CLOROX CO /DE/
EXHIBIT 10-14 (IDSOP)
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>14
<FILENAME>ex10-14tidied.htm
<DESCRIPTION>EXHIBIT 10-14 (IDSOP)
<TEXT>
<html>
<head>
<title>THE CLOROX COMPANY</title>
</head>
<body>
<div>
<pre>
<font size="2" face="Courier New">THE CLOROX COMPANY</font>
</pre>

<pre>
<font size="2" face=
"Courier New">INDEPENDENT DIRECTORS' STOCK-BASED COMPENSATION PLAN</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face="Courier New">Table of Contents</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face="Courier New">Page</font>
</pre>

<pre>
<font size="2" face=
"Courier New">ARTICLE I&nbsp;&nbsp; INTRODUCTION</font>
</pre>

<pre>
<font size="2" face=
"Courier New">1.01&nbsp;&nbsp;&nbsp;&nbsp; Establishment of Plan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1</font>
</pre>

<pre>
<font size="2" face=
"Courier New">1.01&nbsp;&nbsp;&nbsp;&nbsp; Purpose of Plan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1</font>
</pre>

<pre>
<font size="2" face=
"Courier New">1.02&nbsp;&nbsp;&nbsp;&nbsp; Effective Date of Plan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">ARTICLE II&nbsp;&nbsp; DEFINITIONS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">ARTICLE III&nbsp;&nbsp; CREDITS</font>
</pre>

<pre>
<font size="2" face=
"Courier New">3.01&nbsp;&nbsp;&nbsp;&nbsp; Transition Credits&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3</font>
</pre>

<pre>
<font size="2" face=
"Courier New">3.02&nbsp;&nbsp;&nbsp;&nbsp; Automatic Credits&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3</font>
</pre>

<pre>
<font size="2" face=
"Courier New">3.03&nbsp;&nbsp;&nbsp;&nbsp; Elective Credits&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">ARTICLE IV&nbsp;&nbsp; ACCOUNTS AND INVESTMENTS</font>
</pre>

<pre>
<font size="2" face=
"Courier New">4.01&nbsp;&nbsp;&nbsp;&nbsp; Accounts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5</font>
</pre>

<pre>
<font size="2" face=
"Courier New">4.02&nbsp;&nbsp;&nbsp;&nbsp; Deferred Stock Units&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5</font>
</pre>

<pre>
<font size="2" face=
"Courier New">4.03&nbsp;&nbsp;&nbsp;&nbsp; Deferred Cash Accounts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6</font>
</pre>

<pre>
<font size="2" face=
"Courier New">4.04&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical Nature of Accounts</font>
</pre>

<pre>
<font size="2" face=
"Courier New">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Investments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; 6</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">ARTICLE V&nbsp;&nbsp; PAYMENTS</font>
</pre>

<pre>
<font size="2" face=
"Courier New">5.01&nbsp;&nbsp;&nbsp;&nbsp; Entitlement to Payment&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6</font>
</pre>

<pre>
<font size="2" face=
"Courier New">5.02&nbsp;&nbsp;&nbsp;&nbsp; Payment Commencement Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7</font>
</pre>

<pre>
<font size="2" face=
"Courier New">5.03&nbsp;&nbsp;&nbsp;&nbsp; Form and Amount of Payment&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">ARTICLE VI&nbsp;&nbsp; ADMINISTRATION</font>
</pre>

<pre>
<font size="2" face=
"Courier New">6.01&nbsp;&nbsp;&nbsp;&nbsp; In General&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8</font>
</pre>

<pre>
<font size="2" face=
"Courier New">6.02&nbsp;&nbsp;&nbsp;&nbsp; Plan Amendment and Termination&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8</font>
</pre>

<pre>
<font size="2" face=
"Courier New">6.03&nbsp;&nbsp;&nbsp;&nbsp; Reports to Participants&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8</font>
</pre>

<pre>
<font size="2" face=
"Courier New">6.04&nbsp;&nbsp;&nbsp;&nbsp; Delegation of Authority&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">ARTICLE VII&nbsp;&nbsp;&nbsp; CHANGE OF CONTROL</font>
</pre>

<pre>
<font size="2" face=
"Courier New">7.01&nbsp;&nbsp;&nbsp;&nbsp; Change of Control Defined&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9</font>
</pre>

<pre>
<font size="2" face=
"Courier New">7.02&nbsp;&nbsp;&nbsp;&nbsp; Effect of Change of Control&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">ARTICLE VII&nbsp;&nbsp;&nbsp; MISCELLANEOUS</font>
</pre>

<pre>
<font size="2" face=
"Courier New">8.01&nbsp;&nbsp;&nbsp;&nbsp; Rights Not Assignable&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11</font>
</pre>

<pre>
<font size="2" face=
"Courier New">8.02&nbsp;&nbsp;&nbsp;&nbsp; Certain Rights Reserved&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11</font>
</pre>

<pre>
<font size="2" face=
"Courier New">8.03&nbsp;&nbsp;&nbsp;&nbsp; Withholding Taxes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11</font>
</pre>

<pre>
<font size="2" face=
"Courier New">8.04&nbsp;&nbsp;&nbsp;&nbsp; Incompetence&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11</font>
</pre>

<pre>
<font size="2" face=
"Courier New">8.05&nbsp;&nbsp;&nbsp;&nbsp; Inability to Locate Participants</font>
</pre>

<pre>
<font size="2" face=
"Courier New">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Beneficiaries&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11</font>
</pre>

<pre>
<font size="2" face=
"Courier New">8.06&nbsp;&nbsp;&nbsp;&nbsp; Successors&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12</font>
</pre>

<pre>
<font size="2" face=
"Courier New">8.07&nbsp;&nbsp;&nbsp;&nbsp; Usage&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12</font>
</pre>

<pre>
<font size="2" face=
"Courier New">8.08&nbsp;&nbsp;&nbsp;&nbsp; Severability&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12</font>
</pre>

<pre>
<font size="2" face=
"Courier New">8.09&nbsp;&nbsp;&nbsp;&nbsp; Governing Law&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 13</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face="Courier New">&nbsp; ARTICLE I</font>
</pre>

<pre>
<font size="2" face=
"Courier New">ESTABLISHMENT AND PURPOSES OF PLAN</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">1.01&nbsp;&nbsp;&nbsp;&nbsp; Establishment of Plan</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">The Company hereby establishes the Clorox Company Independent</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Directors' Stock-Based Compensation Plan, a nonqualified</font>
</pre>

<pre>
<font size="2" face=
"Courier New">deferred compensation plan for the Independent Directors of</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Company.&nbsp; The Plan shall be an unfunded plan within the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">meaning of the Internal Revenue Code of 1986, as amended.&nbsp;</font>
</pre>

<pre>
<font size="2" face=
"Courier New">It is intended that the Plan not cover employees and</font>
</pre>

<pre>
<font size="2" face=
"Courier New">therefore not be subject to the Employee Retirement</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Income Security Act of 1974, as amended.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">1.02&nbsp;&nbsp;&nbsp;&nbsp; Purpose of Plan</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">The purpose of the Plan is to enhance the Company's ability</font>
</pre>

