Exhibit (10-6)
--------------
BOARD OF DIRECTORS CHARITABLE GIFTS PROGRAM
-------------------------------------------
(Benefit at Death)
The Procter & Gamble Company
----------------------------
Purpose
-------
The purpose of the Charitable Gifts Program ("Program"), established for
non-employee members of the Board of Directors and for the Chairman of the Board
and Chief Executive of The Procter & Gamble Company ("participants"), is to
provide opportunity for the Company and the participants to share in a program
for charitable giving.
Administration
--------------
The Program shall be administered by the Secretary of the Company with
contribution payments made by Public Affairs.
Eligibility
-----------
All non-employee Directors and the Chairman and Chief Executive of the Company
are eligible for this Program.
Charitable Contribution
-----------------------
The Company will contribute a total of $1,000,000 following the death of the
participant to be allocated in accordance with each participant's
recommendations among up to five charitable organizations with a minimum amount
of $100,000 per charity.
The donation(s) will be made in the participant's name. The donation(s) will be
made as soon as practicable following the participant's death.
Charity Selection
-----------------
Each participant will complete a Charitable Beneficiary Recommendation Form to
recommend the organization(s) to receive donations from the Company after his or
her death. The form will be acknowledged by the Company and a copy will be
returned to the participant.
Each charity recommended by a participant must be a tax-exempt organization
under Section 501(c)(3) of the Internal Revenue Code, including appropriate
recipients recognized as such pursuant to applicable Tax Treaty. Private
foundations are not eligible to receive donations under the program.
The recommendation of a charitable beneficiary may be withdrawn or revised by a
participant at any time before his/her death.
If any charity recommended by a participant ceases to qualify as a tax-exempt
organization and a revised recommendation is not submitted before his/her death,
the amount requested for that organization shall be prorated among the remaining
qualified charities. If all charities cease to qualify, the Company will select
a beneficiary or beneficiaries to receive donations in the name of the deceased
Director.
Upon the request of a participant, the Company will notify any recommended
charity of its intention of making the requested contribution in the name of the
participant at the participant's death, subject to revision or withdrawal of
such request by the participant and subject to action by the Board of Directors
at any later date to amend or terminate the Program. Letters of notification may
include designation of particular purposes for use of contributions when
received, when and as requested by participants.
Funding
-------
The Company intends to fund the Program by purchasing joint life insurance
policies on the lives of the participants. The Company will pay the premiums for
each life insurance policy and will be the owner and beneficiary thereof.
Miscellaneous Provisions
------------------------
A participant's rights and interest under this Program may not be assigned or
transferred.
No contribution will be required of any participant.
This Program has been adopted by action of the Board of Directors on November
12, 1991, to be effective January 1, 1992. The Program may be amended or
terminated at any time by the Board of Directors whenever the Board, in its sole
discretion, determines that such action is in the best interest of the Company.
MEMORANDUM OF UNDERSTANDING
---------------------------
By and between The Procter & Gamble Company (P&G) and (Director's name).
-----------------
Whereas, P&G has adopted The Director's Charitable Gift Program and intends to
make a future charitable contribution to not more than five charities of my
choice; and
Whereas, P&G will be owner and beneficiary of a life insurance policy on joint
lives of myself and another Director; and
Whereas, the Program is believed to be in the best interest of the
Corporation,its Directors, and its shareholders.
Accordingly, with my consent, P&G has applied for a joint life insurance policy
on my life and that of a fellow Director. I recognize that P&G is the owner and
beneficiary of the life insurance policy, and that I have no rights under that
policy.
I understand it is the intent of the Director's Charitable Gift Program for P&G
to make charitable contributions in the total amount of $1,000,000 at the time
of my death to the charitable/non-profit organizations of my choice.
I further understand that I have the right to revoke my current charitable
preference at any time prior to my death. I also understand that I am authorized
to designate only organizations that are qualified under Section 501(c)(3) of
the Internal Revenue Code and are not private foundations.
I understand the Plan may be amended or terminated at any time by the Board of
Directors as the Board may deem advisable.
