Document:

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                                                                  EXECUTION COPY

                                                                    Exhibit 10.1

                                COLLATERAL PLEDGE
                             AND SECURITY AGREEMENT

                          Dated as of December 21, 2001

                                      among

                             VEECO INSTRUMENTS INC.
                                   as Pledgor,

                    STATE STREET BANK AND TRUST COMPANY, N.A.
                                   as Trustee,

                    STATE STREET BANK AND TRUST COMPANY, N.A.
                            as Collateral Agent, and

                       STATE STREET BANK AND TRUST COMPANY
                           as Securities Intermediary

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         This Collateral Pledge and Security Agreement (as supplemented from
time to time, this "Pledge Agreement") is made and entered into as of December
21, 2001 among VEECO INSTRUMENTS INC., a Delaware corporation (the "Pledgor"),
having its principal offices at 100 Sunnyside Boulevard, Woodbury, New York
11797, STATE STREET BANK AND TRUST COMPANY, N.A., a national banking
association, having its principal corporate trust office at 61 Broadway, 15th
Floor, New York, New York, 10006, as trustee (in such capacity, the "Trustee")
for the holders (the "Holders") of the Notes (as defined herein) issued by the
Pledgor under the Indenture referred to below, STATE STREET BANK AND TRUST
COMPANY, N.A., a national banking association, having a corporate trust office
at 61 Broadway, 15th Floor, New York, New York, 10006, as collateral agent for
the Trustee and the holders from time to time of the Notes referred to below (in
such capacity, the "Collateral Agent"), and STATE STREET BANK AND TRUST COMPANY,
a Massachusetts trust company, having an office where it maintains securities
accounts for customers at Two Avenue de Lafayette, 6th Floor. Boston,
Massachusetts 02110, as securities intermediary (in such capacity, the
"Securities Intermediary").

                              W I T N E S S E T H:

         WHEREAS, the Pledgor and Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Salomon Smith Barney Inc. and Thomas Weisel Partners LLC
(collectively, the "Initial Purchasers") are parties to a Purchase Agreement
dated December 18, 2001 (the "Purchase Agreement"), pursuant to which the
Pledgor will issue and sell to the Initial Purchasers $200,000,000 aggregate
principal amount of 41/8% Convertible Subordinated Notes due 2008 (the "Notes");

         WHEREAS, the Pledgor and the Trustee have entered into that certain
indenture dated as of the date hereof (as amended, restated, supplemented or
otherwise modified from time to time, the "Indenture"), pursuant to which the
Pledgor is issuing the Notes on the date hereof;

         WHEREAS, pursuant to the Indenture, the Pledgor is required to
purchase, or cause the purchase of, and pledge to the Collateral Agent for the
benefit of the Trustee and the Holders, at the Closing Time (as defined in the
Purchase Agreement) or the relevant Date of Delivery (as defined in the Purchase
Agreement), U.S. Government Obligations (as defined in the Indenture) in an
amount that will be sufficient upon receipt of scheduled interest and principal
payments on such securities, as determined by the Pledgor and verified, as to
mathematical accuracy, in the written opinion of Ernst & Young LLP (the form of
which is attached hereto as Exhibit A; and for the purposes hereof, the
"opinion" referred to in Sections 6(d) and (e) shall mean the determination by
the Pledgor and verification by a firm in substantially the form of Exhibit A)
or another nationally recognized firm of independent public accountants selected
by the Pledgor and delivered to the Trustee, to provide for payment in full of
the first six scheduled interest payments due on the Notes (such obligation,
together with the obligation to repay the principal, premium, if any, and
interest (including additional interest, if any) on the Notes in the event that
the Notes become due and payable prior to such time as the first six scheduled
interest payments thereon shall have been paid in full, being collectively
referred to herein as the "Obligations");

         WHEREAS, the Collateral Agent has caused the Securities Intermediary to
establish an account (the "Collateral Account") with the Securities
Intermediary, at its office at Two Avenue

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de Lafayette, 6th Floor, Boston, Massachusetts 02110, Account No. 129248-002, in
the name of State Street Bank and Trust Company, N.A., as Collateral Agent for
the benefit of the Trustee and holders of the 41/8 % Convertible Subordinated
Notes Due 2008 of Veeco Instruments Inc. and designated as "STATE STREET BANK
COLL AGENT FOR Veeco"; and

         WHEREAS, it is a condition precedent to the purchase of the Notes by
the Initial Purchasers pursuant to the Purchase Agreement that the Pledgor apply
certain of the proceeds of the offering of the Notes to the purchase of the
Pledged Securities (as defined below) and deposit, or cause to be deposited, the
Pledged Securities into the Collateral Account to be held therein subject to the
terms of this Pledge Agreement and that the Pledgor shall have granted the
assignment and security interest and made the pledge and assignment contemplated
by this Pledge Agreement.

         NOW, THEREFORE, in consideration of the premises herein contained, and
in order to induce the Initial Purchasers to purchase the Notes, the Pledgor,
the Trustee, the Collateral Agent and the Securities Intermediary hereby agree,
for the benefit of the Initial Purchasers and for the ratable benefit of the
Holders, as follows:

         SECTION 1. Definitions; Appointment; Deposit and Investment.

         1.1      Definitions.

         (a) Unless otherwise defined in this Pledge Agreement, terms defined or
referenced in the Indenture are used in this Pledge Agreement as such terms are
defined or referenced therein.

         (b) Unless otherwise defined in the Indenture or in this Pledge
Agreement, terms defined in Article 8 or 9 of the Uniform Commercial Code in
effect in the State of New York ("N.Y. Uniform Commercial Code") from time to
time and/or in Section 357.2 of the Treasury Regulations (as defined in Section
1.1(c)) are used in this Pledge Agreement as such terms are defined in such
Article 8 or 9 and/or such Section 357.2.

         (c) In this Pledge Agreement, the following terms have the following
meanings (such meanings to be equally applicable to both the singular and plural
forms of the terms defined):

         "Additional Pledged Securities" has the meaning specified in Section
1.3 hereof.

         "Cash Equivalents" means, to the extent owned by the Pledgor free and
clear of all Liens other than Liens created hereunder, U.S. Government
Obligations.

         "C.F.R." means U.S. Code of Federal Regulations.

         "Closing Time" has the meaning specified in the Purchase Agreement.

         "Collateral" has the meaning specified in Section 1.3 hereof.

         "Collateral Account" has the meaning specified in the recitals of the
parties hereto.

         "Collateral Agent" has the meaning specified in the recitals of the
parties hereto.

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         "Collateral Investments" has the meaning specified in Section 5 hereof.

         "Date of Delivery" has the meaning specified in the Purchase Agreement.

         "entitlement holder" has the meaning specified in N.Y. Uniform
Commercial Code Section 8-102(a)(7) or, in respect of any Book-entry Security,
the meaning specified for "Entitlement Holder" in 31 C.F.R. Section 357.2 or, as
applicable to such Book-entry Security, the corresponding federal book-entry
regulations.

         "FRBB" means Federal Reserve Bank of Boston.

         "FRBB Account" means the FRBB Member Securities Account maintained in
the name of the Securities Intermediary by the FRBB.

         "FRBB Member" means any Person that is eligible to maintain (and that
maintains) with the FRBB one or more FRBB Member Securities Accounts in such
Person's name.

         "FRBB Member Securities Account" means, in respect of any Person, the
Participant's Securities Account maintained in the name of such Person at the
FRBB, to which account U.S. Government Obligations held for such Person are or
may be credited.

         "Holders" has the meaning specified in the recitals of the parties
hereto.

         "Initial Pledged Securities" has the meaning specified in Section 1.3
hereof.

         "Initial Purchasers" has the meaning specified in the recitals of the
parties hereto.

         "Notes" has the meaning specified in the recitals of the parties
hereto.

         "N.Y. Uniform Commercial Code" has the meaning specified in Section
1.1(b).

         "Obligations" has the meaning specified in the recitals of the parties
hereto.

         "Pledge Agreement" has the meaning specified in the recitals of the
parties hereto.

         "Pledged Securities" has the meaning specified in Section 1.3 hereof.

         "Pledgor" has the meaning specified in the recitals of the parties
hereto.

         "Purchase Agreement" has the meaning specified in the recitals of the
parties hereto.

         "Securities Intermediary" has the meaning specified in the recitals of
the parties hereto.

         "securities intermediary" means a Person that is a "securities
intermediary" (as defined in N.Y. Uniform Commercial Code Section 8-102(a)(14))
and, in respect of any Book-entry Security, a "Securities Intermediary" (as
defined in 31 C.F.R. Section 357.2 or, as applicable to such Book-entry
Security, as defined in the corresponding federal book-entry regulations).

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         "security" has the meaning specified in Section 8-102(a)(15) of the
N.Y. Uniform Commercial Code or, in respect of any Book-entry Security, has the
meaning specified for "Security" in 31 C.F.R. Section 357.2 (or, as applicable
to such Book-entry Security, the corresponding federal book-entry regulations).

         "security entitlement" has the meaning specified in N.Y. Uniform
Commercial Code Section 8-102(a)(17) or, in respect of any Book-entry Security,
has the meaning specified for "Security Entitlement" in 31 C.F.R. Section 357.2
(or, as applicable to such Book-entry Security, the corresponding federal
book-entry regulations).

         "Settlement Date" means, as to any U.S. Government Obligations, the
date on which the purchase of such U.S. Government Obligations shall have been
settled.

         "Supplement" has the meaning specified in Section 1.3 hereof, and shall
be substantially in the form of Exhibit B hereto.

         "Termination Date" means the earlier of (a) the date of the payment in
full in cash of each of the first six scheduled interest payments due on the
Notes under the terms of the Indenture and (b) the date of the payment in full
in cash of all obligations due and owing under this Pledge Agreement, the
Indenture and the Notes, in the event such obligations become due and payable
prior to the payment of the first six scheduled interest payments on the Notes.

         "Treasury Regulations" means (a) the federal regulations contained in
31 C.F.R. Part 357 (including, without limitation, Section 357.2, Section 357.10
through Section 357.14 and Section 357.41 through Section 357.44 of 31 C.F.R.)
and (b) to the extent substantially identical to the federal regulations
referred to in clause (a) above (as in effect from time to time) the federal
regulations governing other U.S. Government Obligations.

         "Trustee" has the meaning specified in the recitals of parties hereto.

         "uncertificated security" has the meaning specified in Section
8-102(a)(18) of the N.Y. Uniform Commercial Code.

         1.2 Appointment of the Collateral Agent. The Trustee hereby appoints
the Collateral Agent as Collateral Agent in accordance with the terms and
conditions set forth herein and the Collateral Agent hereby accepts such
appointment.

         1.3 Pledge and Grant of Security Interest. As security for the prompt
and complete payment and performance when due (whether at the stated maturity,
by acceleration or otherwise) of the Obligations, the Pledgor hereby assigns and
pledges to the Collateral Agent for the benefit of the Trustee and the ratable
benefit of the Holders and hereby grants to the Collateral Agent for the benefit
of the Trustee and for the ratable benefit of the Holders, a lien on and first
priority perfected security interest in all of the Pledgor's right, title and
interest in, to and under the following property: (a) (i) the U.S. Government
Obligations identified by CUSIP No. in Schedule I to this Pledge Agreement (the
"Initial Pledged Securities") and (ii) the U.S. Government Obligations, if any,
identified by CUSIP No. in a supplement or supplements (each, a "Supplement,"
the form of which is attached hereto as Exhibit B) to the Pledge Agreement (the
"Additional Pledged Securities" and, together with the Initial Pledged
Securities, the "Pledged

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Securities") and the certificates representing the Pledged Securities (if any),
the scheduled payments of principal and interest thereon which will be
sufficient to provide for payment in full of the first six scheduled interest
payments due on the Notes, (b) the Collateral Account, all security entitlements
from time to time carried in the Collateral Account, all funds held therein and
all certificates and instruments, if any, from time to time representing or
evidencing the Collateral Account, (c) all Collateral Investments (as
hereinafter defined) from time to time and all certificates and instruments, if
any, representing or evidencing the Collateral Investments, and any and all
security entitlements to the Collateral Investments, and any and all related
securities accounts in which any security entitlements to the Collateral
Investments are carried, (d) all notes, certificates of deposit, deposit
accounts, checks and other instruments, if any, from time to time hereafter
delivered to or otherwise possessed by the Collateral Agent for or on behalf of
the Pledgor and specifically designated by the Pledgor to be in substitution for
any or all of the then existing Collateral, (e) all interest, dividends, cash,
instruments and other property, if any, from time to time received, receivable
or otherwise distributed in respect of or in exchange for any or all of the then
existing Collateral and (f) all proceeds of any and all of the foregoing
Collateral (including, without limitation, proceeds that constitute property of
the types described in clauses (a)-(e) of this Section 1.3) and, to the extent
not otherwise included, all (i) payments under insurance (whether or not the
Trustee or the Collateral Agent is the loss payee thereof) or any indemnity,
warranty or guaranty, payable by reason of loss or damage to or otherwise with
respect to any of the foregoing Collateral and (ii) cash proceeds of any and all
of the foregoing Collateral (such property described in clauses (a) through (f)
of this Section 1.3 being collectively referred to herein as the "Collateral").
Without limiting the generality of the foregoing, this Pledge Agreement secures
the payment of all amounts that constitute part of the Obligations and would be
owed by the Pledgor to the Trustee under the Notes, the Indenture, this Pledge
Agreement and any other transaction documents related thereto but for the fact
that they are unenforceable or not allowable due to the existence of a
bankruptcy, reorganization or similar proceeding involving the Pledgor.