<pre>
<font size="2" face=
"Courier New">to attract and retain Independent Directors whose training,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">experience and ability will promote the interests of the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Company and to directly align the interests of such</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Independent Directors with the interests of the Company's</font>
</pre>

<pre>
<font size="2" face=
"Courier New">shareowners by providing compensation based on the value of</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Clorox Common&nbsp; Stock.&nbsp; The Plan is designed to permit such</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Independent Directors to defer the receipt of all or a</font>
</pre>

<pre>
<font size="2" face=
"Courier New">portion of the cash compensation otherwise payable to</font>
</pre>

<pre>
<font size="2" face=
"Courier New">them for services to the Company as members of the Board.&nbsp;</font>
</pre>

<pre>
<font size="2" face=
"Courier New">This Plan replaces the Company's Directors' Deferred</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Compensation Plan and the Directors' Retirement Plan with</font>
</pre>

<pre>
<font size="2" face=
"Courier New">respect to persons who are the Independent Directors of the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Company on July 1, 1996, or who become such after that date.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">1.03&nbsp;&nbsp;&nbsp;&nbsp; Effective Date of Plan</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Except as otherwise provided by Section 3.01, the Plan shall</font>
</pre>

<pre>
<font size="2" face=
"Courier New">apply only to a Participant's Director's Fees with respect</font>
</pre>

<pre>
<font size="2" face=
"Courier New">to service on and after July 1, 1996.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face="Courier New">&nbsp;</font>
</pre>

<pre>
<font size="2" face="Courier New">ARTICLE II</font>
</pre>

<pre>
<font size="2" face="Courier New">DEFINITIONS</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Unless the context clearly indicates otherwise, the following</font>
</pre>

<pre>
<font size="2" face=
"Courier New">terms, when used in capitalized form in the Plan, shall have</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the meanings set forth below:</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Account shall mean a bookkeeping account established for a</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Participant under Section 4.01.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Article shall mean an article of the Plan.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Beneficiary shall mean a Participant's beneficiary, designated</font>
</pre>

<pre>
<font size="2" face=
"Courier New">in writing and in a form and manner satisfactory to the Board,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">or if a Participant fails to designate a beneficiary, or</font>
</pre>

<pre>
<font size="2" face=
"Courier New">if the Participant's designated Beneficiary predeceases</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Participant, the Participant's estate.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Board shall mean the Board of Directors of the Company.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Clorox Common Stock shall mean the common stock of the Company.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Closing Price shall mean, with respect to any date specified</font>
</pre>

<pre>
<font size="2" face=
"Courier New">by the Plan, the closing price of a share of Clorox Common&nbsp;</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Stock on the composite tape of New York&nbsp; Stock Exchange issues</font>
</pre>

<pre>
<font size="2" face=
"Courier New">(or if there was no reported sale of Clorox Common Stock&nbsp;</font>
</pre>

<pre>
<font size="2" face=
"Courier New">on such date, on the next preceding day on which there was</font>
</pre>

<pre>
<font size="2" face="Courier New">such a reported sale).</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Company shall mean The Clorox Company.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Deferred Stock Unit shall mean a hypothetical share of Clorox</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Common Stock as described in Section 4.02.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Director's Fees shall mean the annual retainer and meeting</font>
</pre>

<pre>
<font size="2" face=
"Courier New">fees payable to a Participant for services to the Company</font>
</pre>

<pre>
<font size="2" face=
"Courier New">as an Independent Director.&nbsp; Director's Fees do not include</font>
</pre>

<pre>
<font size="2" face=
"Courier New">amounts credited to a Participant under Section 3.01 or</font>
</pre>

<pre>
<font size="2" face="Courier New">Section 3.02 hereof.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Exchange Act means the Securities Exchange Act of 1934,</font>
</pre>

<pre>
<font size="2" face="Courier New">as amended.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Independent Director means any individual who serves as a</font>
</pre>

<pre>
<font size="2" face=
"Courier New">member of the Board of Directors of the Company and who</font>
</pre>

<pre>
<font size="2" face=
"Courier New">is not an employee of the Company or any of its subsidiaries.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Participant means an Independent Director who is participating</font>
</pre>

<pre>
<font size="2" face="Courier New">in the Plan.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Payment Anniversary Date shall mean an anniversary of the</font>
</pre>

<pre>
<font size="2" face="Courier New">Payment Commencement Date.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Payment Commencement Date shall mean the first business day of</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Plan Year immediately following the Plan Year in which</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Participant terminates service as a member of the Board.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Plan shall mean this Clorox Company Independent Directors'</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Stock-Based Compensation Plan, as set forth herein and as</font>
</pre>

<pre>
<font size="2" face="Courier New">amended from time to time.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Plan Year shall mean the calendar year.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Section shall mean a section of the Plan.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face="Courier New">&nbsp;</font>
</pre>

<pre>
<font size="2" face="Courier New">ARTICLE III</font>
</pre>

<pre>
<font size="2" face="Courier New">CREDITS</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">3.01&nbsp;&nbsp;&nbsp;&nbsp; Transition Credits</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">(a)&nbsp;&nbsp;&nbsp;&nbsp; Retirement Plan Credits.&nbsp; As soon as practicable on</font>
</pre>

<pre>
<font size="2" face=
"Courier New">or after July 1, 1996, the Company shall credit to the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Account of each Participant a number of Deferred Stock Units</font>
</pre>

<pre>
<font size="2" face=
"Courier New">determined in accordance with the schedule set forth in</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Appendix I to the Plan.&nbsp; The credits set forth in Appendix I</font>
</pre>

<pre>
<font size="2" face=
"Courier New">shall be provided in lieu of any benefits to which the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Participant otherwise would have been entitled under The</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Clorox Company Directors' Retirement Plan as of its termination</font>
</pre>

<pre>
<font size="2" face="Courier New">on June 30, 1996.&nbsp;</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">(b)&nbsp;&nbsp;&nbsp;&nbsp; Deferred Compensation Plan Credits.&nbsp;</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp;&nbsp;&nbsp; Each Participant who has a balance standing to</font>
</pre>

<pre>
<font size="2" face=
"Courier New">his or her credit in the Directors' Deferred Compensation</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Plan as of July 1, 1996, shall be permitted a one-time</font>
</pre>

<pre>
<font size="2" face=
"Courier New">election, on or before December 31, 1996, to convert all</font>
</pre>

<pre>
<font size="2" face=
"Courier New">or a portion of the balance standing to his or her credit</font>
</pre>

<pre>
<font size="2" face=
"Courier New">in the Directors' Deferred Compensation Plan to Deferred</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Stock Units as of December 31, 1996.&nbsp; A Participant who</font>
</pre>

<pre>
<font size="2" face=
"Courier New">elects to convert all or a portion of his or her&nbsp; account</font>
</pre>

<pre>
<font size="2" face=
"Courier New">in the Directors' Deferred Compensation Plan to Deferred</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Stock Units shall be credited with the number of Deferred</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Stock Units determined by dividing the portion of his or</font>
</pre>

<pre>
<font size="2" face=
"Courier New">her account in the Directors' Deferred Compensation Plan on</font>
</pre>

<pre>
<font size="2" face=
"Courier New">December 31, 1996, for which such election is made by the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">average of the daily Closing Price for the month of December</font>
</pre>

