Document:

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                                 EXHIBIT (10-5)

          The Procter & Gamble Deferred Compensation Plan for Directors
<PAGE>

                    DEFERRED COMPENSATION PLAN FOR DIRECTORS
                    ----------------------------------------

                           Principal Features of Plan
                           --------------------------

1)       Effective Date - October 1, 1980.
         --------------

2)       Eligibility - All outside Directors.
         -----------

3)       Amounts Available for Deferral - All or part of retainer.
         ------------------------------

4)       Period of Deferral - Until retirement as Director or after Director's
         ------------------
         seventy-first birthday, at option of Director.

5)       Valuation of Deferred Compensation Account - The amounts deferred will
         ------------------------------------------
         earn hypothetical interest compounded monthly from date of deferral
         until December 31 of year prior to year of payment. Interest will be
         payable on the basis of the prime rate in effect at Morgan Guaranty at
         time of crediting.

6)       Payment Options - Lump sum or up to 5 annual installments, paid or
         ---------------
         commencing January 15 of year following year of retirement as Director
         or the January 15 following the Director's 71st birthday, as elected.
         All payments are in cash.

7)       Death of Director - Payment made in lump sum to beneficiary designated
         -----------------
         by Director, or if no designation, to Director's estate.

8)       Administration - Administrator is Secretary of Company.
         --------------

9)       Amendment or Termination - Board of Directors, or Executive Committee
         ------------------------
         of the Board, can amend or terminate at any time so long as vested
         rights are not interfered with.

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                          THE PROCTER & GAMBLE COMPANY
                          -----------------------------
                    DEFERRED COMPENSATION PLAN FOR DIRECTORS
                    -----------------------------------------

1.       Name and Purpose - This plan shall be known as The Procter & Gamble
         ----------------

         Company Deferred Compensation Plan for Directors ("Plan"). It is the
         purpose of this Plan to enable certain Directors of The Procter &
         Gamble Company ("Company") to elect to defer some or all of the fees
         which may be payable to the Director for future services to be
         performed by him/her on this Board of Directors or any committee
         thereof.

2.       Eligibility - Any Director of the Company who is not also an employee
         -----------

         of the Company or of a subsidiary of the Company shall be eligible to
         participate in the Plan.

3.       Compensation Eligible for Deferral - Any eligible Director
         ----------------------------------

         ("Participant") may elect to defer receipt of all or a specified
         portion of the compensation (exclusive of expense reimbursements)
         otherwise payable to him/her for serving on the Board of Directors of
         the Company. Such compensation shall be credited to the Participant's
         Deferred Compensation Account described hereafter on the date the
         compensation would otherwise be payable.

4.       Deferred Compensation Account - There shall be established for each
         -----------------------------

         Participant who so elects a Deferred Compensation Account. Interest
         shall be credited to such Account on the last day of each month by
         applying the prime rate of Morgan Guaranty Trust Company of New York
         then in effect to the balance in such Account on the first day of the
         month in question. All interest so credited shall become part of the
         balance of such Account at the close of business on the day of
         crediting.

5.       Value of Deferred Compensation Account - the value of each
         --------------------------------------

         Participant's Deferred Compensation Account will include the
         compensation deferred plus accumulated interest credited to such
         Account to the date of withdrawal. For this purpose, the date of
         withdrawal shall be deemed to be the last day of the month preceding
         payment in accordance with this Plan.

6.       Time of Election of Deferral - An election to defer compensation must
         ----------------------------

         be made prior to the time such compensation is earned. Once made, an
         election shall continue in effect until the end of the Participant's
         service as a Director or until the Company is notified in writing of
         the cancellation of the election, whichever shall occur first.

7.       Manner of Electing Deferral - A Participant may elect to defer
         ---------------------------

         compensation by giving notice to the Secretary of the Company on a form
         provided by it. Such notice shall include:

         A.       The amount or percentage of compensation to be deferred.

         B.       An election of a lump sum payment or a number of annual
                  installments (not to exceed 5) for the payment of the deferred
                  compensation.

         C.       The date of the first installment payment, which shall be
                  either January 15 in the year following the year in which
                  service as a Director terminates or the January 15 following
                  the electing Director's 71st birthday.

