Document:

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                                                                   Exhibit 10(o)

                              EMPLOYMENT AGREEMENT

          AGREEMENT, dated as of the 16th day of December, 1999 (this
"Agreement"), by and between The Gillette Company, a Delaware corporation (the
"Company"), and Richard K. Willard (the "Executive").

          WHEREAS, the Company has determined that it is in its best interests
and that of its stockholders to assure that the Company will have the continued
dedication of the Executive, notwithstanding the possibility, threat or
occurrence of a Change of Control (as defined herein). The Company believes it
is imperative to diminish the inevitable distraction of the Executive by virtue
of the personal uncertainties and risks created by a pending or threatened
Change of Control and to encourage the Executive's full attention and dedication
to the current Company and in the event of any threatened or pending Change of
Control, and to provide the Executive with compensation and benefits
arrangements upon a Change of Control that ensure that the compensation and
benefits expectations of the Executive will be satisfied and that are
competitive with those of other corporations. Therefore, in order to accomplish
these objectives, the Company has entered into this Agreement.

                NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

          SECTION 1. CERTAIN DEFINITIONS. (a) "Effective Date" means the first
date during the Change of Control Period (as defined herein) on which a Change
of Control occurs. Notwithstanding anything in this Agreement to the contrary,
if a Change of Control occurs and if the Executive's employment with the Company
is terminated prior to the date on which the Change of Control occurs, and if it
is reasonably demonstrated by the Executive that such termination of employment
(1) was at the request of a third party that has taken steps reasonably
calculated to effect a Change of Control or (2) otherwise arose in connection
with or anticipation of a Change of Control, then "Effective Date" means the
date immediately prior to the date of such termination of employment.

          (b) "Change of Control Period" means the period commencing on the date
hereof and ending on the third anniversary of the date hereof; provided,
however, that, commencing on the date one year after the date hereof, and on
each annual anniversary of such date (such date and each annual anniversary
thereof, the "Renewal Date"), unless previously terminated, the Change of
Control Period shall be automatically extended so as to terminate three years
from such Renewal Date, unless, at least 60 days prior to the Renewal Date, the
Company shall give notice to the Executive that the Change of Control Period
shall not be so extended.

          (c) "Affiliated Company" means any company controlled by, controlling
or under common control with the Company.

          (d) "Change of Control" means:

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          (1) The acquisition by any individual, entity or group (within the
meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act")) (a "Person") of beneficial ownership (within
the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of
either (A) the then-outstanding shares of common stock of the Company (the
"Outstanding Company Common Stock") or (B) the combined voting power of the
then-outstanding voting securities of the Company entitled to vote generally in
the election of directors (the "Outstanding Company Voting Securities");
provided, however, that, for purposes of this Section 1(d), the following
acquisitions shall not constitute a Change of Control: (i) any acquisition
directly from the Company, (ii) any acquisition by the Company, (iii) any
acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any Affiliated Company or (iv) any acquisition by
any corporation pursuant to a transaction that complies with Sections
1(d)(3)(A), 1(d)(3)(B) and 1(d)(3)(C).

          (2) Individuals who, as of the date hereof, constitute the Board (the
"Incumbent Board") cease for any reason to constitute at least a majority of the
Board; provided, however, that any individual becoming a director subsequent to
the date hereof whose election, or nomination for election by the Company's
stockholders, was approved by a vote of at least a majority of the directors
then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the election
or removal of directors or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board.

          (3) Consummation of a reorganization, merger, consolidation or sale or
other disposition of all or substantially all of the assets of the Company (a
"Business Combination"), in each case, unless, following such Business
Combination, (A) all or substantially all of the individuals and entities that
were the beneficial owners of the Outstanding Company Common Stock and the
Outstanding Company Voting Securities immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 60% of the
then-outstanding shares of common stock and the combined voting power of the
then-outstanding voting securities entitled to vote generally in the election of
directors, as the case may be, of the corporation resulting from such Business
Combination (including, without limitation, a corporation that, as a result of
such transaction, owns the Company or all or substantially all of the Company's
assets either directly or through one or more subsidiaries) in substantially the
same proportions as their ownership immediately prior to such Business
Combination of the Outstanding Company Common Stock and the Outstanding Company
Voting Securities, as the case may be, (B) no Person (excluding any corporation
resulting from such Business Combination or any employee benefit plan (or
related trust) of the Company or such corporation resulting from such Business
Combination) beneficially owns, directly or indirectly, 20% or more of,
respectively, the then-outstanding shares of common stock of the corporation
resulting from such Business Combination or the combined voting power of the
then-outstanding voting securities of such corporation, except to the extent
that such ownership existed prior to the Business Combination, and (C) at least
a majority of

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the members of the board of directors of the corporation resulting from such
Business Combination were members of the Incumbent Board at the time of the
execution of the initial agreement or of the action of the Board providing for
such Business Combination; or

          (4) Approval by the stockholders of the Company of a complete
liquidation or dissolution of the Company.

          (e) "Recent Annual Bonus Percentage" means the highest actual annual
bonus percentage awarded to the Executive under the Company's annual incentive
plans, or any comparable bonus under any predecessor or successor plan, for the
last three full fiscal years prior to the Effective Date.

          (f) "Highest Annual Bonus Percentage" means the higher of (i) the
Executive's Recent Annual Bonus Percentage and (ii) sixty-five percent (65%).

          (g) "Highest Annual Bonus" means an amount equal to the product of (i)
the Executive's Annual Base Salary at the Date of Termination and (ii) the
Highest Annual Bonus Percentage.

          (h) "Bonus Payment Amount" means the amount actually paid to the
Executive pursuant to Section 13 of the Company's Incentive Bonus Plan or any
comparable provision of any successor annual bonus plan.

          SECTION 2. EMPLOYMENT PERIOD. The Company hereby agrees to continue
the Executive in its employ, and the Executive hereby agrees to remain in the
employ of the Company, subject to the terms and conditions of this Agreement,
for the period commencing on the Effective Date and ending on the second
anniversary of the Effective Date (the "Employment Period").

          SECTION 3. TERMS OF EMPLOYMENT. (a) POSITION AND DUTIES. (1) During
the Employment Period, (A) the Executive's position (including status, offices,
titles and reporting requirements), authority, duties and responsibilities shall
be at least commensurate in all material respects with the most significant of
those held, exercised and assigned at any time during the 120-day period
immediately preceding the Effective Date and (B) the Executive's services shall
be performed at the office or location where the Executive was employed
immediately preceding the Effective Date or at any other location less than 35
miles from such office.

          (2) During the Employment Period, and excluding any periods of
vacation and sick leave to which the Executive is entitled, the Executive agrees
to devote reasonable attention and time during normal business hours to the
business and affairs of the Company and, to the extent necessary to discharge
the responsibilities assigned to the Executive hereunder, to use the Executive's
reasonable best efforts to perform faithfully and efficiently such
responsibilities. During the Employment Period, it shall not be a violation of
this Agreement for the Executive to (A) serve on corporate, civic or charitable
boards or committees, (B) deliver lectures, fulfill speaking engagements or
teach at educational

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institutions and (C) manage personal investments, so long as such activities do
not significantly interfere with the performance of the Executive's
responsibilities as an employee of the Company in accordance with this
Agreement. It is expressly understood and agreed that, to the extent that any
such activities have been conducted by the Executive prior to the Effective
Date, the continued conduct of such activities (or the conduct of activities
similar in nature and scope thereto) subsequent to the Effective Date shall not
thereafter be deemed to interfere with the performance of the Executive's
responsibilities to the Company.

          (b) COMPENSATION (1) BASE SALARY. During the Employment Period, the
Executive shall receive an annual base salary (the "Annual Base Salary"), which
Annual Base Salary shall be paid at a monthly rate at least equal to 12 times
the highest monthly base salary paid or payable, including any base salary that
has been earned but deferred, to the Executive by the Company and the Affiliated
Companies in respect of the 12-month period immediately preceding the month in
which the Effective Date occurs. During the Employment Period, the Annual Base
Salary shall be reviewed at least annually, beginning no more than 12 months
after the last salary increase awarded to the Executive prior to the Effective
Date. Any increase in the Annual Base Salary shall not serve to limit or reduce
any other obligation to the Executive under this Agreement. The Annual Base
Salary shall not be reduced after any such increase and the term "Annual Base
Salary" shall refer to the Annual Base Salary as so increased.

          (2) ANNUAL BONUS. In addition to the Annual Base Salary, the Executive
shall be awarded, for each fiscal year ending during the Employment Period, an
annual bonus (the "Annual Bonus") in cash, determined as a percentage of Annual
Base Salary which shall not be less than the Recent Annual Bonus Percentage.
Each such Annual Bonus shall be paid no later than the end of the third month of
the fiscal year next following the fiscal year for which the Annual Bonus is
awarded, unless the Executive shall elect to defer the receipt of such Annual
Bonus.

