Document:

Exhibit 10.5(d)

 

AMENDMENT
NO. 4, dated as of June 6, 2007, to the
Employment Agreement dated as of August 1, 2000 (the “Original Employment
Agreement”, with such Original Employment Agreement, as previously amended,
being herein called the “Employment Agreement”), between Blyth, Inc., a
Delaware corporation (the “Company”), and Robert B. Goergen (the “Executive”).

 

WHEREAS,
in light of the fact that the Executive did not receive any adjustment in his
compensation in recognition of the postponement, pursuant to a previous
amendment to Section 6(a) of the Original Employment Agreement, of
the commencement date for the payment to him of supplemental pension benefits, the
Company and the Executive desire to amend the Employment Agreement so as to
provide for the deferred payment of an additional supplemental pension benefit
to the Executive; and

 

WHEREAS,
the Company and the Executive wish to clarify the dates on which the
supplemental pension benefit will be due and payable under Section 6(a) of
the Employment Agreement;

 

WHEREAS,
the Company and the Executive desire to amend the Employment Agreement so as to
defer any payment to the Executive of the supplemental pension benefit that
would result in the imposition of interest and/or penalties upon the Executive pursuant
to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)
or that would result in the loss of a tax deduction by the Company pursuant to Section 162(m) of
the Code; and

 

WHEREAS,
the Company and the Executive desire to amend the Employment Agreement to
comply with Section 409A of the Code pursuant to the final regulations
promulgated thereunder.

 

NOW,
THEREFORE, the Company and the Executive hereby agree
as follows:

 

1.                                       Section 1(f) of the
Employment Agreement is hereby amended and restated to read in its entirety as
follows:

 

““Disability”” shall have the meaning
ascribed thereto in Section 409A(2)(C) of the Code and Treasury
Regulation Section 1.409A-3(i)(4)(i). 
In addition, “Disability” shall include the events listed in Treasury
Regulation Section 1.409A-3(i)(4)(iii) to the extent permitted
thereunder.

 

2.                                       Section 6(a) of the
Employment Agreement is hereby amended effective January 1, 2008 by (a) deleting
the period that appears at the end of the first sentence thereof and substituting
a comma in lieu thereof, and (b) adding the following clause immediately
after such comma: “which amount shall be payable in four equal quarterly
installments each year, commencing on the earlier of August 1, 2010 or the
day following the termination of the Employment Period.

 

 

3.                                       Section 6 of the Employment
Agreement is hereby amended by adding a new subsection (c) thereto to read
as follows:

 

(c)                                  Anything to the
contrary in Section 6(a) notwithstanding, and except as provided
below, the Company shall not be obligated to pay the Executive the annuity that
is provided for therein if and to the extent that interest and/or penalties
would be payable by the Executive pursuant to Section 409A of the Code or
additional taxes would be payable by the Company as the result of the loss of a
tax deduction pursuant to Section 162(m) of the Code by reason of
such payment; provided, however, that any portion of such annuity that is not
paid to the Executive by reason of this Section 6(c) shall be payable
to the Executive following his Separation from Service as provided in Section (9)(l) hereof;
and provided, further, that the Company shall not defer payment of the annuity
pursuant to this Section 6(c) if such deferral would result in the
imposition of interest and/or penalties upon the Executive pursuant to Section 409A
of the Code.

 

4.                                       Section 9(k) of the
Employment Agreement is hereby amended to read in its entirety as follows:

 

Anything to the contrary herein
notwithstanding, the Executive shall not be paid any compensation or benefits
hereunder upon a separation from service (within the meaning of Section 409A(a)(2)(A)(i) of
the Code and the regulations promulgated thereunder, and herein called a “Separation
from Service”) with the Company until the date which is 6 months after the date
of such Separation from Service (or, if earlier, the date of death of the
Executive) if, and to the extent that interest and/or penalties would be
payable in respect of such compensation or benefits pursuant to Section 409A(a)(1)(B) of
the Code and the regulations promulgated thereunder if paid prior to such date;
provided, however, that in the event that the Company does not pay the
Executive compensation or benefits by reason of the provisions of this
subparagraph (k), then, on the date which is 6 months after the date of such Separation
from Service, it shall pay all of such compensation and benefits as was not so
paid.