--------------------------------
Director's Name
--------------------------------
Director's Signature
The Procter & Gamble Company:
---------------------------------
Secretary's Name
----------------------------------
Secretary's Signature
CHARITABLE BENEFICIARY RECOMMENDATION FORM
------------------------------------------
Pursuant to the provisions of the Director's Charitable Gift Program and
recognizing The Procter & Gamble Company's intent to make posthumous charitable
contributions aggregating $1,000,000 to the charitable/non-profit organization
of my choice, and that each organization I select is qualified as tax-exempt
under Section 501(c)(3) of the Internal Revenue Code and is not a private
foundation.
In recognition of all of the above, I hereby make the following beneficiary
designations as of the date set forth herein:
Amount
Charitable Organization Address of Organization ($100,000 minimum)
1. ______________________ _______________________ __________________
2. ______________________ _______________________ __________________
3. ______________________ _______________________ __________________
4. ______________________ _______________________ __________________
5. ______________________ _______________________ __________________
Please indicate here the name of any selected organization which should be
notified:
---------------------------
---------------------------
---------------------------
---------------------------
---------------------------
I understand this beneficiary designation is revocable on my part at any time
prior to my death. This designation will, in fact, be revoked if I complete a
Charitable Beneficiary Recommendation Form of later date and file it with the
Secretary of The Procter & Gamble Company. I understand that in order to make
this change of beneficiary designation valid, I must receive in writing a
confirmation from the Secretary of The Procter & Gamble Company. If any charity
I designate ceases to be a tax-exempt organization qualified under Section
501(c)(3) of the Internal Revenue Code, and I do not submit a revised Charitable
Beneficiary Recommendation Form before my death, the amount I have designated to
be donated to that charity shall instead be donated to my remaining designated
qualified beneficiaries on a prorated basis. If none of my designated
organizations qualify, the donation will be made to the organization(s) selected
by The Procter & Gamble Company.
Dated: _____________________________ ______________________________
Director's Name
------------------------------
Director's Signature
Acknowledged for The Procter & Gamble Company:
Dated: _____________________________ _____________________________
Secretary's Name
-----------------------------
Secretary's Signature
--------------
BOARD OF DIRECTORS CHARITABLE GIFTS PROGRAM
-------------------------------------------
(Benefit at Death)
The Procter & Gamble Company
----------------------------
Purpose
-------
The purpose of the Charitable Gifts Program ("Program"), established for
non-employee members of the Board of Directors and for the Chairman of the Board
and Chief Executive of The Procter & Gamble Company ("participants"), is to
provide opportunity for the Company and the participants to share in a program
for charitable giving.
Administration
--------------
The Program shall be administered by the Secretary of the Company with
contribution payments made by Public Affairs.
Eligibility
-----------
All non-employee Directors and the Chairman and Chief Executive of the Company
are eligible for this Program.
Charitable Contribution
-----------------------
The Company will contribute a total of $1,000,000 following the death of the
participant to be allocated in accordance with each participant's
recommendations among up to five charitable organizations with a minimum amount
of $100,000 per charity.
The donation(s) will be made in the participant's name. The donation(s) will be
made as soon as practicable following the participant's death.
Charity Selection
-----------------
Each participant will complete a Charitable Beneficiary Recommendation Form to
recommend the organization(s) to receive donations from the Company after his or
her death. The form will be acknowledged by the Company and a copy will be
returned to the participant.
Each charity recommended by a participant must be a tax-exempt organization
under Section 501(c)(3) of the Internal Revenue Code, including appropriate
recipients recognized as such pursuant to applicable Tax Treaty. Private
foundations are not eligible to receive donations under the program.
The recommendation of a charitable beneficiary may be withdrawn or revised by a
participant at any time before his/her death.
If any charity recommended by a participant ceases to qualify as a tax-exempt
organization and a revised recommendation is not submitted before his/her death,
the amount requested for that organization shall be prorated among the remaining
qualified charities. If all charities cease to qualify, the Company will select
a beneficiary or beneficiaries to receive donations in the name of the deceased
Director.