         SECTION 2. Establishment and Maintenance of Collateral Account.

         (a) Prior to or concurrently with the execution and delivery hereof,
the Collateral Agent shall cause the Securities Intermediary to establish the
Collateral Account on its books as a separate account segregated from all other
custodial or collateral accounts at its office at Two Avenue de Lafayette, 6th
Floor, Boston, Massachusetts 02110. The Collateral Agent will cause the
Securities Intermediary to maintain the Collateral Account as a securities
account with the Securities Intermediary. The following provisions shall apply
to the establishment and maintenance of the Collateral Account:

                  (i)      The Collateral Agent shall cause the Collateral
                           Account to be, and the Collateral Account shall be,
                           separate from all other accounts maintained for the
                           Collateral Agent.

                  (ii)     The Collateral Agent shall, in accordance with all
                           applicable laws, have sole dominion and control over
                           the Collateral Account.

                  (iii)    It shall be a term and condition of the Collateral
                           Account, and the Pledgor irrevocably instructs the
                           Collateral Agent and the Securities Intermediary,

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                           notwithstanding any other term or condition to the
                           contrary in any other agreement, that no amount
                           (including interest on Collateral Investments) shall
                           be released to or for the account of, or withdrawn by
                           or for the account of, the Pledgor or any other
                           Person except as expressly provided in this Pledge
                           Agreement.

         (b) On (i) or prior to the Closing Time, the Pledgor shall purchase,
directly or indirectly, the U.S. Government Obligations listed on Schedule I
hereto and, at the Closing Time, the Pledgor shall, directly or indirectly,
deliver such U.S. Government Obligations to the Securities Intermediary for
credit to the Collateral Account at the Closing Time, and (ii) the relevant Date
of Delivery, if any, the Pledgor shall transfer, or cause to be transferred, to
the Collateral Agent, an amount in cash to be set forth in the relevant
Supplement to the Pledge Agreement, which amount shall be sufficient for the
Collateral Agent to purchase the Additional Pledged Securities by depositing all
such funds into the Collateral Account.

         The Collateral Account shall be subject to such applicable laws, and
such applicable regulations of the Board of Governors of the Federal Reserve
System and of any other appropriate banking or governmental authority, as may
now or hereafter be in effect.

         (c) As soon as practicably possible after receipt of the amount
referred to in Section 2(b)(ii) (and not later than the Business Day following
the relevant Date of Delivery, (i) the Collateral Agent shall cause the
Securities Intermediary to apply such amount to purchase the U.S. Government
Obligations (in the name of the Securities Intermediary) listed on the relevant
Supplement to the Pledge Agreement hereto, and credit such U.S. Government
Obligations to the Collateral Account as Collateral hereunder; and (ii) the
Collateral Agent shall cause the Securities Intermediary to ensure that, on the
Settlement Date of such U.S. Government Obligations, the FRBB indicates by
book-entry that those U.S. Government Obligations being settled on such date are
credited to the FRBB Account.

         (d) The obligations of the Pledgor under Section 2(b)(ii) above and the
obligations of the Collateral Agent under Section 2(c) above may be fulfilled by
the Pledgor purchasing, directly or indirectly, the U.S. Government Obligations
specified under Section 2(c) above for the amount set forth under Section
2(b)(ii) above, and delivering, directly or indirectly, such U.S. Government
Obligations to the Securities Intermediary for credit to the Collateral Account
at the relevant Date of Delivery.

         (e) The Collateral Agent will, from time to time, reinvest the proceeds
of Collateral that may mature or be sold in such Collateral Investments (in the
name of the Securities Intermediary) as it will be directed in writing by the
Pledgor, and cause such Collateral Investments to be credited by the Securities
Intermediary to the Collateral Account as Collateral hereunder. Any such
proceeds that the Pledgor directs the Collateral Agent in writing not to
reinvest in Collateral Investments shall be held in the Collateral Account.

         SECTION 3. Delivery and Control of Collateral.

         (a) All certificates or instruments representing or evidencing
Collateral shall be delivered to and held by or on behalf of the Collateral
Agent pursuant hereto and shall be in suitable form

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for transfer or delivery, or, at the request of the Collateral Agent, shall be
accompanied by duly executed instruments of transfer or assignment in blank. In
addition, the Collateral Agent shall have the right at any time to exchange
certificates or instruments representing or evidencing Collateral for
certificates or instruments of smaller or larger denominations.

         (b) With respect to any Collateral that constitutes a security and is
not represented or evidenced by a certificate or instrument, the Pledgor shall
cause the issuer thereof either (i) to register the Collateral Agent as the
registered owner of such security or (ii) to agree in writing with the
Collateral Agent and the Pledgor that such issuer will comply with instructions
with respect to such security originated by the Collateral Agent without further
consent of the Pledgor, the terms of such agreement to be consistent with the
terms of this Agreement (if applicable).

         (c) With respect to any Collateral that constitutes a security
entitlement, the Pledgor shall cause the securities intermediary with respect to
such security entitlement either (i) to identify in its records the Collateral
Agent as the entitlement holder of such security entitlement against such
securities intermediary or (ii) to agree in writing with the Pledgor and the
Collateral Agent that such securities intermediary will comply with entitlement
orders (that is, notifications communicated to such securities intermediary
directing transfer or redemption of the financial asset to which Pledgor has a
security entitlement) originated by the Collateral Agent without further consent
of the Pledgor, the terms of such agreement to be consistent with the terms of
this Agreement (if applicable).

         (d) With respect to any Collateral that constitutes a securities
account, the Pledgor will comply with subsection (c) of this Section 3 with
respect to all security entitlements carried in such securities account.

         (e) Notwithstanding the foregoing, Collateral consisting of U.S.
Government Obligations will be deemed delivered to the Collateral Agent when the
Securities Intermediary (i) shall indicate by book entry that such securities
have been credited to the Collateral Account or (ii) shall receive such security
(or a financial asset based on such security) for the Collateral Account from or
at the direction of the Pledgor, and shall accept such security (or such
financial asset) for credit to the Collateral Account.

         (f) Concurrently with the execution and delivery of this Pledge
Agreement, the Collateral Agent is delivering, and concurrently with the
execution and delivery of any Supplement to the Pledge Agreement, the Collateral
Agent will deliver, to the Pledgor and the Initial Purchasers a duly executed
certificate, in the form of Exhibit C hereto, of an officer of the Collateral
Agent.

         (g) Pledgor hereby irrevocably authorizes the Collateral Agent at any
time and from time to time to file in the Office of the Secretary of State of
Delaware and any other filing office in the United States any initial financing
statements and amendments thereto that (a) contain a description of collateral
of an equal or lesser scope as the Collateral described in this Pledge Agreement
or any Supplement to the Pledge Agreement, but such description may contain
greater detail than is contained in this Pledge Agreement or any such
Supplement, and (b) contain any other information required by part 5 of Article
9 of the Uniform Commercial Code

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as in effect in any applicable jurisdiction for the sufficiency or filing office
acceptance of any financing statement or amendment therein, including whether
the Pledgor is an organization, the type of organization and any organization
identification number issued to the Pledgor. The Pledgor agrees to furnish any
such information to the Collateral Agent promptly upon request. The Pledgor also
ratifies its authorization for the Collateral Agent to have filed in any Uniform
Commercial Code jurisdiction any initial financing statements or amendments
thereto if filed prior to the date hereof. A photocopy or other reproduction of
this Agreement or any financing statement covering the Collateral or any part
thereof shall be sufficient as a financing statement where permitted by law.
Pledgor agrees that, at the request of the Collateral Agent, Pledgor shall file
any financing statement or amendment thereto that the Collateral Agent is
authorized to file pursuant to this Pledge Agreement.

         SECTION 4. Delivery of Collateral Other than U.S. Government
Obligations.

         (a) Collateral consisting of cash will be deemed to be delivered to the
Collateral Agent (such that the Collateral Agent will have an enforceable lien
and security interest thereon and therein) when it has been (and for so long as
it shall remain) deposited in or credited to the Collateral Account.

         (b) [RESERVED].

         (c) Collateral consisting of uncertificated securities (other than U.S.
Government Obligations) will be deemed delivered to the Collateral Agent when
the Securities Intermediary (A) shall indicate by book entry that such
securities have been credited to the Collateral Account or (B) shall receive
such security (or a financial asset based on such security) for the Collateral
Account from or at the direction of the Pledgor, and shall accept such security
(or such financial asset) for credit to the Collateral Account.

         (d) Collateral consisting of securities, and represented or evidenced
by certificates or instruments (other than U.S. Government Obligations), will be
deemed delivered to the Collateral Agent when all such certificates or
instruments representing or evidencing the Collateral, including, without
limitation, amounts invested as provided in Section 5, shall be delivered to the
Collateral Agent and held by or on behalf of the Collateral Agent pursuant
hereto and shall be in registered form and specially indorsed to the Collateral
Agent by an effective indorsement, all in form and substance sufficient to
convey a valid security interest in such Collateral to the Collateral Agent or
shall be credited to the Collateral Account.

         SECTION 5. Investing of Amounts in the Collateral Account. The
Collateral Agent shall advise the Pledgor if, at any time, any amounts shall
exist in the Collateral Account uninvested, and if directed in writing by the
Pledgor, the Collateral Agent will, subject to the provisions of Section 6 and
Section 13,

         (a) invest such amounts on deposit in the Collateral Account in such
Cash Equivalents in the name of the Collateral Agent as the Pledgor may select,
and

         (b) invest interest paid on the Cash Equivalents referred to in clause
(a) above, and reinvest other proceeds of any such Cash Equivalents that may
mature or be sold, in each case in such Cash Equivalents in the name of the
Collateral Agent, as the Pledgor may select (the Cash

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Equivalents referred to in clauses (a) and (b) above, together with the Pledged
Securities, being collectively referred to herein as "Collateral Investments");
provided, however, that the amount in cash and Pledged Securities on deposit in
the Collateral Account, collectively, at any time during the term of this Pledge
Agreement, is sufficient to provide for the payment in full of the remaining
interest payments at such time on the Notes up to and including the sixth
scheduled interest payment. Interest and proceeds that are not invested or
reinvested in Collateral Investments as provided above shall be deposited and
held in the Collateral Account. Except as otherwise provided in Sections 11 and
12, the Collateral Agent shall not be liable for any loss in the investment or
reinvestment of amounts held in the Collateral Account. The Collateral Agent is
not at any time under any duty to advise or make any recommendation for the
purchase, sale, retention or disposition of the Collateral Investments.

         SECTION 6. Disbursements. The Collateral Agent shall hold the
Collateral in the Collateral Account and release the same, or a portion thereof,
only as follows:

         (a) Prior to each of the first six scheduled interest payments on the
Notes, the Collateral Agent shall release from the Collateral Account and pay to
the Trustee for the benefit of, and payment to, the Holders of the Notes in
accordance with the provisions of the Indenture an amount sufficient to pay the
interest due on the Notes on such interest payment date and will take any action
necessary to provide for the payment of the interest on the Notes to the Holders
in accordance with the payment provisions of the Indenture from (and to the
extent of) proceeds of the Collateral in the Collateral Account. Nothing in this
Section 6 shall affect the Collateral Agent's rights to apply the Collateral to
the payments of amounts due on the Notes upon acceleration thereof.

         (b) If, prior to the date on which the sixth scheduled interest payment
on the Notes is due:

                  (i)      an Event of Default under the Notes occurs and is
                           continuing and

                  (ii)     the Trustee or the Holders of 25% in aggregate
                           principal amount of the Notes accelerate the Notes by
                           declaring the principal amount of the Notes to be
                           immediately due and payable in accordance with the
                           provisions of the Indenture, except for the
                           occurrence and continuance of an Event of Default
                           under Section 6.01(6) or (7) of the Indenture, upon
                           which the Notes will be accelerated automatically
                           pursuant to the Indenture,

then the Collateral Agent shall promptly, subject to applicable bankruptcy laws,
release the proceeds from the Collateral Account and pay to the Trustee for the
benefit of, and payment to, the Holders of the Notes in accordance with the
provisions of the Indenture. Distributions from the Collateral Account shall be
applied, for the ratable benefit of the Holders, as follows:

                  (x)      first, to any accrued and unpaid interest on the
                           Notes and

                  (y)      second, to the extent available, to the repayment of
                           the remaining Obligations, including the principal
                           amount of the Notes.

