Document:

EX-10.2

EXHIBIT (10-2)

The Procter & Gamble 1992 Stock Plan

 

 

The Procter & Gamble Company

Executive Offices

1 Procter & Gamble Plaza, Cincinnati, Ohio 45202-3315

December 11, 2001

			
	To:	 	Participants in The Procter & Gamble 1992 Stock Plan

     This document provides a copy of The Procter & Gamble 1992 Stock Plan followed by important
Additional Information. Please save this with your stock option materials.

Very truly yours,

Terry L. Overbey

Secretary             

This document constitutes part of a prospectus covering securities that have been registered under
the Securities Act of 1933.

 

 

THE PROCTER & GAMBLE 1992 STOCK PLAN

(as amended December 11, 2001)

ARTICLE A — Purpose.

     The purpose of The Procter & Gamble 1992 Stock Plan (hereinafter referred to as the “Plan) is
to encourage those employees of The Procter & Gamble Company (hereinafter referred to as the
“Company”) and its subsidiaries who are largely responsible for the long-term success and
development of the business to strengthen the alignment of interests between employees and the
Company’s shareholders through the increased ownership of shares of the Company’s Common Stock, and
to encourage those employees to remain in the employ of the Company and its subsidiaries. This will
be accomplished through the granting to employees of options to purchase shares of the Common Stock
of the Company, payment of a portion of the employees’ remuneration in shares of the Common Stock,
and the granting to them by the Company and a subsidiary, if appropriate, of deferred awards
related to the increase in the price of the Common Stock of the Company as provided by the terms
and conditions set forth in the Plan.

ARTICLE B — Administration.

     1. The Plan shall be administered by the Compensation Committee (hereinafter referred to as
the
“Committee”) of the Board of Directors of the Company (hereinafter referred to as the
“Board”), or such other
committee as may be designated by the Board. The Committee shall consist of not less than
three (3) members
of the Board who are neither officers nor employees, or members of the Board who are
“Non-Employee
Directors” as defined in Rule 16b-3 under the Securities Exchange Act of 1934, as amended
(hereinafter
referred to as the “1934 Act”), or any successor rule or definition adopted by the Securities
and Exchange
Commission, to be appointed by the Board from time to time and to serve at the discretion of
the Board.

     2. It shall be the duty of the Committee to administer this Plan in accordance with its
provisions, to
report thereon not less than once each year to the Board and to make such recommendations of
amendments or
otherwise as it deems necessary or appropriate. A decision by a majority of the Committee
shall govern all
actions of the Committee.

     3. Subject to the express provisions of this Plan, the Committee shall have authority: to
grant
nonstatutory and incentive stock options; to grant to recipients stock appreciation rights
either freestanding, in
tandem with simultaneously granted stock options, or in parallel with simultaneously granted
stock options; to
award a portion of a recipient’s remuneration in shares of Common Stock of the Company subject
to such
conditions or restrictions, if any, as the Committee may determine; to determine all the terms
and provisions of
the respective stock option, stock appreciation right, and stock award agreements including
setting the dates
when each stock option or stock appreciation right or part thereof may be exercised and
determining the
conditions and restrictions, if any, of any shares of Common Stock acquired through the
exercise of any stock
option; and to make all other determinations it deems necessary or advisable for administering
this Plan;
provided, however, the Committee shall have the further authority at time of grant to:

	 	(a)	 	waive the provisions of Article F, paragraph 1(a);
	 
	 	(b)	 	waive the provisions of Article F, paragraph 1(b);
	 
	 	(c)	 	waive the provisions of Article G, paragraph 4(a); and
	 
	 	(d)	 	impose conditions in lieu of those set forth in Article G, paragraphs 4 through 7,
for nonstatutory
stock options, stock appreciation rights, and stock award grants which do not increase or
extend the
rights of the recipient,

 

 

to take into consideration the differences, limitations, and requirements of foreign laws or
conditions including tax regulations, exchange controls or investment restrictions, possible
unenforceability of any part of this Plan, or other matters deemed appropriate by it.

     4. The Committee may establish from time to time such regulations, provisions, and procedures
within
the terms of this Plan as, in its opinion, may be advisable in the administration of this
Plan.

     5. The Committee may designate the Secretary of the Company or other employees of the Company
to
assist the Committee in the administration of this Plan and may grant authority to such
persons to execute
documents on behalf of the Committee.

ARTICLE C — Participation.

     The Committee shall select those employees of the Company and its subsidiaries who, in the
opinion of the Committee, have demonstrated a capacity for contributing in a substantial manner to
the success of such companies and shall determine the number of shares of the Common Stock of the
Company to be transferred under this Plan subject to such conditions or restrictions as the
Committee may determine and the number of shares with respect to which stock options or stock
appreciation rights will be granted. The Committee may consult with the Chief Executive, but
nevertheless the Committee has the full authority to act, and the Committee’s actions shall be
final.

ARTICLE D — Limitation on Number of Shares for the Plan.

     1. Unless otherwise authorized by the shareholders, the maximum aggregate number of shares
available for award under this Plan for each calendar year the Plan is in effect shall be one
percent (1%) of the
total issued shares of Common Stock of the Company as of June 30 of the immediately preceding
fiscal year.

     2. Any of the authorized shares may be used in respect of any of the types of awards described
in this
Plan, except that no more than twenty-five percent (25%) of the authorized shares in any
calendar year may be
issued as restricted or unrestricted stock and no more than 50,000,000 of the authorized
shares during the term
of the Plan may be issued as incentive stock options.

     3. Any authorized shares not used in a calendar year shall be available for awards under this
Plan in
succeeding calendar years.

ARTICLE E — Shares Subject to Use Under the Plan.

     1. The shares to be delivered by the Company upon exercise of stock options or stock
appreciation
rights shall be either authorized but unissued shares or treasury shares, as determined by the
Board. In the case
of redemption of stock appreciation rights by one of the Company’s subsidiaries, such shares
shall be shares
acquired by that subsidiary.

     2. For purposes of this Plan, restricted or unrestricted stock awarded under the terms of this
Plan shall
be authorized but unissued shares, treasury shares, or shares acquired for purposes of the
Plan by the Company
or a subsidiary, as determined by the Board.

ARTICLE F — Stock Options and Stock Appreciation Rights.