<pre>
<font size="2" face="Courier New">1996.&nbsp;</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp;&nbsp;&nbsp;&nbsp; A Participant who does not elect to convert all</font>
</pre>

<pre>
<font size="2" face=
"Courier New">of the balance standing to his or her credit in the Directors'</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Deferred Compensation Plan to Deferred Stock Units shall have</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the balance not converted transferred to a Deferred Cash</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Account which, thereafter, shall be administered under the</font>
</pre>

<pre>
<font size="2" face="Courier New">terms of this Plan.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">3.02&nbsp;&nbsp;&nbsp;&nbsp; Automatic Credits</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">As of the last day of each Plan Year, the Company shall credit</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Deferred Stock Units to each Participant's Deferred Stock Unit</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Account equal to the number of Deferred Stock Units determined</font>
</pre>

<pre>
<font size="2" face=
"Courier New">by dividing Ten Thousand Dollars ($10,000) by the average of</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Closing Prices for the trading days in the month of</font>
</pre>

<pre>
<font size="2" face=
"Courier New">December.&nbsp; In the case of a Participant whose service as an</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Independent Director terminates during the Plan Year, the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">applicable dollar amount shall be determined by multiplying</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Ten Thousand Dollars ($10,000) by a fraction, the numerator of</font>
</pre>

<pre>
<font size="2" face=
"Courier New">which shall be the number of full calendar quarters of service</font>
</pre>

<pre>
<font size="2" face=
"Courier New">as an Independent Director completed by the Participant during</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Plan Year and the denominator of which shall be four.&nbsp;</font>
</pre>

<pre>
<font size="2" face="Courier New">&nbsp;</font>
</pre>

<pre>
<font size="2" face=
"Courier New">3.03&nbsp;&nbsp;&nbsp;&nbsp; Elective Credits</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">(a)&nbsp;&nbsp;&nbsp;&nbsp; Subject to the provisions of this Section 3.03, a</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Participant may make an irrevocable election, with respect</font>
</pre>

<pre>
<font size="2" face=
"Courier New">to each Plan Year, to receive all or a portion of his or her</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Director's Fees for the year in the form of cash, shares of</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Clorox Common Stock, deferred cash or Deferred Stock Units,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">provided that an individual who becomes a Participant on the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Effective Date may elect to receive Director's Fees for the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">first quarter of the Company's fiscal year 1997 only in the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">form of cash or shares of Clorox Common Stock.&nbsp; An election</font>
</pre>

<pre>
<font size="2" face=
"Courier New">under this Section 3.03 shall be made in a form and manner</font>
</pre>

<pre>
<font size="2" face=
"Courier New">satisfactory to the Board and shall be effective for a Plan</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Year only if made before the beginning of the Plan Year;</font>
</pre>

<pre>
<font size="2" face=
"Courier New">provided that (i) an individual who becomes a Participant</font>
</pre>

<pre>
<font size="2" face=
"Courier New">on the Effective Date may make an election to receive</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Director's Fees in the form of cash, shares of Clorox Common</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Stock, deferred cash or Deferred Stock Units for the second</font>
</pre>

<pre>
<font size="2" face=
"Courier New">quarter of the Company's fiscal year 1997 on or before</font>
</pre>

<pre>
<font size="2" face=
"Courier New">September 30, 1997, and (ii) any other individual who</font>
</pre>

<pre>
<font size="2" face=
"Courier New">becomes a Participant after the first day of a Plan Year</font>
</pre>

<pre>
<font size="2" face=
"Courier New">may make the election for that Plan Year within 30 days of</font>
</pre>

<pre>
<font size="2" face=
"Courier New">becoming a Participant. A Participant who does not file a</font>
</pre>

<pre>
<font size="2" face=
"Courier New">timely election for a Plan Year shall receive his or her</font>
</pre>

<pre>
<font size="2" face="Courier New">Director's Fees in cash.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">(b)&nbsp;&nbsp;&nbsp;&nbsp; A Participant who elects to receive his or her</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Director's Fees in the form of shares of Clorox Common Stock,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">deferred cash, and/or Deferred Stock Units shall specify</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the percentage of such Director's Fees (in multiples of 10%,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">with an aggregate minimum of 50%) to be paid in the form</font>
</pre>

<pre>
<font size="2" face=
"Courier New">of shares of Clorox Common Stock, deferred cash or Deferred</font>
</pre>

<pre>
<font size="2" face="Courier New">Stock Units.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">(c)&nbsp;&nbsp;&nbsp;&nbsp; A Participant who elects to receive shares of</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Clorox Common Stock shall be distributed shares of Clorox</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Common Stock as of the last day of each calendar quarter</font>
</pre>

<pre>
<font size="2" face=
"Courier New">equal to his or her accrued Director's Fees for the quarter,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">multiplied by the percentage of such Director's Fees</font>
</pre>

<pre>
<font size="2" face=
"Courier New">previously selected by the Participant to be applied to the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">purchase of shares of Clorox Common Stock, and divided by</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Closing Price as of the last trading day in such calendar</font>
</pre>

<pre>
<font size="2" face=
"Courier New">quarter.&nbsp; Cash shall be distributed in lieu of fractional</font>
</pre>

<pre>
<font size="2" face=
"Courier New">shares of Clorox Common Stock.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">(d)&nbsp;&nbsp;&nbsp;&nbsp; A Participant who elects to receive deferred cash</font>
</pre>

<pre>
<font size="2" face=
"Courier New">shall have credited to his or her Deferred Cash Account as</font>
</pre>

<pre>
<font size="2" face=
"Courier New">of the last day of each calendar quarter an amount</font>
</pre>

<pre>
<font size="2" face=
"Courier New">determined by multiplying his or her accrued Director's</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Fees for the quarter by the percentage of such Director's</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Fees previously selected by the Participant to be received</font>
</pre>

<pre>
<font size="2" face="Courier New">as deferred cash.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">(e)&nbsp;&nbsp;&nbsp;&nbsp; A Participant who elects to receive Deferred Stock</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Units shall have credited to his or her Deferred Stock</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Unit Account as of the last day of each calendar quarter</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the number of Deferred Stock Units determined by multiplying</font>
</pre>

<pre>
<font size="2" face=
"Courier New">his or her accrued Director's Fees for the quarter by the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">percentage of such Director's Fees previously selected by</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Participant to be applied to the purchase of Deferred</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Stock Units, and dividing the product thereof by the Closing</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Price as of the last trading day in such calendar quarter.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face="Courier New">ARTICLE IV</font>
</pre>

<pre>
<font size="2" face="Courier New">ACCOUNTS AND INVESTMENTS</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">4.01&nbsp;&nbsp;&nbsp;&nbsp; Accounts</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">A separate Account under the Plan shall be established</font>
</pre>

<pre>
<font size="2" face=
"Courier New">for each Participant.&nbsp; Such Account shall be (a) credited</font>
</pre>

<pre>
<font size="2" face=
"Courier New">with the amounts credited in accordance with Article III,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">(b) credited (or charged, as the case may be) with the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">investment results determined in accordance with Sections</font>
</pre>

<pre>
<font size="2" face=
"Courier New">4.02 and 4.03, and (c) charged with the amounts paid by</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Plan to or on behalf of the Participant in accordance</font>
</pre>