8.       Beneficiary Designation - A Participant may, from time to time, furnish
         -----------------------

         a form to the Secretary of the Company designating any person or
         persons to whom payments are to be made if the Participant dies before
         receiving payment of all amounts due hereunder. A beneficiary
         designation form will be effective only after the signed form is filed
         with the Secretary of the Company while the Participant is alive but
         will cancel any beneficiary designation forms signed and filed earlier.

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9.       Manner of Payment - No withdrawal may be made from the Participant's
         -----------------

         Deferred Compensation Account except as provided in this section. The
         value of a Participant's Deferred Compensation Account is payable in
         cash in either a lump sum or in annual installments as provided in
         paragraph 7. If annual installments are elected, the amount of each
         payment shall be a fraction of the value of the Participant's Deferred
         Compensation Account as of December 31 of the year preceding payment,
         the numerator of which is 1 and the denominator of which is the total
         number of installments elected minus the number of installments
         previously paid.

         In the event of a Participant's death, the value of his/her Deferred
         Compensation Account (including accrued interest) determined as of the
         date of death shall be paid in cash in a single payment to the
         beneficiary previously designated by the Participant, or to his/her
         estate if no beneficiary has been designated, on the first January 15
         or July 15 following such death or as soon as reasonably possible
         thereafter.

10.      Participant's Rights - The right of any Participant to receive payments
         --------------------

         under the provisions of this Plan shall be unsecured claim against the
         general assets of the Company. The right of a Participant to receive
         payments of deferred compensation as provided in this Plan shall not be
         assigned, transferred, pledged or encumbered or be subject in any
         manner to alienation or anticipation.

11.      Statement of Account - Statements will be sent to Participants during
         --------------------

         January of each year as to the value of their Deferred Compensation
         Accounts as of the end of December of the previous year.

12.      Administration - The Administrator of this Plan shall be the Secretary
         --------------

         of the Company. The Administrator shall have authority to adopt rules
         and regulations for carrying out the Plan and to interpret, construe
         and implement provisions thereof. Decisions by the Administrator as to
         interpretation of the Plan shall be binding and conclusive on all
         affected parties.

13.      Governing Law - The provisions of this Plan shall be interpreted and
         -------------

         construed in accordance with the laws of the State of Ohio.

14.      Amendment and Termination - The Plan shall become effective October 1,
         -------------------------

         1980. It may at any time be amended, modified or terminated by the
         Board of Directors, or the Executive Committee of the Board of
         Directors, of the Company. No amendment, modification or termination
         shall, without the consent of the Participant, adversely affect such
         Participant's rights with respect to amounts theretofore accrued in
         his/her Deferred Compensation Account.

         Attachment

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                          THE PROCTER & GAMBLE COMPANY
                          -----------------------------
                    DEFERRED COMPENSATION PLAN FOR DIRECTORS
                    -----------------------------------------

To: The Procter & Gamble Company

In accordance with the provisions of The Procter & Gamble Company Deferred
compensation Plan for Directors, I hereby elect to defer future compensation
(excluding expense reimbursements) otherwise payable to me for services as a
Director of The Procter & Gamble Company. This election shall remain in effect
until cancelled by me in writing delivered to the Secretary of the Company.

Amount of Deferral (fill in one):

             $___________________________    (amount per year)

                      or

             ___________________________     (percentage per year -- up to 100%)

             _____
             _____    Retainer Fee

The compensation deferred is to be paid to me in cash in______
(insert number not to exceed five) annual installments, the first of which is to
be made on (choose one)

             _____
             _____    the January 15 of the calendar year following the year in
                      which my services terminate.

             _____
             _____    the January 15 following_____________________, 19_______
                      (my 71st birthday).

If I die before receiving all of the deferred payments due me, the value of my
deferred compensation account shall be paid in a single payment to the
beneficiary(ies) designated by me, or if no beneficiary(ies) has (have) been
designated, to my estate.

This election is subject to the terms of The Procter & Gamble Company Deferred
Compensation Plan for Directors, adopted September 9, 1980 and on file with the
records of the Company.

