Document:

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                                                                    Exhibit 10.2

           FORM OF IVORYDALE MANUFACTURING PLANT SEPARATION AGREEMENT

This is a Manufacturing Plant Separation Agreement ("Separation Agreement")
dated _______, 200___ between The Procter & Gamble Company, an Ohio corporation
("P&G") and The J.M. Smucker Company, an Ohio corporation ("JMS"). P&G and JMS
are sometimes collectively referred to herein as "Parties" and individually as a
"Party".

         WHEREAS, P&G and JMS have entered into a Contribution Agreement and the
Agreement and Plan of Merger, dated as of October 9, 2001 (jointly the
"Corporate Agreements"), pursuant to which JMS shall become the successor in
interest to the Jif/Crisco Assets (as defined in the Corporate Agreements), and
P&G and JMS have entered into a Transitional Services Agreement dated as of
October 9, 2001 (the " Services Agreement");

         WHEREAS, in connection with the Corporate Agreements, JMS and P&G wish
to separate certain physical components and services that currently serve both
the Crisco manufacturing facility located at 5201 Spring Grove Avenue,
Ivorydale, Cincinnati, Ohio ("JMS's Plant") and P&G's facilities and operations
also located at 5201 Spring Grove Avenue, Ivorydale, Cincinnati, Ohio ("P&G's
Plant") during the Separation Period set forth herein;

         NOW THEREFORE, in consideration of the mutual representations,
warranties, covenants, agreements and conditions contained herein, the Parties
hereto agree as follows:

                                    ARTICLE I
                               CERTAIN DEFINITIONS

1.01     GENERAL. Any capitalized item used but not defined herein shall have
         the meaning set forth in the Corporate Agreements or the Services
         Agreement.

1.02     "PROJECT MANAGER" shall mean and include the sole representative of
         either party and such representative shall have full authority and
         responsibility for communication with the other party and the
         coordination of the activities of his or her respective Party, as
         provided in Section 3.02.

1.03     "PURPOSE" shall mean the physical Separation of JMS's Plant from P&G's
         Plant on the terms and conditions and during the periods set forth
         herein.

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1.04     "SEPARATION" means only those Separation Projects and services
         undertaken by P&G hereunder and set forth in Schedule 3.01 to this
         Agreement.

1.05     "SITE" shall mean the land, building and environment on which JMS's
         Plant and P&G's Plant are located and where the Separation is to take
         place and the separation work is to be performed as defined in Article
         III.

1.06     OTHER DEFINITIONS. Other terms defined in this Separation Agreement,
         and the places where they are defined, are:

         "JMS"                                                Preamble
         "JMS'S PLANT"                                        Preamble
         "DEFAULTING PARTY"                                   Section 8.02
         "DEMANDS"                                            Section 6.01
         "NON-DEFAULTING PARTY"                               Section 8.02
         "PURPOSE"                                            Preamble
         "CORPORATE AGREEMENTS"                               Preamble
         "P&G"                                                Preamble
         "P&G'S PLANT"                                        Preamble
         "SEPARATION AGREEMENT"                               Preamble
         "SEPARATION PERIOD"                                  Section 7.02
         "SEPARATION PROJECTS"                                Section 3.01
         "TRANSITION PERIOD"                                  Services Agreement

                                   ARTICLE II
                                BASIC OBLIGATIONS

2.01     OBLIGATIONS. Subject to the limitations and conditions of this
         Separation Agreement, and during the time periods set forth herein, P&G
         shall perform, or cause its agents and/or contractors to perform, for
         the benefit of JMS the Separation Projects set forth herein.

                                   ARTICLE III
                                   SEPARATION

3.01     SEPARATION PROJECTS.
         Subject to the terms and conditions of this Separation Agreement, P&G
         shall undertake those separation projects listed on Schedule 3.01
         (hereafter referred to as the "Separation Projects") in order to
         effectuate the physical Separation of the P&G's Plant from JMS's Plant.
         In addition, P&G shall provide JMS's Plant with certain independent
         services from P&G's Plant substantially similar to the services
         currently available and used by JMS's Plant as of the date hereof such
         that, with respect to only those services affected by any of the
         Separation Projects, JMS's Plant can be adequately operated in
         accordance with the operations conducted as

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         of the date hereof; provided, however, the Separation Projects
         specifically exclude the Long Term Manufacturing Services and any
         separation projects undertaken by JMS independently from the Separation
         Projects expressly assumed and undertaken by P&G hereunder. Nothing
         contained in Article 5 shall limit or release P&G of its obligations to
         perform the Separation Projects in accordance with the terms of this
         Agreement.

3.02     PROJECT PLANNING AND MANAGEMENT.
         (a)      Both P&G and JMS shall each appoint one Project Manager as a
                  single point of contact on each side to communicate and
                  coordinate between the two parties and shall provide each
                  other with the name and contact information of their
                  respective Project Manager on or promptly after the date of
                  this Agreement. Either Party may change its designated Project
                  Manager upon prior written notice to the other Party.
         (b)      After Closing, P&G shall further develop a master separation
                  plan addressing timing, physical interfaces, compatibility,
                  separation, standards and other details to execute and
                  implement each of the Separation Projects in order to minimize
                  the impact and disruptions to the JMS's and P&G's operations
                  and processes. P&G and JMS agree that the Separation Projects
                  relating to the compressed air and power and sewer shall be
                  prioritized in the master separation plan. P&G shall then
                  share such master separation plan with JMS's Project Manager,
                  who shall have the opportunity to provide P&G with input
                  regarding such separation plan, which input shall be
                  reasonably considered by P&G but shall not be binding upon
                  P&G. Notwithstanding the foregoing, P&G and JMS shall
                  reasonably agree (both acting in good faith) on mutually
                  acceptable terms, which shall not materially interfere with
                  the cost-effectiveness or timing provided for in P&G's master
                  separation plan, regarding, (i) the routing of lines over and
                  across JMS's land, (ii) the location of the compressor that
                  shall be located on JMS's land,(iii) any component of the
                  Separation Projects that relate to or affect the structural
                  components of JMS's Plant, and (iv) any component of the
                  Separation Projects that relate to or affect the roof of JMS's
                  Plant. JMS may provide P&G with reasonable suggestions
                  regarding scheduling of the execution of those projects listed
                  on the master separation plan and impacting the work processes
                  at the JMS's Plant and P&G shall cooperate with JMS in good
                  faith to incorporate such suggestions, provided that such
                  suggestions do not interfere with P&G's general timing or
                  costs pursuant to its master separation plan.
         (c)      Notwithstanding the foregoing, P&G and JMS shall mutually
                  agree on the specific dates and times of the execution of any
                  components of the Separation Projects that shall require any
                  portion of JMS's Plant to be inoperable. P&G, JMS and their
                  authorized

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                  representatives and designated Project Managers, shall then
                  mutually cooperate in good faith and collaborate to coordinate
                  the prioritization, implementation, execution, and turn-over
                  and the provision of reasonable progress updates of the
                  Separation Projects by P&G or P&G's Affiliates, contractors or
                  agents. P&G or P&G's Affiliates shall be responsible to
                  supervise the Separation Projects.

3.03     CONTRACTOR SELECTION.
         P&G shall select its own, individual contractors, and shall use
         reasonable efforts to obtain standard commercial warranties, fully
         assignable to JMS at completion of the applicable project, from each
         such contractor performing separation project work at JMS's Plant. To
         the extent assignable, P&G agrees to assign, in part or as a whole, the
         rights and recourses under these commercial warranties from such
         contractors, provided, however, that P&G shall be entitled to also
         retain, in part or as a whole, the benefit of, and the rights and
         recourses under, such warranties from said contractors.

3.04     SCOPE OF SEPARATION.
         Other than the Separation Projects which P&G shall perform pursuant to
         the terms and conditions set forth herein, neither P&G nor any of its
         Affiliates shall be obligated to perform or to cause to be performed
         any work (i) off of the Site; or (ii) in any way which may interfere or
         can be expected to interfere with P&G's operation of its businesses
         and/or operations at P&G's Plant.