         Any surplus of such proceeds held by the Collateral Agent and remaining
after payment in full of all of the Obligations shall be paid over to the
Pledgor.

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         (c) [RESERVED]

         (d) In the event that the Collateral held in the Collateral Account is
less than 100% of the amount sufficient, in the written opinion of Ernst & Young
LLP or another nationally recognized firm of independent public accountants
selected by the Pledgor, to provide for payment in full of the first six
scheduled interest payments due on the Notes (or, in the event an interest
payment or payments have been made, an amount sufficient to provide for payment
in full of all interest payments remaining, up to and including the sixth
scheduled interest payment), the Pledgor shall deposit cash in to the Collateral
Account in the amount of such deficiency.

         (e) In the event that the Collateral held in the Collateral Account
exceeds 100% of the amount sufficient, in the opinion of Ernst & Young LLP or
another nationally recognized firm of independent public accountants selected
by the Pledgor, to provide for payment in full of the first six scheduled
interest payments due on the Notes (or, in the event an interest payment or
payments have been made, an amount sufficient to provide for payment in full
of all interest payments remaining, up to and including the sixth scheduled
interest payment), the Collateral Agent shall release to the Pledgor, at the
Pledgor's written request, accompanied by a written opinion prepared by Ernst
& Young LLP or such other nationally recognized firm of independent public
accountants, any such excess Collateral.

         (f) Upon the release of any Collateral from the Collateral Account, in
accordance with the terms of this Pledge Agreement, the security interest and
lien evidenced by this Pledge Agreement in such released Collateral will
automatically terminate and be of no further force and effect; provided that the
foregoing shall not affect the security interest and lien on any Collateral not
so released.

         (g) Except as expressly provided in this Section 6, nothing contained
in this Pledge Agreement shall (i) afford the Pledgor any right to issue
entitlement orders with respect to any security entitlement to the Pledged
Securities or Collateral Investments or any securities account in which any such
security entitlement may be carried, or otherwise afford the Pledgor control of
any such security entitlement or (ii) otherwise give rise to any rights of the
Pledgor with respect to the Collateral Investments, any security entitlement
thereto or any securities account in which any such security entitlement may be
carried, other than the Pledgor's rights under this Pledge Agreement as the
beneficial owner of Collateral pledged to and subject to the exclusive dominion
and control (including, without limitation, securities control) of the
Collateral Agent. The Pledgor acknowledges, confirms and agrees that the
Collateral Agent holds a first priority perfected security interest, lien and
security entitlement to the Collateral Investments solely as collateral agent
for the Trustee and the Holders and not as a securities intermediary for the
Pledgor.

         SECTION 7. Representations and Warranties. The Pledgor hereby
represents and warrants, as of the date hereof, that:

         (a) The execution and delivery by the Pledgor of, and the performance
by the Pledgor of its obligations under, this Pledge Agreement will not
contravene any provision of applicable law or the certificate of incorporation,
bylaws or equivalent organizational instruments of the Pledgor or any material
agreement or other material instrument binding upon the Pledgor or any of its

                                       10
<Page>

subsidiaries or any judgment, order or decree of any governmental body, agency
or court having jurisdiction over the Pledgor or any of its subsidiaries, or
result in the creation or imposition of any Lien on any assets of the Pledgor,
except for the lien and security interests granted under this Pledge Agreement;
no consent, approval, authorization or order of, or qualification with, and no
notice to or filing with, any governmental body or agency or other third party
is required (i) for the performance by the Pledgor of its obligations under this
Pledge Agreement, (ii) for the pledge by the Pledgor of the Collateral pursuant
to this Pledge Agreement or for the execution, delivery or performance of this
Agreement by the Pledgor or (iii) for the perfection or maintenance of the
pledge, assignment and security interest created hereby (including the first
priority nature of such pledge, assignment or security interest), except for the
filing of financing and continuation statements under the Uniform Commercial
Code of applicable jurisdictions which financing statements have been delivered
pursuant to Section 3(g) hereof, or (iv) except for any such consents,
approvals, authorizations or orders required to be obtained by the Collateral
Agent (or the Holders) for reasons other than the consummation of this
transaction, for the exercise by the Collateral Agent of the rights provided for
in this Pledge Agreement or the remedies in respect of the Collateral pursuant
to this Pledge Agreement.

         (b) The Pledgor is the legal and beneficial owner of the Collateral,
free and clear of any Lien or claims of any Person (except for the lien and
security interests granted under this Pledge Agreement). No effective financing
statement or other instrument similar in effect covering all or any part of the
Collateral is on file in any public office other than the financing statements,
if any, to be filed pursuant to this Pledge Agreement.

         (c) This Pledge Agreement has been duly authorized, validly executed
and delivered by the Pledgor and (assuming the due authorization and valid
execution and delivery of this Pledge Agreement by each of the Trustee, the
Collateral Agent and the Securities Intermediary and enforceability of the
Pledge Agreement against each of the Trustee, the Collateral Agent and the
Securities Intermediary in accordance with its terms) constitutes a valid and
binding agreement of the Pledgor, enforceable against the Pledgor in accordance
with its terms, except as (i) the enforceability hereof may be limited by
bankruptcy, insolvency, fraudulent conveyance, preference, reorganization,
moratorium or similar laws now or hereafter in effect relating to or affecting
the rights or remedies of creditors generally, (ii) the availability of
equitable remedies may be limited by equitable principles of general
applicability and the discretion of the court before which any proceeding
therefor may be brought, (iii) the exculpation provisions and rights to
indemnification hereunder may be limited by U.S. federal and state securities
laws and public policy considerations and (iv) the waiver of rights and defenses
contained in Section 13(b), Section 17.11 and Section 17.15 hereof may be
limited by applicable law.

         (d) Upon the delivery to the Collateral Agent of the Collateral in
accordance with the terms hereof and the filing of the financing statements
referred to in Section 3(g) hereof, the pledge of and grant of a security
interest in the Collateral securing the payment of the Obligations for the
benefit of the Trustee and the Holders will constitute a valid, first priority,
perfected security interest in such Collateral (except, with respect to
proceeds, only to the extent permitted by Section 9-315 of the N.Y. Uniform
Commercial Code), enforceable as such against all creditors of the Pledgor and
any persons purporting to purchase any of the Collateral from the Pledgor other
than as permitted by the Indenture. Upon filing of the financing statements

                                       11
<Page>

described in Section 3(g) hereof, all filings and other actions necessary or
desirable to perfect and protect such security interest will have been duly
taken.

         (e) There are no legal or governmental proceedings pending or, to the
best of the Pledgor's knowledge, threatened to which the Pledgor or any of its
subsidiaries is a party or to which any of the properties of the Pledgor or any
of its subsidiaries is subject that would materially adversely affect the power
or ability of the Pledgor to perform its obligations under this Pledge Agreement
or to consummate the transactions contemplated hereby.

         (f) The pledge of the Collateral pursuant to this Pledge Agreement is
not prohibited by law or governmental regulation (including, without limitation,
Regulations T, U and X of the Board of Governors of the Federal Reserve System)
applicable to the Pledgor.

         (g) No Event of Default exists.

         (h) The Pledgor is a corporation duly organized and validly existing
under the laws of the State of Delaware. The Pledgor's name as it appears in
official filings in the State of Delaware is VEECO INSTRUMENTS INC. The
Pledgor's organizational identification number issued by the State of Delaware
is 2204392.

         SECTION 8. Further Assurances. The Pledgor will, promptly upon the
request by the Collateral Agent (which request the Collateral Agent may submit
at the direction of the Holders of a majority in aggregate principal amount of
the Notes then outstanding), execute and deliver or cause to be executed and
delivered, or use its reasonable best efforts to procure, all assignments,
instruments and other documents, deliver any instruments to the Collateral Agent
and take any other actions that are necessary or desirable to perfect, continue
the perfection of, or protect the first priority of the Trustee's security
interest in and to the Collateral, to protect the Collateral against the rights,
claims or interests of third persons (other than any such rights, claims or
interests created by or arising through the Collateral Agent) or to effect the
purposes of this Pledge Agreement. Without limiting the generality of the
foregoing, the Pledgor will, if any Collateral shall be evidenced by a
promissory note or other instrument, deliver to the Collateral Agent in pledge
hereunder such note or instrument duly indorsed and accompanied by duly executed
instruments of transfer or assignment; and execute and file such financing or
continuation statements, or amendments thereto, and such other instruments or
notices, as may be necessary, or as the Collateral Agent may reasonably request,
in order to perfect and preserve the pledge, assignment and first priority
perfected security interest granted or purported to be granted hereby. The
Pledgor will promptly pay all reasonable costs incurred in connection with any
of the foregoing within 45 days of receipt of an invoice therefor. The Pledgor
also agrees, whether or not requested by the Collateral Agent, to use its
reasonable best efforts to perfect or continue the perfection of, or to protect
the first priority of, the Trustee's security interest in and to the Collateral,
and to protect the Collateral against the rights, claims or interests of third
persons (other than any such rights, claims or interests created by or arising
through the Collateral Agent).

         SECTION 9. Covenants. The Pledgor covenants and agrees with the
Collateral Agent, Trustee and the Holders that from and after the date of this
Pledge Agreement until the Termination Date:

                                       12
<Page>

         (a) it will not (i) (and will not purport to) sell or otherwise dispose
of, or grant any option or warrant with respect to, any of the Collateral nor
(ii) create or permit to exist any Lien upon or with respect to any of the
Collateral (except for the liens and security interests granted under this
Pledge Agreement and any Lien created by or arising through the Collateral
Agent) and at all times will be the sole beneficial owner of the Collateral;

         (b) it will not (i) enter into any agreement or understanding that
restricts or inhibits or purports to restrict or inhibit the Trustee's or the
Collateral Agent's rights or remedies hereunder, including, without limitation,
the Collateral Agent's right to sell or otherwise dispose of the Collateral or
(ii) fail to pay or discharge any tax, assessment or levy of any nature with
respect to its beneficial interest in the Collateral not later than three
Business Days prior to the date of any proposed sale under any judgment, writ or
warrant of attachment with respect to the Collateral;

         (c) it will maintain its jurisdiction of organization in the State of
Delaware, or upon 30 days' prior written notice to the Collateral Agent, in
another jurisdiction where all actions required by Sections 3(g) and 8 have been
taken with respect to the Collateral;

         (d) it will, and will cause the Trustee and the Collateral Agent to,
execute and deliver on or prior to any Date of Delivery, a Supplement to this
Pledge Agreement substantially in the form of Exhibit B hereto, and take such
other actions as shall be necessary to grant to the Collateral Agent, for the
benefit of the Trustee and the ratable benefit of the Holders, a valid
assignment of and security interest in the Additional Pledged Securities and the
related security entitlements; and

         (e) it will not, and acknowledges that it is not authorized to, file
any financing statement or amendment or termination statement with respect to
any financing statement in favor of the Collateral Agent without the prior
written consent of Collateral Agent and agrees that it will not do so without
the prior written consent of Collateral Agent, subject to the Pledgor's rights
under Section 9-509(d)(2) of the N.Y. Uniform Commercial Code.

         SECTION 10. Power of Attorney; Agent May Perform.

         (a) Subject to the terms of this Pledge Agreement, the Pledgor hereby
appoints and constitutes the Collateral Agent as the Pledgor's attorney-in-fact
(with full power of substitution) to exercise to the fullest extent permitted by
law all of the following powers upon and at any time after the occurrence and
during the continuance of an Event of Default:

                  (i)      collection of proceeds of any Collateral;

                  (ii)     conveyance of any item of Collateral to any purchaser
                           thereof;

                  (iii)    giving of any notices or recording of any Liens
                           hereof; and

                  (iv)     paying or discharging taxes or Liens levied or placed
                           upon the Collateral, the legality or validity thereof
                           and the amounts necessary to discharge the same to be
                           determined by the Collateral Agent in its sole
                           reasonable discretion, and such payments made by the
                           Collateral Agent to become part of the Obligations
                           secured hereby, due and payable immediately upon

                                       13
<Page>

                           demand. The Collateral Agent's authority under this
                           Section 10 shall include, without limitation, the
                           authority to endorse and negotiate any checks or
                           instruments representing proceeds of Collateral in
                           the name of the Pledgor, execute and give receipt for
                           any certificate of ownership or any document
                           constituting Collateral, transfer title to any item
                           of Collateral, sign the Pledgor's name on all
                           financing statements (to the extent permitted by
                           applicable law) or any other documents necessary or
                           appropriate to preserve, protect or perfect the
                           security interest in the Collateral and to file the
                           same, prepare, file and sign the Pledgor's name on
                           any notice of Lien (to the extent permitted by
                           applicable law), and to take any other actions
                           arising from or necessarily incident to the powers
                           granted to the Trustee or the Collateral Agent in
                           this Pledge Agreement. This power of attorney is
                           coupled with an interest and is irrevocable by the
                           Pledgor.