 

 

     1. In addition to such other conditions as may be established by the Committee, in
consideration of the granting of stock options or stock appreciation rights under the terms of this
Plan, the recipient agrees as follows:

	 	(a)	 	The right to exercise any stock option or stock appreciation right shall be
conditional upon
certification by the recipient at time of exercise that the recipient intends to remain
in the employ of
the Company or one of its subsidiaries (except in cases of retirement, disability or
Special
Separation as defined in section 6 of Article G) for at least one (1) year following the
date of the
exercise of the stock option or stock appreciation right, and,
	 
	 	(b)	 	In order to better protect the goodwill of the Company and its subsidiaries and to
prevent the
disclosure of the Company’s or it subsidiaries’ trade secrets and confidential
information and
thereby help insure the long-term success of the business, the recipient, without prior
written
consent of the Company, will not engage in any activity or provide any services, whether
as a
director, manager, supervisor, employee, adviser, consultant or otherwise, for a period
of three (3)
years following the date of the recipient’s termination of employment with the Company
(except for
terminations of employment resulting from retirement or Special Separation), in
connection with
the manufacture, development, advertising, promotion, or sale of any product which is the
same as
or similar to or competitive with any products of the Company or its subsidiaries
(including both
existing products as well as products known to the recipient, as a consequence of the
recipient’s
employment with the Company or one of its subsidiaries, to be in development):

	 	(1)	 	with respect to which the recipient’s work has been directly concerned at
any time during the
two (2) years preceding termination of employment with the Company or one of its
subsidiaries or
	 
	 	(2)	 	with respect to which during that period of time the recipient, as a
consequence of the
recipient’s job performance and duties, acquired knowledge of trade secrets or other
confidential information of the Company or its subsidiaries.

	 	 	 	For purposes of this section, it shall be conclusively presumed that recipients have
knowledge of information they were directly exposed to through actual receipt or review
of memos or documents containing such information, or through actual attendance at
meetings at which such information was discussed or disclosed.
	 
	 	(c)	 	The provisions of this Article are not in lieu of, but are in addition to the
continuing obligation of
the recipient (which recipient hereby acknowledges) to not use or disclose the Company’s
or its
subsidiaries’ trade secrets and confidential information known to the recipient until any
particular
trade secret or confidential information become generally known (through no fault of the
recipient),
whereupon the restriction on use and disclosure shall cease as to that item. Information
regarding
products in development, in test marketing or being marketed or promoted in a discrete
geographic
region, which information the Company or one of its subsidiaries is considering for
broader use,
shall not be deemed generally known until such broader use is actually commercially
implemented.
As used in this Article, “generally known” means known throughout the domestic U. S.
industry or,
in the case of recipients who have job responsibilities outside of the United States, the
appropriate
foreign country or countries’ industry.
	 
	 	(d)	 	By acceptance of any offered stock option or stock appreciation rights granted
under the terms of
this Plan, the recipient acknowledges that if the recipient were, without authority, to
use or disclose
the Company’s or any of its subsidiaries’ trade secrets or confidential information or
threaten to do
so, the Company or one of its subsidiaries would be entitled to injunctive and other
appropriate

 

 

	 	 	 	relief to prevent the recipient from doing so. The recipient acknowledges that the harm
caused to the Company by the breach or anticipated breach of this Article is by its
nature irreparable because, among other things, it is not readily susceptible of proof
as to the monetary harm that would ensue. The recipient consents that any interim or
final equitable relief entered by a court of competent jurisdiction shall, at the
request of the Company or one of its subsidiaries, be entered on consent and enforced by
any court having jurisdiction over the recipient, without prejudice to any rights either
party may have to appeal from the proceedings which resulted in any grant of such
relief.
	 
	 	(e)	 	If any of the provisions contained in this Article shall for any reason, whether
by application of existing law or law which may develop after the recipient’s
acceptance of an offer of the granting of stock appreciation rights or stock options,
be determined by a court of competent jurisdiction to be overly broad as to scope of
activity, duration, or territory, the recipient agrees to join the Company or any of
its subsidiaries in requesting such court to construe such provision by limiting or
reducing it so as to be enforceable to the extent compatible with then applicable law.
If any one or more of the terms, provisions, covenants, or restrictions of this Article
shall be determined by a court of competent jurisdiction to be invalid, void or
unenforceable, then the remainder of the terms, provisions, covenants, and restrictions
of this Article shall remain in full force and effect and shall in no way be affected,
impaired, or invalidated.

     2. The fact that an employee has been granted a stock option or a stock appreciation right
under this
Plan shall not limit the right of the employer to terminate the recipient’s employment at any
time. The
Committee is authorized to suspend or terminate any outstanding stock option or stock
appreciation right for
actions taken prior to termination of employment if the Committee determines the recipient has
acted
significantly contrary to the best interests of the Company.

     3. More than one stock option or stock appreciation right may be granted to any employee under
this
Plan but the maximum number of shares with respect to which stock options or stock
appreciation rights may be
granted to any employee in any calendar year shall not exceed five percent (5%) of the number
of shares which
can be issued or transferred annually hereunder.

     4. The aggregate fair market value (determined at the time when the incentive stock option is
exercisable for the first time by an employee during any calendar year) of the shares for
which any employee
may be granted incentive stock options under this Plan and all other stock option plans of the
Company and its
subsidiaries in any calendar year shall not exceed $100,000 (or such other amount as reflected
in the limits
imposed by Section 422(d) of the Internal Revenue Code of 1986, as it may be amended from time
to time).

     5. If the Committee grants incentive stock options, all such stock options shall contain such
provisions
as permit them to qualify as “incentive stock options” within the meaning of Section 422 of
the Internal
Revenue Code of 1986, as may be amended from time to time.

     6. With respect to stock options granted in tandem with or parallel to stock appreciation
rights, the
exercise of either such stock options or such stock appreciation rights will result in the
simultaneous
cancellation of the same number of tandem or parallel stock appreciation rights or stock
options, as the case
may be.

     7. The exercise price for all stock options and stock appreciation rights shall be established
by the
Committee at the time of their grant and shall be not less than one hundred percent (100%) of
the fair market
value of the Common Stock of the Company on the date of grant.

ARTICLE G — Exercise of Stock Options and Stock Appreciation Rights.