3.05     STANDARD OF PERFORMANCE; STANDARD OF CARE.
         (a)      Subject to other provisions in this Separation Agreement, P&G
                  shall, and shall cause its Affiliates to, perform its duties
                  and responsibilities hereunder with the same degree of
                  diligence and care that a reasonably prudent provider of the
                  Separation and Separation Projects would employ if servicing
                  its own business and, in any event, in a manner consistent in
                  all material respects with past practices, its usual policies
                  and procedures (including those relating to applicable
                  specifications of material and installed equipment and
                  engineering and architectural design) and the usual and
                  customary practices, codes and standards for the Separation
                  and Separation Projects, and in accordance with all Applicable
                  Laws.

         (b)      P&G shall be responsible to ensure that all work shall be
                  completed in a workmanship like manner and in compliance with
                  all applicable regulations, ordinances, building codes and
                  other Applicable Laws and, to the extent required by law, all
                  work shall be performed by individuals duly licensed and
                  authorized by law to perform said work. P&G shall further
                  ensure that it or each contractor selected

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                  by it, shall obtain all appropriate permits related to each
                  Separation Project and necessary for the work to be performed.
                  Nothing in this Agreement shall require P&G or any of its
                  Affiliates to perform the Separation in a manner that would
                  constitute a violation of Applicable Laws.

         (c)      P&G and each contractor selected by it, shall keep the JMS's
                  Plant free from accumulation of waste material, debris and
                  rubbish and at the completion of the work such contractor
                  shall remove from JMS's Plant all rubbish, debris, implements
                  and surplus materials and leave JMS's Plant broom-clean.

         (d)      P&G shall perform and observe, or cause its agents and
                  contractors to perform for the benefit of each other, all
                  obligations and requirements required of such contractor by
                  law in relation to itself and its employees, including but not
                  limited to paying all necessary wages, superannuation
                  payments, taxes (including GST), duties and imposts and taking
                  out and continuing all necessary insurances including
                  compliance with the Accident Compensation Act 1985 by
                  registration as an employer and the payment of any Work Cover
                  premium required to be paid thereunder.

         (e)      P&G and each contractor selected by it for any portion of any
                  of the Separation Projects to be performed on JMS's parcel,
                  shall be adequately insured (including through self-insurance
                  by P&G) for injury to its employees and others and JMS's Plant
                  as a result of the acts of such contractor or its employees
                  and subcontractors in the course of the execution or
                  performance of work under the Separation Project at JMS's
                  Plant.

         (f)      In the execution and performance of the Separation Projects,
                  P&G and each contactor selected by it, shall not install
                  second-hand equipment or materials on JMS's parcel.

3.06     ADDITIONAL DOCUMENTATION. Both Parties agree to execute and deliver to
         each other any such additional documentation and side agreements
         (including, without limitation, the granting of mutual easements) which
         may be reasonably required to effectuate the Purpose of this Separation
         Agreement.

         P&G shall also cooperate with JMS by supplying, upon JMS's reasonable
         request, any relevant drawings (including CADD or other electronic
         format where available), and plans pertaining to the aspects relating
         to JMS's parcel of those of the Separation Projects which are to be
         performed on JMS's parcel or exclusively relate to JMS's parcel or
         directly relate to any

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         material or equipment that JMS shall own or be obligated to maintain
         after the completion of such Separation Projects.

3.07     ACCESS. For the period from the Closing Date until the expiration or
         termination of the Separation Period and to the extent necessary for
         P&G or JMS to exercise their rights pursuant to Section 8.02, P&G and
         JMS agree as follows:
         (a)      Subject to the other terms and conditions of this Agreement,
                  each Party shall permit reasonable access to its premises by a
                  reasonable number of the other Party and the other Party's
                  authorized representatives at such times and for such duration
                  as may be approved by the respective Project Manager, for the
                  purpose of performing and effectuating the Separation set
                  forth under this Separation Agreement, including, without
                  limitation, access for planning for the Separation operations;
                  provided, however, neither Party shall unreasonably disrupt
                  the other Party's operations.
         (b)      JMS's Project Manager and P&G's Project Manager shall mutually
                  agree on the number of each Party's authorized employees and
                  representatives and the terms of their access to each Party's
                  Plant. Such access shall not unreasonably interfere with the
                  normal operations of the other Party.

3.08     EASEMENTS. JMS and P&G shall grant each other any necessary easements
         to effectuate the Purpose and to allow each Party to continue to
         operate its respective plant. Such easements are set forth on the
         easement drawing on Schedule 3.08 and include:
         (i)      recordable easements, granted to JMS at Closing, for access to
                  the roadways and rail lines which serve the JMS's parcel and
                  JMS's Plant and for lines, facilities and infrastructure that
                  serve the JMS's parcel which may be required to cross P&G's
                  property after the Separation, including without limitation
                  lines for nitrogen and hydrogen sources, utility lines, and
                  use of the stormwater system with access to the drainage
                  canal;
         (ii)     recordable easements, granted to P&G at Closing, for access to
                  the roadways and rail lines which serve the P&G's parcel and
                  P&G's Plant and for lines, facilities and infrastructure that
                  serve P&G's parcel which currently cross or may be required to
                  cross JMS's property after the Separation; and
         (iii)    recordable easements, granted to JMS at Closing, for
                  reasonable and necessary access by JMS's, its Affiliates, and
                  contractor's trucks and vehicles through the existing entrance
                  gates in order to access JMS's Plant and JMS's parcel,
                  provided that such access shall be limited to any reasonably
                  necessary access by JMS's trucks to JMS's Plant, as well as
                  reasonably necessary access to JMS's Plant and JMS's Parcel in
                  emergency situations, and

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                  provided further that such vehicular and truck access rights
                  granted to JMS hereunder shall in no event be used for general
                  employee, general contractor or other general public or third
                  party access, other than for JMS's, its Affiliates', and
                  contractor's access only the North parcel of JMS's Plant which
                  are not otherwise accessible.

         At or after Closing, P&G and JMS shall enter into an easement
         agreement(s), in a form and substance reasonably satisfactory to P&G
         and JMS, that shall provide, among other things: (i) for each of P&G
         and JMS to have the right to relocate such easements to another
         location on the Site that is acceptable to the owner of the property
         (in its reasonable discretion) provided all costs for such relocation
         are paid by the Party desiring such relocation; (ii) for the Party that
         is benefited by an easement, access to such easement over and across
         other portions of the Site for the maintenance of the facilities (e.g.
         pipes, lines, cables) located in such easement area which such Party is
         obligated to maintain and/or repair, if necessary; and (iii) for the
         Party granting the easement the right to use the surface of such
         property in any manner that is not inconsistent with the use of the
         easement.

3.09     SUBDIVISION AND PARKING. In the event that the transfer of the parcel
         of real property specified on Schedule 3.08 from P&G to JMS pursuant to
         the Contribution Agreement, shall directly result in such parcel
         failing to comply, immediately after Closing, with zoning
         classifications in effect as of the Closing and pertaining to
         sufficient parking spaces, then P&G shall, at its sole discretion,
         either:

         (i)      grant JMS, at such time after Closing, and for as long as the
                  non-compliance with the zoning classification, applicable as
                  of Closing, shall last, a recordable license to use a number
                  of parking spaces on P&G's adjacent parking lot, provided that
                  such license shall be limited to the minimum number of parking
                  spaces required to bring the total number of available parking
                  spaces serving JMS's parcel immediately after Closing to the
                  number of parking spaces required by the applicable zoning
                  classification pertaining to parking as of the Closing Date;
                  or

         (ii)     reasonably expand, at P&G's cost and as permissible by
                  Applicable Laws, ordinances, regulations, permits, and
                  licenses, JMS's parking lot on the parcel specified on
                  Schedule 3.08 in order to add the number of required parking
                  spaces to bring the total number of parking spaces servicing
                  JMS's parcel to the number of parking spaces required by the
                  applicable zoning classification pertaining to parking on such
                  parcel as of the Closing Date.