 

5.                                       Section 9 of the Employment
Agreement is hereby amended by adding the following new subsection (l) at the
end thereof to read in its entirety as follows:

 

(l)                                     In addition to the
annuity that is described in Section 6(a) hereof, the Executive shall
earn, until the Executive’s Separation from Service, an additional supplemental
pension benefit in a quarterly amount of $125,000, commencing retroactively as
of August 1, 2006, and each November 1, February 1, May 1
and 

 

2

 

August 1 thereafter; provided, however,
the payment of such additional supplemental compensation to the Executive shall
be deferred until after the Executive’s Separation from Service.  Upon the Executive’s Separation from Service
with the Company, but subject to Section 9(k) hereof, the Company
shall be obligated to pay the Executive an amount (hereinafter called the “Deferred
Supplemental Pension Benefit Obligation”) equal to the sum of (i) the
additional supplemental pension benefit to which the Executive became entitled
pursuant to this Section 9(l) prior to his Separation from Service
with the Company, together with interest thereon at the rate of 6% per annum,
compounded quarterly, calculated from the dates that the Executive earned the
same to the date of the Executive’s Separation from Service with the Company,
plus (ii) the amount of any annuity payments that were deferred, in whole
or in part, pursuant to Section 6(c) hereof, together with interest
thereon at 6% per annum, compounded quarterly, calculated from the dates that
such annuity payments or any portion thereof were deferred to the date of the
Executive’s Separation from Service with the Company.  The unpaid Deferred Supplemental Pension
Benefit Obligation shall bear interest at the rate of 6% per annum, compounded
quarterly, commencing on the day following the Executive’s Separation from
Service with the Company.  The Deferred
Supplemental Pension Benefit Obligation, and the interest thereon, shall be
payable, subject to Section 9(k) hereof, on the day after each
anniversary of the Executive’s Separation from Service with the Company, in
annual installments of $400,000, which amount shall be applied first to
interest accrued on the Deferred Supplemental Pension Benefit Obligation and
then to reduce the outstanding balance thereof; provided, however, that the
last such installment shall be payable in the amount of the then unpaid
Deferred Supplemental Pension Benefit Obligation, together with then accrued
interest thereon; and provided, further, that the entire unpaid balance of the
Deferred Supplemental Pension Benefit Obligation, together with all accrued and
unpaid interest thereon, shall be payable upon the Executive’s death, unless
such payment would result in the Company losing a tax deduction pursuant to
Code Section 162(m), in which case the Company shall continue to make the
annual installment payments to the Executive’s estate until the entire Deferred
Supplemental Pension Benefit Obligation and all accrued interest thereon has
been paid in full.

 

6.                                      Except as amended hereby, the
Employment Agreement shall remain in full force and effect.

 

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IN
WITNESS WHEREOF, the parties have executed this
Amendment as of the date set forth above.

 

	
   

  	
  Blyth, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Its:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  The
  Executive:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Robert B. Goergen

  

 

4Exhibit 10.1

 

April 10,
2008

 

AMENDMENT TO
LETTER AGREEMENT

 

WHEREAS, Millennium
Pharmaceuticals, Inc. (the “Company”) and Deborah Dunsire (the “Employee”)
are parties to a certain Letter Agreement dated as of June 21, 2005 (the “Letter
Agreement”);

 

WHEREAS, in connection
with that certain Agreement and Plan of Merger between Takeda America Holdings, Inc.
(“Takeda”), Mahogany Acquisition Corp. and the Company, as of April 10,
2008 (the “Merger Agreement”), the closing of which will result in, among other
things, the Company becoming a wholly-owned subsidiary of Takeda (the date on
which the Company becomes a wholly-owned subsidiary of Takeda as a result of
the Merger (as such term is defined in the Merger Agreement) being referred to
herein as the “Acquisition Date”); and

 

WHEREAS,
effective as of the Acquisition Date, the parties wish to amend certain terms
and conditions of the Letter Agreement by means of this amendment (the “Amendment”).

 

NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants and agreements
hereinafter set forth, the Employee and the Company hereto mutually covenant
and agree as follows:

 

1.                     Amendment of Letter Agreement.

 

a.                           The
Letter Agreement is hereby amended by replacing Section 14(a)(ii) as
follows:

 

“(ii) a
severance payment (the “Severance Payment”) to be paid in a lump sum within ten
(10) days following your termination date (subject to any delay in payment
required to comply with Section 409A of the Internal Revenue Code of 1986,
as amended (the “Code”), but in no event prior to January 1, 2009) in an
amount equal to the sum of the following: (A) a pro rata share of your
target Success Sharing bonus for the period of your employment during the year
in which termination occurred; and (B) the sum of 1.5 times your base
salary at your rate of pay in effect on the date of termination, plus 2 times
your then current target bonus;

 

b.                          The Letter Agreement is hereby
amended by adding a new Section 16 
as follows:

 

“16.  Merger.  On the Acquisition Date you will have Good
Reason under clauses (ii) and (v) of the definition thereof set forth
in Paragraph 14(b) of this letter agreement.  Accordingly, subject to the terms and
conditions of 

 