 

 

     1. All
stock options and stock appreciation rights granted hereunder shall have a maximum life
of no
more than fifteen (15) years from the date of grant; provided, however, that any stock options
or stock
appreciation rights with a life of more than ten (10) years from the date of grant that have
been conditionally
granted to the Chief Executive or to any other executive officer subject to the provisions of
Section 162(m) of
the Internal Revenue Code and subject to taxation under United States law, as it may be
amended from time to
time, prior to the annual meeting of shareholders scheduled for October 12, 1999 shall
automatically be
canceled effective October 12, 1999 if the shareholders do not adopt a resolution at such
annual meeting approving grants to such officers with a maximum life of up to fifteen (15) years from the
date of grant.

     2. No stock options or stock appreciation rights shall be exercisable within one (1) year from
their
date of grant, except in the case of the death of the recipient.

     3. During the lifetime of the recipient, stock options and stock appreciation rights may be
exercised
only by the recipient personally, or, in the event of the legal incompetence of the recipient,
by the recipient’s
duly appointed legal guardian.

     4. In case a recipient of stock options or stock appreciation rights ceases to be an employee
of the
Company or any of its subsidiaries while holding an unexercised stock option or stock
appreciation right:

	 	(a)	 	Any unexercisable portions thereof are then void, except in the case of: (1) death
of the recipient;
(2) any Special Separation (as defined in section 6 of this Article G) that occurs more
than six
months from the date the options were granted; or (3) any option as to which the
Committee has
waived, at the time of grant, the provisions of this Article G, paragraph 4(a) pursuant
to the
authority granted by Article B, paragraph 3.
	 
	 	(b)	 	Any exercisable portions thereof are then void, except in the case of death,
retirement in
accordance with the provisions of any appropriate profit sharing or retirement plan of
the Company
or any of its subsidiaries, or Special Separation (as defined in section 6 of this
Article G) of the
recipient.

     5. In the case of the death of a recipient of stock options or stock appreciation rights while
an
employee of the Company or any of its subsidiaries, the persons to whom the stock options or
stock
appreciation rights have been transferred by will or the laws of descent and distribution
shall have the privilege
of exercising remaining stock options, stock appreciation rights or parts thereof, whether or
not exercisable on
the date of death of such employee, at any time prior to the expiration date of the stock
options or stock
appreciation rights.

     6. Termination of employment under the permanent disability provision of any appropriate
profit
sharing or retirement plan of the Company or any of its subsidiaries shall be deemed the same
as retirement.
Special Separation means any termination of employment, except a termination for cause or a
voluntary
resignation that is not initiated or encouraged by the Company, that occurs prior to the time
a recipient is
eligible to retire. The death of a recipient of stock options or stock appreciation rights
subsequent to retirement
or Special Separation shall not render exercisable stock options or stock appreciation rights
which were
unexercisable at the time of the retirement or Special Separation. The persons to whom the
exercisable stock
options or stock appreciation rights have been transferred by will or the laws of descent and
distribution shall
have the privilege of exercising such remaining stock options, stock appreciation rights or
parts thereof, at any
time prior to the expiration date of the stock options or stock appreciation rights.

     7. Stock options and stock appreciation rights are not transferable other than by will or by
the laws of
descent and distribution. For the purpose of exercising stock options or stock appreciation
rights after the death
of the recipient, the duly appointed executors and administrators of the estate of the
deceased recipient shall

 

 

have the same rights with respect to the stock options and stock appreciation rights as legatees or
distributees would have after distribution to them from the recipient’s estate.

     8. Upon the exercise of stock appreciation rights, the recipient shall be entitled to receive
a
redemption differential for each such stock appreciation right which shall be the difference
between the then
fair market value of one share of the Common Stock of the Company and the exercise price of
one stock
appreciation right then being exercised. In the case of the redemption of stock appreciation
rights by a
subsidiary of the Company not located in the United States, the redemption differential shall
be calculated in
United States dollars and converted to the appropriate local currency on the exercise date. As
determined by
the Committee, the redemption differential may be paid in cash, Common Stock of the Company to
be valued at
its fair market value on the date of exercise, any other mode of payment deemed appropriate by
the Committee
or any combination thereof. The number of shares with respect to which stock appreciation
rights are being
exercised shall not be available for granting future stock options or stock appreciation
rights under this Plan.

     9. The Committee may, in its sole discretion, permit a stock option which is being exercised
either (a)
by an optionee whose retirement is imminent or who has retired or (b) after the death of the
optionee, to be
surrendered, in lieu of exercise, for an amount equal to the difference between the stock
option exercise price
and the fair market value of shares of the Common Stock of the Company on the day the stock
option is
surrendered, payment to be made in shares of the Company’s Common Stock which are subject to
this Plan
valued at their fair market value on such date, cash, or a combination thereof, in such
proportion and upon such
terms and conditions as shall be determined by the Committee. The difference between the
number of shares
subject to stock options so surrendered and the number of shares, if any, issued upon such
surrender shall
represent shares which shall not be available for granting future stock options under this
Plan.

     10. Time spent on leave of absence shall be considered as employment for the purposes of this
Plan.
Leave of absence means any period of time away from work granted to any employee by his or her
employer
because of illness, injury, or other reasons satisfactory to the employer.

     11. The Company reserves the right from time to time to suspend the exercise of any stock
option or
stock appreciation right where such suspension is deemed by it necessary or appropriate for
corporate purposes.
No such suspension shall extend the life of the stock option or stock appreciation right
beyond its expiration
date, and in no event will there be a suspension in the five (5) calendar days immediately
preceding the
expiration date.

ARTICLE H — Payment for Stock Options.

     Upon the exercise of a stock option, payment in full of the exercise price shall be made by
the optionee. As determined by the Committee, the stock option exercise price may be paid for by
the optionee either in cash, shares of the Common Stock of the Company to be valued at their fair
market value on the date of exercise, a combination thereof, or such other method as determined by
the Committee.

ARTICLE I — Transfer of Shares.

     1. The Committee may transfer Common Stock of the Company under the Plan subject to such
conditions or restrictions, if any, as the Committee may determine. The conditions and
restrictions may vary from time to time and with respect to particular employees or group of
employees and may be set forth in agreements between the Company and the employee or in the awards
of stock to them, all as the Committee determines. It is contemplated that the conditions and
restrictions established by the Committee will be consistent with the objectives of this Plan and
may be of the following types. In giving these examples, it is not intended to restrict the
Committee’s authority to impose other restrictions or conditions, or to waive restrictions

 

 

or conditions under circumstances deemed by the Committee to be appropriate and not contrary to the
best interests of the Company.