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3.10     REASONABLE ASSISTANCE. P&G shall reasonably assist JMS, at JMS's cost
         and expense, in preparing and submitting any requests and applications
         for the required permits and licenses in favor of JMS to run a new
         conveyor system to transport product from JMS's Plant to the proposed
         expansion land identified as parcel specified on Schedule 3.08. P&G
         shall further reasonably assist JMS in preparing and submitting any
         applications and requests and applications for the required permits and
         licenses in favor of JMS to undertake a proposed building expansion on
         the parcel specified on Schedule 3.08. The provisions of this Section
         3.08 shall survive the expiration or termination for a period of 3
         (three) years, unless this Separation Agreement is terminated by P&G
         pursuant to Section 8.02.

3.11     TRANSFER OF POSSESSION. Upon the completion of each of the Separation
         Projects affecting JMS's Plant, P&G shall notify JMS of the completion
         of such Separation Project and shall tender possession to JMS of such
         completed work and shall quitclaim all of P&G's rights, if any, to the
         equipment and materials installed on JMS's parcel as a result of P&G's
         performance of the Separation Projects hereunder and the risk of loss
         for all such equipment and materials shall at such time immediately
         transfer to JMS as of such transfer of possession.

                                   ARTICLE IV
                                SEPARATION COSTS

4.01     COST OF SEPARATION. P&G shall bear all costs and expenses exclusively
         related to the Separation Projects. The responsibility, cost and
         expense for P&G's Separation Project shall include the engineering,
         construction and other direct costs and expenses of the Separation and
         the following where required: (a) any repair of any damage to JMS's
         Plant caused by P&G as a result of its execution of any Separation
         Project on JMS's parcel, (b) any upgrades to JMS's Plant which may be
         required by Applicable Laws as a condition to completion of any of the
         Separation Projects on JMS's parcel and where such condition cannot be
         otherwise waived or where such upgrades cannot be avoided through an
         alternate execution of said Separation Projects in a similar
         cost-effective manner with JMS's good faith cooperation; or (c) removal
         of above-ground dead lines abandoned as a direct result of any of the
         Separation Projects performed by P&G pursuant hereto. Any environmental
         problem or liabilities shall be governed pursuant to the terms of the
         Corporate Agreements.

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                                    ARTICLE V
                               WARRANTY DISCLAIMER

5.01     LIMITATION OF WARRANTIES. P&G MAKES NO WARRANTY, OTHER THAN THE
         WARRANTIES SET FORTH IN THE CORPORATE AGREEMENTS. THE WARRANTIES SET
         FORTH THEREIN ARE IN LIEU OF ALL OTHER WARRANTIES, EXPRESS AND IMPLIED,
         INCLUDING, WITHOUT LIMITATION, ANY WARRANTY THAT THE SEPARATION
         PROVIDED UNDER THIS SEPARATION AGREEMENT SHALL BE SUFFICIENT TO ALLOW
         JMS TO SUCCESSFULLY TRANSITION, SEPARATE, MANAGE OR OPERATE THE
         BUSINESS.

5.02     JMS agrees and recognizes that P&G shall have no liability, direct or
         indirect, for any damages, delays, or other effects on JMS or JMS's
         operations due to interruptions, delays or other inability to perform
         the Separation provided to JMS hereunder, except as provided in Section
         6.02 or as may be due to the sole negligence or willful misconduct of
         P&G or P&G's agents, contractors or representatives or P&G's breach or
         non-performance of its obligations under this Separation Agreement.

                                   ARTICLE VI
                                 INDEMNIFICATION

6.01     JMS'S INDEMNIFICATION. JMS shall defend, indemnify, and hold P&G, its
         Affiliates, agents, contractors and representatives harmless from and
         against:

         (a)      all claims, losses, liabilities, damages, costs and expenses
                  (including without limitation reasonable attorney's fees and
                  expenses incurred in any investigation or defense of any
                  third-party Action) (collectively "Demands"), arising out of
                  or related to a breach by JMS, its agents, contractors or
                  representatives, of JMS's duties, obligations, or
                  representations and warranties under this Separation
                  Agreement;
         (b)      all Demands arising from personal injury to employees of JMS,
                  its Affiliates, agents, contractors or representatives (or of
                  any entity(ies) designated by JMS) while at P&G's Plant or
                  other facility to receive the Separation Projects under this
                  Separation Agreement, to the extent such Demands do not result
                  from the negligence of P&G or its Affiliates, agents,
                  contractors or representatives; and
         (c)      all costs and expenses of P&G (including without limitation
                  reasonable fees and expenses of attorneys) incurred in
                  connection with the successful enforcement of any rights of
                  P&G under the indemnity provided in this Section 6.01.

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6.02     P&G'S INDEMNIFICATION. P&G shall defend, indemnify and hold JMS, its
         Affiliates, its agents, contractors and representatives harmless from
         and against:

         (a)      all Demands arising out of or relating to a breach by P&G, its
                  Affiliates, agents, contractors or representatives, of P&G's
                  duties, obligations, or representations and warranties under
                  this Separation Agreement; and
         (b)      all Demands arising from personal injury to employees of P&G,
                  its Affiliates, agents, contractors or representatives (or of
                  any entity(ies) designated by P&G), while at JMS's Plant or of
                  JMS's contractors to provide Separation Projects and services
                  under this Separation Agreement, to the extent such Demands do
                  not arise from the negligence of JMS or of JMS's agents,
                  contractors or representatives; and
         (c)      all costs and expenses of JMS (including without limitation
                  reasonable fees and expenses of attorneys) incurred in
                  connection with the successful enforcement of any rights of
                  JMS under the indemnity provided in this Section 6.02.

6.03     DAMAGE LIMITATIONS.
         (a)      Notwithstanding anything to the contrary in the Merger
                  Agreement, Contribution Agreement, or any other Transaction
                  Documents, none of P&G nor JMS shall be permitted to recover
                  any consequential, indirect, or punitive damages arising out
                  of or related to this Separation Agreement, regardless of the
                  form of the Demand, Claim or Action, including without
                  limitation Demands, Claims or Actions for indemnification,
                  tort, breach of contract, warranty, representation or
                  covenant.

         (b)      P&G's aggregate liability arising out of or related to
                  breaches of representations and warranties, set forth in this
                  Separation Agreement, regardless of the form of the Claim or
                  Action, including, without limitation, Claims or Actions for
                  indemnification, tort, breach of contract, covenant, warranty
                  or representation, is limited to the amount by which all such
                  liabilities exceed One Hundred Thousand United States Dollars
                  ($100,000), and in no event shall P&G's aggregate liability
                  exceed a total of Twelve Million United States Dollars
                  ($12,000,000). Notwithstanding the foregoing, JMS shall only
                  bring a Claim or Action pursuant to Section 6.02, if such
                  Claim or Action exceeds the amount of Ten Thousand United
                  States Dollars ($10,000).

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         (c)      JMS's aggregate liability arising out of or related to
                  breaches of representations and warranties set forth in the
                  Ancillary Agreements (except the Merger Agreement), regardless
                  of the form of the Claim or Action, including without
                  limitation Claims or Actions for indemnification, tort, breach
                  of contract, warranty or representation, is limited to the
                  amount by which all such liabilities exceed One Hundred
                  Thousand United States Dollars ($100,000), and in no event
                  shall JMS's aggregate liability exceed a total of Twelve
                  Million United States Dollars ($12,000,000). Notwithstanding
                  the foregoing, P&G shall only bring a Claim or Action pursuant
                  to Section 6.01, if such Claim or Action exceeds the amount of
                  Ten Thousand United States Dollars ($10,000).

         (d)      In the event any Claim or Action hereunder results in a Tax
                  benefit or is an insured loss to the indemnified Person, the
                  indemnifying Person shall be entitled to a credit against any
                  liability thereunder in the amount by which any Taxes of the
                  indemnified Person shall be reduced by reason of any deduction
                  or adjustment allowed the indemnified Person for any payment,
                  settlement or satisfaction of such claim, as well as in the
                  amount of and to the extent of any insurance proceeds to which
                  the indemnified Person is entitled. For the purposes hereof,
                  it shall be presumed that the maximum possible Tax benefit is
                  derived in the shortest time period possible.

                                   ARTICLE VII
                                      TERM

7.01     TERM OF AGREEMENT. This Separation Agreement shall commence on the
         Closing Date and shall continue (unless sooner terminated pursuant to
         the terms hereof) until the end of the Separation Period.

