Exhibit 10(o)
THE GILLETTE COMPANY FINANCIAL PLANNING
REIMBURSEMENT PROGRAM
REVISED OCTOBER 2004
Eligibility | Each executive of the Company who (i) is generally treated as a United States employee for employment and benefit purposes, (ii) is not eligible for the Company’s Senior Executive Financial Planning Program, and (iii) is either a grade level 25 or above, or holds any of the following By-Law officer positions in The Gillette Company: Vice President, Internal Auditor, Patent and Trademark Counsel, or Secretary. | |
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 Benefit | During employment: $5,000 of reimbursements received in any calendar year. | |
Following retirement under a Company-sponsored retirement plan: $3,000 of reimbursements received in any calendar year, over the participant’s life. | ||
Tax Effects | Program benefits received by participant will be includable in compensation. The participant is responsible for applicable Federal and State income taxes and FICA taxes. | |
Termination of Participation | Last day of calendar year in which participant ceases to be an eligible executive, 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 | January 1, 1999 (for eligible executives on or after such date). |