CLOROX CO /DE/
EXHIBIT 10-4 (HENKEL 7/16/86)
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>7
<FILENAME>ex10-4tidied.htm
<DESCRIPTION>EXHIBIT 10-4 (HENKEL 7/16/86)
<TEXT>
<html>
<head>
<title>AGREEMENT</title>
</head>
<body>
<div>
<p><u><font size="3" face=
"Times New Roman">AGREEMENT</font></u></p>

<p align="center"><u><font size="3" face=
"Times New Roman"></font></u></p>

<p align="center"><u><font size="3" face=
"Times New Roman"></font></u></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AGREEMENT, dated as of July 16, 1986 between HENKEL KgaA, organized
under the laws of the Federal Republic of Germany
(&ldquo;Henkel&rdquo;), and THE CLOROX COMPANY, a California
corporation on its own behalf and on behalf of a Delaware
corporation to be organized to succeed to its business
(&ldquo;Clorox&rdquo;).</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, pursuant to an agreement dated June 18, 1981 between
Henkel and Clorox (the &ldquo;1981 Agreement&rdquo;), Henkel has
the right to two representatives on the board of directors of
Clorox (the &ldquo;Board&rdquo;).</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, pursuant to the 1981 Agreement, Henkel has the additional
right to seek additional representation on the Board consistent
with the number of seats on the Board, the size of Henkel&rsquo;s
shareholdings (relative to the number of shares of Clorox common
stock outstanding) and other circumstances.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, the 1981 Agreement obligates Clorox to use its best
efforts to have no fewer than two Henkel representatives serve on
the Board and to assure Henkel appropriate representation on the
committees thereof.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, Henkel now owns beneficially approximately twenty-five
percent (25%) of the outstanding common stock of Clorox.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, Clorox wishes to reincorporate in the State of
Delaware.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, the State of California, in which Clorox is now
incorporated, provides for mandatory cumulative voting of common
stock, and the State of Delaware does not.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, Clorox does not wish to provide for cumulative voting in
its Delaware Certificate of Incorporation.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, the parties hereto wish to provide to Henkel the net
effect of cumulative voting to the greatest extent possible in the
absence of mandatory cumulative voting and to enable Henkel to
cause special shareholders&rsquo; meetings to be held.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NOW, THEREFORE, paragraph 2 of the 1981 Agreement is hereby
superseded and replaced by the following provisions (without
affecting the remainder of the 1981 Agreement including its
incorporation by reference of the provisions of Section 4 of the
letter agreement of July 31, 1974, all of which remain in
effect):</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2 (a) So long as Henkel shall own beneficially not less than five
percent (5%) of the outstanding common stock of Clorox, Clorox
shall:</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">(i)&nbsp; cause to be
nominated as management candidates for election to the Board at all
elections of directors at shareholders&rsquo; meetings that number
of persons designated by Henkel so that, after such election,
Henkel shall be Appropriately Represented;</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">(ii)&nbsp; cause to be
elected at any election of directors, including as the result of an
increase in the number of directors, other than at a
shareholders&rsquo; meeting that number of persons designated by
Henkel so that, after such election, Henkel shall be Appropriately
Represented; and</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">(iii)&nbsp; otherwise use
its best efforts to cause Henkel to be Appropriately
Represented.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">In addition, Clorox shall
cause each committee of the Board to include directors designated
by Henkel so that the number of such directors on each such
committee shall be as nearly as possible proportional to the number
of such directors on the Board.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="left"><font size="3" face="Times New Roman">(b)&nbsp;
Henkel shall be Appropriately Represented, as that term is used in
subparagraph (a) hereof, if the number of persons on the Board
designated by Henkel shall not be less than the greater of (i) the
maximum number of persons which Henkel could cause to be elected to
the Board at a shareholders&rsquo; meeting by cumulating the votes
of shares owned by it in the manner prescribed in Section 708 of
the California Corporations Code in effect on the date hereof,
assuming that 100% of the shares entitled to vote are represented
and that any fractional result is rounded up to the next whole
number, and (ii) two.&nbsp; In addition, Henkel shall be
Appropriately Represented if all persons Henkel designates are
elected to the Board even if the number of such persons is less
than the number of persons determined pursuant to the first
sentence hereof.</font></p>

<p align="left"><font size="3" face="Times New Roman"></font></p>

<p align="left"><font size="3" face="Times New Roman">(c)&nbsp; So
long as Henkel shall own beneficially not less than ten percent
(10%) of the outstanding common stock of Clorox, upon request of
Henkel, the Board, or any person of persons authorized by the
certificate of incorporation or by-laws of Clorox to call special
shareholders&rsquo; meetings, shall call and otherwise cause to be
convened a special shareholders&rsquo; meeting.</font></p>

<p align="left"><font size="3" face="Times New Roman"></font></p>

<p align="left"><font size="3" face="Times New Roman"></font></p>

<table border="1" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">H E N K E L&nbsp; K G a
A</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">THE CLOROX
COMPANY</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">By:&nbsp; <u>/s/ Prof.
Sihler</u></font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">s</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">By:&nbsp; <u>/s/ C. R.
Weaver</u>,</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">By:&nbsp; <u>/s/ Dr.
Winkhau</u></font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">By:&nbsp; <u>/s/ E/ A/
Cutter</u></font></p>
</td>
</tr>
</table>

<p align="left"><font size="3" face="Times New Roman"></font></p>

<p align="left"><font size="3" face="Times New Roman"></font></p>

<p align="left"><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
