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EXHIBIT (10-16)
The Gillette Company Senior Executive
Financial Planning Program
THE GILLETTE COMPANY SENIOR EXECUTIVE
FINANCIAL PLANNING PROGRAM
REVISED OCTOBER 2004
(with amendments adopted through August 21, 2006)
Eligibility | Chairman/CEO of the Company and his/her direct reports who are generally treated as United States employees for employment and benefit purposes. |
Program Benefit | Reimbursement by Company of financial counseling, estate planning, tax preparation, retirement and other related financial planning services for the participant and his/her spouse, domestic partner or dependent children. |
Available Providers | Any qualified tax, financial, legal or similar firm selected by participant. |
Excluded Services | Brokerage or other investment transaction fees; asset management fees; insurance premiums; services for individuals other than participant, his/her spouse or domestic partner and dependent children. |
Maximum Benefits | During employment: Chairman/CEO - $25,000/other participants - $11,000 of reimbursements received in any calendar year. |
Following retirement under a Company-sponsored retirement plan: $6,000 of reimbursements received in any calendar year, over the participant's life. | |
Employees who terminate under the terms of a Company Change of Control Severance agreement will receive a lump sum payment of these amounts on or about January 1 annually. An employee who is considered “bridgeable” under the terms of The Gillette Company’s Retirement Plan will be eligible to receive the active amount until his or her earliest retirement date. | |
Tax Effects | Program benefits received by participant will be includable in compensation. Company will provide tax gross-up for Federal and State income taxes and FICA Medicare tax. |
Termination of Participation | Last day of calendar year in which participant ceases to be an executive officer of the Company, unless participant qualifies for retirement benefits under this program. |
Program Amendment and Termination | At discretion of the Company, by action of the Compensation Committee of the Board of Directors, without requirement of advance notice. |
Effective Date | July 1, 2003 (for the Chairman/CEO of the Company and his/her direct reports in such positions on or after such date). |
The Gillette Company | |
By: /s/ Edward E. Guillet | |
Senior Vice President - Human Resources | |
[reflects amendments adopted through August 21, 2006] | |