	 	(a)	 	Restrictions
	 
	 	 	 	The employee will not be able to sell, pledge, or dispose of the shares during a
specified period except in accordance with the agreement or award. Such restrictions
will lapse either after a period of, for example, five years, or in fifteen or fewer
annual installments following retirement or termination of employment, as the Committee
from time to time may determine. However, upon the transfer of shares subject to
restrictions, an employee will have all incidents of ownership in the shares, including
the right to dividends (unless otherwise restricted by the Committee), to vote the
shares, and to make gifts of them to family members (still subject to the
restrictions).
	 
	 	(b)	 	Lapse of Restrictions
	 
	 	 	 	In order to have the restrictions lapse, an employee may be required to continue in the
employ of the Company or a subsidiary for a prescribed period of time. Exemption from
this requirement may be prescribed in the case of death, disability, or retirement, or
as otherwise prescribed by the Committee.

ARTICLE J — Adjustments.

In the event of any future reorganization, recapitalization, stock split, stock dividend,
combination of shares, merger, consolidation, rights offering, share exchange, reclassification,
distribution, spin-off or other change affecting the corporate structure, capitalization or Common
Stock of the Company occuring after the date of approval of the Plan by the Company’s
shareholders, (i) the amount of shares authorized to be issued under the Plan and (ii) the number
of shares and/or the exercise prices covered by outstanding stock options and stock appreciation
rights shall be adjusted appropriately and equitably to prevent dilution or enlargement of rights
under the Plan. Following any such change, the term “Common Stock” shall be deemed to refer to
such class of shares or other securities as may be applicable.

ARTICLE K — Additional Provisions.

     1. The Board may, at any time, repeal this Plan or may amend it from time to time except that
no such
amendment may amend this paragraph, increase the annual aggregate number of shares subject to
this Plan,
reduce the price at which stock options or stock appreciation rights may be granted,
exercised, or surrendered,
alter the class of employees eligible to receive stock options, or increase the percentage of
shares authorized to
be transferred as restricted or unrestricted stock. The recipient of awards under this Plan
and the Company
shall be bound by any such amendments as of their effective dates, but if any outstanding
stock options or stock
appreciation rights are affected, notice thereof shall be given to the holders of such stock
options and stock
appreciation rights and such amendments shall not be applicable to such holder without his or
her written
consent. If this Plan is repealed in its entirety, all theretofore granted unexercised stock
options or stock
appreciation rights shall continue to be exercisable in accordance with their terms and shares
subject to
conditions or restrictions transferred pursuant to this Plan shall continue to be subject to
such conditions or
restrictions.

     2. In the case of an employee of a subsidiary company, performance under this Plan, including
the
transfer of shares of the Company, may be by the subsidiary. Nothing in this Plan shall affect
the right of the
Company or any subsidiary to terminate the employment of any employee with or without cause.
None of the
participants, either individually or as a group, and no beneficiary or other person claiming
under or through any
participant, shall have any right, title, or interest in any shares of the Company purchased
or reserved for the

 

 

purpose of this Plan except as to such shares, if any, as shall have been granted or transferred to
him or her. Nothing in this Plan shall preclude the issuance or transfer of shares of the Company
to employees under any other plan or arrangement now or hereafter in effect.

     3. “Subsidiary” means any company in which greater than fifty percent (50%) of the total
combined
voting power of all classes of stock is owned, directly or indirectly, by the Company. In
addition, the Board
may designate for participation in this Plan as a “subsidiary,” except for the granting of
incentive stock options,
those additional companies affiliated with the Company in which the Company’s direct or
indirect stock
ownership is less than fifty percent (50%) of the total combined voting power of all classes
of such company’s
stock.

     4. Notwithstanding anything to the contrary in the this Plan, stock options and stock
appreciation
rights granted hereunder shall vest immediately and any conditions or restrictions on Common
Stock shall lapse
upon a “Change in Control.” A “Change in Control” shall mean the occurrence of any of the
following:

	 	(a)	 	An acquisition (other than directly from the Company) of any voting securities of
the Company (the
“Voting Securities”) by any “Person” (as the term person is used for purposes of Section
13(d) or
14(d) of the Exchange Act), immediately after which such Person has “Beneficial
Ownership”
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of twenty percent
(20%)
or more of the then outstanding Shares or the combined voting power of the Company’s then
outstanding Voting Securities; provided, however, in determining whether a Change in
Control has
occurred pursuant to this Section 4(a), Shares or Voting Securities which are acquired in
a “Non-
Control Acquisition” (as hereinafter defined) shall not constitute an acquisition which
would cause
a Change in Control. A “Non-Control Acquisition” shall mean an acquisition by (i) an
employee
benefit plan (or a trust forming a part thereof) maintained by (A) the Company or (B) any
corporation or other Person of which a majority of its voting power or its voting equity
securities or
equity interest is owned, directly or indirectly, by the Company (for purposes of this
definition, a
“Related Entity”), (ii) the Company or any Related Entity, or (iii) any Person in
connection with a
“Non-Control Transaction” (as hereinafter defined);
	 
	 	(b)	 	The individuals who, as of July 11, 2000 are members of the Board (the “Incumbent
Board”), cease
for any reason to constitute at least half of the members of the Board; or, following a
Merger (as
hereinafter defined) which results in a Parent Corporation (as hereinafter defined), the
board of
directors of the ultimate Parent Corporation; provided, however, that if the election, or
nomination
for election by the Company’s common stockholders, of any new director was approved by a
vote of
at least two-thirds of the Incumbent Board, such new director shall, for purposes of this
Plan, be
considered as a member of the Incumbent Board; provided further, however, that no
individual
shall be considered a member of the Incumbent Board if such individual initially assumed
office as
a result of either an actual or threatened “Election Contest” (as described in Rule
14a-11
promulgated under the Exchange Act) or other actual or threatened solicitation of proxies
or
consents by or on behalf of a Person other than the Board (a “Proxy Contest”) including
by reason
of any agreement intended to avoid or settle any Election Contest or Proxy Contest; or
	 