7.02     SEPARATION PERIOD. P&G agrees to complete the Separation Projects more
         fully described herein, no later than at the expiration date of the
         Separation Period. The "Separation Period" shall commence on Closing
         and shall end no later than eighteen (18) months after Closing Date, or
         as such Separation Period may be extended by mutual agreement between
         the Parties or pursuant to Section 9.04 hereof, or as may be extended
         as a result of Section 8.02(b).

                                  ARTICLE VIII
                             TERMINATION/EXPIRATION

8.01     TERMINATION. This Separation Agreement may be terminated prior to the
         end of the Separation Period only by consent of JMS and P&G.

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8.02     DEFAULTS.
         (a)      In addition to any other rights or remedies JMS or P&G may
                  have at law or in equity, upon the occurrence of either or
                  both of the following events:

                  (i)      a breach by one party of any of its obligations
                           hereunder, and such breach is not cured or started to
                           cure within thirty (30) Business Days after receipt
                           of notice of such default by such party; or
                  (ii)     the filing by or against a party of a petition in
                           bankruptcy, or any appointment of a receiver for a
                           party or any substantial part of its assets, or any
                           assignment for the benefit of a party's creditors, or
                           upon a party becoming insolvent (a party described in
                           either clause (i) or clause (ii) is called the
                           "Defaulting Party"; the other party is called the
                           "Non-Defaulting Party").

         (b)      The Non-Defaulting Party may terminate this Separation
                  Agreement by giving written notice to the Defaulting Party of
                  the Non-Defaulting Party's intention to terminate this
                  Separation Agreement. Such notice shall identify a date for
                  termination of this Separation Agreement, which date shall not
                  be sooner than five (5) Business Days after receipt of such
                  notice by the Defaulting Party ("Separation Agreement
                  Termination Date"). If the event on which the notice is based
                  is not cured prior to the Separation Agreement Termination
                  Date, then this Separation Agreement shall terminate on the
                  Termination Date. The Non-Defaulting Party shall further be
                  entitled to either (i) seek specific performance for the
                  Defaulting Party's obligations hereunder (without giving
                  effect to the termination), or (ii) to seek a resolution of
                  any such dispute in accordance the terms of Section 5.03 of
                  the Contribution Agreement, prior to seeking any
                  indemnification or any other remedies hereunder.

         (c)      Each of the Parties acknowledges and agrees that the other
                  Party would be damaged irreparably in the event any of the
                  provisions of this Agreement are not performed in accordance
                  with their specific terms or are otherwise breached.
                  Accordingly, each of the Parties agrees that the other Party
                  shall be entitled to seek an injunction or injunctions to
                  prevent breaches of the provisions of this Agreement. Each of
                  the Parties acknowledges and agrees that the remedies of
                  specific performance, injunction and other forms of equitable
                  relief are subject to certain principles of equity
                  jurisdiction, equitable defenses and the discretion of the
                  court before which any proceeding therefor may be brought.

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8.03     EFFECT ON OTHER AGREEMENTS/SURVIVAL OF CERTAIN PROVISIONS. Termination
         of this Separation Agreement shall have no effect on any other
         agreements between JMS and P&G, unless an effect is mutually and
         specifically agreed in writing between the parties. The termination of
         this Separation Agreement shall not relieve either Party of any
         liability to the other based on acts or omissions prior to the
         termination of this Separation Agreement. Subject to Section 9.05, the
         obligations set out in Article 6 shall survive termination of this
         Separation Agreement.

                                   ARTICLE IX
                                  MISCELLANEOUS

9.01     ENTIRE AGREEMENT. The Transaction Documents constitute the entire
         agreement among P&G, certain of P&G's Affiliates, and JMS with respect
         to, among other things, the provision by P&G of the Separation provided
         for herein. In the event of any inconsistency between the Transaction
         Documents and any subsequently-issued document, including without
         limitation a written purchase order, the Transaction Documents shall
         prevail.

9.02     INDEPENDENT CONTRACTOR STATUS. P&G is acting pursuant to this
         Separation Agreement as an independent contractor and this Separation
         Agreement does not constitute P&G as the agent or legal representative
         of JMS for any purpose whatsoever. This Separation Agreement does not
         constitute and is not to be construed as constituting an agent
         relationship, partnership or joint venture between the P&G and the JMS.
         Neither party has any right to obligate or bind the other party in any
         manner. No joint venture of partnership between P&G and JMS is
         intended, has been created nor shall be in any way inferred from this
         Separation Agreement.

9.03     NON SOLICITATION/HIRING OF P&G'S EMPLOYEES.
         (a)      Notwithstanding any other provision of this Separation
                  Agreement, the Merger Agreement, the Contribution Agreement,
                  or the Confidentiality Agreement, and except as P&G and JMS
                  agree otherwise in writing, JMS agrees that it shall not (and
                  JMS shall cause its Affiliates not to), for a period of two
                  (2) years from the date of this Separation Agreement, hire,
                  solicit (other than by means of general advertisement not
                  directed to such employees) or enter into any form of
                  consulting arrangement or agreement with, any employee, other
                  than Newco Employees, employed by P&G in its Global Business
                  Services ("GBS") business unit as of the Effective Time, or
                  any other employee of P&G whom JMS came into contact with as a
                  result of the transactions contemplated by this Separation
                  Agreement, nor shall JMS (and JMS shall cause its Affiliates
                  not to) solicit or otherwise induce any such employees of P&G
                  to enter into any type of employment or consulting

                                       13
<PAGE>

                  arrangement or agreement that would be prohibited by this
                  Section 9.03(a). JMS acknowledges that (i) this provision is
                  reasonable, (ii) P&G would not enter into this Separation
                  Agreement without JMS agreeing to and complying with this
                  Section 9.03(a), (iii) P&G would suffer irreparable harm upon
                  JMS's violation of this provision and (iv) P&G shall be
                  entitled to obtain a temporary restraining order and/or
                  injunction upon JMS's breach of this provision.

         (b)      Notwithstanding any other provision of this Separation
                  Agreement, the Merger Agreement, the Contribution Agreement,
                  or the Confidentiality Agreement, and except as P&G and JMS
                  agree otherwise in writing, P&G agrees that it shall not (and
                  P&G shall cause its Affiliates not to), for a period of two
                  (2) years from the date of this Separation Agreement, hire,
                  solicit (other than by means of general advertisement not
                  directed to such employees) or enter into any form of
                  consulting arrangement or agreement with, any employee
                  employed by JMS as of the Effective Time and involved in the
                  transaction contemplated by this Separation Agreement, nor
                  shall P&G (and P&G shall cause its Affiliates not to) solicit
                  or otherwise induce any such employees of JMS to enter into
                  any type of employment or consulting arrangement or agreement
                  that would be prohibited by this Section 9.03(b). P&G
                  acknowledges that (i) this provision is reasonable, (ii) JMS
                  would not enter into this Separation Agreement without P&G
                  agreeing to and complying with this Section 9.03(b), (iii) JMS
                  would suffer irreparable harm upon P&G's violation of this
                  provision and (iv) JMS shall be entitled to obtain a temporary
                  restraining order and/or injunction upon P&G's breach of this
                  provision.

9.04     FORCE MAJEURE. Neither Party (the "Affected Party") shall be liable to
         the other party (the "Non-Affected Party") for failure to perform any
         part of this Separation Agreement if such failure results from an act
         of God, war, revolt, revolution, sabotage, actions of a Governmental
         Entity, laws, regulations, embargo, fire, strike, other labor trouble,
         or any cause beyond the control of the Affected Party other than
         financial difficulties of such party. Upon the occurrence of any such
         event which results in, or shall result in, delay or failure to perform
         according to the terms of this Separation Agreement, the Affected Party
         shall promptly give notice to the Non-Affected Party of such occurrence
         and the effect and/or anticipated effect of such occurrence. The
         Affected Party shall use its prompt, reasonable and continuous efforts
         to minimize disruptions in its performance and to resume performance of
         its obligations under this Separation Agreement as soon as practicable;
         provided, however, the resolution of any strike or labor trouble shall
         be within the sole discretion of the Affected Party.