<pre>
<font size="2" face=
"Courier New">with Article V.&nbsp; Within each Participant's Account,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">separate subaccounts (including, as necessary, a Deferred</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Stock Unit Account and a Deferred Cash Account) shall be</font>
</pre>

<pre>
<font size="2" face=
"Courier New">maintained to the extent the Board determines them to be</font>
</pre>

<pre>
<font size="2" face=
"Courier New">necessary or useful in the administration of the Plan.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">4.02&nbsp;&nbsp;&nbsp;&nbsp; Deferred Stock Units</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">(a)&nbsp;&nbsp;&nbsp;&nbsp; Deemed Investment in Clorox Common&nbsp; Stock.&nbsp;&nbsp; Except</font>
</pre>

<pre>
<font size="2" face=
"Courier New">as provided in subsection (b), below, a Participant's</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Deferred Stock Unit Account shall be treated as if it</font>
</pre>

<pre>
<font size="2" face=
"Courier New">were invested in Deferred Stock Units that are equivalent</font>
</pre>

<pre>
<font size="2" face=
"Courier New">in value to the fair market value of shares of Clorox</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Common Stock in accordance with the following rules:</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; (1) Deemed Reinvestment Of Dividends.&nbsp; The number</font>
</pre>

<pre>
<font size="2" face=
"Courier New">of Deferred Stock Units credited to a Participant's</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Deferred Stock Unit Account shall be increased on each</font>
</pre>

<pre>
<font size="2" face=
"Courier New">date on which a dividend is paid on Clorox Common Stock.&nbsp;</font>
</pre>

<pre>
<font size="2" face=
"Courier New">The number of additional Deferred Stock Units credited</font>
</pre>

<pre>
<font size="2" face=
"Courier New">to a Participant's Deferred Stock Unit Account as a result</font>
</pre>

<pre>
<font size="2" face=
"Courier New">of such increase shall be determined by (i) multiplying</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the total number of Deferred Stock Units (excluding</font>
</pre>

<pre>
<font size="2" face=
"Courier New">fractional Deferred Stock Units) credited to the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Participant's Deferred Stock Unit Account immediately</font>
</pre>

<pre>
<font size="2" face=
"Courier New">before such increase by the amount of the dividend paid</font>
</pre>

<pre>
<font size="2" face=
"Courier New">per share of Clorox Common Stock on the dividend payment</font>
</pre>

<pre>
<font size="2" face=
"Courier New">date, and (ii) dividing the product so determined by the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Closing Price on the dividend payment date.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Conversion Out of Deferred Stock Units.&nbsp; The</font>
</pre>

<pre>
<font size="2" face=
"Courier New">dollar value of the Deferred Stock Units credited to a</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Participant's Deferred Stock Unit Account on any date shall</font>
</pre>

<pre>
<font size="2" face=
"Courier New">be determined by multiplying the number of Deferred Stock</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Units (including fractional Deferred Stock Units) credited</font>
</pre>

<pre>
<font size="2" face=
"Courier New">to the Participant's Deferred Stock Unit Account by the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Closing Price on that date.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) Effect of Recapitalization.&nbsp; In the event of a</font>
</pre>

<pre>
<font size="2" face=
"Courier New">transaction or event described in this paragraph (3), the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">number of&nbsp; Deferred Stock Units credited to a Participant's</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Deferred Stock Unit Account shall be adjusted in such manner</font>
</pre>

<pre>
<font size="2" face=
"Courier New">as the Board, in its sole discretion, deems equitable.&nbsp; A</font>
</pre>

<pre>
<font size="2" face=
"Courier New">transaction or event is described in this paragraph (3) if</font>
</pre>

<pre>
<font size="2" face=
"Courier New">(i) it is a dividend (other than regular quarterly dividends)</font>
</pre>

<pre>
<font size="2" face=
"Courier New">or other distribution (whether in the form of cash, shares,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">other securities, or other property), extraordinary cash</font>
</pre>

<pre>
<font size="2" face=
"Courier New">dividend, recapitalization,&nbsp; stock&nbsp; split, reverse stock</font>
</pre>

<pre>
<font size="2" face=
"Courier New">split, reorganization, merger, consolidation, split-up,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">spin-off, repurchase, or exchange of shares or other securities,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the issuance or exercisability of stock purchase rights, the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">issuance of warrants or other rights to purchase shares or</font>
</pre>

<pre>
<font size="2" face=
"Courier New">other securities, or other similar corporate transaction or</font>
</pre>

<pre>
<font size="2" face=
"Courier New">event and (ii) the Board determines that such transaction or</font>
</pre>

<pre>
<font size="2" face=
"Courier New">event affects the shares of Clorox Common Stock, such that</font>
</pre>

<pre>
<font size="2" face=
"Courier New">an adjustment pursuant to this paragraph (3) is appropriate</font>
</pre>

<pre>
<font size="2" face=
"Courier New">to prevent dilution or enlargement of the benefits or</font>
</pre>

<pre>
<font size="2" face=
"Courier New">potential benefits intended to be made available under the</font>
</pre>

<pre>
<font size="2" face="Courier New">Plan.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">(b)&nbsp;&nbsp;&nbsp;&nbsp; Change in Deemed Investment Election.&nbsp; A Participant who</font>
</pre>

<pre>
<font size="2" face=
"Courier New">elects to receive distribution of his or her Accounts in</font>
</pre>

<pre>
<font size="2" face=
"Courier New">annual installments will continue to have his or her Deferred</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Stock Unit Account credited with Deferred Stock Units during</font>
</pre>

<pre>
<font size="2" face="Courier New">the installment period.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">4.03&nbsp;&nbsp;&nbsp;&nbsp; Deferred Cash Accounts</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Deferred Cash Accounts shall be credited with interest at</font>
</pre>

<pre>
<font size="2" face=
"Courier New">an annual rate for each Plan Year equal to the Prime Lending</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Rate of Wells Fargo Bank as in effect on January 1 of such</font>
</pre>

<pre>
<font size="2" face=
"Courier New">year.&nbsp; Interest shall be accrued to the date of the actual</font>
</pre>

<pre>
<font size="2" face=
"Courier New">payment and shall be compounded on a calendar quarter basis.&nbsp;</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">4.04&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical Nature of Accounts and Investments</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Each Account established under this Article IV shall be</font>
</pre>

<pre>
<font size="2" face=
"Courier New">maintained for bookkeeping purposes only.&nbsp; Neither the Plan</font>
</pre>

<pre>
<font size="2" face=
"Courier New">nor any of the Accounts established under the Plan shall hold</font>
</pre>

<pre>
<font size="2" face=
"Courier New">any actual funds or assets.&nbsp; The Deferred Stock Units established</font>
</pre>

<pre>
<font size="2" face=
"Courier New">hereunder shall be used solely to determine the amounts to be</font>
</pre>

<pre>
<font size="2" face=
"Courier New">paid hereunder, shall not be or represent an equity security of</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Company, shall not be convertible into or otherwise entitle a</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Participant to acquire an equity security of the Company and shall</font>
</pre>

<pre>
<font size="2" face=
"Courier New">not carry any voting or dividend rights.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face="Courier New">&nbsp;</font>
</pre>