	 	(c)	 	The consummation of:

	 	(i)	 	A merger, consolidation or reorganization with or into the Company or in
which securities of the Company are issued (a “Merger”), unless such Merger is a
“Non-Control Transaction.” A “Non-Control Transaction” shall mean a Merger where:

	 	(A)	 	the stockholders of the Company, immediately before such Merger own directly or
indirectly immediately following such Merger at least fifty percent (50%) of the

 

 

	 	 	 	combined voting power of the outstanding voting securities of (x) the
corporation resulting from such Merger (the “Surviving Corporation”) if fifty
percent (50%) or more of the combined voting power of the then outstanding
voting securities of the Surviving Corporation is not Beneficially Owned,
directly or indirectly by another Person (a “Parent Corporation”), or (y) if
there is one or more Parent Corporations, the ultimate Parent Corporation;
	 	(B)	 	the individuals who were members of the Incumbent Board
immediately prior to the
execution of the agreement providing for such Merger constitute at least half
of the
members of the board of directors of (x) the Surviving Corporation, if there
is no
Parent Corporation, or (y) if there is one or more Parent Corporations, the
ultimate
Parent Corporation; and
	 
	 	(C)	 	no Person other than (1) the Company, (2) any Related Entity,
(3) any employee benefit
plan (or any trust forming a part thereof) that, immediately prior to such
Merger was
maintained by the Company or any Related Entity, or (4) any Person who,
immediately
prior to such merger, consolidation or reorganization had Beneficial Ownership
of
twenty percent (20%) or more of the then outstanding Voting Securities or
Shares, has
Beneficial Ownership of twenty percent (20%) or more of the combined voting
power
of the outstanding voting securities or common stock of (x) the Surviving
Corporation
if there is no Parent Corporation, or (y) if there is one or more Parent
Corporations, the
ultimate Parent Corporation;

	 	(ii)	 	A complete liquidation or dissolution of the Company; or
	 
	 	(iii)	 	The sale or other disposition of all or substantially all of the assets
of the Company to any Person (other than a transfer to a Related Entity or under
conditions that would constitute a Non-Control Transaction with the disposition of
assets being regarded as a Merger for this purpose or the distribution to the
Company’s stockholders of the stock of a Related Entity or any other assets).

     Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely
because any Person (the “Subject Person”) acquired Beneficial Ownership of more than the permitted
amount of the then outstanding Shares or Voting Securities as a result of the acquisition of
Shares or Voting Securities by the Company which, by reducing the number of Shares or Voting
Securities then outstanding, increases the proportional number of shares Beneficially Owned by the
Subject Persons, provided that if a Change in Control would occur (but for the operation of this
sentence) as a result of the acquisition of Shares or Voting Securities by the Company, and after
such share acquisition by the Company, the Subject Person becomes the Beneficial Owner of any
additional Shares or Voting Securities which increases the percentage of the then outstanding
Shares or Voting Securities Beneficially Owned by the Subject Person, then a Change in Control
shall occur.

ARTICLE L — Consent

     Every recipient of a stock option, stock appreciation right, or transfer of shares pursuant
to this Plan shall be bound by the terms and provisions of this Plan and of the stock option,
stock appreciation right, or transfer of shares agreement referable thereto, and the acceptance of
any stock option, stock appreciation right, or transfer of shares pursuant to this Plan shall
constitute a binding agreement between the recipient and the Company and its subsidiaries and any
successors in interest to any of them. This Plan shall be governed by and construed in accordance
with the laws of the State of Ohio, United States of America.

ARTICLE M — Duration of Plan.

 

 

     This Plan will terminate on July 14, 2002 unless a different termination date is fixed by the
shareholders or by action of the Board of Directors, but no such termination shall affect the prior
rights under this Plan of the Company (or any subsidiary) or of anyone to whom stock options or
stock appreciation rights were granted prior thereto or to whom shares have been transferred prior
to such termination.

 

 

ADDITIONAL INFORMATION

1. Shares Awarded as a Portion of Remuneration

     Any shares of Common Stock of the Company awarded as a portion of a participant’s remuneration
shall be valued at not less than one hundred percent (100%) of the fair market value of the
Company’s Common Stock on the date of the award. These shares may be subject to such conditions or
restrictions as the Committee may determine, including a requirement that the participant remain in
the employ of the Company or one of its subsidiaries for a set period of time, or until retirement.
Failure to abide by any applicable restriction will result in forfeiture of the shares.

2. Tax Effects

     Incentive Stock
Options

     With regard to tax effects which may accrue to the optionee, counsel advises that if
the optionee has continuously been an employee from the time an option has been granted
until at least three months before it is exercised, under existing law no taxable income
results to the optionee from the exercise of an incentive stock option at the time of
exercise. However, the spread at exercise is an “adjustment” item for alternative minimum
tax purposes.

     Any gain realized on the sale or other disposition of stock acquired on exercise of an
incentive stock option is considered as long-term capital gain for tax purposes if the
stock has been held more than two years after the date the option was granted and more than
one year after the date of exercise of the option. If the stock is disposed of within one
year after exercise, the lesser of any gain on such disposition or the spread at exercise
(i.e., the excess of the fair market value of the stock on the date of exercise over the
option price) is treated as ordinary income, and any appreciation after the date of
exercise is considered long-term or short-term capital gain to the optionee depending on
the holding period prior to sale. However, the spread at exercise (even if greater than the
gain on the disposition) is treated as ordinary income if the disposition is one on which a
loss, if sustained, is not recognized—e.g., a gift, a “wash” sale or a sale to a related
party. The amount of ordinary income recognized by the optionee is treated as a tax
deductible expense to the Company. No other amount relative to an incentive stock option is
a tax deductible expense to the Company.

     Nonstatutory Stock Options

     With regard to tax effects which may accrue to the optionee, counsel advises that
under existing tax law gain taxable as ordinary income to the optionee is deemed to be
realized at the date of exercise of the option, the gain on each share being the difference
between the market price on the date of exercise and the option price. This amount is
treated as a tax deductible expense to the Company at the time of the exercise of the
option. Any appreciation in the value of the stock after the date of exercise is considered
a long-term or short-term capital gain to the optionee depending on whether or not the
stock was held for the appropriate holding period prior to sale.