 

this Amendment, you would be entitled to terminate employment after the
Acquisition Date and receive the severance payments and benefits described in
Paragraph 14.  You have indicated,
however, that it is your present intention to remain as the President and Chief
Executive Officer of the Company until at least the first anniversary of the
Acquisition Date.  To facilitate a
successful transition, you and the Company agree that (i) prior to the
first anniversary of the Acquisition Date you will not assert a termination of
your employment for Good Reason other than for a Good Reason described in
clause (i), (iii), or (iv) of such definition, and (ii) after the
first anniversary of the Acquisition Date you shall have the right to terminate
your employment at any time and receive the severance payments and benefits
described under Paragraph 14 of this letter agreement.   Given the
significant change to your position, duties, and authority that will occur
after the Acquisition Date, it is further agreed that in exceptional
circumstances that are not expected to arise during the first eight (8) months
following the Acquisition Date, you and the Company will explore the terms and
conditions of a mutually agreeable solution to allow you to terminate
employment with the Company prior to the first anniversary of the Acquisition
Date and receive the severance payments and benefits described in Paragraph
14.  In consideration of the foregoing,
on the Acquisition Date the Company will accelerate the vesting of your
retirement benefit described in Paragraph 7 (i.e. your Account) and distribute
it to you in a lump sum six (6) months after your termination of
employment.  Section 4(j) of
the Company’s Key Employee Change in Control Severance Plan is hereby
incorporated by reference in this Letter Agreement as if it had been fully set
forth herein.”

 

c.                           The Letter Agreement is hereby
amended by adding a new Section 17 as follows:

 

“17.  Retention Bonus. 
You will be eligible for a lump sum cash payment on the first
anniversary of the Acquisition Date provided that you are employed by the
Company as of such date in an amount equal to the sum of (i) 200% of your
annual base salary in effect as of the Acquisition Date, plus (ii) 200% of
the annual bonus paid to you for the Company’s fiscal year ending December 31,
2008, (based upon attainment of Company performance and retention goals to be
determined by mutual agreement, with a minimum bonus of 100% of your 2008
target bonus and a maximum bonus of 200% of your 2008 target bonus) (such sum,
the “First Year Retention Bonus”).  You
will be eligible for a lump sum cash payment on the second anniversary of the
Acquisition Date provided that you are employed by the Company as of such date
in an amount to be determined by mutual agreement between you and the Company
prior to the first 

 

2

 

anniversary of the
Acquisition Date (such sum, the “Second Year Retention Bonus”).  Except as set forth below, you will not be
eligible for the retention bonuses as set forth above if your employment
terminates prior to such applicable anniversary.  In the event of your Voluntary Termination
for Good Reason (as defined below), the termination of your employment by the
Company other than for Justifiable Cause, or in the event of your death or “permanent
disability” as defined in the Company’s long-term disability policy (i) during
the first twelve month period following the Acquisition Date, you will be
eligible for a pro rata portion of the First Year Retention Bonus, counting
full months of employment with the Company from the Acquisition Date through
such termination, and (ii) during the second twelve month period following
the Acquisition Date, you will be eligible for a pro rata portion of the Second
Year Retention Bonus, counting full months of employment with the Company from
the first anniversary of the Acquisition Date through such termination.  Any prorated payment pursuant to the
preceding sentence shall be made within 10 business days of such termination.  If the annual bonus payment for the Company’s
fiscal year ending December 31, 2008, has not been paid to you or
otherwise determined by the Company as of the date the prorated payment is due,
the prorated payment shall be calculated using your target bonus amount for
2008.  Payments under this Section 17
shall be net of any applicable withholding taxes.  For purposes of this Section 17, “Voluntary
Termination for Good Reason” shall have the same meaning as given to such term
under the Key Employee Change in Control Severance Plan as in effect
immediately prior to the Acquisition Date, but with respect to the First Year
Retention Bonus only, determined without regard to clauses (ii) and (v) thereof.”

 

d.                          The Letter Agreement is hereby
amended by adding a new Section 18 as follows:

 

“18.  Amendment to Key Employee
Change in Control Severance Plan.

 

You hereby agree and
acknowledge that with respect to your participation, if any, in the Key
Employee Change in Control Severance Plan (the “Plan”), Section 3 of the
Plan is hereby amended by adding the following language to the end of Section 3:

 

‘Notwithstanding the
foregoing, upon the effective date of a Change in Control (i) you shall
automatically qualify for a Voluntary Termination for Good Reason under clause (ii) of
such definition, (ii) you agree not to assert a Voluntary Termination for
Good Reason during the first twelve (12) months following the effective date of
the 

 

3

 

Change in Control for a
reason described in clause (ii) of such definition, and (iii) after
the first anniversary of the effective date of the Change in Control you shall
have the right to terminate your employment at any time as a Voluntary
Termination for Good Reason and receive the payments and benefits under the
Plan.’

