Business Context and Reporting Period
This Form 8-K Current Report was filed by The Clorox Company on March 30, 2018, covering events occurring on March 28, 2018. The filing addresses corporate governance and executive compensation matters rather than operational or financial performance results.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is limited to a specific amendment of a retirement plan and contains no financial statement data.
Material Changes
The primary material change reported is the adoption of Amendment No. 3 to the Company's Supplemental Executive Retirement Plan (SERP). Key details include:
- Effective Date: March 28, 2018.
- Provision: Certain participants transitioning from executive roles to consultant or advisor roles may now receive age and service credits for early retirement benefits.
- Eligibility Criteria: Participants must have at least 25 years of service and be at least 50 years old when commencing consultant/advisor service.
- Current Status: As of the filing date, only three named executive officers remain eligible for the SERP.
- Plan History: The SERP was closed to new participants in April 2007 and frozen regarding pay and offsets on June 30, 2011, though it continued to accrue age and service credits.
Guidance, Outlook, and Risks
The filing does not contain guidance, outlook, management commentary on business performance, or discussions of risks and contingencies. The document is strictly a disclosure of the compensatory arrangement amendment.
Investor Verification Checklist
- Verify the specific identities of the three named executive officers currently eligible for the SERP.
- Review the full text of Amendment No. 3 to understand the precise calculation of age and service credits for consultants.
- Confirm the impact of this amendment on the Company's future pension liabilities and expense recognition.
- Check subsequent filings for any actual utilization of the new consultant/advisor benefit provision.