                                       14
<PAGE>

9.05     LIMITATION. No Party may initiate any Claim nor shall any Party be
         responsible for any Action arising out of or related to a breach of a
         representation or warranty, regardless of the form of the Claim or
         Action, including, without limitation, indemnification, tort, breach of
         contract, warranty or representation, unless such Claim or Action is
         commenced within nine (9) months after the completion (in accordance
         with this Separation Agreement) of each of the individual components of
         the Separation Projects, or the termination of this Separation
         Agreement.

9.06     DISPUTE RESOLUTION. P&G and JMS agree to first attempt to resolve any
         disputes arising out of the separation projects by entering into good
         faith negotiations by and between appropriate employees and officers.
         Any dispute which has not been resolved by such negotiations, shall be
         determined by arbitration, in accordance with the terms and conditions
         of Section 5.03 of the Contribution Agreement.

9.07     NOTICES. All notices required or permitted to be given under this
         Separation Agreement shall be in writing and shall be deemed to be
         property given when actually received by the Person entitled to receive
         the notice at the address stated below, or at such other address as P&G
         or JMS may provide by notice to the other:

                  P&G:                      The Procter & Gamble Company
                           Address:         1 P&G Plaza
                                            Cincinnati, Ohio 45202
                           Attention:       Secretary
                                            Legal Division
                           Fax:             513-983-2611

                      With copies to:       The Procter & Gamble Company
                           Address:         1 P&G Plaza
                                            Cincinnati, OH 45202
                           Attention:       Secretary
                           Fax:             (513) 983-1992

                  JMS:                      The J.M. Smucker Company
                           Address:         Strawberry Lane
                                            Orrville, OH 44667
                           Attention:       Vice President of Operations
                           Fax:             (330) 684-3428

                    With copies to:         The J.M. Smucker Company
                           Address:         Strawberry Lane
                                            Orrville, OH 44667
                           Attention:       General Counsel
                           Fax:             (330) 684-3428

                                       15
<PAGE>

9.08     SUCCESSORS AND ASSIGNS. Neither party may assign this Separation
         Agreement, other than to an Affiliate (as defined in the Corporate
         Agreements) of that party, without the express written consent of the
         other party, which consent shall not be unreasonably withheld.

9.09     GOVERNING LAW. This Separation Agreement and the rights and obligations
         of P&G and JMS shall at all times be governed by and construed in
         accordance with the laws of the State of Ohio.

9.10     TAXES. JMS and P&G each agree to be responsible for their own income
         (gross or net), real or personal property taxes that arise from the
         performance of the Separation Projects pursuant to this Separation
         Agreement. In the event that any state or local jurisdiction assesses
         sales or use taxes upon this transaction or the Separation provided
         herein, the service recipient agrees to promptly indemnify and
         reimburse the service provider for the taxes and other costs imposed by
         the jurisdiction. P&G and JMS shall also cooperate and use reasonable
         efforts to assure that, after Closing, the JMS's Parcels and JMS's
         Plant are assessed separately from P&G's property for real estate tax
         purposes; provided, however, that if separate assessments are not made
         for any period, P&G and JMS shall make an equitable allocation of any
         jointly assessed property taxes and shall pay their respective portions
         of such taxes in a timely manner. This clause shall survive the
         termination of this Separation Agreement and remain in effect for a
         period of seven years from the date of termination.

9.11     SECTION HEADINGS. The headings contained in this Separation Agreement
         are inserted only as a matter of convenience and for reference and in
         no way define, limit or describe the scope or intent of this Separation
         Agreement.

9.12     COUNTERPARTS. This Separation Agreement may be executed in any number
         of counterparts, each of which shall be deemed an original for all
         purposes and all of which together shall constitute one and the same
         instrument.

9.13     CONFIDENTIALITY. If, in the course of performing any of the
         transactions contemplated hereunder, either party (a "Receiving Party")
         shall become aware of any information with respect to the other party's
         plant and/or the businesses conducted thereat (a "Protected Party")
         which is non-public, confidential or proprietary in nature, such
         Receiving Party shall keep same strictly confidential and shall not,
         without the prior written consent of the Protected Party disclose any
         thereof to any person for any purpose. The parties acknowledge that a
         Protected Party would be irreparably injured by a breach of this
         obligation by Receiving Party and that the Protected Party shall be
         entitled to monetary and equitable relief (including injunctive relief
         and/or specific performance) in the event of any breach of the
         provisions

                                       16
<PAGE>

         hereof. The provisions of this Section 9.13 shall survive the
         expiration or termination of this Separation Agreement.

9.14     WAIVER. Any waiver by either party of any rights arising under this
         License Agreement, including but not limited to any waiver arising from
         any breach by the other party, shall not be construed as a waiver of
         other rights or the same or similar nature or other terms of this
         Separation Agreement. No waiver shall be effective unless such waiver
         is provided in writing.

         [THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK]

                                       17
<PAGE>

IN WITNESS WHEREOF, the parties have signed this Separation Agreement on the
date first set forth above.

THE PROCTER & GAMBLE                THE J.M SMUCKER COMPANY
COMPANY

By:__________________________       By:_____________________________

Name printed:__________________     Name printed:____________________

Title:_________________________     Title:____________________________<PAGE>
                                                                    Exhibit 10.3

         TAX SHARING AGREEMENT (the "Agreement"), dated as of [DATE], between
The Procter & Gamble Company, an Ohio corporation ("P&G"), and The J.M. Smucker
Company, an Ohio corporation ("JMS," collectively, the "Companies") To the
extent not defined herein, all defined terms shall have the same meaning as in
the Merger Agreement (as hereinafter defined).
         WHEREAS, as of the date hereof, P&G is the common parent of an
affiliated group of domestic corporations, including The Procter & Gamble Ohio
Brands Company, an Ohio corporation ("Newco"), which has elected to file
consolidated federal income tax returns;
         WHEREAS, the board of directors of P&G has determined that it would be
in the best interests of P&G and its shareholders to separate the Jif/Crisco
Business from P&G;

         WHEREAS, the board of directors of P&G has determined to contribute
certain assets in exchange for all the outstanding shares of common stock of
Newco and the assumption by Newco of certain liabilities of P&G (the
"Contribution");
         WHEREAS, pursuant to the Contribution Agreement dated as of October 9,
2001, P&G transferred to Newco certain assets and liabilities relating to the
Jiff/Crisco Business, all in accordance with the Contribution Agreement;
         WHEREAS, the board of directors of P&G has determined to distribute
(the "Distribution") all the outstanding shares of common stock of Newco to the
P&G shareholders of record as of [DATE] (the "Distribution Date") and, as a
result of the Distribution, Newco will not be included in the consolidated
federal income tax return of P&G for the portion of the taxable year following
the Distribution or in future taxable years;

                                       1
<PAGE>

         WHEREAS, the Companies intend that the Contribution qualify as a
tax-free transfer under Sections 368(a)(1)(D) of the Internal Revenue Code of
1986, as amended (the "Code"), and the Distribution qualify as a tax-free
spin-off under Sections 355 and 368(a)(1)(D) of the Code;
         WHEREAS, P&G has received a private letter ruling from the United
States Internal Revenue Service ("IRS") in connection with the Contribution and
the Distribution, (the "IRS Private Letter Ruling");
         WHEREAS the Companies have entered into an agreement and plan of merger
(the "Merger Agreement") dated as of October 9, 2001 pursuant to which
immediately following the Distribution Newco shall merge with and into JMS, and
JMS shall be the surviving corporation (the "Merger");
         WHEREAS, the Companies desire to allocate the responsibilities for
Taxes of Newco, and to provide for certain other Tax (as hereinafter defined)
matters;
         NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the Companies (each on behalf of itself, each of its
subsidiaries as of the Distribution Date, and its future subsidiaries) hereby
agree as follows:

                                       2
<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

         The following terms shall have the following meanings (such meanings to
apply equally to both the singular and the plural forms of the terms defined).
All section references are to this Agreement unless otherwise stated.

         "AFFILIATE" means any entity that directly or indirectly is
"controlled" by the person or entity in question. "Control" means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a person, whether through ownership
of voting securities, by contract or otherwise.