          (3) INCENTIVE, SAVINGS AND RETIREMENT PLANS. During the Employment
Period, the Executive shall be entitled to participate in all incentive, savings
and retirement plans, practices, policies, and programs applicable generally to
other peer executives of the Company and the Affiliated Companies, but in no
event shall such plans, practices, policies and programs provide the Executive
with incentive opportunities (measured with respect to both regular and special
incentive opportunities, to the extent, if any, that such distinction is
applicable), savings opportunities and retirement benefit opportunities, in each
case, less favorable, in the aggregate, than the most favorable of those
provided by the Company and the Affiliated Companies for the Executive under
such plans, practices, policies and programs as in effect at any time during the
120-day period immediately preceding the Effective Date or, if more favorable to
the Executive, those provided generally at any time after the Effective Date to
other peer executives of the Company and the Affiliated Companies.

          (4) WELFARE BENEFIT PLANS. During the Employment Period, the Executive
and/or the Executive's family, as the case may be, shall be eligible for
participation in and shall receive all benefits under the Company's Executive
Life Insurance Plan and Estate

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Preservation Plan, and any other welfare benefit plans, practices, policies and
programs provided by the Company and the Affiliated Companies (including,
without limitation, medical, prescription, dental, disability,
employee/spouse/dependent life insurance and travel accident insurance plans and
programs) to the extent applicable generally to other peer executives of the
Company and the Affiliated Companies, but in no event shall such plans,
practices, policies and programs provide the Executive with benefits that are
less favorable, in the aggregate, than the most favorable of such plans,
practices, policies and programs in effect for the Executive at any time during
the 120-day period mediately preceding the Effective Date or, if more favorable
to the Executive, those provided generally at any time after the Effective Date
to other peer executives of the Company and the Affiliated Companies.

          (5) EXPENSES. During the Employment Period, the Executive shall be
entitled to receive prompt reimbursement for all reasonable expenses incurred by
the Executive in accordance with the most favorable policies, practices and
procedures of the Company and the Affiliated Companies in effect for the
Executive at any time during the 120-day period immediately preceding the
Effective Date or, if more favorable to the Executive, as in effect generally at
any time thereafter with respect to other peer executives of the Company and the
Affiliated Companies.

          (6) FRINGE BENEFITS. During the Employment Period, the Executive shall
be entitled to fringe benefits, including, without limitation, tax and financial
planning services, parking benefits and fitness center membership, in accordance
with the most favorable plans, practices, programs and policies of the Company
and the Affiliated Companies in effect for the Executive at any time during the
120-day period immediately preceding the Effective Date or, if more favorable to
the Executive, as in effect generally at any time thereafter with respect to
other peer executives of the Company and the Affiliated Companies.

          (7) OFFICE AND SUPPORT STAFF. During the Employment Period, the
Executive shall be entitled to an office or offices of a size and with
furnishings and other appointments, and to exclusive personal secretarial and
other assistance, at least equal to the most favorable of the foregoing provided
to the Executive by the Company and the Affiliated Companies at any time during
the 120-day period immediately preceding the Effective Date or, if more
favorable to the Executive, as provided generally at any time thereafter with
respect to other peer executives of the Company and the Affiliated Companies.

          (8) VACATION. During the Employment Period, the Executive shall be
entitled to paid vacation in accordance with the most favorable plans, policies,
programs and practices of the Company and the Affiliated Companies as in effect
for the Executive at any time during the 120-day period immediately preceding
the Effective Date or, if more favorable to the Executive, as in effect
generally at any time thereafter with respect to other peer executives of the
Company and the Affiliated Companies.

          (9) EFFECT OF TERMINATION. Notwithstanding anything in this Agreement
to the contrary, upon termination of employment for any reason, the Employment
Period shall

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cease and the Executive shall have no further right to any of the payments or
benefits described in Sections 2 and 3.

          SECTION 4. TERMINATION OF EMPLOYMENT. (a) DEATH OR DISABILITY. The
Executive's employment shall terminate automatically if the Executive dies
during the Employment Period. If the Company determines in good faith that the
Disability (as defined herein) of the Executive has occurred during the
Employment Period (pursuant to the definition of "Disability"), it may give to
the Executive written notice in accordance with Section 11(b) of its intention
to terminate the Executive's employment. In such event, the Executive's
employment with the Company shall terminate effective on the 30th day after
receipt of such notice by the Executive (the "Disability Effective Date"),
provided that, within the 30 days after such receipt, the Executive shall not
have returned to full-time performance of the Executive's duties. "Disability"
means the absence of the Executive from the Executive's duties with the Company
on a full-time basis for 180 consecutive business days as a result of incapacity
due to mental or physical illness that is determined to be total and permanent
by a physician selected by the Company or its insurers and acceptable to the
Executive or the Executive's legal representative.

          (b) CAUSE. The Company may terminate the Executive's employment during
the Employment Period for Cause. "Cause" means:

          (1)  the willful and continued failure of the Executive to perform
     substantially the Executive's duties with the Company or any Affiliated
     Company (other than any such failure resulting from incapacity due to
     physical or mental illness), after a written demand for substantial
     performance is delivered to the Executive by the Board or the Chief
     Executive Officer of the Company that specifically identifies the manner in
     which the Board or the Chief Executive Officer of the Company believes that
     the Executive has not substantially performed the Executive's duties, or

          (2)  the willful engaging by the Executive in illegal conduct or gross
     misconduct that is materially and demonstrably injurious to the Company.

For purposes of this Section 4(b), no act, or failure to act, on the part of the
Executive shall be considered "willful" unless it is done, or omitted to be
done, by the Executive in bad faith or without reasonable belief that the
Executive's action or omission was in the best interests of the Company. Any
act, or failure to act, based upon authority given pursuant to a resolution duly
adopted by the Board or upon the instructions of the Chief Executive Officer of
the Company or a senior officer of the Company or based upon the advice of
counsel for the Company shall be conclusively presumed to be done, or omitted to
be done, by the Executive in good faith and in the best interests of the
Company. The cessation of employment of the Executive shall not be deemed to be
for Cause unless and until there shall have been delivered to the Executive a
copy of a resolution duly adopted by the affirmative vote of not less than
three-quarters of the entire membership of the Board at a meeting of the Board
called and held for such purpose (after reasonable notice is provided to the
Executive and the Executive is given an opportunity, together with counsel for
the Executive, to be heard before the Board),

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finding that, in the good faith opinion of the Board, the Executive is guilty of
the conduct described in Section 4(b)(1) or 4(b)(2), and specifying the
particulars thereof in detail.

          (c) GOOD REASON. The Executive's employment may be terminated by the
Executive for Good Reason. "Good Reason" means:

          (1)  the assignment to the Executive of any duties inconsistent in any
     respect with the Executive's position (including status, offices, titles
     and reporting requirements), authority, duties or responsibilities as
     contemplated by Section 3(a), or any other action by the Company that
     results in a diminution in such position, authority, duties or
     responsibilities, excluding for this purpose an isolated, insubstantial and
     inadvertent action not taken in bad faith and that is remedied by the
     Company promptly after receipt of notice thereof given by the Executive;

          (2)  any failure by the Company to comply with any of the provisions
     of Section 3(b), other than an isolated, insubstantial and inadvertent
     failure not occurring in bad faith and that is remedied by the Company
     promptly after receipt of notice thereof given by the Executive;

          (3)  the Company's requiring the Executive to be based at any office
     or location other than as provided in Section 3(a)(1)(B) or the Company's
     requiring the Executive to travel on Company business to a substantially
     greater extent than required immediately prior to the Effective Date;

          (4)  any purported termination by the Company of the Executive's
     employment otherwise than as expressly permitted by this Agreement; or

          (5)  any failure by the Company to comply with and satisfy Section
     10(c).

          For purposes of this Section 4(c), any good faith determination of
Good Reason made by the Executive shall be conclusive. Anything in this
Agreement to the contrary notwithstanding, a termination by the Executive for
any reason during the 30-day period immediately following the first anniversary
of the Effective Date shall be deemed to be a termination for Good Reason for
all purposes of this Agreement.

          (d) NOTICE OF TERMINATION. Any termination by the Company for Cause,
or by the Executive for Good Reason, shall be communicated by Notice of
Termination to the other party hereto given in accordance with Section 11(b).
"Notice of Termination" means a written notice that (1) indicates the specific
termination provision in this Agreement relied upon, (2) to the extent
applicable, sets forth in reasonable detail the facts and circumstances claimed
to provide a basis for termination of the Executive's employment under the
provision so indicated, and (3) if the Date of Termination (as defined herein)
is other than the date of receipt of such notice, specifies the Date of
Termination (which Date of Termination shall be not more than 30 days after the
giving of such notice). The failure by the Executive or the Company to set forth
in the Notice of Termination any fact or circumstance that contributes to a
showing of Good Reason or Cause shall not waive any right of the Executive or
the

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Company, respectively, hereunder or preclude the Executive or the Company,
respectively, from asserting such fact or circumstance in enforcing the
Executive's or the Company's respective rights hereunder.

          (e) DATE OF TERMINATION. "Date of Termination" means (1) if the
Executive's employment is terminated by the Company for Cause, or by the
Executive for Good Reason, the date of receipt of the Notice of Termination or
any later date specified in the Notice of Termination, as the case may be, (2)
if the Executive's employment is terminated by the Company other than for Cause
or Disability, the Date of Termination shall be the date on which the Company
notifies the Executive of such termination, and (3) if the Executive's
employment is terminated by reason of death or Disability, the Date of
Termination shall be the date of death of the Executive or the Disability
Effective Date, as the case may be.