         (b) If the Pledgor fails to perform any agreement contained herein, the
Collateral Agent may, but is not obligated to, after providing to the Pledgor
notice of such failure and five Business Days to effect such performance, itself
perform, or cause performance of, such agreement, and the expenses of the
Collateral Agent incurred in connection therewith shall be payable by the
Pledgor under Section 14.

         SECTION 11. No Assumption of Duties; Reasonable Care. The rights and
powers granted to the Collateral Agent hereunder are being granted in order to
preserve and protect the security interest of the Collateral Agent for the
benefit of the Trustee and the Holders in and to the Collateral granted hereby
and shall not be interpreted to, and shall not impose any duties on, the
Collateral Agent in connection therewith other than those expressly provided
herein or imposed under applicable law. Except as provided by applicable law or
by the Indenture, the Collateral Agent shall be deemed to have exercised
reasonable care in the custody and preservation of the Collateral in its
possession if the Collateral is accorded treatment substantially equal to that
which the Collateral Agent accords similar property held by the Collateral Agent
for similar accounts, it being understood that the Collateral Agent in its
capacity as such

         (a) may consult with counsel of its selection and the advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon and

         (b) shall not have any responsibility for

                  (i)      ascertaining or taking action with respect to calls,
                           conversions, exchanges, maturities or other matters
                           relative to any Collateral, whether or not the
                           Collateral Agent has or is deemed to have knowledge
                           of such matters,

                  (ii)     taking any necessary steps for the existence,
                           enforceability or perfection of any security interest
                           of the Collateral Agent or to preserve rights against
                           any parties with respect to any Collateral or

                                       14
<Page>

                  (iii)    except as otherwise set forth in Section 5, investing
                           or reinvesting any of the Collateral.

         In no event shall the Collateral Agent be liable for the existence,
validity, enforceability or perfection of any security interest of the
Collateral Agent, or for special indirect or consequential damages or lost
profits or loss of business, arising in connection with this Agreement.

         SECTION 12. Indemnity. The Pledgor shall fully indemnify, hold harmless
and defend the Collateral Agent and its directors and officers from and against
any and all claims, losses, actions, obligations, liabilities and expenses,
including reasonable defense costs, reasonable investigative fees and costs, and
reasonable legal fees, expenses, and damages arising from the Collateral Agent's
appointment and performance as Collateral Agent under this Pledge Agreement,
except to the extent that such claim, action, obligation, liability or expense
is directly caused by the bad faith, gross negligence or willful misconduct of
such indemnified person. The provisions of this Section 12 shall survive
termination of this Pledge Agreement and the resignation and removal of the
Collateral Agent.

         SECTION 13. Remedies upon Event of Default. Subject to Section 6(b), if
any Event of Default under the Indenture shall have occurred and be continuing
and the Notes shall have been accelerated in accordance with the provisions of
the Indenture:

         (a) The Trustee, the Collateral Agent and the Holders shall have, in
addition to all other rights given by law or by this Pledge Agreement or the
Indenture, all of the rights and remedies with respect to the Collateral of a
secured party upon default under the N.Y. Uniform Commercial Code (whether or
not the N.Y. Uniform Commercial Code applies to the affected Collateral) at that
time. In addition, with respect to any Collateral that shall then be in or shall
thereafter come into the possession or custody of the Collateral Agent, the
Collateral Agent may and, at the written direction of the Trustee or the Holders
of a majority in aggregate principal amount of the Notes then outstanding, shall
appoint a broker or other expert to sell or cause the same to be sold at any
broker's board or at public or private sale, in one or more sales or lots, at
such price or prices such broker or other expert may deem commercially
reasonable, for cash or on credit or for future delivery, without assumption of
any credit risk. The purchaser of any or all Collateral so sold shall thereafter
hold the same absolutely, free from any claim, encumbrance or right of any kind
whatsoever created by or through the Pledgor. Unless any of the Collateral
threatens, in the reasonable judgment of the Collateral Agent, to decline
speedily in value, the Collateral Agent will give the Pledgor reasonable notice
of the time and place of any public sale thereof, or of the time after which any
private sale or other intended disposition is to be made. Any sale of the
Collateral conducted in conformity with reasonable commercial practices of
banks, insurance companies, commercial finance companies, or other financial
institutions disposing of property similar to the Collateral shall be deemed to
be commercially reasonable. Any requirements of reasonable notice shall be met
if notice of the time and place of any public sale or the time after which any
private sale is to be made is given to the Pledgor as provided in Section 17.1
hereof at least ten (10) days before the time of the sale or disposition. The
Collateral Agent or any Holder may, in its own name or in the name of a designee
or nominee, buy any of the Collateral at any public sale and, if permitted by
applicable law, at any private sale. The Collateral Agent shall not be obligated
to make any sale of Collateral regardless of notice of sale

                                       15
<Page>

having been given. The Collateral Agent may adjourn any public or private sale
from time to time by announcement at the time and place fixed therefor, and such
sale may, without further notice, be made at the time and place to which it was
so adjourned. All expenses (including court costs and reasonable attorneys'
fees, expenses and disbursements) of, or incident to, the enforcement of any of
the provisions hereof shall be recoverable from the proceeds of the sale or
other disposition of the Collateral.

         (b) The Pledgor further agrees to use its reasonable best efforts to do
or cause to be done all such other acts as may be necessary to make such sale or
sales of all or any portion of the Collateral pursuant to this Section 13 valid
and binding and in compliance with any and all other applicable requirements of
law. The Pledgor further agrees that a breach of any of the covenants contained
in this Section 13 will cause irreparable injury to the Trustee and the Holders,
that the Trustee and the Holders have no adequate remedy at law in respect of
such breach and, as a consequence, that each and every covenant contained in
this Section 13 shall be specifically enforceable against the Pledgor, and the
Pledgor hereby waives and agrees not to assert any defenses against an action
for specific performance of such covenants except for a defense that no Event of
Default has occurred.

         (c) All cash proceeds received by the Collateral Agent in respect of
any sale of, collection from, or other realization upon all or any part of the
Collateral may, in the discretion of the Collateral Agent, be held by the
Collateral Agent as collateral for, and/or then or at any time thereafter
applied (after payment of any amounts payable to the Collateral Agent or the
Trustee pursuant to Section 14) by the Collateral Agent for the ratable benefit
of the Holders first against any accrued and unpaid interest on the Notes and
thereafter against the remaining Obligations. Any surplus of such cash or cash
proceeds held by the Collateral Agent and remaining after payment in full of all
of the Obligations shall be paid over to the Pledgor.

         (d) The Collateral Agent may, but is not obligated to, exercise any and
all rights and remedies of the Pledgor in respect of the Collateral.

         (e) Subject to and in accordance with the terms of this Pledge
Agreement, all payments received by the Pledgor in respect of the Collateral
shall be received in trust for the benefit of the Collateral Agent, shall be
segregated from other funds of the Pledgor and shall be forthwith paid over to
the Collateral Agent in the same form as so received (with any necessary
indorsement).

         (f) The Collateral Agent may, without notice to the Pledgor except as
required by law and at any time or from time to time, charge, set-off and
otherwise apply all or any part of the Obligations against the Collateral
Account or any part thereof.

         (g) The Pledgor shall cease to be entitled to direct the investment of
amounts held in the Collateral Account under Section 5 hereof and the Collateral
Agent shall not accept any direction from the Pledgor to invest amounts held in
the Collateral Account.

         SECTION 14. Fees and Expenses. Pledgor agrees to pay to Collateral
Agent the fees as may be agreed upon from time to time in writing. The Pledgor
will upon demand pay to the Trustee and the Collateral Agent the amount of any
and all expenses, including, without limitation, the reasonable fees, expenses
and disbursements of counsel, experts and agents

                                       16
<Page>

retained by the Trustee and the Collateral Agent, that the Trustee and the
Collateral Agent may incur in connection with

         (a) the review, negotiation and administration of this Pledge
Agreement,

         (b) the custody or preservation of, or the sale of, collection from, or
other realization upon, any of the Collateral,

         (c) the exercise or enforcement of any of the rights of the Collateral
Agent, the Trustee and the Holders hereunder or

         (d) the failure by the Pledgor to perform or observe any of the
provisions hereof.

         SECTION 15. Security Interest Absolute. All rights of the Collateral
Agent, the Trustee and the Holders and security interests hereunder, and all
obligations of the Pledgor hereunder, shall be absolute and unconditional
irrespective of:

         (a) any lack of validity or enforceability of the Indenture or any
other agreement or instrument relating thereto;

         (b) any change in the time, manner or place of payment of, or in any
other term of, all or any of the Obligations, or any other amendment or waiver
of or any consent to any departure from the Indenture;

         (c) any exchange, surrender, release or non-perfection of any Liens on
any other collateral for all or any of the Obligations;

         (d) any change, restructuring or termination of the corporate structure
or the existence of the Pledgor or any of its subsidiaries;

         (e) to the extent permitted by applicable law, any other circumstance
which might otherwise constitute a defense available to, or a discharge of, the
Pledgor in respect of the Obligations or of this Pledge Agreement; or

         (f) any manner of application of other collateral, or proceeds thereof,
to all or any item of the Obligations, or any manner of sale or other
disposition of any item of Collateral for all or any of the Obligations.

         SECTION 16. Securities Intermediary's Representations, Warranties and
Covenants. The Securities Intermediary represents and warrants that it is as of
the date hereof, and it agrees that for so long as it maintains the Collateral
Account and acts as the Securities Intermediary pursuant to this Pledge
Agreement it shall be a securities intermediary and a FRBB Member. In
furtherance of the foregoing, the Securities Intermediary hereby:

         (a) represents and warrants that it is a commercial bank that in the
ordinary course of its business maintains securities accounts for others and is
acting in that capacity hereunder and with respect to the Collateral Account;

                                       17
<Page>

         (b) represents and warrants that it maintains the FRBB Account with the
FRBB;

         (c) agrees that the Collateral Account shall be an account to which
financial assets may be credited, and undertakes to treat the Collateral Agent
as entitled to exercise rights that comprise (and entitled to the benefits of)
such financial assets, and entitled to exercise the rights of an entitlement
holder in the manner contemplated by the N.Y. Uniform Commercial Code;

         (d) hereby represents that, subject to applicable law, it has not
granted, and covenants that so long as it acts as a securities intermediary
hereunder it shall not grant, control (including without limitation, securities
control) over or with respect to any Collateral credited to any Collateral
Account from time to time to any other Person other than the Collateral Agent;

         (e) covenants that it shall not, subject to applicable law, knowingly
take any action inconsistent with, and represents and covenants that it is not
and so long as this Pledge Agreement remains in effect will not knowingly
become, party to any agreement the terms of which are inconsistent with, the
provisions of this Pledge Agreement;

         (f) agrees that any item of property credited to the Collateral Account
shall be treated as a financial asset;

         (g) agrees that any item of Collateral credited to the Collateral
Account shall not be subject to any security interest, Lien or right of set-off
in favor of it as securities intermediary, except as may be expressly permitted
under the Indenture and this Pledge Agreement;

         (h) agrees to maintain the Collateral Account and maintain appropriate
books and records in respect thereof in accordance with its usual procedures and
subject to the terms of this Pledge Agreement; and

         (i) agrees that, with respect to any Collateral that constitutes a
security entitlement, it shall comply with the provisions of Section 3(c)(i) or
(ii) of this Pledge Agreement and, with respect to any Collateral that
constitutes a securities account, it shall comply with the provisions of Section
3(c)(i) or (ii) of this Pledge Agreement with respect to all security
entitlements carried in such securities account.

         SECTION 17. Securities Intermediary's Jurisdiction. The parties hereby
agree that, notwithstanding the location of the office of the Securities
Intermediary at which the Collateral Account is maintained, the Securities
Intermediary's jurisdiction for purposes of Section 8-110(e) of the N.Y. Uniform
Commercial Code and Section 357.11 of the Treasury Regulations or the
corresponding U.S. federal regulations as they pertain to this Pledge Agreement,
the Collateral Account and the security entitlements relating thereto, shall be
the State of New York.

         SECTION 18. Miscellaneous Provisions.

         18.1 Notices. Any notice, approval, direction, consent or other
communication shall be sufficiently given if in writing and delivered in person
or mailed by first class mail, commercial courier service or telecopier
communication, addressed as follows:

                                       18
<Page>

         if to the Pledgor:

         Veeco Instruments Inc.
         100 Sunnyside Boulevard
         Woodbury, New York 11797
         Attention: General Counsel
         Telecopier No.: (516) 677-0380

         if to the Collateral Agent:

         State Street Bank and Trust Company, N.A.,
         61 Broadway, 15th Floor
         New York, New York, 10006
         Attention: Corporate Trust Administration (Veeco Instruments
                  Convertible Subordinated Notes Due 2008)
         Telecopier No.: (212) 612-3202

         if to the Trustee:

         State Street Bank and Trust Company, N.A.,
         61 Broadway, 15th Floor
         New York, New York, 10006
         Attention: Corporate Trust Administration (Veeco Instruments
                  Convertible Subordinated Notes Due 2008)
         Telecopier No.: (212) 612-3202

         if to the Securities Intermediary:

         State Street Bank and Trust Company
         Two Avenue de Lafayette, 6th Floor
         Boston, Massachusetts 02110

         Attention: Corporate Trust Administration (Veeco Instruments
                  Convertible Subordinated Notes Due 2008)
         Telecopier No.: (617) 662-1463

or, as to any such party, at such other address as shall be designated by such
party in a written notice to each other party complying as to delivery with the
terms of this Section. All such notices and other communications shall be deemed
to have been duly given: at the time delivered by hand, if personally delivered;
three Business Days after being deposited in the mail, postage prepaid, if
mailed; when receipt is confirmed, if telecopied; and on the next Business Day
if timely delivered to an air courier guaranteeing overnight delivery.

