Document:

Exhibit
10.5

 

 

November 14, 2006

 

Terrence Curtin

910 Greenside Drive

Lititz, PA  17543

 

Dear Terrence:

 

I am pleased to offer you
the position of Executive Vice President and Chief Financial Officer, with Tyco
Electronics. This job reports to Tom Lynch,
Chairman and Chief Executive Officer, Tyco Electronics,
and is located in Berwyn, Pennsylvania. We anticipate that this position will
be a Section 16 Officer of Tyco Electronics and will so recommend for approval
by the new Board of Directors of the Electronics business.

 

While
this offer is effective January 1, 2007, it anticipates the successful
completion of Tyco’s separation into three independent companies.

 

Compensation

 

Effective
January 1, 2007, you will receive an annual salary of $475,000  to
be paid on a biweekly basis. In addition to your base salary, you will
be eligible to participate in the Company’s annual incentive plan and long-term
incentive program for fiscal year 2007, which began October 1, 2006, as
consistent with our normal practice. Prior to the separation, you will continue
to participate in Tyco Electronic’s annual incentive plan and long-term
incentive program as an Electronics employee.

 

Under
the annual incentive plan, in your new position, you will have the opportunity
to earn a target award of 75%
of your salary and a maximum award of 150% of your salary. This target award is
effective October 1, 2006. Determination of award levels will be based on the
Company’s financial performance and your individual contribution.

 

As
stated above, you will also be eligible for the Company’s long-term incentive
program. The details of the new company’s LTI program are not finalized, but
you will be nominated for an appropriate award according to the terms of the
program, consistent with your new job level.

 

Flexible
Perquisite Program

 

You
will also continue to be eligible for a flexible perquisite allowance. In the
event such program is modified or discontinued in the future, you shall be
treated consistently with other similar executives of the Company, with respect
to perquisite eligibility. Currently, such allowance is paid in four
installments, in an annual amount of 10% of base annual salary less applicable
taxes, which can be used at your discretion for various eligible expenses. The
Flexible Perquisite Program is offered in lieu of a company car, auto
insurance, income tax preparation and other similar perquisites. Submission of
receipts is not required.

 

Benefits

 

Up
until the point of separation, as a Tyco Electronics employee you will continue
to be eligible for the following benefits, including Tyco Retirement Savings
and Investment Plan, Tyco Employee Stock Purchase Plan, Tyco Medical and/or
Dental plans, Tyco Supplemental Savings and Retirement Plan, the Tyco Severance
Plan for U.S. Officers and Executives and vacation. Tyco Electronics will
establish 

 

 

successor
programs which will go into effect upon separation. You will be provided
additional information as we get closer to the separation date.

 

Retention
Agreement

 

Your
retention agreement dated May 26, 2006 remains in effect.

 

Relocation

 

The
Company will provide you with a relocation package. You may contact Susan Wallace for details of
the relocation program and to coordinate your area orientation trip to the Berwyn
area.

 

Terrence,
I am excited about your expanded leadership role at Tyco Electronics and I look forward to the opportunity
to work with you. Please sign below to signify your acceptance of our offer of
employment and its terms. Should you have any questions with regard to any of
the items indicated above, please call me.

 

 

	
  Sincerely,

  
	
   

  
	
  /s/ Jane A. Leipold

  	
   

  
	
   

  
	
  Jane A. Leipold

  
	
  Sr. Vice President, Human Resources

  
	
   

  
	
   

  
	
  ACCEPTED:

  
	
   

  
	
  /s/ Terrence Curtin

  	
   

  
	
  Terrence Curtin

  	
  Date

  
	
   

  
	
   

  
	
  cc: Tom Lynch

  
				

 

Employees
have the right to terminate their employment at any time with or without cause
or notice, and the Company reserves for itself an equal right. We both agree
that any dispute arising with respect to your employment, the termination of
that employment, or a breach of any covenant of good faith and fair dealing
related to your employment, shall be settled exclusively through arbitration. This
document sets forth the entire agreement with respect to your employment. The
terms of this offer may only be changed by written agreement, although the
Company may from time to time, in its sole discretion, adjust the salaries and
benefits paid to you and its other employees.

 

2Exhibit 10.6

 

	
  tyco 

  Electronics

  	
  Jane Leipold
 Vice
  President, Global Human Resources

  Phone: 717-810-4901

  Fax: 717-810-4964 jaleipol©tycoelectronics.com

  

 

May 26, 2006

Mr. Terrence Curtin

2901 Fulling Mill Road

Mail Stop 140-53

Middletown, Pa. 17057

Personal & Confidential

Dear Terrence:

As you know, Tyco International Ltd. (“Company”)
intends to separate its business operations into three publicly-traded,
stand-alone companies (such separation will be referred to as the “Transactions”).  To acknowledge your critical importance to
the ongoing successful operation of the Tyco Electronics business, you have
been selected to participate in the Tyco Electronics Transition Incentive Bonus
Program (the “Program”), in accordance with the terms of this agreement (the “Agreement”).

As a condition to receiving any amounts described in
this Agreement, you are required to comply with the terms and conditions of not
only this Agreement, which includes a requirement that you keep confidential
your eligibility to participate in the Program, and all aspects of your
participation, but also any Confidentiality Agreement you may have executed in
connection with the Transactions.  In
addition, you will not be entitled to receive or retain any amounts or benefits
hereunder if it is determined by the Company or its Affiliates (“Tyco”) before
or after the effective date of your termination of employment that you have
violated the Tyco Guide to Ethical Conduct. 
As a condition to receiving any amounts under the Agreement, you will
need to execute and return this Agreement to Jane Leipold by June 10, 2006.