<pre>
<font size="2" face="Courier New">ARTICLE V</font>
</pre>

<pre>
<font size="2" face="Courier New">PAYMENTS</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">5.01&nbsp;&nbsp;&nbsp;&nbsp; Entitlement to Payment</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">(a)&nbsp;&nbsp;&nbsp;&nbsp; Credits to a Participant's Account under Section 3.03</font>
</pre>

<pre>
<font size="2" face=
"Courier New">shall be in lieu of payment to the Participant of the related</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Director's&nbsp; Fees.&nbsp; Any payment under the Plan with respect to</font>
</pre>

<pre>
<font size="2" face=
"Courier New">an Account shall be made as provided in this Article V.&nbsp; The</font>
</pre>

<pre>
<font size="2" face=
"Courier New">right of any person to receive one or more payments under the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Plan shall be an unsecured claim against the general assets</font>
</pre>

<pre>
<font size="2" face="Courier New">of the Company.&nbsp;</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">(b)&nbsp;&nbsp;&nbsp;&nbsp; Amounts credited to a Participant's Deferred Cash</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Account shall be paid in cash and amounts credited to a</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Participant's Deferred Stock Unit Account shall be paid in</font>
</pre>

<pre>
<font size="2" face=
"Courier New">shares of Clorox Common Stock, except that a cash payment</font>
</pre>

<pre>
<font size="2" face=
"Courier New">will be made with any final installment for any fraction of a</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Deferred Stock Unit remaining in the Participant's Account.&nbsp;</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Such fractional Deferred Stock Unit shall be valued at the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Closing Price on the date of settlement.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">5.02&nbsp;&nbsp;&nbsp;&nbsp; Payment Commencement Date</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Payments to a Participant with respect to the Participant's</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Account shall begin as of the Participant's Payment</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Commencement Date; provided that if a Participant dies before</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Participant's Payment Commencement Date, payment of the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">entire value of the Participant's Account shall be made to</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Participant's Beneficiary in accordance with the provisions</font>
</pre>

<pre>
<font size="2" face=
"Courier New">of Section 5.03 after the Board receives all documents and</font>
</pre>

<pre>
<font size="2" face=
"Courier New">other information that it requests in connection with the</font>
</pre>

<pre>
<font size="2" face="Courier New">payment.&nbsp;</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">5.03&nbsp;&nbsp;&nbsp;&nbsp; Form and Amount of Payment</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">(a)&nbsp;&nbsp;&nbsp;&nbsp; Five Annual Installments.&nbsp; A Participant shall receive</font>
</pre>

<pre>
<font size="2" face=
"Courier New">his or her Account in five annual installments unless the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Participant elects to receive his or her benefits under the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Plan in the form of a lump-sum payment in accordance with</font>
</pre>

<pre>
<font size="2" face=
"Courier New">subsection (b), below.&nbsp; Annual installments shall be payable</font>
</pre>

<pre>
<font size="2" face=
"Courier New">to the Participant beginning as of the Payment Commencement</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Date and continuing as of each Payment Anniversary Date</font>
</pre>

<pre>
<font size="2" face=
"Courier New">thereafter until all installments have been paid.&nbsp; The first</font>
</pre>

<pre>
<font size="2" face=
"Courier New">annual installment shall equal one-fifth (1/5th) of the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">value of the Participant's Account(s), determined as of the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Payment Commencement Date.&nbsp; Each successive annual installment</font>
</pre>

<pre>
<font size="2" face=
"Courier New">shall equal the value of the&nbsp; Participant's Account(s),</font>
</pre>

<pre>
<font size="2" face=
"Courier New">determined as of the Payment Anniversary Date, multiplied by a</font>
</pre>

<pre>
<font size="2" face=
"Courier New">fraction, the numerator of which is one, and the denominator</font>
</pre>

<pre>
<font size="2" face=
"Courier New">of which is the excess of&nbsp; five over the number of installment</font>
</pre>

<pre>
<font size="2" face=
"Courier New">payments previously made (i.e., 1/4th, 1/3rd, etc.).&nbsp; If the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Participant dies before the Participant's Payment Commencement</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Date, or after the Participant's Payment Commencement Date</font>
</pre>

<pre>
<font size="2" face=
"Courier New">but before all five installments have been paid, the remaining</font>
</pre>

<pre>
<font size="2" face=
"Courier New">installments shall be paid to the Participant's Beneficiary</font>
</pre>

<pre>
<font size="2" face=
"Courier New">in accordance with the schedule in this subsection (a).</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">(b)&nbsp;&nbsp;&nbsp;&nbsp; Lump Sum.&nbsp; A Participant may elect to receive his or her</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Account under the Plan in the form of a lump-sum payment in</font>
</pre>

<pre>
<font size="2" face=
"Courier New">lieu of the five installment payments determined under</font>
</pre>

<pre>
<font size="2" face=
"Courier New">subsection (a), above.&nbsp; The lump sum shall be payable to the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Participant in cash and shares of Clorox Common Stock on the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Payment Commencement Date. An election under this subsection</font>
</pre>

<pre>
<font size="2" face=
"Courier New">(b) shall be made in a form and manner satisfactory to the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Board and shall be effective as to the Participant only if</font>
</pre>

<pre>
<font size="2" face=
"Courier New">made prior to termination of service with the Board of</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Directors. If the Participant dies before his or her</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Payment Commencement Date having elected to receive</font>
</pre>

<pre>
<font size="2" face=
"Courier New">benefits in the form of a lump sum, a lump sum payment</font>
</pre>

<pre>
<font size="2" face=
"Courier New">shall be made to the Participant's Beneficiary on the</font>
</pre>

<pre>
<font size="2" face="Courier New">Payment Commencement Date.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face="Courier New">&nbsp;</font>
</pre>

<pre>
<font size="2" face="Courier New">ARTICLE VI</font>
</pre>

<pre>
<font size="2" face="Courier New">ADMINISTRATION</font>
</pre>

<pre>
<font size="2" face="Courier New">&nbsp;</font>
</pre>

<pre>
<font size="2" face=
"Courier New">6.01&nbsp;&nbsp;&nbsp;&nbsp; In General</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">(a)&nbsp;&nbsp;&nbsp;&nbsp; The Plan shall be administered by the Board.&nbsp; The</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Board shall act by vote or written consent of a majority</font>
</pre>

<pre>
<font size="2" face="Courier New">of its members.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">(b)&nbsp;&nbsp;&nbsp;&nbsp; The Board shall have the discretionary authority</font>
</pre>

<pre>
<font size="2" face=
"Courier New">to interpret the Plan and to decide any and all matters</font>
</pre>

<pre>
<font size="2" face=
"Courier New">arising under the Plan, including without limitation the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">right to determine eligibility for participation, benefits,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">and other rights under the Plan; the right to determine</font>
</pre>

<pre>
<font size="2" face=
"Courier New">whether any election or notice requirement or other</font>
</pre>

<pre>
<font size="2" face=
"Courier New">administrative procedure under the Plan has been adequately</font>
</pre>

<pre>
<font size="2" face=
"Courier New">observed; the right to determine the proper recipient of</font>
</pre>

<pre>
<font size="2" face=
"Courier New">any distribution under the Plan; the right to remedy</font>
</pre>

<pre>
<font size="2" face=
"Courier New">possible ambiguities, inconsistencies, or omissions by</font>
</pre>