 

You also agree and
acknowledge that the first full paragraph of Section 4(a) of the Plan
is hereby amended and replaced in its entirety with the following:

 

‘(a)  SALARY AND
BONUS PAYOUT.  Subject to any delay in
payment required to comply with Section 409A of the Internal Revenue Code
of 1986, as amended (the “Code”), you will be paid in a lump sum within thirty
(30) days following the date of the qualifying termination (but in no event
prior to January 1, 2009) an amount equal to the sum of (i) your
Severance Multiple times your base salary at the greater of your rate of pay in
effect on the effective date of the Change in Control, or your rate of pay in
effect on the date of termination; (ii) your Severance Multiple times the
greater of your target bonus for the Company’s fiscal year ending December 31,
2008, or your target bonus on the date of termination; and (iii) the
greater of your target bonus for the Company’s fiscal year ending December 31,
2008, or your target bonus on the date of termination multiplied by a fraction,
the numerator of which shall equal the number of days you were employed by the
Company in the Company fiscal year in which the termination occurs and the
denominator of which shall equal 365.’

 

You further agree and
acknowledge that Section 4 of the Plan is hereby amended by adding a new Section 4(j) as
follows:

 

‘(j)  LONG-TERM
INCENTIVE COMPENSATION.  If you become
entitled to payments under Section 4(a), then any otherwise unvested stock
options, restricted stock, restricted stock units, stock appreciation rights,
phantom shares, long-term cash incentive bonus, or other form of equity,
phantom equity, quasi-equity, or long-term incentive compensation granted to
you by the Company or any related entity on or after the Acquisition Date (the “LTI
Compensation”) shall (notwithstanding any otherwise applicable vesting and
exercise schedule) immediately become vested and exercisable on a pro-rata
basis determined by reference to a ratio, the numerator of which shall be the
number of your full months of employment with the Company from the effective
date of the Change in Control and the denominator 

 

4

 

of which shall be the
number of full months under the vesting schedule of the relevant LTI
Compensation award.’”

 

e.                           The Letter Agreement is hereby
amended by adding a new Section 19 as  follows:

 

“19. Section 409A. 
Payment of amounts or benefits under this Letter Agreement will be
deferred and paid no earlier than six months following your termination of
employment if, and only to the extent, required to comply with Section 409A
of the Code.  In such event, the first
payment will be made for an aggregate amount equal to what would have been paid
under this Letter Agreement over the course of such deferred period.  To comply with Section 409A of the Code,
any Gross-Up Payment due to you under the Plan or the express terms of your
Letter Agreement shall be paid to you within ten (10) business days of
when the Excise Tax is imposed on you.”

 

2.             2009 Long-Term Equity
Compensation.  Following the Acquisition Date in 2009, the
Company, its successor and/or one or more affiliates of such entities, intend
to grant to you LTI Compensation (as defined above) that is substantially
similar in economic value to the equity award(s) granted by the Company to
you during 2008 prior to the Acquisition Date.

 

3.             Clarification.  For purposes
of clarity, the references in Section 1(c) above to the “Change of
Control” in the amendment to Section 4(a) of the Plan and the
addition of Section 4(j) to the Plan are meant to apply to the
closing of the transaction contemplated by the Merger Agreement.

 

4.             Assumption.  The Company’s
obligations to the Employee under this Amendment, the Letter Agreement, and the
Plan shall be assumed by any successor to the Company.

 

5.             No Mitigation. 
Notwithstanding any other provision of this Amendment, the Letter
Agreement, or the Plan, the Employee will have no obligation to mitigate
damages for any breach or termination of this Agreement, the Letter Agreement,
or the Plan by the Company or its successor, whether by seeking employment or
otherwise.

 

6.             Confirmation. 
Except as amended by this Amendment, the Letter Agreement and Plan shall
remain in full force and effect.

 

7.             Future Reference. 
All future references to the Letter Agreement or Plan shall mean such
agreement or plan as amended hereby.

 

5

 

8.             Counterparts. 
This Amendment may be executed in one or more counterparts, each of
which shall be deemed to be an original, but all of which together shall
constitute one and the same instrument.

 

9.             Effective Date. 
This Amendment shall become effective upon the Acquisition Date and
until such time shall have no force and effect. 
In the event that the Merger Agreement is terminated in accordance with
its terms, this Amendment shall be null and void and shall have no force and
effect.

 

 

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SIGNATURE PAGE TO

 

AMENDMENT TO
LETTER AGREEMENT

 

IN WITNESS WHEREOF, the
parties have executed this Amendment to the Letter Agreement on the date and
year first above written.

 

	
   

  	
  MILLENNIUM
  PHARMACEUTICALS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen M. Gansler

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EMPLOYEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Deborah Dunsire

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Deborah Dunsire

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  President and CEO

  

 

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