          SECTION 5. OBLIGATIONS OF THE COMPANY UPON TERMINATION. (a) GOOD
REASON; OTHER THAN FOR CAUSE, DEATH OR DISABILITY. If, during the Employment
Period, the Company terminates the Executive's employment other than for Cause
or Disability or the Executive terminates employment for Good Reason:

          (1)  the Company shall pay to the Executive, in a lump sum in cash
     within 30 days after the Date of Termination, the aggregate of the
     following amounts:

               (A)  the sum of (i) the Executive's Annual Base Salary through
          the Date of Termination to the extent not theretofore paid, (ii) the
          product of (x) the Highest Annual Bonus and (y) a fraction, the
          numerator of which is the number of days in the current fiscal year
          through the Date of Termination and the denominator of which is 365,
          reduced (but not below zero), if the Date of Termination occurs in the
          same fiscal year as the Change of Control, by the Executive's Bonus
          Payment Amount, (iii) if elected by the Executive, any compensation
          previously deferred by the Executive under the Company's Supplemental
          Savings Plan, Incentive Bonus Plan and/or Stock Equivalent Unit Plan
          (together with any accrued interest or earnings thereon), and (iv) any
          accrued vacation pay, in each case to the extent not theretofore paid
          (the sum of the amounts described in subclauses (i), (ii), (iii) and
          (iv), the "Accrued Obligations"); and

               (B)  the amount equal to the product of (i) three and (ii) the
          sum of (x) the Executive's Annual Base Salary and (y) the Executive's
          Highest Annual Bonus; and

               (C)  if elected by the Executive within 60 days following
          execution of this Agreement and prior to the Effective Date, in lieu
          of and substitution for the applicable portion of the Executive's
          monthly benefit otherwise payable under the final paragraph of Article
          IV, Section 1 or paragraph (a) of Article V, Section 3 of the
          Company's Retirement Plan and the final paragraph of Section 3 of
          Supplemental Retirement Plan (collectively, the "Retirement Plans"),
          an

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amount equal to the excess of (i) the lump sum actuarial equivalent (utilizing
the interest rate and mortality table in effect for lump sum distributions under
the Retirement Plan immediately prior to the Effective Date, and determined
assuming benefit commencement as of the Date of Termination) of the benefit
under the Retirement Plans that the Executive would receive if the Executive's
employment continued for three years after the Date of Termination, assuming for
this purpose that all accrued benefits are fully vested and assuming that the
Executive's compensation in each of the three years is the Annual Base Salary
and Highest Annual Bonus, over (ii) the lump sum actuarial equivalent
(determined in the same manner as in clause (i) above) of the Executive's actual
benefit (paid or payable), if any, under the Retirement Plans as of the Date of
Termination without regard to such three years' compensation and service;

          (2) for three years after the Executive's Date of Termination, or such
longer period as may be provided by the terms of the appropriate plan, program,
practice or policy, the Company shall continue welfare benefits to the Executive
and/or the Executive's family at least equal to those that would have been
provided to them in accordance with the plans, programs, practices and policies
described in Section 3(b)(4) if the Executive's employment had not been
terminated or, if more favorable to the Executive, as in effect generally at any
time thereafter with respect to other peer executives of the Company and the
Affiliated Companies and their families, provided, however, that, if the
Executive becomes reemployed with another employer and is eligible to receive
medical or other welfare benefits under another employer provided plan, the
medical and other welfare benefits described herein shall be secondary to those
provided under such other plan during such applicable period of eligibility. For
purposes of determining the Executive's eligibility for retiree benefits
pursuant to such welfare plans, practices, programs and policies, the Executive
shall be considered to have remained employed until three years after the Date
of Termination, provided, however, that the Executive's commencement of such
retiree benefits shall not be any sooner than the Executive's earliest
retirement date under the Retirement Plans;

          (3) the Company shall, at its sole expense as incurred, provide the
Executive with outplacement services the scope and provider of which shall be
selected by the Executive in the Executive's sole discretion; and

          (4) to the extent not theretofore paid or provided, the Company shall
timely pay or provide to the Executive any other amounts or benefits required to
be paid or provided or that the Executive is eligible to receive under any plan,
program, policy or practice or contract or agreement of the Company and the
Affiliated Companies (such other amounts and benefits, the "Other Benefits").

          (b) DEATH. If the Executive's employment is terminated by reason of
the Executive's death during the Employment Period, the Company shall have no
further obligations to the Executive's legal representatives under this
Agreement, except for payment of the Accrued Obligations and the timely payment
or provision of the Other Benefits. The

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Accrued Obligations shall be paid to the Executive's estate or beneficiary, as
applicable, in a lump sum in cash within 30 days of the Date of Termination.
With respect to the provision of the Other Benefits, the term "Other Benefits"
as utilized in this Section 5(b) shall include, without limitation, and the
Executive's estate and/or beneficiaries shall be entitled to receive, benefits
at least equal to the most favorable benefits provided by the Company and the
Affiliated Companies to the estates and beneficiaries of peer executives of the
Company and the Affiliated Companies under such plans, programs, practices and
policies relating to death benefits, if any, as in effect with respect to other
peer executives and their beneficiaries at any time during the 120-day period
immediately preceding the Effective Date or, if more favorable to the
Executive's estate and/or the Executive's beneficiaries, as in effect on the
date of the Executive's death with respect to other peer executives of the
Company and the Affiliated Companies and their beneficiaries.

          (c) DISABILITY. If the Executive's employment is terminated by reason
of the Executive's Disability during the Employment Period, the Company shall
have no further obligations to the Executive under this Agreement, except for
payment of the Accrued Obligations and the timely payment or provision of the
Other Benefits. The Accrued Obligations shall be paid to the Executive in a lump
sum in cash within 30 days of the Date of Termination. With respect to the
provision of the Other Benefits, the term "Other Benefits" as utilized in this
Section 5(c) shall include, and the Executive shall be entitled after the
Disability Effective Date to receive, disability and other benefits at least
equal to the most favorable of those generally provided by the Company and the
Affiliated Companies to disabled executives and/or their families in accordance
with such plans, programs, practices and policies relating to disability, if
any, as in effect generally with respect to other peer executives and their
families at any time during the 120-day period immediately preceding the
Effective Date or, if more favorable to the Executive and/or the Executive's
family, as in effect at any time thereafter generally with respect to other peer
executives of the Company and the Affiliated Companies and their families.

          (d) CAUSE; OTHER THAN FOR GOOD REASON. If the Executive's employment
is terminated for Cause during the Employment Period, the Company shall have no
further obligations to the Executive under this Agreement, except for payment to
the Executive of (1) the Executive's Annual Base Salary through the Date of
Termination, (2) the amount of any compensation previously deferred by the
Executive, and (3) the Other Benefits, in each case, to the extent theretofore
unpaid. If the Executive voluntarily terminates employment during the Employment
Period, excluding a termination for Good Reason, the Company shall have no
further obligations to the Executive under this Agreement, except for payment of
the Accrued Obligations and the timely payment or provision of the Other
Benefits. In such case, all the Accrued Obligations shall be paid to the
Executive in a lump sum in cash within 30 days of the Date of Termination.

          SECTION 6. NON-EXCLUSIVITY OF RIGHTS. Nothing in this Agreement shall
prevent or limit the Executive's continuing or future participation in any plan,
program, policy or practice provided by the Company or the Affiliated Companies
and for which the Executive may qualify, nor, subject to Section 11(f), shall
anything herein limit or otherwise affect such

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rights as the Executive may have under any other contract or agreement with the
Company or the Affiliated Companies. Amounts that are vested benefits or that
the Executive is otherwise entitled to receive under any plan, policy, practice
or program of or any contract or agreement with the Company or the Affiliated
Companies at or subsequent to the Date of Termination shall be payable in
accordance with such plan, policy, practice or program or contract or agreement,
except as explicitly modified by this Agreement.

          SECTION 7. FULL SETTLEMENT. The Company's obligation to make the
payments provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-off, counterclaim, recoupment,
defense, or other claim, right or action that the Company may have against the
Executive or others. In no event shall the Executive be obligated to seek other
employment or take any other action by way of mitigation of the amounts payable
to the Executive under any of the provisions of this Agreement, and such amounts
shall not be reduced whether or not the Executive obtains other employment. The
Company agrees to pay as incurred, to the full extent permitted by law, all
legal fees and expenses that the Executive may reasonably incur as a result of
any contest (regardless of the outcome thereof) by the Company, the Executive or
others of the validity or enforceability of, or liability under, any provision
of this Agreement or any guarantee of performance thereof (including as a result
of any contest by the Executive about the amount of any payment pursuant to
this Agreement), plus, in each case, interest on any delayed payment at the
applicable federal rate provided for in Section 7872(f)(2)(A) of the Internal
Revenue Code of 1986, as amended (the "Code").

          SECTION 8. CERTAIN ADDITIONAL PAYMENTS BY THE COMPANY.