         18.2 No Adverse Interpretation of Other Agreements. This Pledge
Agreement may not be used to interpret another pledge, security or debt
agreement of the Pledgor or any subsidiary thereof. No such pledge, security or
debt agreement (other than the Indenture) may be used to interpret this Pledge
Agreement.

                                       19
<Page>

         18.3 Severability. The provisions of this Pledge Agreement are
severable, and if any clause or provision shall be held invalid, illegal or
unenforceable in whole or in part in any jurisdiction, then such invalidity or
unenforceability shall affect in that jurisdiction only such clause or
provision, or part thereof, and shall not in any manner affect such clause or
provision in any other jurisdiction or any other clause or provision of this
Pledge Agreement in any jurisdiction.

         18.4 Headings. The headings in this Pledge Agreement have been inserted
for convenience of reference only, are not to be considered a part hereof and
shall in no way modify or restrict any of the terms or provisions hereof.

         18.5 Counterpart Originals. This Pledge Agreement may be signed in two
or more counterparts, each of which shall be deemed an original, but all of
which shall together constitute one and the same agreement.

         18.6 Benefits of Pledge Agreement. Nothing in this Pledge Agreement,
express or implied, shall give to any Person, other than the parties hereto and
their successors hereunder, and the Holders, any benefit or any legal or
equitable right, remedy or claim under this Pledge Agreement.

         18.7 Amendments, Waivers and Consents. Any amendment or waiver of any
provision of this Pledge Agreement and any consent to any departure by the
Pledgor, the Trustee or the Collateral Agent from any provision of this Pledge
Agreement shall be effective only if made or duly given in compliance with all
of the terms and provisions of the Indenture, and none of the Trustee, the
Collateral Agent, the Pledgor, or any Holder shall be deemed, by any act, delay,
indulgence, omission or otherwise, to have waived any right or remedy hereunder
or to have acquiesced in any default or Event of Default or in any breach of any
of the terms and conditions hereof. Failure of the Trustee, the Pledgor, the
Collateral Agent or any Holder to exercise, or delay in exercising, any right,
power or privilege hereunder shall not preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. A waiver by the
Trustee, the Pledgor, the Collateral Agent or any Holder of any right or remedy
hereunder on any one occasion shall not be construed as a bar to any right or
remedy that the Trustee, the Pledgor, the Collateral Agent or such Holder would
otherwise have on any future occasion. The rights and remedies herein provided
are cumulative, may be exercised singly or concurrently and are not exclusive of
any rights or remedies provided by law.

         18.8 [RESERVED]

         18.9 Continuing Security Interest; Termination.

         (a) This Pledge Agreement shall create a continuing first priority
perfected security interest in and to the Collateral and shall, unless otherwise
provided in the Indenture or in this Pledge Agreement, remain in full force and
effect until the Termination Date. This Pledge Agreement shall be binding upon
the parties hereto and their respective transferees, successors and assigns, and
shall inure, together with the rights and remedies of the Trustee and the
Collateral Agent hereunder, to the benefit of the Trustee, the Collateral Agent,
the Pledgor, the Holders and their respective successors, transferees and
assigns.

                                       20
<Page>

         (b) Upon the Termination Date, the pledge, assignment and security
interest granted hereby shall terminate and all rights to the Collateral shall
revert to the Pledgor. At such time, the Collateral Agent shall, in accordance
with the Pledgor's instructions, promptly reassign and redeliver to the Pledgor
all of the Collateral hereunder that has not been sold, disposed of, retained or
applied by the Collateral Agent in accordance with the terms of this Pledge
Agreement and the Indenture and execute and deliver to the Pledgor such
documents as the Pledgor shall reasonably request to evidence such termination.
Such reassignment and redelivery shall be without warranty by or recourse to the
Collateral Agent or the Trustee in its capacity as such, except as to the
absence of any Liens on the Collateral created by or arising through the
Collateral Agent or the Trustee, and shall be at the reasonable expense of the
Pledgor.

         18.10 Survival Provisions. All representations, warranties and
covenants contained herein shall survive the execution and delivery of this
Pledge Agreement, and shall terminate only upon the termination of this Pledge
Agreement. The obligations of the Pledgor under Sections 12 and 14 hereof and
the obligations of the Collateral Agent under Section 17.9(b) hereof shall
survive the termination of this Pledge Agreement.

         18.11 Waivers. The Pledgor waives presentment and demand for payment of
any of the Obligations, protest and notice of dishonor or default with respect
to any of the Obligations, and all other notices to which the Pledgor might
otherwise be entitled, except as otherwise expressly provided herein or in the
Indenture.

         18.12 Authority of the Collateral Agent.

         (a) The Collateral Agent shall have and be entitled to exercise all
powers hereunder that are specifically granted to the Collateral Agent by the
terms hereof, together with such powers as are reasonably incident thereto. The
Collateral Agent may perform any of its duties hereunder or in connection with
the Collateral by or through agents or attorneys, shall not be responsible for
any misconduct or negligence on the part of any agent or attorney appointed with
due care by it hereunder and shall be entitled to retain counsel and to act in
reliance upon the advice of counsel concerning all such matters. Except as
otherwise expressly provided in this Pledge Agreement or the Indenture, neither
the Collateral Agent nor any director, officer, employee, attorney or agent of
the Collateral Agent shall be liable to the Pledgor for any action taken or
omitted to be taken by the Collateral Agent, in its capacity as Collateral
Agent, hereunder, except for its own bad faith, gross negligence or willful
misconduct, and the Collateral Agent shall not be responsible for the validity,
effectiveness or sufficiency hereof or of any document or security furnished
pursuant hereto. The Collateral Agent and its directors, officers, employees,
attorneys and agents shall be entitled to rely conclusively on any
communication, instrument or document believed by it or them to be genuine and
correct and to have been signed or sent by the proper Person or Persons. The
Collateral Agent shall have no duty to cause any financing statement or
continuation statement to be filed in respect of the Collateral.

         (b) The Pledgor acknowledges that the rights and responsibilities of
the Collateral Agent under this Pledge Agreement with respect to any action
taken by the Collateral Agent or the exercise or non-exercise by the Collateral
Agent of any option, right, request, judgment or other right or remedy provided
for herein or resulting or arising out of this Pledge Agreement shall, as
between the Collateral Agent and the Holders, be governed by the Indenture and
by such other

                                       21
<Page>

agreements with respect thereto as may exist from time to time among them, but,
as between the Collateral Agent and the Pledgor, the Collateral Agent shall be
conclusively presumed to be acting as agent for the Trustee and the Holders with
full and valid authority so to act or refrain from acting, and the Pledgor shall
not be obligated or entitled to make any inquiry respecting such authority.

         18.13 Final Expression. This Pledge Agreement, together with the
Indenture and any other agreement executed in connection herewith, is intended
by the parties as a final expression of this Pledge Agreement and is intended as
a complete and exclusive statement of the terms and conditions thereof.

         18.14 Rights of Holders. No Holder shall have any independent rights
hereunder other than those rights granted to individual Holders pursuant to
Sections 6.05, 6.06 and 6.07 of the Indenture; provided that nothing in this
subsection shall limit any rights granted to the Trustee under the Notes or the
Indenture.

         18.15 GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL;
WAIVER OF DAMAGES.

         (a) THIS PLEDGE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT THAT THE
VALIDITY OR PERFECTION OF THE SECURITY INTEREST HEREUNDER, OR REMEDIES
HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A
JURISDICTION OTHER THAN THE STATE OF NEW YORK, AND, EXCEPT TO THE EXTENT THAT
THE VALIDITY OR PERFECTION OF THE SECURITY INTEREST HEREUNDER, OR REMEDIES
HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A
JURISDICTION OTHER THAN THE STATE OF NEW YORK, ANY DISPUTE ARISING OUT OF,
CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED
BETWEEN THE PLEDGOR, THE TRUSTEE, THE COLLATERAL AGENT AND THE HOLDERS IN
CONNECTION WITH THIS PLEDGE AGREEMENT, AND WHETHER ARISING IN CONTRACT, TORT,
EQUITY OR OTHERWISE, SHALL BE RESOLVED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK. NOTWITHSTANDING THE FOREGOING, THE MATTERS IDENTIFIED IN 31 C.F.R.
SECTIONS 357.10 AND 357.11 (AS IN EFFECT ON THE DATE OF THIS PLEDGE AGREEMENT)
SHALL BE GOVERNED SOLELY BY THE LAWS SPECIFIED THEREIN AND THE MATTERS
IDENTIFIED IN SECTION 9305(a)(3) OF THE N.Y. UNIFORM COMMERCIAL CODE WILL BE
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

         (b) THE PLEDGOR HEREBY WAIVES PERSONAL SERVICE OF PROCESS IN ANY SUIT,
ACTION OR PROCEEDING WITH RESPECT TO THIS PLEDGE AGREEMENT AND FOR ACTIONS
BROUGHT UNDER THE U.S. FEDERAL OR STATE SECURITIES LAWS BROUGHT IN ANY FEDERAL
OR STATE COURT LOCATED IN THE CITY OF NEW YORK (EACH A "NEW YORK COURT") AND
CONSENTS THAT ALL SERVICE OF PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING
SHALL BE MADE BY REGISTERED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO

                                       22
<Page>

THE PLEDGOR AT THE ADDRESS INDICATED IN SECTION 17.1. EACH OF THE PARTIES HERETO
SUBMITS TO THE JURISDICTION OF ANY NEW YORK COURT AND TO THE COURTS OF ITS
CORPORATE DOMICILE WITH RESPECT TO ANY ACTIONS BROUGHT AGAINST IT AS DEFENDANT
IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF, CONNECTED WITH, RELATED TO, OR
INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THE PLEDGOR, THE TRUSTEE, THE
COLLATERAL AGENT AND THE HOLDERS IN CONNECTION WITH THIS PLEDGE AGREEMENT, AND
EACH OF THE PARTIES HERETO WAIVES ANY OBJECTION THAT IT MAY HAVE TO THE LAYING
OF VENUE, INCLUDING ANY PLEADING OF FORUM NON CONVENIENS, WITH RESPECT TO ANY
SUCH ACTION AND WAIVES ANY RIGHT TO WHICH IT MAY BE ENTITLED ON ACCOUNT OF PLACE
OF RESIDENCE OR DOMICILE.

         (c) THE PLEDGOR AGREES THAT THE TRUSTEE SHALL, IN ITS CAPACITY AS
TRUSTEE OR IN THE NAME AND ON BEHALF OF ANY HOLDER, HAVE THE RIGHT, TO THE
EXTENT PERMITTED BY APPLICABLE LAW, TO PROCEED AGAINST THE PLEDGOR OR THE
COLLATERAL IN A COURT IN ANY LOCATION REASONABLY SELECTED IN GOOD FAITH (AND
HAVING PERSONAL OR IN REM JURISDICTION OVER THE PLEDGOR OR THE COLLATERAL, AS
THE CASE MAY BE) TO ENABLE THE TRUSTEE TO REALIZE ON SUCH COLLATERAL, OR TO
ENFORCE A JUDGMENT OR OTHER COURT ORDER ENTERED IN FAVOR OF THE TRUSTEE. THE
PLEDGOR AGREES THAT IT WILL NOT ASSERT ANY COUNTERCLAIMS, SETOFFS OR CROSSCLAIMS
IN ANY PROCEEDING BROUGHT BY THE TRUSTEE TO REALIZE ON SUCH PROPERTY OR TO
ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE TRUSTEE, EXCEPT FOR SUCH
COUNTERCLAIMS, SETOFFS OR CROSSCLAIMS WHICH, IF NOT ASSERTED IN ANY SUCH
PROCEEDING, COULD NOT OTHERWISE BE BROUGHT OR ASSERTED.