Received on the________day                   ___________________________________
of____________________, 19____,              Signature of Director
on behalf of The Procter &
Gamble Company                               Date_______________________________

By_______________________________
          Secretary

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                          THE PROCTER & GAMBLE COMPANY
                          ----------------------------
                    DEFERRED COMPENSATION PLAN FOR DIRECTORS
                    -----------------------------------------

In case of my death while a Participant in this Plan, I hereby designate as my
beneficiary(ies) to whom payments shall be made as provided in the Plan:

Name             Relationship             Address            Proportion to Each
----             ------------             -------            ------------------

I understand that the above designation(s) shall remain in effect until I give
written notice of change to the Secretary of The Procter & Gamble Company.

         NOTE:

         1.       Many states have laws bearing on beneficiary designations.
                  Participants may desire to consult their advisors before
                  making a designation.

         2.       Write name of beneficiary in full. If a married woman, show
                  her given, maiden and surname; thus, Mary Williamson Smith,
                  not Mrs. John Smith.

         3.       Suggested Beneficiary Designations:

                  Mary Williamson Smith Wife 1 Main Ave., Milwaukee, Wis. 100%
                            or
                  Mary Williamson Smith Wife     "      "         100%
                  If she survives me, otherwise
                  My children, per stirpes*               Equally
                            or

                  My Estate

*This provides that if any of the children should predecease the Participant or
former Participant, that child's share will go to his/her children.

I understand that the value of my Deferred Compensation Account (including
accrued interest) determined as of the date of death will be paid in cash in a
single payment to the beneficiary(ies) designated above in accordance with the
terms of the Plan.

                                         Signature______________________________
                                                     Director

                                         Date Signed____________________________

Acknowledgment:

Received as of_______________________________

Signature____________________________________
         Secretary, The Procter & Gamble Company

This Form should be submitted in duplicate. One copy will be returned for your
records after acknowledgment by the Secretary.<PAGE>
                                 EXHIBIT (10-6)

          The Procter & Gamble 1993 Non-Employee Directors' Stock Plan

<PAGE>

                THE PROCTER & GAMBLE 1993 NON-EMPLOYEE DIRECTORS'
                                   STOCK PLAN
                         (As Amended September 10, 2002)

ARTICLE A -- Purpose.

         The purpose of The Procter & Gamble 1993 Non-Employee Directors' Stock
Plan (hereinafter referred to as the "Plan") is to strengthen the alignment of
interests between non-employee Directors (hereinafter referred to as
"Participants") and the shareholders of The Procter & Gamble Company
(hereinafter referred to as the "Company") through the increased ownership of
shares of the Company's Common Stock. This will be accomplished by allowing
Participants to elect voluntarily to convert a portion or all of their cash fees
for services as a Director into Common Stock, by granting Participants a fixed
value of shares of Common Stock restricted until retirement (hereinafter
referred to as "Retirement Shares") and by granting Participants non-qualified
options to purchase shares of Common Stock (hereinafter referred to as "Stock
Options").

ARTICLE B -- Administration.

         1. The Plan shall be administered by the Compensation Committee
(hereinafter referred to as the "Committee") of the Board of Directors of the
Company (hereinafter referred to as the "Board"), or such other committee as may
be designated by the Board. The Committee shall consist of not less than three
(3) members of the Board who are "Non-Employee Directors" as defined in Rule
16b-3 under the Securities Exchange Act of 1934, as amended, or any successor
rule or definition adopted by the Securities and Exchange Commission, to be
appointed by the Board from time to time and to serve at the discretion of the
Board.

         2. It shall be the duty of the Committee to administer this Plan in
accordance with its provisions and to make such recommendations of amendments or
otherwise as it deems necessary or appropriate. A decision by a majority of the
Committee shall govern all actions of the Committee.

         3. Subject to the express provisions of this Plan, the Committee shall
have authority to allow Participants the right to elect to receive fees for
services as a director in either cash or an equivalent amount of whole shares of
Common Stock of the Company, or partly in cash and partly in whole shares of the
Common Stock of the Company, subject to such conditions or restrictions, if any,
as the Committee may determine. The Committee also has the authority to make all
other determinations it deems necessary or advisable for administering this
Plan.

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

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

ARTICLE C -- Participation.