     Stock Appreciation Rights

     With regard to tax effects which may accrue to the recipient, counsel advises that
“United States persons,” as defined in the Internal Revenue Code of 1986 (the “I.R.C.”),
must recognize ordinary income as of the date of exercise equal to the amount paid to the
recipient, i.e., the difference between the grant price and the value of the shares on the
date of exercise.

 

 

     Shares Awarded as a Portion of Remuneration

     With regard to tax effects which may accrue to the recipient, counsel advises that
“United States persons” as defined in the Internal Revenue Code of 1986 (the “I.R.C.”), must
recognize ordinary income in the first taxable year in which the recipient’s rights to the
stock are transferable or are not subject to a substantial risk of forfeiture, whichever is
applicable. Recipients who are “United States persons” may also elect to include the income
in their tax returns for the taxable year in which they receive the shares by filing an
election to do so with the appropriate office of the Internal Revenue Service within 30 days
of the date the shares are transferred to them.

     The amount includable in income is the fair market value of the shares as of the day
the shares are transferable or not subject to a substantial risk of forfeiture, whichever
is applicable; if the recipient has elected to include the income in the year in which the
shares are received, the amount of income includable is the fair market value of the shares
at the time of transfer.

     For non-United States persons, the time when income is realized, its measurement and
its taxation, will depend on the laws of the particular countries in which the recipients
are residents and/or citizens at the time of transfer or when the shares are first
transferable and not subject to a substantial risk of forfeiture, as the case may be.
“United States persons” who receive shares awarded as a portion of remuneration may also
have tax consequences with respect to the receipt of shares or the expiration of
restrictions or substantial risk of forfeiture on such shares under the laws of the
particular country other than the United States of which such person is a resident or
citizen.

     Notwithstanding the above advice received by the Company, it is each individual recipient’s
responsibility to check with his or her personal tax adviser as to the tax effects and proper
handling of stock options, stock appreciation rights and Common Stock acquired. The above advice
relates specifically to the U.S. consequences of stock options, stock appreciation rights and
Common Stock acquired, including the U.S. consequences to “United States persons” whether or not
resident in the U.S. In addition to U.S. tax consequences, for all persons who are not U.S.
residents, the time when income, if any, is realized, the measurement of such income and its
taxation will also depend on the laws of the particular country other than the U.S. of which such
persons are resident and/or citizens at the time of grant or the time of exercise, as the case may
be.

     The Plan is not subject to the qualification requirements of Section 401(a) of the I.R.C.

3. Employee Retirement Income Security Act of 1974

     The Plan is not subject to the provisions of the Employee Retirement Income Security Act of
1974 (“ERISA”), as amended.

4. Incorporation of Certain Documents by Reference

     The following documents filed by the Company with the Securities and Exchange Commission
(File No. 1-434) pursuant to the 1934 Act are incorporated into this document by reference:

	 	1.	 	The Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2001;

	 
	 	2.	 	The Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2001; and
	 
	 	3.	 	All other documents filed by the Company pursuant to Sections 13(a), 13(c), 14
or 15(d) of the
1934 Act after the date of this Prospectus and prior to the filing of a post-effective
amendment
which indicates that all securities offered have been sold or which deregisters all
securities then
remaining unsold.

 

 

     The Company will provide without charge to each participant in the Plan, upon oral or written
request, a copy of any or all of these documents other than exhibits to such documents, unless such
exhibits are specifically incorporated by reference into such documents. In addition, the Company
will provide without charge to such participants a copy of the Company’s most recent annual report
to shareholders, proxy statement, and other communications distributed generally to security
holders of the Company. Requests for such copies should be directed to Mr. James C. Ashley,
Manager, Shareholder Services, The Procter & Gamble Company, P.O. Box 5572, Cincinnati, Ohio 

45201,
(513) 983-3413.

5. Additional Information

     Additional information about the Plan and its administrators may be obtained from Mr. Terry
L. Overbey, Secretary, The Procter & Gamble Company, One Procter & Gamble Plaza, Cincinnati, Ohio
45202, (513) 983-4463.EX-10.3

EXHIBIT (10-3)

The Procter & Gamble Executive Group Life Insurance Policy

 

 

MEMORANDUM OF UNDERSTANDING

This memorandum dated as of December 30, 1997, reflects the understanding and agreement between
The Procter & Gamble Company as policyholder (“Policyholder/P&G”) of a Flexible Premium Group
Variable Life Insurance Policy (the “Policy”) and Metropolitan Life Insurance Company
(“Carrier/Metropolitan”).

Policyholder and Carrier understand and agree that the following is in no way inconsistent with the
Policy:

Qualification of the Policy as Life Insurance (IRC Sections 7702 and 101)

Assuming
insurable interest by the Policyholder, Carrier will administer the Policy to qualify as a
life insurance contract under Section 7702 of the Internal Revenue Code (the “IRC”), to have a
bona fide element of risk, and to provide death benefits under the Policy that will be excludible
from taxable income to the extent provided under IRC section 101(a).
On or before the date of this
memorandum, Carrier has provided an opinion from outside counsel addressed to Policyholder that the
Policy complies with the requirements of section 7702. See Exhibit 1.

Qualification of the Policy as a Variable Contract

Subject to the conditions stated below, Carrier will administer the Policy to (a) be a
“variable contract” within the meaning of Section 817(d) of the Internal Revenue Code and (b) be
based on one or more segregated asset accounts, the assets of which are owned by Carrier and are
adequately diversified, as required by Internal Revenue Code Section 817(h).

Policyholder may determine the percentage of premium payments and/or policy cash value that is
allocated to a specific separate account and will have the right to reallocate amounts among the
separate accounts as provided in the Policy. The Policyholder shall not have the right to manage
the assets of the separate accounts or to direct the purchase or sale of specific investment
assets and will not communicate directly or in any manner with respect to these separate accounts
with any of the managers or sub investment managers of the separate accounts.

Metropolitan will be the investment manager for any Separate Accounts under this Policy.
Separate Accounts may have sub-investment managers chosen by Metropolitan.