<pre>
<font size="2" face=
"Courier New">general rule or particular decision; and the right otherwise</font>
</pre>

<pre>
<font size="2" face=
"Courier New">to interpret the Plan in accordance with its terms.&nbsp; The</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Board's determination on any and all questions arising out</font>
</pre>

<pre>
<font size="2" face=
"Courier New">of the interpretation or administration of the Plan shall</font>
</pre>

<pre>
<font size="2" face=
"Courier New">be final, conclusive, and binding on all parties.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">6.02&nbsp;&nbsp;&nbsp;&nbsp; Plan Amendment and Termination</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">The Board may amend, suspend, or terminate the Plan at any</font>
</pre>

<pre>
<font size="2" face=
"Courier New">time; provided that no amendment, suspension, or termination</font>
</pre>

<pre>
<font size="2" face=
"Courier New">of the Plan shall, without a Participant's consent, reduce</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Participant's benefits accrued under the Plan before the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">date of such amendment, suspension, or termination.&nbsp; If the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Plan is terminated in accordance with this Section 6.02, the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">terms of the Plan as in effect immediately before termination</font>
</pre>

<pre>
<font size="2" face=
"Courier New">shall determine the right to payment in respect of any amounts</font>
</pre>

<pre>
<font size="2" face=
"Courier New">that remain credited to a Participant's Account upon termination.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">6.03&nbsp;&nbsp;&nbsp;&nbsp; Reports to Participants</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">The Board shall furnish an annual statement to each Participant or,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">if the Participant is deceased, the Participant's Beneficiary)</font>
</pre>

<pre>
<font size="2" face=
"Courier New">reporting the value of the Participant's Account as of the end</font>
</pre>

<pre>
<font size="2" face=
"Courier New">of the most recent Plan Year.</font>
</pre>

<pre>
<font size="2" face="Courier New">&nbsp;</font>
</pre>

<pre>
<font size="2" face=
"Courier New">6.04&nbsp;&nbsp;&nbsp;&nbsp; Delegation of Authority</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">The Board may delegate to officers of the Company any and all</font>
</pre>

<pre>
<font size="2" face=
"Courier New">authority with which it is vested under the Plan, and the Board</font>
</pre>

<pre>
<font size="2" face=
"Courier New">may allocate its responsibilities under the Plan among its members.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face="Courier New">ARTICLE VII</font>
</pre>

<pre>
<font size="2" face="Courier New">CHANGE OF CONTROL</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">7.01&nbsp;&nbsp;&nbsp;&nbsp; Change of Control Defined</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">A Change of Control shall be deemed to occur on</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">(a)&nbsp;&nbsp;&nbsp;&nbsp; The acquisition by any individual, entity or group</font>
</pre>

<pre>
<font size="2" face=
"Courier New">(within the meaning of Section 13(d)(3) or 14(d)(2) of the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Exchange Act) (a "Person") of beneficial ownership (within</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the meaning of Rule 13d-3 promulgated under the Exchange Act)</font>
</pre>

<pre>
<font size="2" face=
"Courier New">of 20%, or in the case of Henkel KGaA, or any person</font>
</pre>

<pre>
<font size="2" face=
"Courier New">controlled by it ("Henkel"), more than the percentage unit</font>
</pre>

<pre>
<font size="2" face=
"Courier New">of the Company's issued common stock agreed to in paragraph</font>
</pre>

<pre>
<font size="2" face=
"Courier New">4(a) of the June 18, 1981, agreement between the Company and</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Henkel, as amended, of either (i) the then outstanding</font>
</pre>

<pre>
<font size="2" face=
"Courier New">shares of common stock of the Company (the "Outstanding</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Company Common Stock") or (ii) the combined voting power</font>
</pre>

<pre>
<font size="2" face=
"Courier New">of the then outstanding voting securities of the Company</font>
</pre>

<pre>
<font size="2" face=
"Courier New">entitled to vote generally in the election of directors</font>
</pre>

<pre>
<font size="2" face=
"Courier New">(the "Outstanding Company Voting Securities"); provided,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">however, that for purposes of this subsection (a), the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">following acquisitions shall not constitute a Change in</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Control: (1) any acquisition directly from the Company;</font>
</pre>

<pre>
<font size="2" face=
"Courier New">(2) any acquisition by the Company, including any acquisition</font>
</pre>

<pre>
<font size="2" face=
"Courier New">which, by reducing the number of shares outstanding, is the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">sole cause for increasing the percentage of shares</font>
</pre>

<pre>
<font size="2" face=
"Courier New">beneficially owned by any such Person or by Henkel to more</font>
</pre>

<pre>
<font size="2" face=
"Courier New">than the applicable percentage set forth above; (3) any</font>
</pre>

<pre>
<font size="2" face=
"Courier New">acquisition by any employee benefit plan (or related trust)</font>
</pre>

<pre>
<font size="2" face=
"Courier New">sponsored or maintained by the Company or by any corporation</font>
</pre>

<pre>
<font size="2" face=
"Courier New">controlled by the Company; or (4) any acquisition by any</font>
</pre>

<pre>
<font size="2" face=
"Courier New">corporation pursuant to a transaction which complies with</font>
</pre>

<pre>
<font size="2" face=
"Courier New">clauses (i), (ii) and (iii) of Section 7.01(c); or</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">(b)&nbsp;&nbsp;&nbsp;&nbsp; Individuals who, as of July 1, 1996, constitute</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Board (the "Incumbent Board") cease for any reason to</font>
</pre>

<pre>
<font size="2" face=
"Courier New">constitute at least a majority of the Board; provided,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">however, that any individual becoming a director subsequent</font>
</pre>

<pre>
<font size="2" face=
"Courier New">to the date hereof whose election, or nomination for</font>
</pre>

<pre>
<font size="2" face=
"Courier New">election by the Company's shareholders, was approved by a</font>
</pre>

<pre>
<font size="2" face=
"Courier New">vote of at least a majority of the directors then comprising</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Incumbent Board, and if Henkel is not the acquiring</font>
</pre>

<pre>
<font size="2" face=
"Courier New">person, any individual nominated as a representative of</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Henkel pursuant to the agreement between Henkel and the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Company dated July 16, 1986, shall be considered as though</font>
</pre>

<pre>
<font size="2" face=
"Courier New">such individual were a member of the Incumbent Board, but</font>
</pre>

<pre>
<font size="2" face=
"Courier New">excluding, for this purpose, any such individual whose</font>
</pre>

<pre>
<font size="2" face=
"Courier New">initial assumption of office occurs as a result of an actual</font>
</pre>

<pre>
<font size="2" face=
"Courier New">or threatened election contest with respect to the election</font>
</pre>

<pre>
<font size="2" face=
"Courier New">or removal of directors or other actual or threatened</font>
</pre>

<pre>
<font size="2" face=
"Courier New">solicitation of proxies or consents by or on behalf of a</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Person other than the Board; or</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">(c)&nbsp;&nbsp;&nbsp;&nbsp; Consummation by the Company of a reorganization,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">merger or consolidation or sale or other disposition of a</font>
</pre>

<pre>
<font size="2" face=
"Courier New">ll or substantially all of the assets of the Company or</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the acquisition of assets of another corporation (a "Business</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Combination"), in each case, unless, following such Business</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Combination, (i) all or substantially all of the individuals</font>
</pre>