          (a) Anything in this Agreement to the contrary notwithstanding, in the
event it shall be determined that any payment or distribution by the Company or
the Affiliated Companies to or for the benefit of the Executive (whether paid or
payable or distributed or distributable pursuant to the terms of this Agreement
or otherwise but determined without regard to any additional payments required
under this Section 8) (the "Payment") would be subject to the excise tax imposed
by Section 4999 of the Code, or any interest or penalties are incurred by the
Executive with respect to such excise tax (such excise tax, together with any
such interest and penalties, collectively, the "Excise Tax"), then the Executive
shall be entitled to receive an additional payment (the "Gross-Up Payment") in
an amount such that after payment by the Executive of all taxes (including any
interest or penalties imposed with respect to such taxes), including, without
limitation, any income taxes (and any interest and penalties imposed with
respect thereto) and Excise Tax imposed upon the Gross-Up Payment, the Executive
retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon
the Payments.

          (b) Subject to the provisions of Section 8(c), all determinations
required to be made under this Section 8, including whether and when a Gross-Up
Payment is required and the amount of such Gross-Up Payment and the assumptions
to be utilized in arriving at such determination, shall be made by KPMG Peat
Marwick or such other certified public accounting firm as may be designated by
the Executive (the "Accounting Firm") that shall

                                      -11-

<PAGE>   12

provide detailed supporting calculations both to the Company and the Executive
within 15 business days of the receipt of notice from the Executive that there
has been a Payment or such earlier time as is requested by the Company. In the
event that the Accounting Firm is serving as accountant or auditor for the
individual, entity or group effecting the Change of Control, the Executive shall
appoint another nationally recognized accounting firm to make the determinations
required hereunder (which accounting firm shall then be referred to as the
Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall
be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to
this Section 8, shall be paid by the Company to the Executive within five days
of the receipt of the Accounting Firm's determination. Any determination by the
Accounting Firm shall be binding upon the Company and the Executive. As a result
of the uncertainty in the application of Section 4999 of the Code at the time of
the initial determination by the Accounting Firm hereunder, it is possible that
Gross-Up Payments that will not have been made by the Company should have been
made (the "Underpayment"), consistent with the calculations required to be made
hereunder. In the event the Company exhausts its remedies pursuant to Section
8(c) and the Executive thereafter is required to make a payment of any Excise
Tax, the Accounting Firm shall determine the amount of the Underpayment that has
occurred and any such Underpayment shall be promptly paid by the Company to or
for the benefit of the Executive.

          (c) The Executive shall notify the Company in writing of any claim by
the Internal Revenue Service that, if successful, would require the payment by
the Company of the Gross-Up Payment. Such notification shall be given as soon as
practicable but no later than 10 business days after the Executive is informed
in writing of such claim and shall apprise the Company of the nature of such
claim and the date on which such claim is requested to be paid. The Executive
shall not pay such claim prior to the expiration of the 30-day period following
the date on which the Executive gives such notice to the Company (or such
shorter period ending on the date that any payment of taxes with respect to such
claim is due). If the Company notifies the Executive in writing prior to the
expiration of such period that the Company desires to contest such claim, the
Executive shall:

               (1)  give the Company any information reasonably requested by the
     Company relating to such claim,

               (2)  take such action in connection with contesting such claim as
     the Company shall reasonably request in writing from time to time,
     including, without limitation, accepting legal representation with respect
     to such claim by an attorney reasonably selected by the Company,

               (3)  cooperate with the Company in good faith in order
     effectively to contest such claim, and

               (4)  permit the Company to participate in any proceedings
     relating to such claim;

                                      -12-

<PAGE>   13

provided, however, that the Company shall bear and pay directly all costs and
expenses (including additional interest and penalties) incurred in connection
with such contest, and shall indemnify and hold the Executive harmless, on an
after-tax basis, for any Excise Tax or income tax (including interest and
penalties with respect thereto) imposed as a result of such representation and
payment of costs and expenses. Without limitation on the foregoing provisions of
this Section 8(c), the Company shall control all proceedings taken in
connection with such contest, and, at its sole option, may pursue or forgo any
and all administrative appeals, proceedings, hearings and conferences with the
applicable taxing authority in respect of such claim and may, at its sole
option, either direct the Executive to pay the tax claimed and sue for a refund
or contest the claim in any permissible manner, and the Executive agrees to
prosecute such contest to a determination before any administrative tribunal, in
a court of initial jurisdiction and in one or more appellate courts, as the
Company shall determine; provided, however, that, if the Company directs the
Executive to pay such claim and sue for a refund, the Company shall advance the
amount of such payment to the Executive, on an interest-free basis, and shall
indemnify and hold the Executive harmless, on an after-tax basis, from any
Excise Tax or income tax (including interest or penalties with respect thereto)
imposed with respect to such advance or with respect to any imputed income with
respect to such advance; and provided, further, that any extension of the
statute of limitations relating to payment of taxes for the taxable year of the
Executive with respect to which such contested amount is claimed to be due is
limited solely to such contested amount. Furthermore, the Company's control of
the contest shall be limited to issues with respect to which the Gross-Up
Payment would be payable hereunder, and the Executive shall be entitled to
settle or contest, as the case may be, any other issue raised by the Internal
Revenue Service or any other taxing authority.

          (d) If, after the receipt by the Executive of an amount advanced by
the Company pursuant to Section 8(c), the Executive becomes entitled to receive
any refund with respect to such claim, the Executive shall (subject to the
Company's complying with the requirements of Section 8(c)) promptly pay to the
Company the amount of such refund (together with any interest paid or credited
thereon after taxes applicable thereto). If, after the receipt by the Executive
of an amount advanced by the Company pursuant to Section 8(c), a determination
is made that the Executive shall not be entitled to any refund with respect to
such claim and the Company does not notify the Executive in writing of its
intent to contest such denial of refund prior to the expiration of 30 days after
such determination, then such advance shall be forgiven and shall not be
required to be repaid and the amount of such advance shall offset, to the extent
thereof, the amount of Gross-Up Payment required to be paid.

          SECTION 9. CONFIDENTIAL INFORMATION. The Executive shall hold in a
fiduciary capacity for the benefit of the Company all secret or confidential
information, knowledge or data relating to the Company or the Affiliated
Companies, and their respective businesses, which information, knowledge or data
shall have been obtained by the Executive during the Executive's employment by
the Company or the Affiliated Companies and which information, knowledge or data
shall not be or become public knowledge (other than by acts by the Executive or
representatives of the Executive in violation of this Agreement). After

                                      -13-

<PAGE>   14

termination of the Executive's employment with the Company, the Executive shall
not, without the prior written consent of the Company or as may otherwise be
required by law or legal process, communicate or divulge any such information,
knowledge or data to anyone other than the Company and those persons designated
by the Company. In no event shall an asserted violation of the provisions of
this Section 9 constitute a basis for deferring or withholding any amounts
otherwise payable to the Executive under this Agreement.

          SECTION 10. SUCCESSORS. (a) This Agreement is personal to the
Executive, and, without the prior written consent of the Company, shall not be
assignable by the Executive other than by will or the laws of descent and
distribution. This Agreement shall inure to the benefit of and be enforceable by
the Executive's legal representatives.

          (b) This Agreement shall inure to the benefit of and be binding upon
the Company and its successors and assigns.

          (c) The Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume
expressly and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place. "Company" means the Company as hereinbefore defined and any
successor to its business and/or assets as aforesaid that assumes and agrees to
perform this Agreement by operation of law or otherwise.

          SECTION 11. MISCELLANEOUS. (a) This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware, without
reference to principles of conflict of laws. The captions of this Agreement are
not part of the provisions hereof and shall have no force or effect. This
Agreement may not be amended or modified other than by a written agreement
executed by the parties hereto or their respective successors and legal
representatives.

          (b) All notices and other communications hereunder shall be in writing
and shall be given by hand delivery to the other party or by registered or
certified mail, return receipt requested, postage prepaid, addressed as follows:

          if to the Executive:
               Mr. Richard K. Willard
               32 Garrison Street #50-504
               Boston, MA 02116

          if to the Company:
               The Gillette Company
               Prudential Tower Building
               Boston, Massachusetts 02199
               Attention: General Counsel

                                      -14-

<PAGE>   15

or to such other address as either party shall have furnished to the other in
writing in accordance herewith. Notice and communications shall be effective
when actually received by the addressee.

          (c) The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement.

          (d) The Company may withhold from any amounts payable under this
Agreement such United States federal, state or local or foreign taxes as shall
be required to be withheld pursuant to any applicable law or regulation.

          (e) The Executive's or the Company's failure to insist upon strict
compliance with any provision of this Agreement or the failure to assert any
right the Executive or the Company may have hereunder, including, without
limitation, the right of the Executive to terminate employment for Good Reason
pursuant to Sections 4(c)(1) through 4(c)(5), shall not be deemed to be a waiver
of such provision or right or any other provision or right of this Agreement.

          (f) The Executive and the Company acknowledge that, except as may
otherwise be provided under any other written agreement between the Executive
and the Company, the employment of the Executive by the Company is "at will"
and, subject to Section 1(a), prior to the Effective Date, the Executive's
employment may be terminated by either the Executive or the Company at any time
prior to the Effective Date, in which case the Executive shall have no further
rights under this Agreement. From and after the Effective Date: (i) this
Agreement shall supersede any other agreement between the parties with respect
to the subject matter hereof, and (ii) if the Executive receives severance
benefits under Section 5(a), the Executive shall not be entitled to receive
severance pay or benefits under any other plan, program, policy or arrangement
of the Company providing severance benefits.

          IN WITNESS WHEREOF, the Executive has hereunto set the Executive's
hand and, pursuant to the authorization from the Board, the Company has caused
these presents to be executed in its name on its behalf, all as of the day and
year first above written.