1.              Transition Incentive Bonus.

As a Participant in the Program, you are eligible to
receive a Transition Incentive Bonus (the “Bonus”) of $325,000, payable as of
the Closing Date of the Transactions (the “Closing Date”).  Payment will be made no later than 30 days
following the Closing Date.  Notwithstanding
the foregoing, the Bonus shall not be paid to you unless you are actively
employed with Tyco Electronics, or its successor, on the Closing Date.  However, if your employment with Tyco
Electronics, or its successor, is terminated in connection with the
Transactions in circumstances that entitle you to severance benefits under the
Tyco international (US) Inc. Severance Plan for U.S. Officers and Executives
(the “Severance Plan”), you will be entitled to receive the full amount of the
Bonus no later than 30 days following the Closing Date.

 

 

2.              Confidentiality

Except as required by any court or governmental
entity, you agree not to disclose or discuss with any person for a period
commencing on the date hereof and until twelve (12) months after the Closing
Date, your eligibility to participate or any terms and conditions of your
participation in the Program.  However,
you are permitted to discuss such participation with your spouse or domestic
partner, lawyer and financial adviser.

3.              Cooperation

In consideration of the payments and benefits
hereunder, you agree to use your best efforts to fully cooperate with Tyco and
its outside advisors to ensure the successful completion of the Transactions.

4.              Effect on Benefit Plans

Amounts payable under this Agreement shall not be
treated as compensation for purposes of computing or determining any benefit
under any pension, savings, severance, bonus/incentive, insurance, or other
employee compensation or benefit plan of Tyco.

5.              Interpretation of the Agreement

The Senior Vice President — Human Resources of Tyco
International (US) Inc. (the “SVP—HR”) will have the sole discretionary
authority to interpret the terms of this Agreement and resolve any disputes
that may arise hereunder, and any determinations made under this Section 5 will
be final and binding on all parties.

6.              Legal Remedy

You acknowledge that a remedy at law for any breach or
threatened breach of this Agreement would be inadequate and therefore you agree
that Tyco shall be entitled to injunctive relief, both preliminary and
permanent, in addition to any other available rights and remedies in case of
any such breach or threatened breach.  In
the event of any action arising from or relating to this Agreement, the party
substantially prevailing shall recover its costs, including reasonable
attorneys’ fees.

7.              Choice of Law

This Agreement shall be governed by the laws of the
State of New York.

8.              Assignment

Neither this Agreement nor any rights or obligations
created herein may be assigned or delegated by you.

 

2

9.              Severability

If any provision of this Agreement is declared
invalid, illegal or unenforceable by any court of competent jurisdiction, all
of the remaining provisions of this Agreement shall continue in full force and
effect.

10.       Withholding for Taxes

All amounts payable under this Agreement shall be
subject to applicable withholding taxes as determined by Tyco.

11.       Compliance with internal Revenue Code
Section 409A

Tyco shall have the right to modify the timing and/or
the method of payment of any amounts payable under this Agreement to the extent
that it reasonably determines necessary to comply with Section 409A of the
Internal Revenue Code.  Such
determination will be made in the sole discretion of the SVP—HR.  By way of example and not limitation, the SVP—HR
may delay commencement of any amounts payable hereunder that are subject to
Code Section 409A until at least six months following your termination of
employment.

12.       Effective Date/Plan Documents

This Agreement is effective on the date hereof and
shall have no force or effect if the Transactions are not consummated.  Payment of the Bonus is subject to the terms
of this Agreement and the applicable plan documents.  In the case of a discrepancy between the
Agreement and the applicable plan document, the terms of the applicable plan
document will govern.

13.       Death or Disability

In the event of your death or permanent disability, as
defined below, you or your beneficiary shall be eligible to receive the Bonus
under this Agreement if the Transactions are consummated and when such Bonus
payments are made to other Participants under the Program.  For purposes of this section, permanent
disability shall have the same meaning as set forth in the Severance Plan.

14.       Successor

This entire Agreement shall be binding on any
successor to Tyco.

15.       Complete Agreement

Except as otherwise provided herein, this Agreement is
the complete agreement between you and Tyco with respect to the subject matter
contained herein and will supercede or replace all prior agreements or
understandings between the parties.

 

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16.       Amendments

No modification or amendment hereof shall be valid or
binding on either party unless made in writing and signed by both parties or by
their duly authorized officers or representatives.

***

Please review this Agreement carefully.  As a key employee of Tyco Electronics, we
certainly want to compensate you for your significant efforts and let you know
that we appreciate the critical role that you play in the continuing success of
Tyco Electronics.

If you are in agreement with the foregoing, please
signify your acceptance by signing and dating both copies of this Agreement in
the spaces provided and, as indicated on page 1 of this Agreement, returning
one copy to me, no later than June 10, 2006.

Very truly yours,

/s/ Jane Leipold

Jane Leipold

Vice President Global Human Resources

Tyco Electronics

	
  Agreed:

  	
   

  
	
   

  	
   

  
	
  Signed By: 

  	
  /s/ Terrence Curtin

  
	
  Print Name: 

  	
  Terrence Curtin

  
	
  Print Title: 

  	
  VP

  
	
  Date: 

  	
  June 8, 2006

  

 

4

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