         (d) THE PLEDGOR AGREES THAT NEITHER ANY HOLDER NOR (EXCEPT AS OTHERWISE
PROVIDED IN THIS PLEDGE AGREEMENT OR THE INDENTURE) THE COLLATERAL AGENT IN ITS
CAPACITY AS COLLATERAL AGENT SHALL HAVE ANY LIABILITY TO THE PLEDGOR (WHETHER
ARISING IN TORT, CONTRACT OR OTHERWISE) FOR LOSSES SUFFERED BY THE PLEDGOR IN
CONNECTION WITH, ARISING OUT OF, OR IN ANY WAY RELATED TO, THE TRANSACTIONS
CONTEMPLATED AND THE RELATIONSHIP ESTABLISHED BY THIS PLEDGE AGREEMENT, OR ANY
ACT, OMISSION OR EVENT OCCURRING IN CONNECTION THEREWITH, UNLESS IT IS
DETERMINED BY A FINAL AND NONAPPEALABLE JUDGMENT OF A COURT THAT IS BINDING ON
THE TRUSTEE OR SUCH HOLDER, AS THE CASE MAY BE, THAT SUCH LOSSES WERE THE RESULT
OF ACTS OR OMISSIONS ON THE PART OF THE COLLATERAL AGENT OR SUCH HOLDERS, AS THE
CASE MAY BE, CONSTITUTING BAD FAITH, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

         (e) TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PLEDGOR WAIVES THE
POSTING OF ANY BOND OTHERWISE REQUIRED OF THE TRUSTEE, THE COLLATERAL AGENT OR
ANY HOLDER IN CONNECTION WITH ANY JUDICIAL PROCESS OR PROCEEDING TO ENFORCE ANY
JUDGMENT OR OTHER COURT

                                       23
<Page>

ORDER PERTAINING TO THIS PLEDGE AGREEMENT OR ANY RELATED AGREEMENT OR DOCUMENT
ENTERED IN FAVOR OF THE TRUSTEE, THE COLLATERAL AGENT OR ANY HOLDER, OR TO
ENFORCE BY SPECIFIC PERFORMANCE, TEMPORARY RESTRAINING ORDER OR PRELIMINARY OR
PERMANENT INJUNCTION, THIS PLEDGE AGREEMENT OR ANY RELATED AGREEMENT OR DOCUMENT
BETWEEN THE PLEDGOR, ON THE ONE HAND, AND THE TRUSTEE, THE COLLATERAL AGENT
AND/OR THE HOLDERS, ON THE OTHER HAND.

         18.16 Effectiveness. This Pledge Agreement shall become effective upon
the effectiveness of the Indenture.

                                       24
<Page>

         IN WITNESS WHEREOF, the Pledgor, the Trustee and the Collateral Agent
have each caused this Pledge Agreement to be duly executed and delivered as of
the date first above written.

                               Pledgor:

                               VEECO INSTRUMENTS INC.

                               By: /s/ John F. Rein, Jr.
                                  ----------------------------------------------
                                    Name:  John F. Rein, Jr.
                                    Title: Executive Vice President, Chief
                                           Financial Officer and Secretary

                               Trustee:

                               STATE STREET BANK AND TRUST COMPANY, N.A.,
                                as Trustee

                               By: /s/ Jean Clarke
                                  ----------------------------------------------
                                  Name:  Jean Clarke
                                  Title: Assistant Vice President

                               Collateral Agent:

                               STATE STREET BANK AND TRUST COMPANY, N.A.,
                                as Collateral Agent

                               By: /s/ Jean Clarke
                                  ----------------------------------------------
                                  Name:  Jean Clarke
                                  Title: Assistant Vice President

                               Securities Intermediary:

                               STATE STREET BANK AND TRUST COMPANY,
                                as Securities Intermediary

                               By: /s/ Jean Clarke
                                  ----------------------------------------------
                                  Name:  Jean Clarke
                                  Title: Assistant Vice President

<Page>

                                   SCHEDULE I

<Table>
<Caption>

         PLEDGED SECURITIES

                                                                             Original Principal/
      Description of Debt          CUSIP No(s).        Final Maturity          Interest Amount      Cost at Closing Time
      -------------------          ------------        --------------          ---------------      --------------------

<S>                                 <C>                   <C>                       <C>                   <C>
Treasury Bill                       912795JZ5             06/20/02                  4,125,000               4,088,705.73
Treasury Coupon Strip               912833FR6             11/15/02                  4,125,000               4,057,143.75
Treasury Coupon Strip               912833FS4             05/15/03                  4,125,000               3,981,161.25
Treasury Principal Strip            912820DJ3             11/15/03                  4,125,000               3,898,042.50
Treasury Principal Strip            912820BJ5             05/15/04                  4,125,000               3,803,415.00
Treasury Principal Strip            912803AB9             11/15/04                  4,125,000               3,690,967.50
                                                                                                          ==============
                                                                                                          $23,519,435.73
</Table>

                                      I-1
<Page>

                                                                       EXHIBIT A

                        [Letterhead of Ernst & Young LLP]

                        Report of Independent Accountants

To the Management of
Veeco Instruments Inc.

In our opinion, the assertions of Veeco Instruments Inc. referred to above are
fairly stated, in all material respects.

                                      A-1
<Page>

                                                                       EXHIBIT B

                  [Form of Supplement to the Pledge Agreement]

         SUPPLEMENT NO. __ dated as of _________, 2001, to the COLLATERAL PLEDGE
AND SECURITY AGREEMENT dated as of December 21, 2001 (as supplemented from time
to time, the "Pledge Agreement") among Veeco Instruments Inc., a Delaware
corporation (the "Pledgor"), State Street Bank and Trust Company, N.A., a
national banking association, as trustee (in such capacity, the "Trustee") for
the holders (the "Holders") of the Notes issued by the Pledgor under the
Indenture referred to below, State Street Bank and Trust Company, N.A., a
national banking association, as collateral agent (in such capacity, the
"Collateral Agent") and State Street Bank and Trust Company, a Massachusetts
trust company, as securities intermediary. Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned to such terms in the
Pledge Agreement.

         WHEREAS, the Pledgor and Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Salomon Smith Barney. (collectively, the "Initial Purchasers")
are parties to a Purchase Agreement dated December 18, 2001 (the "Purchase
Agreement"), pursuant to which the Pledgor have granted the Initial Purchasers
an overallotment option to purchase up to $20 million aggregate principal amount
of the Pledgor's 4 1/8% Convertible Subordinated Notes due 2008 (the "Notes");

         WHEREAS, the Pledgor and the Trustee have entered into that certain
indenture dated as of December 21, 2001 (as amended, restated, supplemented or
otherwise modified from time to time, the "Indenture"), pursuant to which the
Issuers are issuing the Notes on the date hereof;

         WHEREAS, pursuant to the Indenture, the Pledgor is required to
purchase, or cause the purchase of, and pledge to the Collateral Agent for the
benefit of the Trustee and the Holders, on the relevant Date of Delivery (as
defined in the Purchase Agreement), Pledged Securities in an amount that will be
sufficient upon receipt of scheduled interest and principal payments of such
securities, in the written opinion of Ernst & Young LLP or another nationally
recognized firm of independent public accountants selected by the Pledgor and
delivered to the Trustee, to provide for payment in full of the first six
scheduled interest payments due on the Notes;

         WHEREAS, the Pledgor, the Trustee and the Collateral Agent have entered
into the Pledge Agreement, pursuant to which the Pledgor has previously pledged
certain Pledged Securities to the Collateral Agent for the benefit of the
Holders in connection with the purchase by the Initial Purchasers of $200
million aggregate principal amount of Notes;

         WHEREAS, the Initial Purchasers have exercised their overallotment
option under the Purchase Agreement to purchase $20 million aggregate principal
amount of Notes;

         WHEREAS, it is a condition precedent to the purchase of the Notes by
the Initial Purchasers pursuant to the overallotment option granted in the
Purchase Agreement that the Pledgor apply certain of the proceeds of the
offering of the Notes to purchase the Additional Pledged Securities and deposit
such Additional Pledged Securities into the Collateral Account to be held
therein subject to the terms of the Pledge Agreement and shall have granted the

                                       B-1
<Page>

assignment and security interest and made the pledge and assignment contemplated
by the Pledge Agreement;

         NOW, THEREFORE, in consideration of the premises herein contained, and
in order to induce the Initial Purchasers to purchase the Notes, the Pledgor,
the Trustee and the Collateral Agent hereby agree, for the benefit of the
Initial Purchasers and for the ratable benefit of the Holders, as follows:

         SECTION 1. PLEDGE AND GRANT OF SECURITY INTEREST. Pursuant to Section
1.3 of the Pledge Agreement, as security for the prompt and complete payment and
performance when due (whether at the stated maturity, by acceleration or
otherwise) of the Obligations, the Pledgor hereby assigns and pledges to the
Collateral Agent for the benefit of the Trustee and the ratable benefit of the
Holders and hereby grants to the Collateral Agent for the benefit of the Trustee
and for the ratable benefit of the Holders, a lien on and security interest in
all of the Pledgor's right, title and interest in, to and under the following
property: (a) the U.S. Government Obligations identified by CUSIP No. in Part I
of Schedule I hereto (the "Additional Pledged Securities") and the certificates
representing the Additional Pledged Securities, the scheduled payments of
principal and interest thereon which will be sufficient to provide for payment
in full of the first six scheduled interest payments due on the Notes issued in
connection herewith and (b) the security entitlements described in Part II of
Schedule I hereto, with respect to the financial assets described, the
securities intermediary named, and the securities account referred to therein.
The Pledge Agreement is hereby incorporated herein by reference.

         SECTION 2. SUPPLEMENT TO SCHEDULE I. The parties hereto agree that
Schedule I to the Pledge Agreement shall be supplemented by Schedule I hereto.

         SECTION 3. DEPOSIT OF PROCEEDS FROM THE OFFERING. Pursuant to Section
2(b)(ii) of the Pledge Agreement, on the date hereof, the Pledgor agrees to
transfer, or caused to be transferred, an amount equal to $___________, which
amount shall be sufficient for the Collateral Agent to purchase the Additional
Pledged Securities, by depositing such funds into the Collateral Account. The
Collateral Agent agrees to apply such amount to purchase the Additional Pledged
Securities as contemplated under Section 2(c) of the Pledge Agreement.

         SECTION 4. REPRESENTATIONS AND WARRANTIES OF THE PLEDGOR. The Pledgor
hereby represents and warrants to the Trustee and the Collateral Agent that:

         (a)      Each of this Supplement and the Pledge Agreement as
                  supplemented hereby has been duly authorized, validly executed
                  and delivered by the Pledgor and (assuming the due
                  authorization and valid execution and delivery of this
                  Supplement by each of the Trustee and the Collateral Agent)
                  constitutes a valid and binding agreement of the Pledgor,
                  enforceable against the Pledgor in accordance with its terms,
                  except as (i) the enforceability hereof and thereof may be
                  limited by bankruptcy, insolvency, fraudulent conveyance,
                  preference, reorganization, moratorium or similar laws now or
                  hereafter in effect relating to or affecting the rights or
                  remedies of creditors generally, (ii) the availability of
                  equitable remedies may be limited by equitable principles of
                  general applicability and the discretion of the court before
                  which any proceeding therefor may be

                                      B-2
<Page>

                  brought, (iii) the exculpation provisions and rights to
                  indemnification under the Pledge Agreement may be limited by
                  U.S. federal and state securities laws and public policy
                  considerations and (iv) the waiver of rights and defenses
                  contained in Section 13(b), Section 17.11 and Section 17.15 of
                  the Pledge Agreement may be limited by applicable law and

         (b)      the representations and warranties of the Pledgor set forth in
                  Section 7 of the Pledge Agreement are true and correct in all
                  material respects with the same effect as if made on and as of
                  the date hereof.

         SECTION 5. EXECUTION IN COUNTERPARTS. This Supplement may be signed in
two or more counterparts, each of which shall be deemed an original, but all of
which shall together constitute one and the same agreement. This Supplement
shall become effective when the Collateral Agent shall have received
counterparts of this Supplement that, when taken together, bear the signatures
of the Pledgor, the Trustee and the Collateral Agent.

         SECTION 6. EFFECT OF SUPPLEMENT. Except as expressly supplemented
hereby, the Pledge Agreement shall remain in full force and effect.

         SECTION 7. GOVERNING LAW. This Supplement shall governed by and
construed in accordance with the laws of the State of New York.

                                      B-3
<Page>

         IN WITNESS WHEREOF, the Pledgor, the Trustee and the Collateral Agent
have each caused this Supplement to be duly executed and delivered as of the
date first above written.

                                     Pledgor:

                                     VEECO INSTRUMENTS INC.

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     Trustee:

                                     STATE STREET BANK AND TRUST COMPANY, N.A.,
                                        as Trustee

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     Collateral Agent:

                                     STATE STREET BANK AND TRUST COMPANY, N.A.,
                                      as Collateral Agent

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                     Securities Intermediary:

                                     STATE STREET BANK AND TRUST COMPANY,
                                      as Securities Intermediary

                                     By:
                                        ----------------------------------------
                                        Name:

                                      B-4
<Page>

                                                                   SCHEDULE I TO
                                                            SUPPLEMENT NO. __ TO
                                                                PLEDGE AGREEMENT

<Table>
<Caption>

         PLEDGED SECURITIES

                                                      Original Principal   Cost at Date of
Description of Debt   CUSIP No(s).   Final Maturity         Amount            Delivery
-------------------   ------------   --------------   ------------------      --------
<S>                   <C>            <C>              <C>                  <C>

</Table>

                                      B-5
<Page>

                                                                       EXHIBIT C

                    STATE STREET BANK AND TRUST COMPANY, N.A.