                                         /s/ Richard K. Willard
                                      ------------------------------
                                      Richard K. Willard

                                      THE GILLETTE COMPANY

                                      By  /s/ Robert E. DiCenso
                                        ----------------------------
                                        Title: S.V.P. - Personnel & Admin

                                      -15-<PAGE>   1
                                                                   Exhibit 10(p)

                     THE GILLETTE COMPANY CHANGE OF CONTROL
                      SEVERANCE PROGRAM FOR KEY EXECUTIVES

                                  INTRODUCTION

                  The Gillette Company (the "Company") believes that it is
consistent with the Company's long-standing employment practices and policies
and in the best interests of the Company and its shareholders to treat fairly
its employees whose employment terminates in connection with or following a
Change of Control.

                  Accordingly, the Company has determined that appropriate steps
should be taken to assure the Company of the continued employment and attention
and dedication to duty of certain of its key management employees and to seek to
ensure the availability of their continued service, notwithstanding the
possibility or occurrence of a Change of Control.

                  Therefore, in order to fulfill the above purposes, the
following Change of Control Severance Program for Key Executives has been
developed and is hereby adopted.

1.
                                    ARTICLE I
                              ESTABLISHMENT OF PLAN

                  As of the Effective Date, the Company hereby establishes The
Gillette Company Change of Control Severance Program for Key Executives, as set
forth in this document.

2.
                                   ARTICLE II
                                   DEFINITIONS

                  As used herein the following words and phrases shall have the
following respective meanings (unless the context clearly indicates otherwise):

         (a) AFFILIATE. Any entity controlled by, controlling or under common
control with the Company.

         (b) ANNUAL BASE SALARY. Twelve times the higher of (i) the highest
monthly base salary paid or payable to the Participant by the Company and its
Affiliates in respect of the twelve-month period immediately preceding the month
in which the Change of Control occurs, and (ii) the highest monthly base salary
in effect at any time thereafter, in each case including any base salary that
has been earned and deferred.

         (c) BOARD. The Board of Directors of The Gillette Company.

<PAGE>   2

         (d) BONUS PAYMENT AMOUNT. The amount actually paid to a Participant
pursuant to Section 13 of the Company's Incentive Bonus Plan or any comparable
provision of any successor annual bonus plan.

         (e) CAUSE. As defined in Section 4.2(b)(i).

         (f) CHANGE OF CONTROL. The first to occur of the following events:

                  (i) The acquisition by any individual, entity or group (within
         the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
         Act of 1934, as amended (the "Exchange Act")) (a "Person") of
         beneficial ownership (within the meaning of Rule 13d-3 promulgated
         under the Exchange Act) of 20% or more of either (a) the then
         outstanding shares of common stock of the Company (the "Outstanding
         Company Common Stock") or (b) the combined voting power of the then
         outstanding voting securities of the Company entitled to vote generally
         in the election of directors (the "Outstanding Company Voting
         Securities"); PROVIDED, HOWEVER, that for purposes of this subsection
         (i), the following acquisitions shall not constitute a Change of
         Control: (A) any acquisition directly from the Company, (B) any
         acquisition by the Company, (C) any acquisition by any employee benefit
         plan (or related trust) sponsored or maintained by the Company or any
         corporation controlled by the Company or (D) any acquisition pursuant
         to a transaction which complies with clauses (A), (B) and (C) of
         subsection (iii) of this Section 2(e); or

                      (ii) Individuals who, as of the Effective Date, constitute
         the Board (the "Incumbent Board") cease for any reason to constitute at
         least a majority of the Board; PROVIDED, HOWEVER, that any individual
         becoming a director subsequent to the Effective Date whose election, or
         nomination for election by the Company's shareholders, was approved by
         a vote of at least a majority of the directors then comprising the
         Incumbent Board shall be considered as though such individual were a
         member of the Incumbent Board, but excluding, for this purpose, any
         such individual whose initial assumption of office occurs as a result
         of an actual or threatened election contest with respect to the
         election or removal of directors or other actual or threatened
         solicitation of proxies or consents by or on behalf of a Person other
         than the Board; or

                      (iii) Consummation of a reorganization, merger or
         consolidation or sale or other disposition of all or substantially all
         of the assets of the Company or the acquisition of assets of another
         entity (a "Corporate Transaction"), in each case, unless, immediately
         following such Corporate Transaction, (A) all or substantially all of
         the individuals and entities who were the beneficial owners,
         respectively, of the Outstanding Company Common Stock and Outstanding
         Company Voting Securities immediately prior to such Corporate
         Transaction beneficially own, directly or indirectly, more than 60% of,
         respectively, the then outstanding shares of common stock and the
         combined voting power of the then outstanding voting securities
         entitled to vote generally in the election of directors, as the case
         may be, of the corporation resulting from such Corporate Transaction
         (including, without limitation, a corporation which as a result of such
         transaction owns the Company or all or substantially all of the
         Company's assets either

                                      -2-
<PAGE>   3

         directly or through one or more subsidiaries) in substantially the same
         proportions as their ownership, immediately prior to such Corporate
         Transaction of the Outstanding Company Common Stock and Outstanding
         Company Voting Securities, as the case may be, (B) no Person (excluding
         any employee benefit plan (or related trust) of the Company or such
         corporation resulting from such Corporate Transaction) beneficially
         owns, directly or indirectly, 20% or more of, respectively, the then
         outstanding shares of common stock of the corporation resulting from
         such Corporate Transaction or the combined voting power of the then
         outstanding voting securities of such corporation except to the extent
         that such ownership existed prior to the Corporate Transaction and (C)
         at least a majority of the members of the board of directors of the
         corporation resulting from such Corporate Transaction were members of
         the Incumbent Board at the time of the execution of the initial Plan,
         or of the action of the Board, providing for such Corporate
         Transaction; or

                  (iv) Approval by the shareholders of the Company of a complete
         liquidation or dissolution of the Company.

         (g) CODE. The Internal Revenue Code of 1986, as amended from time to
time.

         (h) COMMITTEE. The Personnel Committee of the Board.

         (i) COMPANY. The Gillette Company and any successor thereto.

         (j) COVERAGE PERIOD. As defined in Section 3A.1.

         (k) DATE OF TERMINATION. (i) If the Participant's employment is
terminated by the Company for Cause or by the Participant for Good Reason, the
date of receipt of the Notice of Termination (as described in Section 4.2(c)) or
any later date specified therein, as the case may be, (ii) if the Participant's
employment is terminated by the Company other than for Cause or Disability, the
Date of Termination shall be the date on which the Company notifies the
Participant of such termination and (iii) if the Participant's employment is
terminated by reason of death or Disability, the Date of Termination shall be
the date of death of the Participant or the Disability Effective Date, as the
case may be.

         (l) DISABILITY. As defined in Section 4.2(b)(ii).

         (m) DISABILITY EFFECTIVE DATE. As defined in Section 4.2(b)(ii).

         (n) EFFECTIVE DATE. December 16, 1999.

         (o) EMPLOYER. The Company or any of its Affiliates.

         (p) EXCISE TAX. The excise tax imposed by Section 4999 of the Code,
together with any interest or penalties imposed with respect to such excise tax.

         (q) GOOD REASON. As defined in Section 4.2(a).

                                      -3-
<PAGE>   4

         (r) HIGHEST ANNUAL BONUS. An amount equal to the product of the
Participant's Annual Base Salary at the Date of Termination and the Highest
Annual Bonus Percentage.

         (s) HIGHEST ANNUAL BONUS PERCENTAGE. The higher of the Participant's
Recent Annual Bonus Percentage and thirty-five percent (35%).

         (t) KEY EXECUTIVE. An employee who is employed on a regular basis by an
Employer in a position having grade 25 or above (or having a personal grade of
25 or above) or in such other position designated by the Company's Senior Vice
President - Personnel and Administration as being eligible to participate in
this Plan, excluding any such employee who is a party to an employment agreement
with the Company which becomes effective in the event of a Change of Control.

         (u) NON-US EXECUTIVE. A Key Executive whose designated home country,
for purposes of the Employer's personnel and benefits programs and policies, is
other than the United States.

         (v) PARTICIPANT. A Key Executive who meets the eligibility requirements
of Section 3.1; provided, however, that any Non-US Executive who, under the laws
of his or her designated home country or the legally enforceable programs or
policies of the Employer in such designated home country, is entitled to
receive, in the event of termination of employment (whether or not by reason of
a Change of Control), separation benefits at least equal in aggregate amount to
the Separation Pay prescribed under Section 4.3(b), shall not be considered a
Participant for the purposes of this Plan.

         (w) PAYMENT. Any payment or distribution in the nature of compensation
(within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of
the Participant, whether paid or payable pursuant to this Plan or otherwise.

         (x) PLAN. The Gillette Company Change of Control Severance Program for
Key Executives, as set forth herein.

         (y) PLAN ADMINISTRATOR. The third-party accounting, actuarial or
consulting firm retained by the Company prior to a Change of Control to
administer this Program following a Change of Control.

         (z) RECENT ANNUAL BONUS PERCENTAGE. The highest actual annual bonus
percentage awarded to the Participant under the Company's annual incentive
plans, or any comparable bonus under any predecessor or successor plan, for the
last three full fiscal years prior to the Change of Control (and equal to 35% in
the event that the Participant was not employed by the Employer for one full
fiscal year prior to the Change of Control).