The Policy will state that the assets held in each Separate Account will be maintained solely for
the liabilities of the participants in that Separate Account. The Carrier will make provision that
the income, gains and losses of each Separate Account shall be credited to or charged against that
Separate Account’s assets and none of the assets held in a Separate Account will be charged as
chargeable with liabilities arising out of any other business of the Carrier or used for purposes
unrelated to the terms and provisions of that Separate Account. On or before the date of this

 

 

memorandum, Carrier has provided a letter from its counsel addressed to Policyholder on these
issues. See Exhibit 2.

Underwriting

Based on the census in the November 11, 1998 illustrations, current participants who are domestic
actives and retirees will be covered under Carrier’s Guaranteed Issue program for the plan benefit
and cost recovery amounts in effect on the date the Policy is issued.

Future new participants will be subject to the following “Active at Work” criteria:

	•	 	not been absent from work due to illness or medical treatment for a period of more than 5
consecutive days in the last 3 months; and
	 
	•	 	are actively at work, full time performing all duties of regular occupation, at customary
place of employment.

The guaranteed issue limit upon entry into the plan by new participants will be $2 million. Based on the current plan design, death benefits under the Policy may be increased without additional underwriting:

	•	 	by reason of promotional increases verified by P&G, and
	 
	 	 	by up to 15% per year (with any unused portion of such increment rolling forward for five
years on a cumulative basis) to reflect compensation (salary and bonus) increases,

subject to a lifetime guaranteed issue limit of $5,000,000 per life, which limit will be reviewed
at least every five years and (absent retention, reinsurance or adverse selection constraints)
adjusted to accommodate anticipated plan benefit and cost recovery amounts. Amounts in excess of
the guaranteed issue limits will, at Carrier’s request, be subject to underwriting.

Carrier will not deny claims by reason of the suicide exclusion provision of the Policy. Carrier
acknowledges, accepts and agrees to be bound by consents to insurance, beneficiary designations and
assignments in effect under P&G’s executive life insurance program.

Cost of Term Insurance Charges

The Cost of Term Insurance charges (“COI”) for the current active population and new entrants
(meeting the “active at work” requirements) will be based on 90% of Carrier’s current Corporate
Universal Life Guaranteed Issue, Sex Distinct, Unismoker rates. The current retirees will have
rates equal to 120% of Carrier’s Corporate Universal Life Guaranteed Issue, Sex Distinct, Unismoker
rates.

- 2 -

 

P & G will have COI rates equal to the foregoing unless Carrier’s Corporate Universal Life
Guaranteed Issue, Sex Distinct, Unismoker rates are increased to the maximum rates of 1980 CSO
table (Table A for males and Table G for females). Only at that time will the rates under this
Policy for actives and new entrants be increased to up to 100% of Corporate Universal Life
Guaranteed Issue, Sex Distinct, Unismoker rates, with a corresponding change in the COI for current
retirees. Any future changes in COI rates will be determined based on changes in Corporate
Universal Life Guaranteed Issue Rates. Metropolitan shall inform the Policyholder in writing at
least 60 days in advance of any changes in such rates.

The Guaranteed Issue, Sex Distinct COI rates are the rates that Metropolitan charges in Individual
Executive Pooled Policies which are selected by the Guaranteed Issue Underwriting procedure and are
filed with the state Insurance Departments. The Corporate Universal Life Product is one of those
policies included in this pool. Any changes in these rates are required to be filed with the state
Insurance Departments and must be justifiable in terms of experience of the Guaranteed Issue
mortality pool. Therefore, the insured employees of this Policy join the mortality pool which is
the aggregate of all insured executives who are selected by the Guaranteed Issue Underwriting
procedure. The future determination of the COI of this pool is by the mortality experience of the
pool in total and is not by the mortality experience of each case or a subgroup of insured lives of
the pool. Any changes in these rates must apply to all policies which are charged the Guaranteed
Issue COI rates, including the Policy.

Upon reasonable notice from Policyholder, Metropolitan will develop COI charges, retention and
retrospective deductions based on the demographics of insured lives in the plan at that time.

The guaranteed maximum COI will never exceed those based on the 1980 CSO Table (Table A for males
and Table G for females).

Enhanced Policy Administration

At Policyholder’s request, Carrier will provide enhanced administrative services with respect to
the Policy. Such services will include:

	A.	 	Program Analysis

	 	1.	 	Prepare feasibility studies and recommendations of various funding level
alternatives.
	 
	 	2.	 	Provide financial analysis of the program.

	B.	 	Program Establishment

	 	1.	 	Provide specimen documents to and reviewing specimen
documents with Policyholder’s legal counsel and auditors.

- 3 -

 

	 	2.	 	Prepare financial projections and, where applicable, proxy statement text with
respect to the program.
	 
	 	3.	 	Coordinate and establish program implementation and administration, and set up
records and other systems for the program.
	 
	 	4.	 	Process section 1035 exchange.

	C.	 	Program Documentation. Provide program documentation, including:

	 	1.	 	Program explanation (including original assumptions).
	 
	 	2.	 	Insurance schedule.
	 
	 	3.	 	Funding assumptions and corporate composite projections.
	 
	 	4.	 	Participant census.
	 
	 	5.	 	Individual participant information.
	 
	 	6.	 	Definition of Payment procedures.

	 	a.	 	Premiums
	 
	 	b.	 	Death benefits.
	 
	 	c.	 	Withdrawals/surrenders.
	 
	 	d.	 	Loans

	D.	 	Program Servicing

	 	1.	 	Provide periodic reports on program and policy financial status.
	 
	 	2.	 	Provide information for possible program modifications.
	 
	 	3.	 	Provide ongoing program coordination.
	 
	 	4.	 	Compile updated program data with assistance from Policyholder.

	 	a.	 	New participants
	 
	 	b.	 	Terminations
	 
	 	c.	 	Retirees
	 
	 	d.	 	Deaths

	 	5.	 	Determine current and ongoing funding requirements.

- 4 -

 

	 	6.	 	Assist with enrollment of new participants.
	 
	 	7.	 	Prepare detailed annual reviews of program experience to include:

	 	a.	 	Corporate composite projections
	 
	 	b.	 	Program participant census including insurance amount

	 	8.	 	Compile composite billing for program.
	 
	 	9.	 	Timely provide assistance to accountants and auditors for reporting program
transactions on financial statements and/or tax return and other reports or analyses
as reasonably required from time to time by Policyholder.
	 