                              OFFICER'S CERTIFICATE

         Pursuant to Section 3(e) of the Collateral Pledge and Security
Agreement (as supplemented from time to time, the "Pledge Agreement") dated as
of December 21, 2001, among Veeco Instruments Inc., a Delaware corporation (the
"Pledgor"), State Street Bank and Trust Company, N.A., a national banking
association, as trustee (the "Trustee") for the holders of the $200 million
aggregate principal amount (or up to $220 million aggregate principal amount if
the Initial Purchaser's overallotment option is exercised) of 4 1/8% Convertible
Subordinated Notes Due 2008 of the Pledgor, State Street Bank and Trust Company,
N.A., a national banking association, as collateral agent (the "Collateral
Agent") and State Street Bank and Trust Company, a Massachusetts trust company,
as securities intermediary, the undersigned officer of the Collateral Agent, on
behalf of the Collateral Agent, makes the following certifications to the
Pledgor and the Initial Purchasers. Capitalized terms used and not defined in
this Officer's Certificate have the meanings set forth or referred to in the
Pledge Agreement.

         1. Substantially contemporaneously with the execution and delivery of
this Officer's Certificate, the Collateral Agent has acquired its security
entitlement to the [Initial Pledged Securities] [the Additional Pledged
Securities identified on Supplement No. __ to the Pledge Agreement] or through a
"securities account" (as defined in Section 8-501(a) of the N.Y. Uniform
Commercial Code) maintained by the Collateral Agent, for value and without
notice of any adverse claim thereto. Without limiting the generality of the
foregoing, the Collateral Account, the Pledged Securities and the other
Collateral are not, and the Collateral Agent's security entitlement to the
Collateral is not, to the actual knowledge of the corporate trust officer having
responsibility for the administration of the Pledge Agreement on behalf of the
Collateral Agent, subject to any Lien granted by or to or arising through or in
favor of any securities intermediary (including, without limitation, State
Street Bank and Trust Company or the Federal Reserve Bank of Boston) through
which the Collateral Agent derives its security entitlement to the Collateral.

         2. The Collateral Agent has not knowingly caused or permitted the
Collateral Account or its security entitlement thereto to become subject to any
Lien created by or arising through the Collateral Agent.

                                      C-1
<Page>

         IN WITNESS WHEREOF, the undersigned officer has executed this Officer's
Certificate on behalf of State Street Bank and Trust Company, N.A., as
Collateral Agent this 21st day of December, 2001.

                                           STATE STREET BANK AND TRUST
                                           COMPANY, N.A.,
                                           as Collateral Agent

                                           By:
                                              ----------------------------------
                                              Name:
                                              Title:

                                      C-2<Page>

                                                                  EXECUTION COPY

                                                                    Exhibit 10.2

                      -------------------------------------

                          REGISTRATION RIGHTS AGREEMENT

                          Dated as of December 21, 2001

                                      among

                             Veeco Instruments Inc.,

               Merrill Lynch, Pierce, Fenner & Smith Incorporated,

                          Salomon Smith Barney Inc. and

                           Thomas Weisel Partners LLC

                      -------------------------------------

<Page>

                          REGISTRATION RIGHTS AGREEMENT

         This Registration Rights Agreement (the "AGREEMENT") is made and
entered into this 21st day of December, 2001, among Veeco Instruments Inc., a
Delaware corporation (the "COMPANY"), Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Salomon Smith Barney Inc. and Thomas Weisel Partners LLC (each, an
"INITIAL PURCHASER," and collectively, the "INITIAL PURCHASERS").

         This Agreement is made pursuant to that certain Purchase Agreement,
dated December 18, 2001, among the Company and the Initial Purchasers (the
"PURCHASE AGREEMENT"), which provides for the sale by the Company to the
Initial Purchasers of up to an aggregate of $220,000,000 principal amount of
the Company's 4 1/8% Convertible Subordinated Notes due 2008 (the "Notes"),
including $20,000,000 aggregate principal amount of Notes as to which the
Initial Purchasers have an over-allotment option as set forth in Section 2(b)
of the Purchase Agreement. In order to induce the Initial Purchasers to enter
into the Purchase Agreement and in satisfaction of a condition to the Initial
Purchasers' obligations thereunder, the Company has agreed to provide to the
Initial Purchasers and their direct and indirect transferees and assigns the
registration rights set forth in this Agreement. The execution and delivery
of this Agreement is a condition to the closing under the Purchase Agreement.

         In consideration of the foregoing, the parties hereto agree as follows:

1.       DEFINITIONS.

         As used in this Agreement, the following capitalized defined terms
shall have the following meanings:

         "1933 ACT" shall mean the Securities Act of 1933, as amended from time
to time, and the rules and regulations of the SEC promulgated thereunder.

         "1934 ACT" shall mean the Securities Exchange Act of l934, as amended
from time to time, and the rules and regulations of the SEC promulgated
thereunder.

         "ADDITIONAL INTEREST" shall have the meaning set forth in Section 2.4
hereof.

         "CLOSING DATE" shall mean the Closing Time as defined in the Purchase
Agreement.

         "COMMON STOCK" shall mean common stock, $0.01 par value per share, of
the Company.

         "COMPANY" shall have the meaning set forth in the preamble to this
Agreement and also includes the Company's successors.

         "DEPOSITARY" shall mean The Depository Trust Company, or any other
depositary appointed by the Company; provided, however, that any such depositary
must have an address in The Borough of Manhattan, The City of New York.

         "EFFECTIVENESS PERIOD" shall have the meaning set forth in Section
2.1(a) hereof.

<Page>

         "EFFECTIVENESS TARGET DATE" shall mean the one hundred eightieth
(180th) day after the Closing Date.

         "EVENT DATE" shall have the meaning set forth in Section 2.4 hereof.

         "FILING DATE" shall mean the ninetieth (90th) day after the Closing
Date.

         "HOLDER" shall mean an Initial Purchaser, for so long as it owns any
Registrable Securities, and each of its successors, assigns and direct and
indirect transferees who become registered owners of Registrable Securities
under the Indenture.

         "HOLDER EXPENSES" shall have the meaning set forth in Section 2.2,
together with underwriting discounts and commissions and any transfer taxes
relating to the sale or distribution of Registrable Securities by a Holder.

         "INDENTURE" shall mean the Indenture relating to the Securities, dated
as of December 21, 2001, between the Company and State Street Bank and Trust
Company, N.A., as trustee, as the same may be amended, supplemented or otherwise
modified from time to time in accordance with the terms thereof.

         "INITIAL PURCHASER" or "INITIAL PURCHASERS" shall have the meaning set
forth in the preamble to this Agreement.

         "MAJORITY HOLDERS" shall mean the Holders of a majority of the
aggregate principal amount of Registrable Securities outstanding; provided, that
whenever the consent or approval of Holders of a specified percentage of
Registrable Securities is required hereunder, Registrable Securities held by the
Company or any of its affiliates (as such term is defined in Rule 405 under the
1933 Act) shall be disregarded in determining whether such consent or approval
was given by the Holders of such required percentage.

         "NASD" shall mean the National Association of Securities Dealers, Inc.

         "NOTES" shall have the meaning set forth in the preamble to this
Agreement.

         "PERSON" shall mean an individual, partnership, corporation, limited
liability company, joint venture, trust or unincorporated organization, or a
government or agency or political subdivision thereof.

         "PROSPECTUS" shall mean the prospectus included in any Registration
Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of the Registrable Securities covered by such
Registration Statement, and all other amendments and supplements to any such
prospectus, including post-effective amendments, and in each case including all
material incorporated or deemed to be incorporated by reference therein.

         "PURCHASE AGREEMENT" shall have the meaning set forth in the preamble
to this Agreement.

                                       2
<Page>

         "REGISTRABLE SECURITIES" shall mean the Notes and the shares of Common
Stock into which the Notes are convertible, upon original issuance of the Notes,
and at all times subsequent thereto; provided, however, that any Securities
shall cease to be Registrable Securities when (i) a Registration Statement with
respect to such Securities shall have been declared effective under the 1933 Act
and such Securities shall have been disposed of pursuant to such Registration
Statement, (ii) such Securities shall have been sold to the public pursuant to
Rule l44 (or any similar provision then in force, but not Rule 144A) under the
1933 Act, or (iii) such Securities shall have ceased to be outstanding.

         "REGISTRATION DEFAULT" shall have the meaning set forth in Section 2.4
hereof.

         "REGISTRATION EXPENSES" shall mean any and all expenses incident to
performance of or compliance by the Company with this Agreement, including
without limitation: (i) all SEC, stock exchange or NASD registration and filing
fees, (ii) all fees and expenses incurred in connection with compliance with
state or other securities or blue sky laws and compliance with the rules of the
NASD (including reasonable fees and disbursements of counsel for any
underwriters or Holders in connection with qualification of any Registrable
Securities under state or other securities or blue sky laws and any filing with
and review by the NASD), (iii) all expenses of any Persons in preparing or
assisting in preparing, word processing, printing and distributing any
Registration Statement, any Prospectus, any amendments or supplements thereto,
any underwriting agreements, securities sales agreements, certificates
representing the Securities and other documents relating to the performance of
and compliance with this Agreement, (iv) all fees and expenses incurred in
connection with the listing, if any, of any of the Registrable Securities on any
securities exchange or exchanges or on any quotation system, (v) all rating
agency fees, (vi) all fees and disbursements relating to the qualification of
the Indenture under applicable securities laws, (vii) the fees and disbursements
of counsel for the Company and the fees and expenses of independent public
accountants for the Company or for any other Person, business or assets whose
financial statements are included in any Registration Statement or Prospectus,
including the expenses of any special audits or "cold comfort" letters required
by or incident to such performance and compliance, (viii) the fees and expenses
of a "qualified independent underwriter" as defined by Conduct Rule 2720 of the
NASD (if required by the NASD rules) and the fees and disbursements of its
counsel, (ix) the fees and expenses of the Trustee, any registrar, any
depositary, any paying agent, any escrow agent or any custodian, in each case
including their respective counsel, (x) the reasonable fees and disbursements of
one law firm representing the Holders of Registrable Securities and (xi) the
reasonable fees and expenses of the Initial Purchasers in connection with the
Shelf Registration, including the reasonable fees and expenses of one counsel to
the Initial Purchasers, and (xii) any fees and disbursements of the underwriters
customarily paid by issuers or sellers of securities and the fees and expenses
of any special experts retained by the Company in connection with any
Registration Statement, but excluding underwriting discounts and commissions and
any transfer taxes, if any, relating to the sale or disposition of Registrable
Securities by a Holder.

         "REGISTRATION STATEMENT" shall mean the registration statement of the
Company filed with the SEC pursuant to the provisions of Section 2 of this
Agreement that covers all of the Registrable Securities on an appropriate form
under Rule 415 under the 1933 Act, or any similar rule that may be adopted by
the SEC, and all amendments and supplements to such registration statement,
including post-effective amendments, in each case including the Prospectus
contained

                                       3
<Page>

therein, all exhibits thereto and all material incorporated or deemed to be
incorporated by reference therein. If the Company elects in its sole discretion
to file one or more additional registration statements to comply with its
obligations under this Agreement, then the term "Registration Statement" shall
include such additional registration statement(s).

         "REQUISITE INFORMATION" shall have the meaning set forth in Section
2.1(c) hereof.

         "SEC" shall mean the Securities and Exchange Commission or any
successor agency or government body performing the functions currently performed
by the United States Securities and Exchange Commission.

         "SECURITIES" shall mean the Notes and the shares of Common Stock into
which the Notes are convertible, upon original issuance thereof and at all times
subsequent thereto.

         "SHELF REGISTRATION" shall have the meaning set forth in Section 2.1(a)
hereof.

         "TIA" shall mean the Trust Indenture Act of 1939, as amended from time
to time, and the rules and regulations of the SEC promulgated thereunder.

         "TRUSTEE" shall mean the trustee with respect to the Securities under
the Indenture.

         "UNDERWRITERS" shall have the meaning set forth in Section 4(a) hereof.

         For purposes of this Agreement, (i) all references in this Agreement to
any Registration Statement or Prospectus or any amendment or supplement to any
of the foregoing shall be deemed to include the copy filed with the SEC pursuant
to its Electronic Data Gathering, Analysis and Retrieval system; (ii) all
references in this Agreement to financial statements and schedules and other
information which is "contained", "included" or "stated" in any Registration
Statement or Prospectus (or other references of like import) shall be deemed to
mean and include all such financial statements and schedules and other
information which is incorporated or deemed to be incorporated by reference in
such Registration Statement or Prospectus, as the case may be; and (iii) all
references in this Agreement to amendments or supplements to any Registration
Statement or Prospectus shall be deemed to mean and include the filing of any
document under the 1934 Act which is incorporated or deemed to be incorporated
by reference in such Registration Statement or Prospectus, as the case may be.