         (aa) REQUIRED COMPENSATION. With respect to any Participant, the sum of
(i) the Participant's Annual Base Salary and (ii) an amount equal to the product
of (A) the Participant's Annual Base Salary and (B) the Recent Annual Bonus
Percentage.

                                      -4-
<PAGE>   5

         (bb) SEPARATION BENEFITS. The amounts and benefits payable or required
to be provided in accordance with Section 4.3.

         (cc) SEPARATION PAY. The amounts or amounts payable in accordance with
Section 4.3(b).

         (dd) US PARTICIPANT. A Participant whose designated home country, for
purposes of the Employer's personnel and benefits programs and policies, is the
United States.

3.
                                   ARTICLE III
                                   ELIGIBILITY

3.1 PARTICIPATION. Except as set forth in paragraph (v) of Article II, each
employee who is a Key Executive on the Effective Date shall be a Participant in
the Plan effective as of the Effective Date and each other employee shall become
a Participant in the Plan effective as of the date of the employee's promotion
or hire as a Key Executive.

3.2 DURATION OF PARTICIPATION. A Participant shall cease to be a Participant in
the Plan if (i) he or she ceases to be employed by an Employer under
circumstances not entitling him or her to Separation Benefits or (ii) he or she
otherwise ceases to be a Key Executive, provided that no Key Executive may be so
removed from Plan participation in connection with or in anticipation of a
Change of Control that actually occurs. Notwithstanding the foregoing, a
Participant who is entitled, as a result of ceasing to be a Key Executive of an
Employer, to receive benefits under the Plan shall remain a Participant in the
Plan until the amounts and benefits payable under the Plan have been paid or
provided to the Participant in full.

                                  ARTICLE III-A
                      BENEFITS FOLLOWING CHANGE OF CONTROL

3A.1 CONTINUATION OF BENEFIT PLAN PARTICIPATION. During the period commencing on
the date a Change of Control occurs and ending on the second anniversary of such
date ("Coverage Period"), each US Participant and/or the US Participant's
family, as the case may be, shall be eligible for participation in and shall
receive all benefits under the savings, retirement, welfare and fringe benefit
plans, practices, policies and programs provided by the Employer to the extent
applicable generally to other peer executives of the Employer, but in no event
shall such plans, practices, policies and programs provide the US Participant
with benefits of lesser value, in the aggregate, than the plans, practices,
policies and programs in which the US Participant participated immediately prior
to the Change of Control or, if more favorable to the US Participant, those
provided generally at any time after the Effective Date to other peer executives
of the Employer.

3A.2 ANNUAL BONUS. For each fiscal year of the Company ending during the
Coverage Period, each Participant shall be awarded an annual bonus in cash which
shall not be less than the product of (i) the Participant's Annual Base Salary
and (ii) the Participant's Recent Annual Bonus Percentage. If, prior to the end
of a fiscal year ending during the Coverage Period, a

                                      -5-
<PAGE>   6

Participant's employment is terminated for Disability or as a result of the
Participant's death, or the Participant terminates his or her own employment
other than for Good Reason, the Participant shall be awarded a prorated annual
bonus (determined in accordance with the preceding sentence) for such fiscal
year. Each such annual bonus shall be paid to the Participant no later than the
end of the third month of the fiscal year next following the fiscal year for
which such annual bonus is awarded, unless the Participant elects to defer the
receipt of such annual bonus.

4.
                                   ARTICLE IV
                               SEPARATION BENEFITS

4.1 RIGHT TO SEPARATION BENEFITS. A Participant shall be entitled to receive
from the Company the Separation Benefits as provided in Section 4.3, if a Change
of Control has occurred and the Participant's employment by an Employer is
terminated under circumstances specified in Section 4.2(a), whether the
termination is voluntary or involuntary, and if (i) such termination occurs
after such Change of Control and on or before the second anniversary thereof, or
(ii) such termination is reasonably demonstrated by the Participant to have been
initiated by a third party that has taken steps reasonably calculated to effect
a Change of Control or otherwise to have arisen in connection with or in
anticipation of such Change of Control.

4.2 TERMINATION OF EMPLOYMENT.

         (a) TERMINATIONS WHICH GIVE RISE TO SEPARATION BENEFITS UNDER THIS
PLAN. The circumstances specified in this Section 4.2(a) are any termination of
employment with an Employer by action of the Company or any of its Affiliates or
by a Participant for Good Reason, other than as set forth in Section 4.2(b)
below. For purposes of this Plan, "Good Reason" shall mean:

                  (i) the assignment to the Participant of any duties
         inconsistent in any respect with the Participant's position (including
         status, offices, titles and reporting requirements), authority, duties
         or responsibilities as in effect immediately prior to the Change of
         Control, or any other action by the Company or the Employer that
         results in a diminution in such position, authority, duties or
         responsibilities, excluding for this purpose an isolated, insubstantial
         and inadvertent action not taken in bad faith and that is remedied by
         the Company and/or the Employer promptly after receipt of notice
         thereof given by the Participant;

                  (ii) a decrease in the Participant's compensation below the
         Required Compensation, other than an isolated, insubstantial and
         inadvertent failure not occurring in bad faith and that is remedied by
         the Company and/or the Employer promptly after receipt of notice
         thereof given by the Participant;

                  (iii) the Company's or the Affiliate's requiring the
         Participant to be based at any office or location other than (A) the
         office or where the Participant was based and performed services
         immediately prior to the Change of Control or (B) any other location

                                      -6-
<PAGE>   7

         less than 35 miles from such office, or the Company's or the
         Affiliate's requiring the Participant to travel on business to a
         substantially greater extent than required immediately prior to the
         Change of Control;

                  (iv) any purported termination by the Company or the Affiliate
         of the Participant's employment otherwise than as expressly permitted
         by this Plan; or

                  (v) any failure by the Company to require any successor
         (whether direct or indirect, by purchase, merger, consolidation or
         otherwise) to all or substantially all of the business and/or assets of
         the Company to assume expressly and agree to perform this Plan in the
         same manner and to the same extent that the Company would be required
         to perform it if no such succession had taken place, as required by
         Article V.

         (b) TERMINATIONS WHICH DO NOT GIVE RISE TO SEPARATION BENEFITS UNDER
THIS PLAN. Notwithstanding Section 4.2(a), if a Participant's employment is
terminated for Cause or Disability (as those terms are defined below) or as a
result of the Participant's death, or the Participant terminates his or her own
employment other than for Good Reason, the Participant shall not be entitled to
Separation Benefits under the Plan, regardless of the occurrence of a Change of
Control.

                  (i) A termination for "Cause" shall have occurred where a
         Participant is terminated because of:

                           (A) the willful and continued failure of the
                  Participant to perform substantially the Participant's duties
                  with the Company or any of the Affiliates (other than any such
                  failure resulting from incapacity due to physical or mental
                  illness), after a written demand for substantial performance
                  is delivered to the Participant by the Board or an elected
                  officer of the Company which specifically identifies the
                  manner in which the Board or the elected officer believes that
                  the Participant has not substantially performed the
                  Participant's duties; or

                           (B) the willful engaging by the Participant in
                  illegal conduct or gross misconduct which is materially and
                  demonstrably injurious to the Company or the Affiliate.

         For purposes of this Section 4.2(b)(i), no act, or failure to act, on
         the part of the Participant shall be considered "willful" unless it is
         done, or omitted to be done, by the Participant in bad faith or without
         reasonable belief that the Participant's action or omission was in the
         best interests of the Company or the Affiliate. Any act, or failure to
         act, based upon authority given pursuant to a resolution duly adopted
         by the Board or upon the instructions of the Chief Executive Officer of
         the Company or a senior officer of the Company or based upon the advice
         of counsel for the Company or the Affiliate shall be conclusively
         presumed to be done, or omitted to be done, by the Participant in good
         faith and in the best interests of the Company or the Affiliate.

                                      -7-
<PAGE>   8

                  (ii) A termination for "Disability" shall have occurred where
         a Participant is absent from the Participant's duties with the Employer
         on a full-time basis for 180 consecutive business days as a result of
         incapacity due to mental or physical illness which is determined to be
         total and permanent by a physician selected by the Company or its
         insurers and acceptable to the Participant or the Participant's legal
         representative. In such event, the Participant's employment with the
         Employer shall terminate effective on the 30th day after receipt of
         such notice by the Participant (the "Disability Effective Date"),
         provided that, within the 30 days after such receipt, the Participant
         shall not have returned to full-time performance of the Participant's
         duties.

         (c) NOTICE OF TERMINATION. Any termination by the Company for Cause, or
by the Participant for Good Reason, shall be communicated by a Notice of
Termination to the other party. For purposes of this Plan, a "Notice of
Termination" means a written notice which (i) indicates the specific termination
provision in this Plan relied upon, (ii) to the extent applicable, sets forth in
reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Participant's employment under the provision so indicated and
(iii) if the Date of Termination is other than the date of receipt of such
notice, specifies the termination date (which date shall be not more than 30
days after the giving of such notice). The failure by the Participant or the
Company to set forth in the Notice of Termination any fact or circumstance which
contributes to a showing of Good Reason or Cause shall not waive any right of
the Participant or the Company, respectively, hereunder or preclude the
Participant or the Company, respectively, from asserting such fact or
circumstance in enforcing the Participant's or the Company's rights hereunder.

