UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section
13 OR 15(d) of The Securities Exchange Act Of 1934
|
Date of
Report (Date of earliest event reported)
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August 12, 2008 |
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THE
PROCTER & GAMBLE COMPANY
|
|
(Exact name
of registrant as specified in its
charter)
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Ohio
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1-434
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31-0411980
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||
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(State or
other jurisdiction
of
incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
Number)
|
|
One Procter
& Gamble Plaza, Cincinnati, Ohio
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45202
|
|
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(Address of
principal executive offices)
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Zip
Code
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(513)
983-1100
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45202
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|
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(Registrant's
telephone number, including area code)
|
Zip
Code
|
|
--
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR
240.14d-2(b))
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--
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR
240.13e-4(c))
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ITEM
5.02(e) COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS
On
August 12, 2008, the Compensation & Leadership Development Committee (the
“Committee”) of the Board of Directors of The Procter & Gamble Company
(“P&G”) granted Clayton C. Daley, Jr., Vice-Chairman and Chief Financial
Officer, a special equity award of $1,500,000 in recognition of Mr. Daley’s
integral role in the valuation, negotiation and acquisition of The Gillette
Company (“Gillette”) and his successful leadership of the integration of
Gillette into P&G. This grant reflects Mr. Daley’s involvement and oversight
of all aspects of the transaction, which was the largest and one of the most
successful in the Company’s history. The grant will be made in the form of
restricted stock units granted under the Company’s 2001 Stock and Incentive
Compensation Plan using the closing price for the Company’s Common Stock on the
New York Stock Exchange on August 12, 2008.
In
addition, the Committee approved a change to the Company’s Short Term
Achievement Reward Program (“STAR”). STAR Awards were previously based on three
components: a Total Company Factor, a Business Unit Factor and a Gillette
Integration Factor. Because the Company has now successfully completed the
Gillette integration, the Committee approved the removal of the “Gillette
Integration Factor” from the STAR calculation formula. A summary of the revised
STAR Program is attached as Exhibit 99.
SIGNATURE
Pursuant to the
requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this Report to be signed on its behalf by the undersigned hereunto duly
authorized.
THE PROCTER & GAMBLE COMPANY
BY: /s/
E. J. WUNSCH
E. J.
Wunsch
Assistant
Secretary
August 14,
2008
EXHIBIT(S)
Exhibit 99:
STAR Program Summary dated August 12, 2008.