         Participation in the Plan shall be limited to all non-employee
Directors of the Company.

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

         The total number of shares of Common Stock of the Company that may be
awarded each year shall not exceed 50,000 shares.

ARTICLE E -- Shares Subject to Use under the Plan.

         Shares of Common Stock to be awarded under the terms of this Plan shall
be treasury shares.

ARTICLE F -- Retirement Shares

         1. On the first business day in January, each Participant shall receive
Retirement Shares with a fair market value of $45,000 on the date of grant.

         2. All shares awarded under this Article shall be valued as set forth
 in Article I.

ARTICLE G -- Stock Options.

         1. The Committee may, from time to time, grant Participants a Stock
Option to purchase shares of Common Stock having an exercise price of one
hundred percent (100%) of the fair market value of the Common Stock on the date
of the grant.

         2. The Stock Options shall have a term of ten (10) years from the date
of grant, subject to earlier termination as provided herein, and shall be
exercisable 100% three (3) years from the date of grant, except in the case of
death, in which case the Stock Options shall be immediately exercisable.

         3. Stock Options are not transferable other than by will or by the laws
of descent and distribution. Legatees, distributees and duly appointed executors
and administrators of the estate of a deceased Participant shall have the right
to exercise such Stock Options at any time prior to the expiration date of the
Stock Options.

         4. If a Participant ceases to be a Director while holding unexercised
Stock Options, such stock options are then void, except in the case of (i)
death, (ii) disability,

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(iii) retirement at the end of a term, (iv) retirement after attaining the age
of sixty-nine (69), (v) resignation from the Board following the Participant's
retirement from a principal employer under the terms of an appropriate
retirement plan or (vi) resignation from the Board for reasons of the antitrust
laws or the conflict of interest, corporate governance or continued service
policies.

         5. Upon the exercise of a Stock Option, payment in full of the exercise
price shall be made by the Participant. The exercise price may be paid for by
the Participant either in cash, shares of the Common Stock of the Company to be
valued at their fair market value on the date of exercise, or a combination
thereof.

ARTICLE H -- Adjustments.

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

ARTICLE I -- Transfer of Shares.

         1. The Committee may transfer Common Stock of the Company under the
Plan subject to such conditions or restrictions, if any, as the Committee may
determine. The conditions and restrictions may vary from time to time and may be
set forth in agreements between the Company and the Participant or in the awards
of stock to them, all as the Committee determines.

         2. The shares awarded shall be valued at the average of the high and
low quotations for Common Stock of the Company on the New York Stock Exchange on
the day of the transfer to a Participant. All shares awarded shall be full
shares, rounded up to the nearest whole share.

ARTICLE J -- Additional Provisions.

         1. The Board may, at any time, repeal this Plan or may amend it from
time to time except that no such amendment may amend this paragraph, increase
the annual aggregate number of shares subject to this Plan, or alter the persons
eligible to participate in this Plan. The Participants and the Company shall be
bound by any such amendments as of their effective dates, but if any outstanding
awards are affected, notice thereof shall be given to the holders of such awards
and such amendments shall not be applicable to

<PAGE>

such holder without his or her written consent. If this Plan is repealed in its
entirety, all theretofore awarded shares subject to conditions or restrictions
transferred pursuant to this Plan shall continue to be subject to such
conditions or restrictions.

         2. Every recipient of shares pursuant to this Plan shall be bound by
the terms and provisions of this Plan and of the transfer of shares agreement
referable thereto, and the acceptance of any transfer of shares pursuant to this
Plan shall constitute a binding agreement between the recipient and the Company.