Upon the request of a participant, the Company will notify any recommended
charity of its intention of making the requested contribution in the name of the
participant at the participant's death, subject to revision or withdrawal of
such request by the participant and subject to action by the Board of Directors
at any later date to amend or terminate the Program. Letters of notification may
include designation of particular purposes for use of contributions when
received, when and as requested by participants.
Funding
-------
The Company intends to fund the Program by purchasing joint life insurance
policies on the lives of the participants. The Company will pay the premiums for
each life insurance policy and will be the owner and beneficiary thereof.
Miscellaneous Provisions
------------------------
A participant's rights and interest under this Program may not be assigned or
transferred.
No contribution will be required of any participant.
This Program has been adopted by action of the Board of Directors on November
12, 1991, to be effective January 1, 1992. The Program may be amended or
terminated at any time by the Board of Directors whenever the Board, in its sole
discretion, determines that such action is in the best interest of the Company.
MEMORANDUM OF UNDERSTANDING
---------------------------
By and between The Procter & Gamble Company (P&G) and (Director's name).
-----------------
Whereas, P&G has adopted The Director's Charitable Gift Program and intends to
make a future charitable contribution to not more than five charities of my
choice; and
Whereas, P&G will be owner and beneficiary of a life insurance policy on joint
lives of myself and another Director; and
Whereas, the Program is believed to be in the best interest of the
Corporation,its Directors, and its shareholders.
Accordingly, with my consent, P&G has applied for a joint life insurance policy
on my life and that of a fellow Director. I recognize that P&G is the owner and
beneficiary of the life insurance policy, and that I have no rights under that
policy.
I understand it is the intent of the Director's Charitable Gift Program for P&G
to make charitable contributions in the total amount of $1,000,000 at the time
of my death to the charitable/non-profit organizations of my choice.
I further understand that I have the right to revoke my current charitable
preference at any time prior to my death. I also understand that I am authorized
to designate only organizations that are qualified under Section 501(c)(3) of
the Internal Revenue Code and are not private foundations.
I understand the Plan may be amended or terminated at any time by the Board of
Directors as the Board may deem advisable.
--------------------------------
Director's Name
--------------------------------
Director's Signature
The Procter & Gamble Company:
---------------------------------
Secretary's Name
----------------------------------
Secretary's Signature
CHARITABLE BENEFICIARY RECOMMENDATION FORM
------------------------------------------
Pursuant to the provisions of the Director's Charitable Gift Program and
recognizing The Procter & Gamble Company's intent to make posthumous charitable
contributions aggregating $1,000,000 to the charitable/non-profit organization
of my choice, and that each organization I select is qualified as tax-exempt
under Section 501(c)(3) of the Internal Revenue Code and is not a private
foundation.
In recognition of all of the above, I hereby make the following beneficiary
designations as of the date set forth herein:
Amount
Charitable Organization Address of Organization ($100,000 minimum)
1. ______________________ _______________________ __________________
2. ______________________ _______________________ __________________
3. ______________________ _______________________ __________________
4. ______________________ _______________________ __________________
5. ______________________ _______________________ __________________
Please indicate here the name of any selected organization which should be
notified:
---------------------------
---------------------------
---------------------------
---------------------------
---------------------------
I understand this beneficiary designation is revocable on my part at any time
prior to my death. This designation will, in fact, be revoked if I complete a
Charitable Beneficiary Recommendation Form of later date and file it with the
Secretary of The Procter & Gamble Company. I understand that in order to make
this change of beneficiary designation valid, I must receive in writing a
confirmation from the Secretary of The Procter & Gamble Company. If any charity
I designate ceases to be a tax-exempt organization qualified under Section
501(c)(3) of the Internal Revenue Code, and I do not submit a revised Charitable
Beneficiary Recommendation Form before my death, the amount I have designated to
be donated to that charity shall instead be donated to my remaining designated
qualified beneficiaries on a prorated basis. If none of my designated
organizations qualify, the donation will be made to the organization(s) selected
by The Procter & Gamble Company.
Dated: _____________________________ ______________________________
Director's Name
------------------------------
Director's Signature
Acknowledged for The Procter & Gamble Company:
Dated: _____________________________ _____________________________
Secretary's Name
-----------------------------
Secretary's Signature