoing, under no
      circumstance is Grantee authorized to disclose any information covered by
      the Company’s attorney-client privilege or attorney work product or the
      Company’s trade secrets without prior written consent of the Company’s
      General Counsel. Any reporting or disclosure permitted under this Section
      9(f) shall not result in the cancellation of Performance
      Shares.
	  
	10.	       	Right to Retain
      Shares Contingent on Continuing Non-Conflicting Employment. In partial consideration for the award of
      these Performance Shares, in order to forestall the disclosure or use of
      Confidential Information, as well as to deter the Grantee’s intentional
      interference with the contractual relations of the Company or any
      Affiliated Company, the Grantee’s intentional interference with
      prospective economic advantage of the Company or any Affiliated Company,
      and to promote fair competition, the Grantee agrees that the Grantee’s
      right to the Shares upon settlement of the Performance Shares is
      contingent upon the Grantee refraining, during the term of the Performance
      Period and for a period of one (1) year after the Settlement Date, from
      rendering services, directly or indirectly, as director, officer,
      employee, agent, consultant or otherwise, to any Conflicting Organization
      except a Conflicting Organization whose business is diversified and that,
      as to that part of its business to which the Grantee renders services, is
      not a Conflicting Organization, provided that the Company shall receive
      separate written assurances satisfactory to the Company from the Grantee
      and the Conflicting Organization that the Grantee shall not render
      services during such period with respect to a Conflicting
    Product. If, prior to the expiration of the Performance Period or at any time within one (1) year after the Settlement Date, the Grantee shall render services to any Conflicting Organization other than as expressly permitted herein, the Grantee’s right to the Shares upon settlement of the Performance Shares shall not have been earned and the Performance Shares, whether vested or not, will be immediately cancelled, and the Grantee shall immediately return to the Company the Shares or the pre-tax income derived from any disposition of the Shares. THE GRANTEE UNDERSTANDS THAT THIS PARAGRAPH IS NOT INTENDED TO AND DOES NOT PROHIBIT THE GRANTEE FROM RENDERING SERVICES TO A CONFLICTING ORGANIZATION, BUT PROVIDES FOR THE CANCELLATION OF THE PERFORMANCE SHARES AND A RETURN TO THE COMPANY OF THE SHARES OR THE GROSS TAXABLE PROCEEDS OF THE SHARES IF THE GRANTEE SHOULD CHOOSE TO RENDER SUCH SERVICES DURING THE TERM OF THE PERFORMANCE PERIOD OR WITHIN ONE (1) YEAR AFTER THE SETTLEMENT DATE.
	  
	11.		Repayment
      Obligation. In the event
      that (1) the Company issues a restatement of financial results to correct
      a material error and (2) the Committee determines, in good faith, that the
      Grantee’s fraud or willful misconduct was a significant contributing
      factor to the need to issue such restatement and (3) some or all of the
      Performance Shares that were granted and/or vested prior to such
      restatement would not have been granted and/or vested, as applicable,
      based upon the restated financial results, the Grantee shall immediately
      return to the Company the Performance Shares or any Shares or the pre-tax
      income derived from any disposition of the Shares previously received in
      settlement of the Performance Shares that would not have been granted
      and/or vested based upon the restated financial results (the “Repayment
      Obligation”). The Company shall be able to enforce the Repayment
      Obligation by all legal means available, including, without limitation, by
      withholding such amount from other sums owed by the Company to the
      Grantee.
	  
	12.		Miscellaneous
      Provisions.
	  
			a.		Rights as a Stockholder. Neither the Grantee nor the Grantee’s
      transferee or representative shall have any rights as a stockholder with
      respect to any Shares subject to this Award until the Performance Shares
      have been settled and Share certificates have been issued to the Grantee,
      transferee or representative, as the case may be.
	  
			b.		Choice of Law, Exclusive Jurisdiction and
      Venue. This Agreement shall
      be governed by, and construed in accordance with, the laws of the State of
      Delaware, excluding any conflicts or choice of law rule or principle that
      might otherwise refer construction or interpretation of this Agreement to
      the substantive law of another jurisdiction. The courts of the State of
      Delaware shall have exclusive jurisdiction over any disputes or other
      proceedings relating to this Agreement, and venue shall reside with the
      courts in New Castle County, Delaware, including if jurisdiction shall so
      permit, the U.S. District Court for the District of Delaware.
      Accordingly, the Grantee
      agrees that any claim of any type relating to this Agreement must be
      brought and maintained in the appropriate court located in New Castle
      County, Delaware, including if jurisdiction will so permit, in the U.S.
      District Court for the State of Delaware. The Grantee hereby consents to
      the jurisdiction over the Grantee of any such courts and waives all
      objections based on venue or inconvenient
  forum.

