Document:

PUCEC11 - CEC PUAgmt –
2011

THE 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 Solium
      Capital account for details)
	TARGET
      AWARD:		(refer to Solium
      Capital account for details)
	PERFORMANCE
      PERIOD:	 	July 1, 2011 through
      June 30, 2014
	DATE OF
      GRANT:		September 13,
      2011
	 
	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 deliver
      to the Participant one Share for each Performance Share earned (plus any
      accrued Dividend Equivalents), 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.
	       
	3.	Determination of
      Number of Performance Shares Earned.
		      
    	
		a.	Notwithstanding anything herein to the
      contrary, no Performance Shares will be eligible to be earned pursuant to
      Section 3 of this Agreement unless the Company’s cumulative operating
      profit (“Operating Profit”), calculated as described in paragraph c. below
      and certified in writing by the Committee, over the Performance Period
      exceeds $ million. If the Company’s cumulative Operating Profit over
      the Performance Period does not exceed $ million, all Performance
      Shares shall be forfeited as of the last day of the Performance Period. In
      the event that the Company’s cumulative Operating Profit over the
      Performance Period exceeds $ million, then the number of Performance
      Shares provisionally earned, prior to and subject to the application of
      the formula set forth in paragraph 3.b. below, shall be equal to 150% of
      the Target Award.

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		b.	Subject to achievement of the Operating Profit goal set
      forth in paragraph a. above, the number of Performance Shares earned, 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 paragraph
      below at the end of the Performance Period, determined in accordance with
      the following table:

	FY12 – FY14	Payout
		0%
		50%
		75%
		100%
		125%
		150%
	       Performance Period is
      FY12-FY14
       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, costs
      and expenses incurred by 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, or (3) the adoption of new or revised
      accounting pronouncements or changes to application of accounting
      pronouncements. 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 $5 million in Net Operating Profit After Tax
      (“NOPAT”). NOPAT will be EBIT, adjusted for non-cash restructuring
      charges, times one minus the tax rate. 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 not occurred. The determination of any adjustments shall be
      based on the Company’s accounting as set forth in its books and records
      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 earned under this paragraph 3 b. upon the
      satisfaction of the adjusted EP levels. All Performance Shares that are
      not earned for the Performance Period shall be
      forfeited as of the last day of the Performance
    Period.

		
		       	 
		c.	
      Operating Profit is net sales minus
      costs of sales, research and development, advertising and promotion and
      selling and administrative expenses. Operating Profit for each year during
      the Performance Period 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 Operating Profit goal (each, an “OP Event”) including, without
      limitation, costs and expenses incurred by the Company on account of the
      occurrence or potential occurrence of an OP Event: (1) the acquisition or
      divestiture of a business; (2) a Change in Control; (3) the adoption of
      new or revised accounting pronouncements or changes to application of
      accounting pronouncements; or (3) the incurrence of a non-cash
      restructuring and/or asset impairment charge. Notwithstanding the foregoing, no adjustment shall be made to the
      Operating Profit goal unless the aggregate
      financial impact of the occurrence or potential occurrence of all OP
      Events exceeds $20 million in Operating Profit during the Performance
      Period. The purpose of any adjustments on account of the occurrence of an
      OP Event is to keep the probability of achieving the Operating Profit goal
      the same as if the OP Event triggering such adjustment had not occurred.
      The determination of any adjustments shall be based on the Company’s
      accounting as set forth in its books and records and/or in the annual
      budget and/or long range plan of the Company pursuant to which the
      Operating Profit goal was 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.

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-

	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.
		      
    	
		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 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 (i) twenty (20)
      or more years of “vesting service” as defined in The Clorox Company
      Pension Plan (“Vesting Service”), or (ii) 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, 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
      Grantee’s later termination of employment or service. If Grantee makes
      such an election, it will become irrevocable on the date of such election.
      If 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 Grantee makes such an election, but a transaction
      occurs that subjects Grantee’s Performance Shares to Section 19 of the
      Plan prior to the settlement date, Grantee’s deferral election will
      terminate and 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.

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	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 delivery 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.
	 
	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
      technical or business 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 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.
      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 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. 