         "P&G GROUP" means (i) P&G and those members of the affiliated group (as
defined in Section 1504 of the Code) of which P&G is the parent and which file a
consolidated federal income tax return with P&G and (ii) any corporations which
file consolidated or combined state or local returns with P&G.

         "POST-CLOSING PERIOD" shall mean all taxable periods or portions of
periods beginning after the earlier of (x) the end of the Distribution Date or
(y) the Effective Time of the Merger.

         "PRE-CLOSING PERIOD" shall mean all taxable periods or portions of
periods ending on or before the earlier of (x) the end of the Distribution Date
or (y) the Effective Time of the Merger.

         "TAX" means any income, gross income, gross receipts, profits, capital
stock, franchise, withholding, payroll, social security, workers compensation,
unemployment, disability, property, ad valorem, stamp, excise, severance,
occupation, service, sales, use,

                                       3
<PAGE>

license, lease, transfer, import, export, value added, alternative minimum,
estimated or other similar tax (including any fee, assessment, or other charge
in the nature of or in lieu of any tax) imposed by any governmental entity or
political subdivision thereof, and any interest, penalties, additions to tax, or
additional amounts in respect of the foregoing.

         "TAX AUTHORITY" means, with respect to any Tax, the governmental entity
or political subdivision thereof that imposes such Tax, and the agency (if any)
charged with the collection of such Tax for such entity or subdivision.

         "TAX CONTEST" means an audit, review, examination, or any other
administrative or judicial proceeding with the purpose or effect of
redetermining any Taxes (including any administrative or judicial review of any
claim for refund).

         "TAX RETURN" means any report of Taxes due, any claims for refund of
Taxes paid, any information return with respect to Taxes, or any other similar
report, statement, declaration, or document required to be filed under the Code
or other Tax Law, including any attachments, exhibits, or other materials
submitted with any of the foregoing, and including any amendments or supplements
to any of the foregoing.

                                   ARTICLE II

                            RESPONSIBILITY FOR TAXES

         2.01 RESPONSIBILITY FOR TAXES. (a)P&G shall be responsible for and
indemnify and hold harmless JMS, from (i) any liability for Taxes of Newco with
respect to the Pre-Closing Period and (ii) any Taxes of P&G or any member of the
P&G Group (other than Newco) by reason of Newco being severally liable for such
Taxes pursuant to Regulations Section 1.1502-6 or any analogous provision of
state or local law.

              (b) JMS shall be responsible for and indemnify P&G for (i) any
Taxes of Newco or JMS arising out of or resulting from any transaction or event

                                       4
<PAGE>

occurring after the Distribution on the Distribution Date that is not in the
ordinary course of business or specifically contemplated by the Merger Agreement
or resulting from any breach of any obligation or covenant of JMS under this
Agreement and (ii) and any Taxes of Newco in respect of the Pre-Closing Period
resulting from the consummation of the Merger (i.e. that would not have been
payable but for the Merger) other than any such Taxes which are (x) federal
income Taxes on taxable income resulting from the Merger that is reportable on
P&G consolidated federal income tax return, (y) state income Taxes in respect of
income reportable on a consolidated or combined state return which includes
Newco and P&G which state in all relevant respects follows the federal
consolidated return rules for accounting for consolidated income or (z)
attributable to a breach of any obligation or covenant of P&G under this
Agreement ("JMS's Taxes").

              (c) JMS shall be responsible and indemnify P&G for all Taxes of
JMS and Newco with respect to the Post-Closing Period.

              (d) For purposes of this Agreement, in the case of a Straddle
Period (as defined below) the amount of Taxes payable for a portion of a period
shall be the amount which would have been payable if that portion of a period
constituted a separate taxable period beginning on the date such portion of a
period began and ending at the time such portion of a period ended or in such
other manner as the parties may agree. Items of taxable income arising on the
Closing Date in the ordinary course of business shall, to the extent permitted
by applicable law, be apportioned equally between the Pre-Closing Period and the
Post-Closing Period.

         2.02 REFUNDS AND TAX BENEFITS.

                                       5
<PAGE>

              (a) Any refunds of Taxes in respect of periods and Taxes for which
P&G are responsible pursuant to Section 2.01 shall be for the account of P&G and
if received by (or credited for the benefit of ) JMS or any affiliate of JMS
shall be promptly paid over to P&G (together with any interest paid or credited
with respect thereto), net of any Tax cost to JMS of the receipt of such refund.

              (b) ALLOCATION OF BENEFITS. If any adjustments shall be made to
any Tax Returns relating to Newco or the P&G Group for the Pre-Closing Period as
a result of or in settlement of any audit, other administrative proceeding or
judicial proceeding or as the result of the filing of an amended return to
reflect the consequences of any determination made in connection with any such
audit or proceeding or as required by an intervening change of law, and if such
adjustment results in any tax detriment to P&G or any affiliate of P&G
(including Newco) with respect to such period and any tax benefit to JMS or any
affiliate of JMS for any taxable period (or portion thereof) beginning after the
Distribution Date, P&G shall be entitled to the benefit of such Tax benefit, and
JMS shall pay to P&G the amount of such Tax benefit at such time or times as and
to the extent that JMS or any affiliate of JMS realizes such benefit through a
refund of tax or reduction in the amount of taxes which JMS or any affiliate of
JMS would otherwise have had to pay if such adjustment had not been made;
provided, however, that no payment by JMS to P&G shall exceed the amount of tax
detriment suffered by P&G or the affiliate, as the case may be.

         If any adjustments shall be made to any Tax Returns relating to JMS, or
any affiliate of JMS for the Post-Closing Period as a result of or in settlement
of any audit, other administrative proceeding or judicial proceeding or as the
result of the filing

                                       6
<PAGE>

of an amended return to reflect the consequences of any determination made in
connection with any such audit or proceeding or as required by an intervening
change of law, and if such adjustment results in any tax detriment to JMS or any
affiliate of JMS with respect to such period and any tax benefit to P&G or any
affiliate of P&G (including Newco) for the Pre-Closing Period, JMS shall be
entitled to the benefit of such tax benefit, and P&G shall pay to JMS the amount
of such tax benefit at such time or times as and to the extent that P&G or any
affiliate of P&G realize such benefit through a refund of Tax or reduction in
the amount of Taxes which P&G or any affiliate of P&G would otherwise have had
to pay if such adjustment had not been made; provided, however, that no payment
by P&G to JMS shall exceed the amount of tax detriment suffered by JMS or the
affiliate, as the case may be.

         The term "tax detriment" shall include, but not be limited to, any
payment of Taxes, the utilization of any net operating loss or capital loss or
the utilization of any tax credits or other tax attributes, any decrease in the
basis of an asset, and the reduction, termination or expiration of net operating
loss or capital loss. P&G shall not be considered to have suffered a tax
detriment to the extent that it is indemnified by JMS for such detriment
pursuant to Section 2.01(b) of this Agreement.

         The term "affiliate" for purposes of this Section 2.02(b) shall include
but not be limited to, successor corporations and any partner in a partnership,
any shareholder of a corporation and any member of a limited liability company.

         2.02(c). OPTIONS DEDUCTIONS. JMS shall not claim any deduction on any
Tax Return for the exercise of P&G stock options.

         2.03 PREPARATION OF TAX RETURNS.

                                       7
<PAGE>

              (a) P&G shall cause Newco to join, for any Pre-Closing Period for
which Newco is required to do so, (and may cause Newco to join for any such
period or return for which Newco is eligible but not required to do so) in all
federal, state or local consolidated combined or unitary income Tax Returns of
P&G's filing group. P&G shall prepare and timely file all such federal, state or
local consolidated combined or unitary income Tax Returns and shall timely pay
all Taxes with respect to such Tax Returns.

              (b) P&G shall prepare (or cause to be prepared) and JMS shall
timely file (or cause to be timely filed) any Tax Return relating to Newco for
any Pre Closing Period that is required to be filed after the Distribution Date
other than those required to be filed by P&G pursuant to the preceding sentence.
JMS shall not be responsible to pay any Taxes with respect to such Tax Return
(other than JMS Taxes and JMS Transfer Taxes). Instead, P&G shall pay to JMS two
days prior to the filing of such Tax Return the amount due on such Tax Return
(other than JMS Taxes and JMS Transfer Taxes), and JMS shall timely pay such
amount to the Governmental Entity imposing the Tax.