4.3 SEPARATION BENEFITS. If a Participant's employment is terminated under the
circumstances set forth in Section 4.2(a) entitling him or her to Separation
Benefits, the Company shall pay or provide, as the case may be, to the
Participant the amounts and benefits set forth in items (a) through (e) below
(the "Separation Benefits"):

         (a) The Company shall pay to the Participant, in a lump sum in cash
within 30 days after the Date of Termination, the sum of (A) the Participant's
Annual Base Salary through the Date of Termination to the extent not theretofore
paid, (B) the product of (x) the Participant's Highest Annual Bonus and (y) a
fraction, the numerator of which is the number of days in the current fiscal
year through the Date of Termination and the denominator of which is 365,
reduced (but not below zero), if the Date of Termination occurs in the same
fiscal year as the Change of Control, by the Participant's Bonus Payment Amount,
(C) if elected by the Participant, any compensation previously deferred by the
Participant under the Company's Supplemental Savings Plan, Incentive Bonus Plan
and/or Stock Equivalent Unit Plan (together with any accrued interest or
earnings thereon), and (D) any accrued vacation pay, in each case to the extent
not theretofore paid (the sum of the amounts described in subclauses (A), (B),
(C) and (D), the "Accrued Obligations").

          (b) The Company also shall pay to the Participant an amount
("Separation Pay") equal to the product of (A) two and (B) the sum of (x) the
Participant's Annual Base Salary and (y) the Participant's Highest Annual Bonus,
reduced (but not below zero) in the case of any Participant who is a Non-US
Executive by the US dollar equivalent (determined as of the

                                      -8-
<PAGE>   9

Participant's Date of Termination) of any payments made to the Participant under
the laws of his or her designated home country or any program or policy of the
Employer in such country on account of the Participant's termination of
employment. A Participant may elect to receive Separation Pay either ratably as
continuing salary payments over a period not to exceed two years following the
Participant's Date of Termination or as a single lump sum cash payment;
provided, however, that a Participant who, as of the Date of Termination, is
within five years of qualifying for early or normal retirement under a
tax-qualified retirement plan maintained by the Company or its Affiliates, may
extend the period for payment of the Separation Pay as continued salary payments
until the date of earliest eligibility for retirement. Separation Pay received
as a lump sum payment is not eligible for Savings Plan contribution, nor is such
payment considered pension-eligible compensation.

         (c) Solely with respect to US Participants, for two years after the
Participant's Date of Termination, or such longer period as may be provided by
the terms of the appropriate plan, program, practice or policy, the Company
shall continue welfare benefits to the Participant and/or the Participant's
family at least equal to those which would have been provided to them in
accordance with the plans, programs, practices and policies (including, without
limitation, medical, prescription, dental, disability, employee/spouse/child
life insurance, executive life, estate preservation (second-to-die life
insurance) and travel accident insurance plans and programs), as if the
Participant's employment had not been terminated, or, if more favorable to the
Participant, as in effect generally at any time thereafter with respect to other
peer executives of the Company and its Affiliates and their families; provided,
however, that if the Participant becomes reemployed with another employer and is
eligible to receive medical or other welfare benefits under another employer
provided plan, the medical and other welfare benefits described herein shall be
secondary to those provided under such other plan during such applicable period
of eligibility. For purposes of determining the Participant's eligibility for
retiree benefits pursuant to such welfare plans, practices, programs and
policies, the Participant shall be considered to have remained employed until
two years after the Date of Termination, provided, however, that the Executive's
commencement of such retiree benefits shall not be any sooner than the
Executive's earliest retirement date under the Company's tax-qualified
Retirement Plan.

         (d) The Company shall, at its sole expense, provide the Participant
with outplacement services through the provider of the Company's choice, the
scope of which shall be chosen by the Participant in his or her sole discretion
within the terms and conditions of the Company's outplacement services policy as
in effect immediately prior to the Change of Control.

         (e) To the extent not theretofore paid or provided, the Employer shall
timely pay or provide to the Participant any other amounts or benefits required
to be paid or provided or that the Participant is eligible to receive under any
plan, program, policy or practice or contract or agreement of the Company and
its Affiliates.

4.4 CERTAIN ADDITIONAL PAYMENTS BY THE COMPANY. (a) Anything in this Plan to the
contrary notwithstanding, with respect to any Participant who is a citizen or
resident of the United States, in the event it shall be determined that any
Payment would be subject to the Excise Tax, then the Participant shall be
entitled to receive an additional payment (a "Gross-Up Payment") in an amount
such that after payment by the Participant of all taxes (including any interest
or penalties

                                      -9-
<PAGE>   10

imposed with respect to such taxes), including, without limitation, any income
taxes (and any interest and penalties imposed with respect thereto) and Excise
Tax imposed upon the Gross-Up Payment, the Participant retains an amount of the
Gross-Up Payment equal to the Excise Tax imposed upon the Payments.

         (b) Subject to the provisions of Section 4.4(c), all determinations
required to be made under this Section 4.4, including whether and when a
Gross-Up Payment is required and the amount of such Gross-Up Payment and the
assumptions to be utilized in arriving at such determination, shall be made by
KPMG Peat Marwick LLP or such other nationally recognized certified public
accounting firm as may be designated by the Participant (the "Accounting Firm")
which shall provide detailed supporting calculations both to the Company and the
Participant within 15 business days of the receipt of notice from the
Participant that there has been a Payment, or such earlier time as is requested
by the Company. All fees and expenses of the Accounting Firm shall be borne
solely by the Company. Subject to Section 4.4(e) below, any Gross-Up Payment, as
determined pursuant to this Section 4.4, shall be paid by the Company to the
Participant within five days of the receipt of the Accounting Firm's
determination. Any determination by the Accounting Firm shall be binding upon
the Company and the Participant. As a result of the uncertainty in the
application of Section 4999 of the Code at the time of the initial determination
by the Accounting Firm hereunder, it is possible that Gross-Up Payments which
will not have been made by the Company should have been made ("Underpayment"),
consistent with the calculations required to be made hereunder. In the event
that the Company exhausts its remedies pursuant to Section 4.4(c) and the
Participant thereafter is required to make a payment of any Excise Tax, the
Accounting Firm shall determine the amount of the Underpayment that has occurred
and any such Underpayment shall be promptly paid by the Company to or for the
benefit of the Participant.

         (c) The Participant shall notify the Company in writing of any claim by
the Internal Revenue Service that, if successful, would require the payment by
the Company of the Gross-Up Payment. Such notification shall be given as soon as
practicable but no later than ten business days after the Participant is
informed in writing of such claim and shall apprise the Company of the nature of
such claim and the date on which such claim is requested to be paid. The
Participant shall not pay such claim prior to the expiration of the 30-day
period following the date on which it gives such notice to the Company (or such
shorter period ending on the date that any payment of taxes with respect to such
claim is due). If the Company notifies the Participant in writing prior to the
expiration of such period that it desires to contest such claim, the Participant
shall:

                  (i) give the Company any information reasonably requested by
         the Company relating to such claim,

                  (ii) take such action in connection with contesting such claim
         as the Company shall reasonably request in writing from time to time,
         including, without limitation, accepting legal representation with
         respect to such claim by an attorney reasonably selected by the
         Company,

                                      -10-
<PAGE>   11

                  (iii) cooperate with the Company in good faith in order
         effectively to contest such claim, and

                  (iv) permit the Company to participate in any proceedings
         relating to such claim;

PROVIDED, HOWEVER, that the Company shall bear and pay directly all costs and
expenses (including additional interest and penalties) incurred in connection
with such contest and shall indemnify and hold the Participant harmless, on an
after-tax basis, for any Excise Tax or income tax (including interest and
penalties with respect thereto) imposed as a result of such representation and
payment of costs and expenses. Without limitation on the foregoing provisions of
this Section 4.4(c), the Company shall control all proceedings taken in
connection with such contest and, at its sole option, may pursue or forgo any
and all administrative appeals, proceedings, hearings and conferences with the
taxing authority in respect of such claim and may, at its sole option, either
direct the Participant to pay the tax claimed and sue for a refund or contest
the claim in any permissible manner, and the Participant agrees to prosecute
such contest to a determination before any administrative tribunal, in a court
of initial jurisdiction and in one or more appellate courts, as the Company
shall determine; PROVIDED, HOWEVER, that if the Company directs the Participant
to pay such claim and sue for a refund, the Company shall advance the amount of
such payment to the Participant, on an interest-free basis and shall indemnify
and hold the Participant harmless, on an after-tax basis, from any Excise Tax or
income tax (including interest or penalties with respect thereto) imposed with
respect to such advance or with respect to any imputed income with respect to
such advance; and further provided that any extension of the statute of
limitations relating to payment of taxes for the taxable year of the Participant
with respect to which such contested amount is claimed to be due is limited
solely to such contested amount. Furthermore, the Company's control of the
contest shall be limited to issues with respect to which a Gross-Up Payment
would be payable hereunder and the Participant shall be entitled to settle or
contest, as the case may be, any other issue raised by the Internal Revenue
Service or any other taxing authority.