- 6 - 

	        	c.	       	Modification or
      Amendment. This Agreement
      may be modified or amended by the Board or the Committee at any time;
      provided, however, no modification or amendment to this Agreement shall be
      made which would materially and adversely affect the rights of the
      Grantee, without such Grantee’s written consent.
	 	 
		d.		Severability. In the
      event any provision of this Agreement shall be held illegal or invalid for
      any reason, the illegality or invalidity shall not affect the remaining
      provisions of this Agreement, and this Agreement shall be construed and
      enforced to reflect the intent of the parties to the fullest extent not
      prohibited by law, and in the event that such provision is not able to be
      so construed and enforced, then this Agreement shall be construed and
      enforced as if such illegal or invalid provision had not been included. In
      amplification of the preceding sentence, in the event that the time period
      or scope of any provision is declared by a court or arbitrator of
      competent jurisdiction to exceed the maximum time period or scope that
      such court or arbitrator deems enforceable, then such court or arbitrator
      shall have the power to reduce the time period or scope to the maximum
      time period or scope permitted by law.
		 
		e.		References to
      Plan. All references to the
      Plan shall be deemed references to the Plan as may be
amended.
		 
		f.		Headings. The
      captions used in this Agreement are inserted for convenience and shall not
      be deemed a part of this Agreement for construction or
      interpretation.
		 
		g.		Interpretation. Any
      dispute regarding the interpretation of this Agreement shall be submitted
      by the Grantee or by the Company forthwith to the Board or the Committee,
      which shall review such dispute at its next regular meeting. The
      resolution of such dispute by the Board or the Committee shall be final
      and binding on all persons. It is the intention of the Company and the
      Grantee to make the promises contained in this Agreement reasonable and
      binding only to the extent that it may be lawfully done under existing
      applicable laws. This Agreement and the Plan constitute the entire and
      exclusive agreement between the Grantee and the Company, and it supersedes
      all prior agreements or understandings, whether written or oral, with
      respect to the grant of Performance Shares set forth in this
      Agreement.
		 
		h.		Section 409A
      Compliance. To the extent
      applicable, it is intended that the Plan and this Agreement 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”). Any provision
      of the Plan or this Agreement that would cause this Award 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 any
      provision of the Plan to the contrary, if the Grantee is a “specified
      employee” (as defined in Section 1.409A-1(i) of the Treasury Department
      Regulations) at the time of the Grantee’s “separation from service” (as
      defined in Section 1.409A-1(h) of the Treasury Department Regulations),
      and a payment to the Grantee under this Agreement is subject to Section
      409A and is being made to the Grantee on account of the Grantee’s
      separation from service, then to the extent not paid on or before March 15
      of the calendar year following the calendar year in which the separation
      from service occurred, such payment shall be delayed until the earlier of
      the date which is six (6) months after the date of the Grantee’s
      separation from service or the date of death of the Grantee. Any payments
      that were scheduled to be paid during the six (6) month period following
      the Grantee’s separation from service, but which were delayed pursuant to
      this Section 12(h), shall be paid without interest on, or as soon as
      administratively practicable after, the first day following the six (6)
      month anniversary of the Grantee’s separation from service (or, if
      earlier, the date of the Grantee’s death). Any payments that were
      originally scheduled to be paid following the six (6) months after the
      Grantee’s separation from service shall continue to be paid in accordance
      with their predetermined schedule.

- 7 - 

	        	i.	       	Agreement with
      Terms. Receipt of any
      benefits under this Agreement by the Grantee shall constitute the
      Grantee’s acceptance of and agreement with all of the provisions of this
      Agreement and of the Plan that are applicable to this Agreement, and the
      Company shall administer this Agreement
accordingly.

		THE CLOROX COMPANY
		 
		/s/
      Benno Dorer
		 
		By:
      Benno Dorer
		Its:
      Chief Executive Officer

THE GRANTEE ACKNOWLEDGES AND
AGREES THAT THIS AGREEMENT IS A UNILATERAL CONTRACT AND THAT THE GRANTEE’S RIGHT
TO THE SHARES PURSUANT TO THIS AGREEMENT IS ACCEPTED AND EARNED ONLY BY
CONTINUING EMPLOYMENT AT THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING
HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER) AND BY
ACHIEVEMENT OF THE PERFORMANCE CRITERIA AND BY COMPLIANCE WITH THE GRANTEE’S
VARIOUS OBLIGATIONS UNDER THIS AGREEMENT. THE GRANTEE FURTHER ACKNOWLEDGES AND
AGREES THAT NOTHING IN THIS AGREEMENT, NOR IN THE PLAN, SHALL CONFER UPON THE
GRANTEE ANY RIGHT WITH RESPECT TO CONTINUATION OF EMPLOYMENT BY THE COMPANY, NOR
SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE COMPANY’S RIGHT TO
TERMINATE THE GRANTEE’S EMPLOYMENT AT ANY TIME, FOR ANY REASON OR NO REASON,
WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT ADVANCE NOTICE EXCEPT AS MAY BE
REQUIRED BY APPLICABLE LAW. 

The Grantee acknowledges that  a copy of the Plan, Plan Information and the
Company’s Annual Report and Proxy  Statement (the “Prospectus Information”) are available for viewing on the
Company’s Clorox web site at http://CLOROXWEB.clorox.com/hr/stock.
The Grantee hereby consents to receive the Prospectus Information  electronically or, in the alternative, to contact the HR
Service Center at  1-800-709-7095 to request a paper copy of the Prospectus Information. The  Grantee represents that s/he is
familiar with the terms and provisions thereof,  and hereby accepts this Agreement subject to all of the terms and provisions
thereof. The Grantee has reviewed the Plan and this Agreement in their entirety,  has had an opportunity to obtain the advice
of counsel prior to executing this  Agreement and fully understands all provisions of the Agreement. The Grantee
acknowledges and hereby agrees to accept as binding, conclusive and final all  decisions or interpretations of the Committee
upon any questions arising under  the Plan or this Agreement. The Grantee further agrees to notify the Company  upon any
change in the residence address indicated below. 

	Dated: 	 	    	Signed:	 	 
			Grantee	 
	  
	 
			Residence Address:
	 	 	 
			 	 
			 
			 	 

- 8 -

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