              (c) JMS shall prepare and file any Tax Return relating to Newco
for any period that begins before and ends after the Distribution Date (a
"STRADDLE PERIOD"). JMS shall provide a copy of each such Tax Return and any
supporting schedules to P&G at least 30 days before the date such Return is to
be filed by JMS for P&G's review and approval. JMS shall pay all Taxes with
respect to such Tax Return, except that P&G shall pay to JMS two days prior to
the filing of a Tax Return with

                                       8
<PAGE>

respect to a Straddle Period the amount due on such Return that is the
responsibility of P&G pursuant to Section 2.01.

              (d) All returns and schedules prepared pursuant to this Section
2.03 shall be prepared on a basis consistent with those prepared for prior Tax
years unless a different treatment of any item is required by an intervening
change in law. JMS can make any necessary changes in the filing of Tax Returns
with respect to Post Closing Periods provided that no such change results in any
tax detriment to P&G or its affiliates.

              (e) JMS shall not file any amended Tax Returns with respect to
Newco for any Pre-Closing Period of Newco without P&G's consent.

         2.04 COOPERATION AND EXCHANGE OF INFORMATION. P&G, on the one hand, and
JMS, on the other will provide each other with such cooperation and information
as either of them reasonably may request of the other in (i) filing any Tax
Return, amended return or claim for refund, (ii) determining a liability for
Taxes or a right to a refund of Taxes or (iii) participating in or conducting
any audit or other proceeding in respect of Taxes. Such cooperation and
information shall include providing copies of relevant Tax Returns or portions
thereof, together with accompanying schedules and related work papers and
documents relating to rulings or other determinations by taxing authorities.
Each party shall make its employees available on a mutually convenient basis to
provide explanations of any documents or information provided hereunder. Any
information obtained under this Section 2.04 shall be kept confidential, except
as may be otherwise

                                       9
<PAGE>

necessary in connection with the filing of returns or claims for refund or in
conducting an audit or other proceeding.

         2.05 TAX CONTESTS.

         (a) Notice. Each of the parties shall provide prompt notice to the
other party of any pending or threatened Tax audit, assessment or proceeding or
other Tax Contest of which it becomes aware related to Taxes for Tax periods for
which it is indemnified by the other party hereunder. Such notice shall contain
factual information (to the extent known) describing any asserted Tax liability
in reasonable detail and shall be accompanied by copies of any notice and other
documents received from any Tax Authority in respect of any such matters. If an
indemnified party has knowledge of an asserted Tax liability with respect to a
matter for which it is to be indemnified hereunder and such party fails to give
the indemnifying party prompt notice of such asserted Tax liability, then (i) if
the indemnifying party is precluded from contesting the asserted Tax liability
in any forum as a result of the failure to give prompt notice, the indemnifying
party shall have no obligation to indemnify the indemnified party for any Taxes
arising out of such asserted Tax liability, and (ii) if the indemnifying party
is not precluded from contesting the asserted Tax liability in any forum, but
such failure to give prompt notice results in a monetary detriment to the
indemnifying party, then any amount which the indemnifying party is otherwise
required to pay the indemnified party pursuant to this Agreement shall be
reduced by the amount of such detriment.

         (b) Control of Tax Contests. Each Company shall have full
responsibility and discretion in handling, settling or contesting any Tax
Contest involving a Tax for which it is liable pursuant to Section 2 of this
Agreement; provided, however, P&G shall have full

                                       10
<PAGE>

responsibility and discretion in handling, settling or contesting any Tax
Contest with respect to a consolidated or combined federal or state income tax
return of the P&G Group. Furthermore, P&G may participate in any Tax Contest
with respect to Covered Transactions Taxes (as hereinafter defined) regardless
of whether it has liability or indemnification obligations with respect to such
Taxes under this Agreement.

                                   ARTICLE III

                               TRANSACTIONS TAXES

         3.01.  TRANSACTIONS TAXES.

              (a) General. Except as otherwise provided in this Section 3.01,
P&G shall be responsible for and pay any and all liability for (i) except as
otherwise provided in Section 3.01(b), any Tax resulting from any income or gain
recognized to P&G or its affiliates as a result of any of the Contribution or
Distribution (collectively "the Spin Transactions") failing to qualify for
tax-free treatment under Sections 355 and 361 of the Code (as contemplated in
the IRS Private Letter Ruling), or other provisions of the Code or corresponding
provisions of other applicable Tax Laws (collectively "Covered Transaction
Taxes") and (ii) any Tax resulting from any income or gain recognized by P&G or
its affiliates under Treasury Regulation Sections 1.1502-13 or 1.1502-19 (or any
corresponding provisions of other applicable Tax laws) as a result of the Spin
Transactions and (iii) any sales and use, gross receipts, or other transfer
Taxes imposed on the transfers occurring pursuant to the Spin Transactions.

              (b) Inconsistent Acts and Events. JMS shall be liable for, and
shall indemnify and hold harmless P&G and its Affiliates from and against any
liability for, any Covered Transactions Taxes (including without limitation
reasonable attorney fees

                                       11
<PAGE>

and other costs incurred in connection therewith) to the extent arising from (i)
any breach by JMS of the representations or covenants under Section 4, (ii) any
Tainting Act (as hereinafter defined), performed by JMS (whether or not Section
4.02(d) is complied with) (ii) the inaccuracy of any factual statements or
representations made by JMS in connection with the IRS Private Letter Ruling and
(iii) any Section 355(e) Event with respect to JMS (whether or not such event is
caused by a Tainting Act ) . A Section 355(e) Event with respect to JMS means
any event, involving the stock or assets of JMS, occurring after the Merger,
which causes the Distribution to be a taxable event to P&G as the result of the
application of Section 355(e) of the Code (i.e. the Distribution becomes taxable
to P&G under Section 355(e) and but for the event the Distribution would not
have been a taxable event to P&G under Section 355(e)).

                                       12
<PAGE>

                                   ARTICLE IV

                          REPRESENTATIONS AND COVENANTS

         4.01. REPRESENTATIONS. (a) Each of JMS and P&G represent that, as of
the date of this Agreement, it and its affiliates know of no fact that may cause
the tax treatment of the Spin Transactions to be other than that contemplated in
the IRS Private Letter Ruling.

              (b) Each of JMS and P&G represent and warrant that neither it nor
any of its Affiliates has any plan or intent to take any action which is
inconsistent with any factual statements or representations in the IRS Private
Letter Ruling.

         4.02 COVENANTS. (a) JMS covenants and agrees that it will not take any
action, and it will cause its Affiliates to refrain from taking any action,
which may cause the tax treatment of the Spin Transactions to be other than that
contemplated in the IRS Private Letter Ruling (any such action, including any
action referred to in clause (i) through (iii), is referred to in this Agreement
as a "Tainting Act"). Without limiting the foregoing:

              (i) Specified Actions. During the two year period following the
Distribution Date, JMS will not (and it will cause its Affiliates not to) (A)
liquidate, merge or consolidate with or into any other corporation; (B) issue
any of its capital stock in one or more transactions, other than issuances of
stock to employees or directors in connection with the performance of services
for JMS (that are not excessive by reference to the services performed) which
issuances either are (x) with respect to the exercise of

                                       13
<PAGE>

options that were granted by JMS before the Closing Date or (y) with respect to
the exercise of options that were granted by JMS on or after the Closing Date
which issuances and have been held in the IRS Private Letter Ruling to not be
treated for purposes of Section 355(e) of the Code to be part of a plan or
series of related transactions that includes the Spin Off; (C) redeem, purchase
or otherwise reacquire its capital stock in one or more transactions (D) change
the voting rights of any of its stock, (E) sell, exchange, distribute or
otherwise dispose of, other than in the ordinary course of business, all or a
substantial part of the assets of any of the trades or businesses relied upon in
the IRS Private Letter Ruling to satisfy Section 355(b) of the Code; or (F)
discontinue or cause to be discontinued the active conduct of any of the trades
or businesses relied upon in the IRS Private Letter Ruling to satisfy Section
355(b) of the Code.