<pre>
<font size="2" face=
"Courier New">and entities who were the beneficial owners, respectively, of</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Outstanding Company Common Stock and the Outstanding</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Company Voting Securities immediately prior to such Business</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Combination beneficially own, directly or indirectly, more than</font>
</pre>

<pre>
<font size="2" face=
"Courier New">50% of, respectively, the then outstanding shares of common</font>
</pre>

<pre>
<font size="2" face=
"Courier New">stock and the combined voting power of the then outstanding</font>
</pre>

<pre>
<font size="2" face=
"Courier New">voting securities entitled to vote generally in the election</font>
</pre>

<pre>
<font size="2" face=
"Courier New">of directors, as the case may be, of the corporation resulting</font>
</pre>

<pre>
<font size="2" face=
"Courier New">from such Business Combination (including, without limitation,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">a corporation which as a result of such transaction owns the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Company or all of substantially all of the Company's assets</font>
</pre>

<pre>
<font size="2" face=
"Courier New">either directly or through one or more subsidiaries) in</font>
</pre>

<pre>
<font size="2" face=
"Courier New">substantially the same proportions as their ownership,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">immediately prior to such Business Combination, of the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Outstanding Company Common Stock and the Outstanding Company</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Voting Securities, as the case may be, (ii) no Person</font>
</pre>

<pre>
<font size="2" face=
"Courier New">(excluding any employee benefit plan (or related trust)</font>
</pre>

<pre>
<font size="2" face=
"Courier New">of the Company or such corporation resulting from such</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Business Combination) beneficially owns, directly or</font>
</pre>

<pre>
<font size="2" face=
"Courier New">indirectly, 20% or more of, respectively, the then outstanding</font>
</pre>

<pre>
<font size="2" face=
"Courier New">shares of common stock of the corporation resulting from</font>
</pre>

<pre>
<font size="2" face=
"Courier New">such Business Combination or the combined voting power of</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the then outstanding voting securities of such corporation</font>
</pre>

<pre>
<font size="2" face=
"Courier New">except to the extent that such ownership existed prior to</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Business Combination and (iii) at least a majority of</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the members of the board of directors of the corporation</font>
</pre>

<pre>
<font size="2" face=
"Courier New">resulting from such Business Combination were members of</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Incumbent Board at the time of the execution of the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">initial agreement, or of the action of the Board, providing</font>
</pre>

<pre>
<font size="2" face=
"Courier New">for such Business Combination; or</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">(d)&nbsp;&nbsp;&nbsp;&nbsp; Approval by the shareholders of the Company of a</font>
</pre>

<pre>
<font size="2" face=
"Courier New">complete liquidation or dissolution of the Company.&nbsp;</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">7.02&nbsp;&nbsp;&nbsp;&nbsp; Effect of Change of Control</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">(a)&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding any other provision in any other</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Article of this Plan to the contrary, other than Section</font>
</pre>

<pre>
<font size="2" face=
"Courier New">8.08(b), (i) the value of all amounts deferred by a</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Participant which have not yet been credited to the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Participant's Account and (ii) the value of such Participant's</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Account shall be paid to such Participant in each case in</font>
</pre>

<pre>
<font size="2" face=
"Courier New">a lump-sum cash payment on the occurrence of a Change in</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Control or as soon thereafter as practicable, but in no</font>
</pre>

<pre>
<font size="2" face=
"Courier New">event later than five days after the Change in Control.&nbsp;</font>
</pre>

<pre>
<font size="2" face=
"Courier New">The amount of cash credited to each Participant's Account</font>
</pre>

<pre>
<font size="2" face=
"Courier New">prior to determining the amount of cash to be paid from</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Account shall be determined by the Board (which, for</font>
</pre>

<pre>
<font size="2" face=
"Courier New">this purpose, shall be comprised of employee members of</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Board prior to the Change in Control) so as to reflect</font>
</pre>

<pre>
<font size="2" face=
"Courier New">fairly and equitably appropriate interest and dividends and</font>
</pre>

<pre>
<font size="2" face=
"Courier New">so as to reflect fairly and equitably such other facts and</font>
</pre>

<pre>
<font size="2" face=
"Courier New">circumstances as the Board deems appropriate, including,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">without limitation, the recent price of shares of Clorox</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Common Stock.&nbsp; For purposes of payments under this Article</font>
</pre>

<pre>
<font size="2" face=
"Courier New">VII, the value of a Deferred Stock Unit shall be computed</font>
</pre>

<pre>
<font size="2" face=
"Courier New">as the greater of (1) the Closing Price on or nearest the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">date on which the Change of Control is deemed to occur, or</font>
</pre>

<pre>
<font size="2" face=
"Courier New">(2) the highest per share price for shares of Clorox Common</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Stock actually paid in connection with the Change of Control.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face="Courier New">ARTICLE VIII</font>
</pre>

<pre>
<font size="2" face="Courier New">MISCELLANEOUS</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">8.01&nbsp;&nbsp;&nbsp;&nbsp; Rights Not Assignable</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">No payment due under the Plan shall be subject in any manner</font>
</pre>

<pre>
<font size="2" face=
"Courier New">to anticipation, alienation, sale, transfer, assignment,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">pledge, encumbrance, or charge in any other way.&nbsp; Any attempt</font>
</pre>

<pre>
<font size="2" face=
"Courier New">to anticipate, alienate, sell, transfer, assign, pledge,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">encumber, or charge such payment in any other way shall be</font>
</pre>

<pre>
<font size="2" face=
"Courier New">void.&nbsp; No such payment or interest therein shall be liable</font>
</pre>

<pre>
<font size="2" face=
"Courier New">for or subject to the debts, contracts, liabilities, or torts</font>
</pre>

<pre>
<font size="2" face=
"Courier New">of any Participant or Beneficiary.&nbsp; If any Participant or</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Beneficiary becomes bankrupt or attempts to anticipate,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">alienate, sell, transfer, assign, pledge, encumber, or charge</font>
</pre>

<pre>
<font size="2" face=
"Courier New">in any other way any payment under the Plan, the Board may</font>
</pre>

<pre>
<font size="2" face=
"Courier New">direct that such payment be suspended and that all future</font>
</pre>

<pre>
<font size="2" face=
"Courier New">payments to which such Participant or Beneficiary otherwise</font>
</pre>

<pre>
<font size="2" face=
"Courier New">would be entitled be held and applied for the benefit of</font>
</pre>

<pre>
<font size="2" face=
"Courier New">such person, the person's children or other dependents, or</font>
</pre>

<pre>
<font size="2" face=
"Courier New">any of them, in such manner and in such proportions as the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Board may deem proper.&nbsp;</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">8.02&nbsp;&nbsp;&nbsp;&nbsp; Certain Rights Reserved</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Nothing in the Plan shall confer upon any person the right to</font>
</pre>

<pre>
<font size="2" face=
"Courier New">continue to serve as a member of the Board or to participate</font>
</pre>

<pre>
<font size="2" face=
"Courier New">in the Plan other than in accordance with its terms.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">8.03&nbsp;&nbsp;&nbsp;&nbsp; Withholding Taxes</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">The Board may make any appropriate arrangements to deduct from</font>
</pre>