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

        (a)     An acquisition (other than directly from the Company) of any
                voting securities of the Company (the "Voting Securities") by
                any "Person" (as the term person is used for purposes of Section
                13(d) or 14(d) of the Exchange Act), immediately after which
                such Person has "Beneficial Ownership" (within the meaning of
                Rule 13d-3 promulgated under the Exchange Act) of twenty percent
                (20%) or more of the then outstanding Shares or the combined
                voting power of the Company's then outstanding Voting
                Securities; provided, however, in determining whether a Change
                in Control has occurred pursuant to this Section 4(a), Shares or
                Voting Securities which are acquired in a "Non-Control
                Acquisition" (as hereinafter defined) shall not constitute an
                acquisition which would cause a Change in Control. A
                "Non-Control Acquisition" shall mean an acquisition by (i) an
                employee benefit plan (or a trust forming a part thereof)
                maintained by (A) the Company or (B) any corporation or other
                Person of which a majority of its voting power or its voting
                equity securities or equity interest is owned, directly or
                indirectly, by the Company (for purposes of this definition, a
                "Related Entity"), (ii) the Company or any Related Entity, or
                (iii) any Person in connection with a "Non-Control Transaction"
                (as hereinafter defined);

        (b)     The individuals who, as of July 11, 2000 are members of the
                Board (the "Incumbent Board"), cease for any reason to
                constitute at least half of the members of the Board; or,
                following a Merger (as hereinafter defined) which results in a
                Parent Corporation (as hereinafter defined), the board of
                directors of the ultimate Parent Corporation; provided, however,
                that if the election, or nomination for election by the
                Company's common stockholders, of any new director was approved
                by a vote of at least two-thirds of the Incumbent Board, such
                new director shall, for purposes of this Plan, be considered as
                a member of the Incumbent Board; provided further, however, that
                no individual shall be considered a member of the Incumbent
                Board if such individual initially assumed office as a result of
                either an actual or threatened "Election Contest" (as described
                in Rule 14a-11 promulgated under the Exchange Act) or other

<PAGE>

                actual or threatened solicitation of proxies or consents by or
                on behalf of a Person other than the Board (a "Proxy Contest")
                including by reason of any agreement intended to avoid or settle
                any Election Contest or Proxy Contest; or

        (c)     The consummation of:

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

                    (A)    the stockholders of the Company, immediately before
                           such Merger own directly or indirectly immediately
                           following such Merger at least fifty percent (50%) of
                           the combined voting power of the outstanding voting
                           securities of (x) the corporation resulting from such
                           Merger (the "Surviving Corporation") if fifty percent
                           (50%) or more of the combined voting power of the
                           then outstanding voting securities of the Surviving
                           Corporation is not Beneficially Owned, directly or
                           indirectly by another Person (a "Parent
                           Corporation"), or (y) if there is one or more Parent
                           Corporations, the ultimate Parent Corporation;

                    (B)    the individuals who were members of the Incumbent
                           Board immediately prior to the execution of the
                           agreement providing for such Mergerconstitute at
                           least half of the members of the board of directors
                           of (x) the Surviving Corporation, if there is no
                           Parent Corporation, or (y) if there is one or more
                           Parent Corporations, the ultimate Parent Corporation;
                           and

                    (C)    no Person other than (1) the Company, (2) any Related
                           Entity, (3) any employee benefit plan (or any trust
                           forming a part thereof) that, immediately prior to
                           such Merger was maintained by the Company or any
                           Related Entity, or (4) any Person who, immediately
                           prior to such merger, consolidation or reorganization
                           had Beneficial Ownership of twenty percent (20%) or
                           more of the then outstanding Voting Securities or
                           Shares, has Beneficial Ownership of twenty percent
                           (20%) or more of the combined voting power of the
                           outstanding voting securities or common stock of (x)
                           the Surviving Corporation if there is no Parent
                           Corporation, or (y) if there is one or more Parent
                           Corporations, the ultimate Parent Corporation;

              (ii)  A complete liquidation or dissolution of the Company; or

<PAGE>

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

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

ARTICLE K -- Duration of Plan.

         This Plan shall be effective as of January 1, 1994. This Plan will
terminate on December 31, 2003 unless a different termination date is fixed by
the shareholders or by action of the Board but no such termination shall affect
the prior rights under this Plan of the Company or of anyone to whom shares have
been transferred prior to such termination.

Plan adopted November 9, 1993
Plan approved by shareholders on October 11, 1994
Plan Amended January 10, 1995
Plan Amended June 11, 1996
Adjusted for August 22, 1997 stock split
Plan amended January 12, 1999
Plan amended July 11, 2000
Plan amended December 12, 2000
Plan amended December 11, 2001
Plan amended September 10, 2002

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