	 	10.	 	Advise the Policyholder of transactions necessary or desirable to meet program
goals and commitments.
	 
	 	11.	 	Execute quarterly social security sweeps.
	 
	 	12.	 	Annually determine and provide to Policyholder the amount of imputed taxable
income for each participant.
	 
	 	13.	 	Conduct annual performance review.

	E.	 	Performance Criteria
	 
	 	 	Carrier’s enhanced policy administration will be subject to performance criteria mutually
agreed by Carrier and Policyholder from time to time.

	F.	 	Termination of Enhanced Policy Administration.
	 
	 	 	Policyholder may terminate Carrier’s enhanced policy administration at any time on
written notice.

Policy Expenses

	•	 	Front End Load Charges

	 	1.	 	State Premium Tax - state premium tax will be handled as a
pass-through.
Taxes will be assessed based upon the Insureds’ state of residence as of
the date of issue of the Policy.
	 
	 	2.	 	Policy DAC Tax -1.20%

- 5 -

 

	 	3.	 	Other Charge - if enhanced policy administration is in effect, a
one time set-up charge of $100,000 in the aggregate for all Policies in the
program, in the first policy year.

	•	 	Mortality and Expense (M&E) Charge

	 	 	 	The M&E risk charge is assessed against the average monthly value of the total
policy cash value in all separate accounts and is deducted monthly. The following
M&E risk charge is based upon a 4-tier sliding scale and applies for any period when
enhanced policy administration is in effect:

	 	 	 	 	 
	First $50 million
	 	 	0.250	%
	Next $200 million
	 	 	0.150	%
	Next $250 million
	 	 	0.125	%
	Over $500 million
	 	 	0.100	%

	 	 	 	Under the foregoing schedule, Carrier will not take into consideration the
combined assets in both policies (VEBA Plan and the Split Dollar Plan) for
purposes of calculating the monthly M&E expenses for this Policy. Carrier
would, however, take the assets under this Policy into consideration when
determining the M&E under the VEBA policy.
	 
	 	 	 	For any period when enhanced policy administration is not in effect, the M&E risk
charge is as follows:

	 	 	 	 	 
	First $250 million
	 	 	0.175	%
	Next $500 million
	 	 	0.150	%
	Next $250 million
	 	 	0.125	%
	Over $1000 million
	 	 	0.100	%

	 	 	 	Under this schedule, Carrier will take into consideration the combined assets on
both policies (VEBA Plan and the Split Dollar Plan) in calculating the monthly
M&E risk charge for both policies.

	•	 	Investment Management Fees

	 	 	 	Investment management fees for each separate account are assessed against the
average monthly value of the policy cash value in a separate account. In calculating
the monthly fee per separate account Carrier will take into consideration the
combined assets in both policies (VEBA Plan and the Split Dollar Plan) which are
invested in the same separate account(s). The investment management fees for the
current commingled separate accounts can be found in the Offering Memorandum.

- 6 -

 

	•	 	Custody and Securities Accounting/Valuation

	 	 	 	There are no separate charges for these functions for the commingled separate
accounts. However, there are pass through charges for these functions for single
customer accounts.

	•	 	Policy Administration Charge

	 	 	 	Currently, and as illustrated, the Policy Administration Charge is a per insured
life charge of $5.00 per month in all policy years. The current charge may be
reduced by the Carrier from time to time, and reductions in the Carrier’s costs
incurred to service the Policy will be commensurately reflected in the current
charge. The guaranteed maximum monthly charge for administration is $5.00 per
insured.

Changes in Pricing for Other Than the Cost of Insurance Charges

Carrier will not change the charges or fees related to factors under its control. Changes based on
external factors may be reflected in the Policy.

For purposes of this paragraph, Carrier’s profit goals and the contribution of Specialized Benefit
Resources organization to overhead are not external factors. The external factors that may be
reflected include (i) Federal and State legislation and state insurance statutory and regulatory
changes, and (ii) after the first three policy years, increase in investment management, custody
and securities accounting/valuation charges pertaining to P&G single-customer accounts by the
providers of these services.

Any increase in price due to external factors will be documented and the price increase, if
appropriate, will be only to recover the increased cost of the Carrier. With respect to any
increase in charges pursuant to this section, P&G may audit the relevant records of Metropolitan
pursuant to an appropriate nondisclosure document.

Governing Law

The validity, construction, interpretation, and effect of this memorandum of understanding and the
Policy shall be governed by the laws of the state of Ohio, without regard to Ohio’s choice of law
rules.

Changes to this Memorandum

Except with respect to changes mandated by state and federal law and as otherwise specifically
provided in this Memorandum or the Policy, this Memorandum may be changed only by mutual agreement
among the affected parties.

- 7 -

 

Notices

Unless and until the parties give written notice otherwise, whenever this Memorandum provides for
notices or consents in writing to be given by one of the parties hereto to the other, such notices
or consent will be given when addressed and delivered to the following or their successors:

	 	 	 	 	 	 	 	 	 
	(1)

	 	The Procter & Gamble Company
	 	 	(2	)	 	Metropolitan Life Insurance Co.
	 

	 	Global Pensions
	 	 	 	 	 	Specialized Benefit Resources
	 

	 	Two Procter & Gamble Plaza
	 	 	 	 	 	485B Route One South, Suite 420
	 

	 	Cincinnati, Ohio 45202-3315
	 	 	 	 	 	Iselin, New Jersey 08830
	 

	 	Attn: Clare Clark, Group Manager
	 	 	 	 	 	Attn: G. Denis Dwyer, Vice President

All such notices or consents must be sent by U.S. Certified Mail, Return Receipt Requested.

	 	 	 	 	 	 	 	 	 
	Agreed:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	THE PROCTER & GAMBLE COMPANY	 	 	 	METROPOLITAN LIFE	 	 
	 

	 	 	 	 	 	INSURANCE COMPANY
	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ C. S. Clark
	 	By:
	 	/s/ John J. Ryan	 	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Group Manager Global Pensions
	 	 	 	Vice President	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	(Title)
	 	 	 	(Title)	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	C. S. Clark
	 	 	 	John J. Ryan	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	(Print or Type Name)
	 	 	 	(Print or Type Name)	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Dec. 30, 1997
	 	 	 	Dec. 30, 1997	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	(Date)
	 	 	 	(Date)	 	 

- 8 -

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