Company: CL
Filing Date: 2025-06-25
Form Type: 11-K
Source: 0000021665-25-000034
Chunk: 5

Company: COLGATE PALMOLIVE CO
Filing Date: 2025-06-25
Form: 11-K
Chunk 5
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 release and allocation to participant accounts. As of December 31, 2023, 8,020,708 common shares (valued at $639,330) were released and allocated to participant accounts and 327,396 common shares (valued at $26,097) were available for future release and allocation to participant accounts. The released ESOP shares are allocated to fund the employer portion of the various Plan programs described below. In 2025, the shares of common stock held by ESOP Fund D that were available to be allocated were exhausted, and remaining employer contributions were made in cash.

Savings Program

Participant Contributions

Under the Savings Program, participants generally can contribute to the Plan between 1% and 25% of their eligible earnings as defined in the Plan document, which include base salary, overtime, commissions, and eligible bonuses. Eligible participants are automatically enrolled 45 days after their hire date (or first eligibility date) to contribute 6% of eligible earnings to the Plan unless they affirmatively elect not to participate or to contribute at a different rate. The contribution rate for automatically enrolled participants automatically increases by 1% each year until the contribution rate reaches 10%. The contribution rate for participants automatically enrolled prior to January 1, 2023 was 3% of eligible compensation and the automatic increase was 1% per year until the contribution rate reached a maximum of 6%. For purposes of participant contributions, eligible earnings for global expatriates include base salary only. Participant contributions for “highly compensated employees”, as defined by the Internal Revenue Code of 1986, as amended (“IRC”), were limited to less than 25% of eligible earnings for 2024. Participants may generally begin, suspend or resume contributions, change their contribution rate and change the allocation of their contributions between before-tax, Roth, and after-tax on a daily basis. Note that after 2024, after-tax contributions are no longer permitted. Plan participants are always fully vested in their contributions and related investment earnings. Under the IRC, the maximum allowable pre-tax and Roth contribution for participants was $23 for 2024. Participants who are expected to reach or are over the age of 50 during the Plan year and have made the maximum before-tax and Roth contribution are eligible to make additional catch-up contributions. Under the IRC, the maximum allowable catch-up contribution was $7.5 for 2024 on a combined pre-tax and Roth basis.

Employees may direct the investment of participant contributions to any of the Plan’s investment