AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
Exhibit 10.1
AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
THIS AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT, is entered into on , 2006, between THE
CLOROX COMPANY, a Delaware corporation (the “Company”), and (the “Executive”), and
amends the Employment Agreement effective as of between the Company and the Executive (the
“Employment Agreement”).
The Employment Agreement is hereby modified and amended as follows:
1. | Section 6(a)(i) of the Employment Agreement is hereby deleted and replaced in its entirety with the following: |
“(i) Salary Component.
Payment, promptly after termination, of a lump sum amount equal to salary, at a
monthly rate equal to the highest monthly base salary rate in effect during the twelve
(12) month period preceding the termination of employment times the number of months in
the remaining term of this Agreement as determined in Sections 1(a)(i) or (iii) had the
termination not occurred, or until the Executive’s death if that occurs first (the
“Severance Payment Period”); provided, however, that in the event the Company
appoints a Chief Executive Officer (other than an Interim Chief Executive Officer) to
succeed Xxxxxx X. Xxxxxxxx during the term of this Agreement and the Executive’s
termination of employment occurs during the period commencing on May 16, 2006 and ending
eighteen (18) months after the date on which the new Chief Executive Officer commences employment with the Company (the “CEO Window Period”), for purposes of the above formula,
“Severance Payment Period” shall be replaced with the number of months in the remaining
term of this Agreement as determined in Sections 1(a)(i) or (iii) had the termination not
occurred plus twelve (12) months (the “Enhanced Severance Multiple”).”
2. | Section 6(a)(ii)(B) of the Employment Agreement is hereby deleted and replaced in its entirety with the following: |
“(B) In addition, payment, promptly after termination, of a lump sum amount equal to 75%
of the Executive’s Average Annual Bonus times the number of months remaining in the
Severance Payment Period divided by twelve (12); provided, however, that should
the Executive’s termination of employment occur during the CEO Window Period, this payment
shall equal a lump sum amount equal to 75% of the Executive’s Average Annual Bonus times
the Enhanced Severance Multiple divided by twelve (12).”
Except as expressly modified herein, the Employment Agreement shall remain in full force and
effect.
This Amendment No. 2 is executed as of the date first above written.
THE CLOROX COMPANY
The Company
The Company
By: |
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