         (d) If, after the receipt by the Participant of an amount advanced by
the Company pursuant to Section 4.4(c), the Participant becomes entitled to
receive any refund with respect to such claim, the Participant shall (subject to
the Company's complying with the requirements of Section 4.4(c)) promptly pay to
the Company the amount of such refund (together with any interest paid or
credited thereon after taxes applicable thereto). If, after the receipt by the
Participant of an amount advanced by the Company pursuant to Section 4.4(c), a
determination is made that the Participant shall not be entitled to any refund
with respect to such claim and the Company does not notify the Participant in
writing of its intent to contest such denial of refund prior to the expiration
of 30 days after such determination, then such advance shall be forgiven and
shall not be required to be repaid and the amount of such advance shall offset,
to the extent thereof, the amount of Gross-Up Payment required to be paid.

         (e) Notwithstanding any other provision of this Section 4.4, the
Company may withhold and pay over to the Internal Revenue Service for the
benefit of the Participant all or any portion of the Gross-Up Payment that it
determines in good faith that it is or may be in the future required to
withhold, and the Participant hereby consents to such withholding.

                                      -11-
<PAGE>   12

4.5 PAYMENT OBLIGATIONS ABSOLUTE. Upon a Change of Control, the obligations of
the Company and its Affiliates to pay or provide the Separation Benefits
described in Section 4.3 shall be absolute and unconditional and shall not be
affected by any circumstances, including, without limitation, any set-off,
counterclaim, recoupment, defense or other right which the Company or any of the
Affiliates may have against any Participant. In no event shall a Participant be
obligated to seek other employment or take any other action by way of mitigation
of the amounts payable to a Participant under any of the provisions of this
Plan, nor shall the amount of any payment or value of any benefits hereunder be
reduced by any compensation or benefits earned by a Participant as a result of
employment by another employer, except as specifically provided under Section
4.3.

4.6 NON-EXCLUSIVITY OF RIGHTS. Nothing in this Plan shall prevent or limit the
Participant's continuing or future participation in any plan, program, policy or
practice provided by the Company or any of the Affiliates and for which the
Participant may qualify, nor, subject to Section 7.2, shall anything herein
limit or otherwise affect such rights as the Participant may have under any
contract or agreement with the Company or any of the Affiliates. Amounts or
benefits which the Participant is otherwise entitled to receive under any plan,
policy, practice or program of or any contract or agreement with the Company or
any of the Affiliates shall be payable in accordance with such plan, policy,
practice or program or contract or agreement, except as explicitly modified by
this Plan.

5.
                                    ARTICLE V
                              SUCCESSOR TO COMPANY

                  This Plan shall bind any successor of the Company, its assets
or its businesses (whether direct or indirect, by purchase, merger,
consolidation or otherwise), in the same manner and to the same extent that the
Company would be obligated under this Plan if no succession had taken place.

                  In the case of any transaction in which a successor would not
by the foregoing provision or by operation of law be bound by this Plan, the
Company shall require such successor expressly and unconditionally to assume and
agree to perform the Company's obligations under this Plan, in the same manner
and to the same extent that the Company would be required to perform if no such
succession had taken place. The term "Company," as used in this Plan, shall mean
the Company as hereinbefore defined and any successor or assignee to the
business or assets which by reason hereof becomes bound by this Plan.

6.
                                   ARTICLE VI
                       DURATION, AMENDMENT AND TERMINATION

6.1 DURATION. This Plan shall remain in effect until terminated as provided in
Section 6.2. Notwithstanding the foregoing, if a Change of Control occurs, this
Plan shall continue in full

                                      -12-
<PAGE>   13

force and effect and shall not terminate or expire until after all Participants
who become entitled to any payments or benefits hereunder shall have received
such payments or benefits in full.

6.2 AMENDMENT AND TERMINATION. The Plan may be terminated or amended in any
respect by resolution adopted by a majority of the Board, unless a Change of
Control has previously occurred. However, after the Board has knowledge of a
possible transaction or event that if consummated would constitute a Change of
Control, this Plan may not be terminated or amended in any manner which would
adversely affect the rights or potential rights of Participants, unless and
until the Board has determined that all transactions or events that, if
consummated, would constitute a Change of Control have been abandoned and will
not be consummated, and, provided that, the Board does not have knowledge of
other transactions or events that, if consummated, would constitute a Change of
Control. If a Change of Control occurs, the Plan shall no longer be subject to
amendment, change, substitution, deletion, revocation or termination in any
respect that adversely affects the rights of Participants, and no Participant
shall be removed from Plan participation.

                                   ARTICLE VII
                                  MISCELLANEOUS
7.
7.1 LEGAL FEES. The Company agrees to pay, to the full extent permitted by law,
all legal fees and expenses which the Participant may reasonably incur as a
result of any contest (regardless of the outcome thereof) by the Company or the
Affiliates, the Participant or others of the validity or enforceability of, or
liability under, any provision of this Plan or any guarantee of performance
thereof (including as a result of any contest by the Participant about the
amount of any payment pursuant to this Plan), plus in each case interest on any
delayed payment at the applicable Federal rate provided for in Section
7872(f)(2)(A) of the Code.

7.2 EMPLOYMENT STATUS. This Plan does not constitute a contract of employment or
impose on the Participant, the Company or the Participant's Employer any
obligation to retain the Participant as an employee, to change the status of the
Participant's employment as an "at will" employee, or to change the Company's or
the Affiliates' policies regarding termination of employment.

7.3 TAX WITHHOLDING. The Company may withhold from any amounts payable under
this Plan such Federal, state, local or foreign taxes as shall be required to be
withheld pursuant to any applicable law or regulation.

7.4 VALIDITY AND SEVERABILITY. The invalidity or unenforceability of any
provision of the Plan shall not affect the validity or enforceability of any
other provision of the Plan, which shall remain in full force and effect, and
any prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

7.5 GOVERNING LAW. The validity, interpretation, construction and performance of
the Plan shall in all respects be governed by the laws of Delaware, without
reference to principles of conflict of law.

                                      -13-
<PAGE>   14

7.6 CLAIM PROCEDURE. If a Participant makes a written request alleging a right
to receive Separation Benefits under the Plan or alleging a right to receive an
adjustment in benefits being paid under the Plan, the Company shall treat it as
a claim for benefits. All claims for Separation Benefits under the Plan shall be
sent to the General Counsel of the Company and must be received within 30 days
after the Date of Termination. If the Company determines that any individual who
has claimed a right to receive Separation Benefits under the Plan is not
entitled to receive all or a part of the benefits claimed, it will inform the
claimant in writing of its determination and the reasons therefor in terms
calculated to be understood by the claimant. The notice will be sent within 90
days of the written request, unless the Company determines additional time, not
exceeding 90 days, is needed. The notice shall make specific reference to the
pertinent Plan provisions on which the denial is based, and describe any
additional material or information that is necessary. Such notice shall, in
addition, inform the claimant what procedure the claimant should follow to take
advantage of the review procedures set forth below in the event the claimant
desires to contest the denial of the claim. The claimant may within 90 days
thereafter submit in writing to the Plan Administrator a notice that the
claimant contests the denial of his or her claim by the Company and desires a
further review. The Plan Administrator shall within 60 days thereafter review
the claim and authorize the claimant to appear personally and review the
pertinent documents and submit issues and comments relating to the claim to the
persons responsible for making the determination on behalf of the Plan
Administrator. The Plan Administrator will render its final decision with
specific reasons therefor in writing and will transmit it to the claimant within
60 days of the written request for review, unless the Plan Administrator
determines additional time, not exceeding 60 days, is needed, and so notifies
the Participant. If the Plan Administrator fails to respond to a claim filed in
accordance with the foregoing within 60 days or any such extended period, the
Plan Administrator shall be deemed to have denied the claim.

7.7 UNFUNDED PLAN STATUS. This Plan is intended to be an unfunded plan and to
qualify as a severance pay plan within the meaning of Labor Department
Regulations section 2510.3-2(b). All payments pursuant to the Plan shall be made
from the general funds of the Company and no special or separate fund shall be
established or other segregation of assets made to assure payment. No
Participant or other person shall have under any circumstances any interest in
any particular property or assets of the Company as a result of participating in
the Plan. Notwithstanding the foregoing, the Company may (but shall not be
obligated to) create one or more grantor trusts, the assets of which are subject
to the claims of the Company's creditors, to assist it in accumulating funds to
pay its obligations under the Plan.

7.8 RELIANCE ON ADOPTION OF PLAN. Each person who shall become a Key Executive
shall be deemed to have served and continue to serve in such capacity in
reliance upon the change of control provisions contained in this Plan.

                                      -14-
<PAGE>   15

7.9 PROGRAM SUPERSEDES PRIOR US ARRANGEMENTS. For the period of two years
following the occurrence of a Change of Control, the provisions of this Program
shall supersede, with respect to US Participants, any and all plans, programs,
policies and arrangements of the Company providing severance benefits.

IN WITNESS WHEREOF, The Gillette Company has caused this Plan to be executed by
its duly authorized officer effective as of the Effective Date set forth above.

                                       THE GILLETTE COMPANY

                                       By: /s/ Robert E. DiCenso
                                           ---------------------------------
                                           Senior Vice President - Personnel
                                           and Administration

                                      -15-

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