              (ii) No Inconsistent Actions. Regardless of any change in
circumstances, JMS covenants and agrees that it will not take any action (and it
will cause its Affiliates to refrain from taking any action) which is
inconsistent with any factual statements or representations in the IRS Private
Letter Ruling on or before the second anniversary of the Distribution Date other
than as permitted in this Section 9. For this purpose an action is considered
inconsistent with a representation if the representation states that there is no
plan or intention to take such action.

              (iii) 355(e) Covenant. Without in any manner limiting paragraphs
(i) or (ii) immediately above, JMS covenants and agrees that, through the second
anniversary of the Distribution Date, it will not enter into (and it will cause
its Affiliates to refrain from entering into) any negotiations, agreements or
arrangements with respect to transactions or events (including stock issuances,
option grants, capital contributions,

                                       14
<PAGE>

acquisitions, or changes in the voting power of any of its stock), which,
together with the Merger, may cause the Distribution to be treated as part of a
plan pursuant to which one or more persons acquire directly or indirectly Newco
stock representing a "50 percent or greater interest" within the meaning of
Section 355(e)(4) of the Code.

         (b) Amended or Supplemental Rulings. Each of P&G and JMS covenants and
agrees that it will not file, and it will cause its Affiliates to refrain from
filing, any amendment or supplement to the IRS Private Letter Ruling request
with respect to the Spin Transactions subsequent to the Distribution Date
without the consent of the other, which consent shall not be unreasonably
withheld.

         (c) Each of P&G and JMS covenants and agrees that it will not take, and
it will cause its Affiliates to refrain from taking, any positions on a Tax
Return that is inconsistent with the treatment of (i) the Contribution as a
tax-free transfer under Section 368(a)(1)(D) of the Code, (ii) the treatment of
the Distribution as tax free under Code Sections 355 and 368(a)(1)(D) and (iii)
the treatment of the Spin Transactions in a manner inconsistent with the IRS
Private Letter Ruling.

         (d) Exceptions. Notwithstanding the foregoing, JMS shall be permitted
to take an action inconsistent with Section 4.02(a), if, prior to taking such
action, JMS provides notification to P&G of its plans with respect to such
action, and promptly responds to any inquiries by P&G following such
notification, and either:

              (i) JMS obtains a ruling with respect to the action from the
Internal Revenue Service or other applicable Tax Authority that is reasonably
satisfactory to P&G (except that JMS shall not submit any such ruling request if
P&G determines in

                                       15
<PAGE>

good faith that filing such request might have a materially adverse effect upon
P&G), on a basis of facts and representations consistent with the facts at the
time of such action, that such action will not affect the Tax treatment of the
Spin Transactions as contemplated in the IRS Private Letter Ruling,

              (ii) JMS obtains an unqualified opinion reasonably acceptable to
P&G of an independent nationally recognized tax counsel acceptable to P&G, on a
basis of facts and representations consistent with the facts at the time of such
action, that such action will not affect the Tax treatment of the Spin
Transactions as contemplated in the IRS Private Letter Ruling, or

              (iii) P&G consents in writing to such action, which consent shall
be granted or withheld in the sole and absolute discretion of P&G.

         Notwithstanding anything to the contrary in this Agreement, JMS shall
be liable for, and shall indemnify and hold harmless P&G from any Covered
Transaction Tax resulting from a Tainting Act by JMS or its Affiliates,
regardless of whether the exception of this Section 4.02(d) is satisfied with
respect to such act.

                                    ARTICLE V

                             [Intentionally Deleted]

                                       16
<PAGE>

                                   ARTICLE VI

                            MISCELLANEOUS PROVISIONS

         6.01. NOTICE. Any payment, notice or communication required or
permitted to be given under this Agreement shall be in writing (including
facsimile) and mailed, faxed or delivered to the parties at the following
addresses (or at such other address as one party may specify by notice to the
other party):

         If to P&G to:

         Mailing Address:
         The Procter & Gamble Company
         P.O. Box 599
         Cincinnati, OH  45201
         Attention:        Secretary

         Delivery Address:
         The Procter & Gamble Company
         One Procter & Gamble Plaza
         Cincinnati, OH  45202
         Attention:        Secretary

         with a copy to:

         Fried Frank Harris Shriver & Jacobson
         One New York Plaza
         New York, New York 10004
         Attention:  F. William Reindel
         Facsimile:  212-859-4000

                                       17
<PAGE>

         If to JMS:

         The J.M. Smucker Company
         Strawberry Lane
         Orrville, Ohio  44667

         With a copy to:

         The J.M. Smucker Company
         Strawberry Lane
         Orrville, Ohio  44667
         Attention:  General Counsel

         Notification of a change of address shall be given by either party to
the other as provided in this Section 6.01. All such notices and communications
shall be effective (i) when received, if mailed or delivered, or (ii) when
confirmed by fax answerback, if faxed.

         6.02. GOVERNING LAW. This Agreement shall be governed by the laws
applicable to contracts entered into and to be performed within the State of
Ohio by residents thereof.

         6.03. JURISDICTION. Each party agrees to submit itself exclusively to
the personal jurisdiction of any Ohio court in the event any dispute arises out
of this Agreement or any of the transactions contemplated by this Agreement and
agrees that it will not attempt to deny or defeat such personal jurisdiction or
venue by motion or other request for leave from any such Ohio court. Each party
further agrees that service of any process, summons, notice or document by U.S.
registered mail to such party's respective address set forth above shall be
effective service of process for any action, suit or proceeding in Ohio with
respect to any matters to which it has submitted to jurisdiction

                                       18
<PAGE>

in this Section 6.03.

         6.04. WAIVER OF JURY TRIAL. Each party waives, to the fullest extent
permitted by applicable law, any right it may have to a trial by jury in respect
of any dispute arising out of this Agreement.

         6.05. ENTIRE AGREEMENT. This Agreement embodies the entire
understanding between the parties relating to its subject matter and supersedes
and terminates all prior agreements and understandings among the parties with
respect to such matters. No promises, covenants or representations of any kind,
other than those expressly stated herein, have been made to induce any party to
enter into this Agreement. This Agreement shall not be modified or terminated
except by a writing duly signed by each of the parties hereto, and no waiver of
any provisions of this Agreement shall be effective unless in a writing duly
signed by the party sought to be bound. If, and to the extent, the provisions of
this Agreement conflict with the Contribution and Distribution Agreement, or any
other agreement entered into in connection with the Spin Transactions, the
provisions of this Agreement shall control.

         6.06. ASSIGNMENT; BINDING EFFECT. Neither this Agreement nor any of the
rights, interests or obligations under this Agreement shall be assigned, in
whole or in part, by operation of law or otherwise by any of the parties without
the prior written consent of the other party; provided, however, that no such
consent shall be required in the event of a merger, consolidation or sale of
either P&G or JMS. Subject to the preceding sentence, this Agreement shall be
binding on, and shall inure to the benefit of, and be enforceable

                                       19
<PAGE>

by, the parties hereto and their respective successors and assigns.

         6.07. COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same.

         6.08. SEVERABILITY. If any provision of this Agreement or the
application of any such provision to any person or circumstances shall be held
invalid, illegal, or unenforceable in any respect by a court of competent
jurisdiction, such invalidity, illegality, or unenforceability shall not affect
any other provision hereof.

         6.09. HEADINGS. Headings of sections in this Agreement are inserted for
convenience of reference only and are not intended to be a part of or to affect
the meaning or interpretation of this Agreement.

         6.10. SURVIVAL. Notwithstanding anything in this Agreement to the
contrary, the provisions of this Agreement shall survive for thirty days after
the full period of all applicable statutes of limitations (giving effect to any
waiver, mitigation or extension thereof).

                                       20
<PAGE>

         IN WITNESS WHEREOF, each of the parties has caused this Agreement to be
executed by its respective duly authorized officer as of the date first set
forth above.

                                        THE PROCTER & GAMBLE
                                        COMPANY

                                        By__________________________
                                           Name:
                                           Title:

                                        THE J.M. SMUCKER COMPANY

                                        By__________________________
                                           Name:
                                           Title:

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