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		c.	Right to Retain Shares Contingent on Continuing
      Non-Conflicting Employment. In partial
      consideration for the award of these Performance Shares, 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 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. 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 FORFEITURE 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.
	       	       	
		d.	No Interference with Customers or
      Suppliers. In partial consideration for
      the award of these Performance Shares and to forestall the disclosure or
      use of Confidential Information as well as to avoid Grantee’s intentional
      interference with the contractual relations of the Company or any
      Affiliated Company or Grantee’s intentional interference with prospective
      economic advantage of the Company or any Affiliated Company, the Grantee
      agrees that for a period of one (1) year after the date of settlement of
      the Performance Shares, s/he shall not, for himself/herself or any third
      party, directly or indirectly, use Confidential Information to divert or
      attempt to divert from the Company (or any Affiliated Company) any
      business of any kind in which it is engaged, or to intentionally solicit
      its customers with which it has a contractual relationship as to
      Conflicting Products, or 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 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. 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.
		 
		e.	No Solicitation of Employees. In partial consideration for the award of these Performance
      Shares and to forestall the disclosure or use of Confidential Information,
      the Grantee agrees that for a period of one (1) year after the date of
      settlement of the Performance Shares, Grantee shall not, for
      himself/herself or any third party, directly or indirectly, solicit 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 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.

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		f.	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. Any forfeiture or cancellation of the
      Performance Shares pursuant to any of Sections 9.b through 9.e above shall
      not restrict, abridge or otherwise limit in any fashion the types and
      scope of injunctive and other available relief to the Company under this
      Section 9.f.
		       	 
	10.	Repayment
      Obligation. In the event that (i) the
      Company issues a restatement of financial results to correct a material
      error and (ii) the Committee determines, in good faith, that Grantee’s
      fraud or willful misconduct was a significant contributing factor to the
      need to issue such restatement and (iii) some or all of the Performance
      Shares that were granted and/or earned prior to such restatement would not
      have been granted and/or earned, 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 earned 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 Grantee.
	       	 
	11.	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, Grantee agrees that any claim of any type relating
      to this Agreement brought by Grantee against the Company or any Affiliated
      Company, or any of their respective employees, directors or agents 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. Grantee hereby consents to the
      jurisdiction over Grantee of any such courts and waives all objections
      based on venue or inconvenient forum.
	 
		c.	Modification or
      Amendment. This Agreement may only be
      modified or amended by written agreement executed by the parties hereto;
      provided, however, that the adjustments permitted pursuant to Section 18
      of the Plan may be made without such written agreement.
	 
		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.

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	       	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 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 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
      Grantee’s “separation from service” (as defined in Section 1.409A-1(h) of
      the Treasury Department Regulations), and a payment to Grantee under this
      Agreement is subject to Section 409A and is being made to Grantee on
      account of 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
      Grantee’s separation from service or the date of death of 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 11.h, shall be paid without interest on, or as
      soon as administratively practicable after, the first day following the
      six (6) month anniversary of Grantee’s separation from service (or, if
      earlier, the date of Grantee’s death). Any payments that were originally
      scheduled to be paid following the six (6) months after Grantee’s
      separation from service shall continue to be paid in accordance with their
      predetermined schedule.
		 
		i.	Agreement with Terms.
      Receipt of any benefits under this Agreement by Grantee shall constitute
      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
  

	
      By:
	
	Its:      
      	Chairman of the Board and
  CEO

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GRANTEE ACKNOWLEDGES AND AGREES THAT THE
VESTING OF THE PERFORMANCE SHARES PURSUANT TO THIS AGREEMENT IS 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 GRANTEE’S VARIOUS
OBLIGATIONS UNDER THIS AGREEMENT. GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT
NOTHING IN THIS AGREEMENT, NOR IN THE PLAN SHALL
CONFER UPON GRANTEE ANY RIGHT WITH RESPECT TO CONTINUATION OF EMPLOYMENT BY THE
COMPANY, NOR SHALL IT INTERFERE IN ANY WAY WITH GRANTEE’S RIGHT OR THE COMPANY’S
RIGHT TO TERMINATE 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
Cloroxweb 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. 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. 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. Grantee further agrees to notify the Company upon
any change in the residence address indicated below. 

	Dated: 	 	 Signed: 		
				             
      Grantee	

	Residence Address:	
	 	 
	 	

- 8 -US PSU Agreement GL32 VP/CEC

THE 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 Solium Capital account for
      details)
	TARGET
    AWARD:		(refer to Solium Capital account for
      details)
	PERFORMANCE
      PERIOD:		July 1, 2012 through June 30,
  2015
	DATE OF
    GRANT:		September 11, 2012
	 
	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.
		      
    
	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 

- 1 -

	
             
	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:

	FY13
      – FY15	Payout
		0%
		50%
		75%
		100%
		125%
		150%
		
	
             Performance Period is
      FY13-FY15
       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” as defined in The Clorox Company Pension 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.
	 
	9.	Protection of Trade
      Secrets and Limitations on Retention.
	 
	 	a.	Definitions.

- 3 -

	      
      	       	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.
		 
		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.

- 4 -

		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.
	      
    
	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.

- 5 -

	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.
	      
  
		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.

- 6 -

	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.
	 
	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
  

	
      By:
	
	Its:      
      	Chairman of the Board and
  CEO

- 7 -

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
Cloroxweb 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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