UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
G. Gilbert Cloyd
One Procter and Gamble Plaza
OH, Cincinnati 45202
2. Issuer Name and Ticker or Trading Symbol
The Procter and Gamble Company (PG)
3. IRS or Social Security Number of Reporting Person (Voluntary)
N/A
4. Statement for Month/Day/Year
1/31/2003
5. If Amendment, Date of Original (Month/Day/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Chief Technology Officer
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security|2. |2A. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
|Trans-|Exec- |Trans | or Disposed of (D) | Securities |ect | Beneficial Ownership |
|action|ution |action| | Beneficially |(D)or | |
| | | | | | A/| | Owned Following |Indir | |
|Date | Date |Code|V| Amount | D | Price | Reported Trans(s)|ect(I)| |
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Common Stock |11/19/| |G |V|21 |D | | |D | |
| 2002 | | | | | | | | | |
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Common Stock |1/31/ | |M | |17333 |A |$25.5870 | |D | |
|2003 | | | | | | | | | |
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Common Stock |1/31/ | |S | |17333 |D |85.1812 |65274 |D | |
|2003 | | | | | | | | | |
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Common Stock | | | | | | | |29372.6125 1 |I |By Retirement Plan Trustees|
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Common Stock | | | | | | | |900 |I |By Wife |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of |2.Con- |3. |3A. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Derivative |version |Trans- |Deemed|Trans-| rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
Security |or Exer |action | |action| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | |Execu-| | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| |ution | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | | A/|Exer-|ation| Title and Number | |Owned Follow|ire| |
|Secu- |(Month/|(Month| | | | D |cisa-|Date | of Shares | |ing Reported|ct | |
|rity |Day/ |/Day/ |Code|V| Amount | |ble | | | |Trans- |(I)| |
| |Year) |Year) | | | | | | | | |action(s) | | |
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Series A Pref|2 |9/30/ 2| |A |V|106.9327 |A |4 | |Common Stock|106.932|5 |7498.7842 |I |By Retiremen|
erred Stock | |002 3 | | | | | | | | |7 | | | |t Plan Trust|
| | | | | | | | | | | | | | |ees |
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Stock Option |$25.5870|1/31/ 2| |M | |17333 7 |D |2/26/|2/26/|Common Stock|17333 7| |0 |D | |
(right to buy| 6 |003 | | | | | |94 |03 | | | | | | |
) | | | | | | | | | | | | | | | |
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Explanation of Responses:
1. Between 7/1/02 and 9/30/02, reporting person acquired 532.8153 shares of
Common Stock under Issuer's Profit Sharing Trust and Employee Stock Ownership
Plan.
2. Higher of $13.75 or market price of Common Stock.
3. Series A Preferred Stock allocated to officer's Retirement Plan Account
pursuant to formula award provision for period 7/1/02 and 9/30/02.
4. Shares held by Retirement Plan Trustees. If officer terminates employment
and elects distribution of shares, or, if after age 50 elects alternative
investment within Plan, Preferred Stock converted/redeemed at specified
conversion/exercise price.
5. Series A Preferred Stock allocated to officer's Retirement Plan account
pursuant to Retirement Plan provisions.
6. Due to the spin-off of a portion of Issuer's business, reporting person's
stock option exercise price was adjusted, pursuant to the anti-dilution
provisions of Issuer's stock option plan, in order to preserve the pre-spin-off
value of the option.
7. Due to the spin-off of a portion of Issuer's business, the number of shares
of the option were adjusted, pursuant to the anti-dilution provisions of
Issuer's stock option plan, in order to preserve the pre-spin-off value of the
option.
SIGNATURE OF REPORTING PERSON
G. Gilbert Cloyd
/S/ WILLIAM R. MORDAN - ATTORNEY-IN-FACT