EXHIBIT (10-5) Summary of the Procter & Gamble Key Manager Long-Term Incentive Program KEY MANAGER LONG-TERM INCENTIVE PROGRAM

The Key Manager Long-Term Incentive Program (“KM Program”) is part of The Procter & Gamble Company’s (the “Company”) long-term incentive compensation and is designed to increase employee ownership and focus employees on the long-term success of the Company. Awards granted under the KM Program (“KM Awards”) are made pursuant to authority delegated to the Compensation & Leadership Development Committee (the “Committee”) by the Board of Directors for determining compensation for the Company’s principal officers and for making awards under The Procter & Gamble 2014 Stock and Incentive Compensation Plan (the “2014 Plan”) or any successor stock plan approved in accordance with applicable listing standards.

Active employees at Band 4 and above as of October 1 prior to grant date are included in the Plan, as well as a select percent of Band 3 employees. Employees recommended by management and approved by the Committee or Committee’s delegate are eligible to participate (“Participants”).

The KM Program motivates leaders to achieve results in the long term by driving ownership behavior through the awarding of stock options, stock appreciation rights (SARs), and restricted stock units (RSUs). Participants at Band 4 and above may be provided a choice of a mix of stock options and RSUs, except for the CEO, whose grant form is solely determined by the Committee. The choice must be made before the end of the calendar year preceding the award date. Band 3 participants receive awards in the form of stock options, RSUs, or a mix as authorized by the CEO prior to grant date. Exceptions may exist in some countries where stock options and/or RSUs are not locally allowed or effective as a compensation vehicle.

Market grant values by Job Band are based on competitive market data from peer companies and analysis of global long-term incentive practices. Market data is converted to Stock Option Grant value by dividing the market value by the stock option valuation factor as approved by the Committee.

The number of stock options or SARs awarded to each employee will be determined by dividing the approved stock option grant value by the Grant Price (rounded up to the next whole share). RSUs are exchanged at a fixed ratio to stock options (example: 1 RSU for 5 stock options) as approved by the Committee.

The option price or grant price used for any KM Award will be the closing price for a share of Common Stock on the New York Stock Exchange on the day of the grant, or such higher price as may be specified in the French Addendum of the Regulations (the “Grant Price”). If the New York Stock Exchange is closed on the day of the grant, then the date of the Award will be the first day of trading of the Company’s stock subsequent to the date previously specified for such award.

KM Awards will be granted on the last business day of February each year. Employees who did not receive the appropriate award on this date due to an administrative or data error will receive their appropriate KM Award on the last business day prior to May 10 each year.

If applicable, Participants must accept their awards according to the terms of the Award Letter or the Award will not be granted.

Stock options and SARs vest three years following the grant date. They expire ten years after the grant date. KM RSUs have a vest date and settlement date five years following the grant date, are not eligible for dividend equivalents, and cannot be deferred in accordance with Internal Revenue Code 409A unless otherwise determined by the Committee at grant.

V.    SEPARATION FROM THE COMPANY (Defined terms shall have the meaning designated in the 2014 Plan or related award documents)

If the Participant’s Termination of Employment occurs for any reason before the Expiration Date and prior to exercising the Award for stock options and SARs, or before the Vest Date for RSUs, except for the reasons listed below, the Award will be forfeited. Participants must remain in compliance with the terms and conditions set forth in the 2014 Plan, including those in Article 6.

If there is a Change in Control, the provisions of Article 17 of the 2014 Plan will apply.

It shall be understood that the KM Program does not give to any employee any contract rights, express or implied, against the Company for any KM Award, or for compensation in addition to the salary paid to him or her.

This program document may be amended at any time by the Committee.