<pre>
<font size="2" face=
"Courier New">all credits and payments under the Plan any taxes that the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Board reasonably determines to be required by law to be</font>
</pre>

<pre>
<font size="2" face=
"Courier New">withheld from such credits and payments.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">8.04&nbsp;&nbsp;&nbsp;&nbsp; Incompetence</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">If the Board determines, upon evidence satisfactory to the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Board, that any Participant or Beneficiary to whom a</font>
</pre>

<pre>
<font size="2" face=
"Courier New">benefit is payable under the Plan is unable to care for</font>
</pre>

<pre>
<font size="2" face=
"Courier New">his or her affairs because of illness or accident or</font>
</pre>

<pre>
<font size="2" face=
"Courier New">otherwise, any payment due under the Plan (unless prior</font>
</pre>

<pre>
<font size="2" face=
"Courier New">claim therefor shall have been made by a duly authorized</font>
</pre>

<pre>
<font size="2" face=
"Courier New">guardian or other legal representative) may be paid, upon</font>
</pre>

<pre>
<font size="2" face=
"Courier New">appropriate indemnification of the Board and the Company,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">to the spouse of the Participant or Beneficiary or other</font>
</pre>

<pre>
<font size="2" face=
"Courier New">person deemed by the Board to have incurred expenses for</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the benefit of and on behalf of such Participant or</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Beneficiary.&nbsp; Any such payment shall be a complete discharge</font>
</pre>

<pre>
<font size="2" face=
"Courier New">of any liability under the Plan with respect to the amount so paid.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">8.05&nbsp;&nbsp;&nbsp;&nbsp; Inability to Locate Participants and Beneficiaries</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">Each Participant and Beneficiary entitled to receive a</font>
</pre>

<pre>
<font size="2" face=
"Courier New">payment under the Plan shall keep the Board advised of his</font>
</pre>

<pre>
<font size="2" face=
"Courier New">or her current address.&nbsp; If the Board is unable for a period</font>
</pre>

<pre>
<font size="2" face=
"Courier New">of 36 months to locate a Participant or Beneficiary to whom</font>
</pre>

<pre>
<font size="2" face=
"Courier New">a payment is due under the Plan, commencing with the first</font>
</pre>

<pre>
<font size="2" face=
"Courier New">day of the month as of which such payment first comes due,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the total amount payable to such Participant or Beneficiary</font>
</pre>

<pre>
<font size="2" face=
"Courier New">shall be forfeited.&nbsp; Should such a Participant or Beneficiary</font>
</pre>

<pre>
<font size="2" face=
"Courier New">subsequently contact the Board requesting payment, the Board</font>
</pre>

<pre>
<font size="2" face=
"Courier New">shall, upon receipt of all documents and other information</font>
</pre>

<pre>
<font size="2" face=
"Courier New">that it might request in connection with the payment, restore</font>
</pre>

<pre>
<font size="2" face=
"Courier New">and pay the forfeited payment in a lump sum, the value of</font>
</pre>

<pre>
<font size="2" face=
"Courier New">which shall not be adjusted to reflect any interest or other</font>
</pre>

<pre>
<font size="2" face=
"Courier New">type of investment earnings or gains for the period of forfeiture.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">8.06&nbsp;&nbsp;&nbsp;&nbsp; Successors</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">The provisions of the Plan shall bind and inure to the benefit</font>
</pre>

<pre>
<font size="2" face=
"Courier New">of the Company and its successors and assigns.&nbsp; The term</font>
</pre>

<pre>
<font size="2" face=
"Courier New">"successors" as used in the preceding sentence shall include</font>
</pre>

<pre>
<font size="2" face=
"Courier New">any corporation or other business entity that by merger,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">consolidation, purchase, or otherwise acquires all or</font>
</pre>

<pre>
<font size="2" face=
"Courier New">substantially all of the business and assets of the Company,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">and any successors and assigns of any such corporation or other</font>
</pre>

<pre>
<font size="2" face="Courier New">business entity.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">8.07&nbsp;&nbsp;&nbsp;&nbsp; Usage</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp; Titles and Headings.&nbsp; The titles to Articles</font>
</pre>

<pre>
<font size="2" face=
"Courier New">and the headings of Sections, subsections, and paragraphs in</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Plan are placed herein for convenience of reference only</font>
</pre>

<pre>
<font size="2" face=
"Courier New">and shall be of no force or effect in the interpretation of</font>
</pre>

<pre>
<font size="2" face="Courier New">the Plan.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp; Number.&nbsp; The singular form shall include the</font>
</pre>

<pre>
<font size="2" face="Courier New">plural, where appropriate.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">8.08&nbsp;&nbsp;&nbsp;&nbsp; Severability</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">If any provision of the Plan is held unlawful or otherwise</font>
</pre>

<pre>
<font size="2" face=
"Courier New">invalid or unenforceable in whole or in part, such unlawfulness,</font>
</pre>

<pre>
<font size="2" face=
"Courier New">invalidity, or unenforceability shall not affect any other</font>
</pre>

<pre>
<font size="2" face=
"Courier New">provision of the Plan or part thereof, each of which shall</font>
</pre>

<pre>
<font size="2" face=
"Courier New">remain in full force and effect.&nbsp; If the making of any payment</font>
</pre>

<pre>
<font size="2" face=
"Courier New">or the provision of any other benefit required under the Plan</font>
</pre>

<pre>
<font size="2" face=
"Courier New">is held unlawful or otherwise invalid or unenforceable, such</font>
</pre>

<pre>
<font size="2" face=
"Courier New">unlawfulness, invalidity or unenforceability shall not prevent</font>
</pre>

<pre>
<font size="2" face=
"Courier New">any other payment or benefit from being made or provided under</font>
</pre>

<pre>
<font size="2" face=
"Courier New">the Plan, and if the making of any payment in full or the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">provision of any other benefit required under the Plan in full</font>
</pre>

<pre>
<font size="2" face=
"Courier New">would be unlawful or otherwise invalid or unenforceable, then</font>
</pre>

<pre>
<font size="2" face=
"Courier New">such unlawfulness, invalidity, or unenforceability shall not</font>
</pre>

<pre>
<font size="2" face=
"Courier New">prevent such payment or benefit from being made or provided in</font>
</pre>

<pre>
<font size="2" face=
"Courier New">part, to the extent that it would not be unlawful, invalid, or</font>
</pre>

<pre>
<font size="2" face=
"Courier New">unenforceable, and the maximum payment or benefit that would</font>
</pre>

<pre>
<font size="2" face=
"Courier New">not be unlawful, invalid, or unenforceable shall be made or</font>
</pre>

<pre>
<font size="2" face="Courier New">provided under the Plan.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">8.09&nbsp;&nbsp;&nbsp;&nbsp; Governing Law</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face=
"Courier New">The Plan and all determinations made and actions taken under the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">Plan shall be governed by and construed in accordance with the</font>
</pre>

<pre>
<font size="2" face=
"Courier New">laws of the State of California.</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face="Courier New">&nbsp; THE CLOROX COMPANY</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face="Courier New">Attest: /s/ E. A. Cutter</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<pre>
<font size="2" face="Courier New">Date: September 18, 1996</font>
</pre>

<pre>
<font size="2" face="Courier New"></font>
</pre>

<p><font size="2" face="Courier New"></font></p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