         "UNDERWRITTEN OFFERING" shall have the meaning set forth in Section
3(m)(ii) hereof.

2.       REGISTRATION UNDER THE 1933 ACT.

         2.1.     SHELF REGISTRATION.

         (a) As promptly as practicable, but no later than the Filing Date, the
Company shall file with the SEC, a Registration Statement for an offering to be
made on a continuous basis pursuant to Rule 415 under the 1933 Act covering all
of the Registrable Securities (the "SHELF REGISTRATION"). The Shelf Registration
shall be on Form S-3 under the 1933 Act or another appropriate form permitting
registration of such Registrable Securities for resale by the Holders in the
manner or manners reasonably designated by them (including, without limitation,
the

                                       4
<Page>

Underwritten Offering). The Company shall use its best efforts to cause the
Registration Statement to be declared effective by the SEC as promptly as
practicable, but no later than the Effectiveness Target Date, and to keep such
Registration Statement continuously effective, supplemented and amended as
required, in order to permit the Prospectus forming a part thereof to be useable
by the Holders until the earliest of (i) the date that is two years after the
last date of original issuance of any of the Notes and (ii) all of the
Registrable Securities covered by the Registration Statement have been sold
pursuant to the Registration Statement (the "EFFECTIVENESS PERIOD"); provided,
however, that the Effectiveness Period in respect of the Registration Statement
shall be extended to the extent required to permit dealers to comply with the
applicable prospectus delivery requirements of Rule 174 under the 1933 Act and
as otherwise provided herein.

         (b) Notwithstanding any other provisions hereof, the Company shall use
its best efforts to ensure that (i) the Registration Statement and any amendment
thereto and any Prospectus forming a part thereof and any supplements thereto
complies in all material respects with the 1933 Act, (ii) the Registration
Statement and any amendment thereto does not, when it becomes effective, contain
an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading
and (iii) any Prospectus forming a part of the Registration Statement and any
amendment or supplement to such Prospectus, does not include an untrue statement
of a material fact or omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were
made, not misleading.

         (c) SELLING SECURITYHOLDER INFORMATION. Each Holder wishing to sell
Registrable Securities pursuant to the Registration Statement and related
Prospectus agrees to deliver a Notice and Questionnaire that confirms such
Holder's agreement to be bound by the terms of this Agreement and includes such
information regarding it and the distribution of its Registrable Securities as
is required by law to be disclosed by the Holder in the Registration Statement
(the "Requisite Information"), together with such other information as the
Company may reasonably request (the Requisite Information, together with such
other information, the "Holder Information"), to the Company at least five
business days prior to the effectiveness of the Registration Statement. The
Company shall not be required to include in the Registration Statement and
related Prospectus the Registrable Securities of any Holder that does not
provide the Company with the Holder Information in accordance with this Section
2(c). After the effectiveness of the Registration Statement, the Company shall
file with the SEC, within five business days after the receipt of the Holder
Information from any Holder after the date five days prior to the effectiveness
of the Registration Statement, a Prospectus supplement pursuant to Rule 424 or
otherwise amend or supplement such Registration Statement to include in the
Prospectus the Requisite Information as to such Holder (and the Registrable
Securities held by such Holder), shall take all reasonable action and perform
all reasonable acts to ensure that the SEC declares any amendment effective as
soon as possible after the filing thereof and the Company shall provide such
Holder not later than seven business days after receipt of such Requisite
Information with a copy of such Prospectus as so amended or supplemented
containing the Requisite Information in order to permit such Holder to comply
with the prospectus delivery requirements of the Securities Act in a timely
manner with respect to any proposed disposition of such Holder's Registrable
Securities, provided, that no amended or supplemented Prospectus may be used by
the Holder until any amendment to the Registration Statement is declared

                                       5
<Page>

effective if required by the Securities Act. Each Holder shall promptly notify
the Company of any material changes to the Requisite Information contained in
the Notice and Questionnaire provided to the Company by such Holder. If the
Company shall fail to file the appropriate supplement or amendment within five
business days of receipt of such notice, the Company shall pay the Holder
additional interest in the manner set forth in Section 2.4. If any such
Registration Statement refers to any Holder by name or otherwise as the holder
of any securities of the Company, then such Holder shall have the right to
require, in the event that such reference to such Holder by name or otherwise is
not required by the Securities Act or any similar successor Federal statute then
in force, the deletion of the reference to such Holder in such Registration
Statement at any time subsequent to the time that such reference ceases to be
required.

         (d) The Company further agrees, if necessary, to supplement or amend
the Registration Statement, as required by Section 3(b) below, and to furnish to
the Holders of Registrable Securities included in the Registration Statement
copies of any such supplement or amendment promptly after its being filed with
the SEC.

         2.2. EXPENSES. The Company shall pay all Registration Expenses in
connection with the Shelf Registration, but specifically excluding the
Registration Expenses identified in clauses (viii), (x), (xi) and (xii) and in
the parenthetical included in clause (ii) and expenses relating to underwriting
agreements and securities sales agreements (together, "Holder Expenses"). Each
Holder shall pay all Holder Expenses applicable to it individually and such
Holder's ratable portion of Holder Expenses applicable to all Holders
participating in the Underwritten Offering.

         2.3.     EFFECTIVENESS.

         (a) The Company shall be deemed not to have used its best efforts to
cause the Registration Statement to become, or to remain, effective during the
requisite period set forth herein if the Company voluntarily takes any action
that would, or omits to take any action which omission would result in any such
Registration Statement not being declared effective or remaining effective, or
in the Holders of Registrable Securities covered thereby not being able to offer
and sell such Registrable Securities during that period as and to the extent
contemplated hereby, unless such action is required by applicable law.

         (b) The Registration Statement shall not be deemed to have become
effective unless it has been declared effective by the SEC; provided, however,
that if, after it has been declared effective, the offering of Registrable
Securities pursuant to the Registration Statement is interfered with by any stop
order, injunction or other order or requirement of the SEC or any other
governmental agency or court, such Registration Statement shall be deemed not to
have been effective during the period of such interference, until the offering
of Registrable Securities pursuant to such Registration Statement may legally
resume.

         2.4. INTEREST. In the event that (a) the Registration Statement has not
been filed with the SEC on or prior to the Filing Date, (b) the Registration
Statement is not declared effective by the SEC on or prior to the Effectiveness
Target Date, (c) the Registration Statement has been declared effective by the
SEC and such Registration Statement ceases to be effective or usable at any time
during the Effectiveness Period for any reason without being succeeded within
five

                                       6
<Page>

business days by a post-effective amendment to such Registration Statement or a
report filed with the SEC pursuant to the 1934 Act that cures such failure or
(d) the Company suspends the use of any Prospectus related to the Registration
Statement for a period exceeding forty-five (45) days in any consecutive
three-month period or exceeding an aggregate of one hundred twenty (120) days in
any consecutive twelve-month period (each such event referred to in clauses (a)
through (d) above, a "REGISTRATION DEFAULT"), then the interest rate borne by
the Notes shall be increased ("ADDITIONAL INTEREST") by one quarter of one
percent (0.25%) per annum upon the occurrence of each Registration Default,
which rate will increase by an additional one quarter of one percent (0.25%)
from and after the ninety-first (91st) day following the occurrence of such
Registration Default, provided that the Additional Interest rate will in no
event exceed one half of one percent (0.50%) per annum, in each case for so long
as such Registration Default continues. Concurrent Registration Defaults shall
be deemed to be a single registration default. Additional Interest will accrue
from and including the day following the Registration Default to but excluding
the day on which the Registration Default has been cured. Upon the cure of such
Registration Default, the accrual of Additional Interest will cease and the
interest rate will revert to the original rate so long as no other Registration
Default shall have occurred and shall be continuing at such time; provided,
however, that, if after any such reduction in interest rate, one or more
Registration Defaults shall again occur, Additional Interest shall again be
payable pursuant to the foregoing provisions. A Registration Default under
clause (a) above shall be cured on the date that the Shelf Registration is filed
with the SEC; a Registration Default under clause (b) above shall be cured on
the date that the Shelf Registration is declared effective by the SEC; a
Registration Default under clause (c) above shall be cured on the date the Shelf
Registration is declared effective or useable; and a Registration Default under
clause (d) above shall be cured on the date the Prospectus is declared useable
by the Company.

                  The Company is permitted to suspend the use of any Prospectus
related to the Registration Statement for any period and at any time, provided,
that it is required to pay Additional Interest if the suspension results in a
Registration Default. As part of the periods set forth in clause (d) above, the
Company, at its option, may establish regular suspension periods corresponding
to its fiscal quarters. If the Company establishes such suspensions, the Company
shall give notice to the trustee under the Indenture of such regular
suspensions, to be forwarded to the Holders, and shall request such trustee to
give periodic notice of the suspension to the Holders.

                  A Holder will not be entitled to Additional Interest:

                  (i) on account of a Registration Default described in clause
         (b) above if it has not provided all Requisite Information to the
         Company at least five business days prior to the effectiveness of the
         Registration Statement;

                  (ii) on account of a Registration Default described in clauses
         (c) and (d) above with respect to any of its Registrable Securities
         that are not registered on the Registration Statement during the period
         of a Registration Default, provided, that from the sixth business day
         following the Company's receipt of such Holder's Holder Information,
         such Holder shall be entitled to Additional Interest on account of such
         Registration Default; and

                                       7
<Page>

                  (iii) if such Holder purchased such Notes or Common Stock in
         transactions covered by the Registration Statement or previously sold
         in transactions exempt from the registration requirements of the
         Securities Act in accordance with Rule 144.

                  The Company shall not be deemed to have failed to use its best
efforts, as required by Section 2.3(a), and there shall not be deemed to be a
Registration Default, if the sole reason for the failure to have an effective
Registration Statement or the related Prospectus is not useable is the inclusion
therein of the Requisite Information of a Holder. If the Company determines that
the Registration Statement must be revised in order to obtain or continue
effectiveness, to have a stop order, injunction or other order lifted or to have
the Prospectus useable, the Company shall promptly give notice to the subject
Holder and, if the Company and the Holder are not able to agree to the necessary
amendment to the Registration Statement or amendment or supplement to the
related Prospectus within five business days of the notice to the Holder, the
Company may make any revision it deems necessary to obtain effectiveness, to
have the order lifted or to make the Prospectus useable, including, without
limitation, removing the Holder's Registrable Securities from the Registration
Statement.

                  The Company shall notify the Trustee within three business
days after each and every date on which a Registration Default occurs (an "EVENT
DATE"). Additional Interest shall be paid by the Company to the Holders by
depositing with the Trustee, in trust, for the benefit of the Holders of
Registrable Securities, on or before the applicable semiannual interest payment
date, immediately available funds in sums sufficient to pay the Additional
Interest then due. The Additional Interest due shall be payable on each interest
payment date to the record Holder of Securities entitled to receive the interest
payment to be paid on such date as set forth in the Indenture.

         2.5. SPECIFIC ENFORCEMENT. Without limiting the remedies
available to the Initial Purchasers and the Holders, the Company acknowledges
that any failure by the Company to comply with its obligations under this
Section 2 may result in material irreparable injury to the Initial Purchasers
or the Holders for which there is no adequate remedy at law, that it would
not be possible to measure damages for such injuries precisely and that, in
the event of any such failure, the Initial Purchasers or any Holder may
obtain such relief as may be required to specifically enforce the Company's
obligations under this Section 2.

3.       REGISTRATION PROCEDURES.

         In connection with the obligations of the Company with respect to the
Shelf Registration and the Registration Statement pursuant to Section 2 hereof,
the Company shall:

                  (a) prepare and file with the SEC a Registration Statement
         within the period specified in Section 2, on the appropriate form under
         the 1933 Act, which form (i) shall be selected by the Company, (ii)
         shall be available for the sale of the Registrable Securities by the
         selling Holders thereof (provided that such Holder completes and
         delivers its Holder Information to the Company at least five business
         days prior to the effectiveness of the Registration Statement) , and
         (iii) shall comply as to form in all material respects with the
         requirements of the applicable form and include or incorporate by
         reference all financial statements required by the SEC to be filed
         therewith or

                                       8
<Page>

         incorporated by reference therein, and use its best efforts to cause
         such Registration Statement to become effective and remain effective in
         accordance with Section 2 hereof;

                  (b) prepare and file with the SEC such amendments and
         post-effective amendments to each Registration Statement as may be
         necessary under applicable law to keep such Registration Statement
         effective for the applicable period; cause each Prospectus to be
         supplemented by any required prospectus supplement, and as so
         supplemented to be filed pursuant to Rule 424 (or any similar provision
         then in force) under the 1933 Act; and comply with the provisions of
         the 1933 Act and the 1934 Act with respect to the disposition of all
         securities covered by a Registration Statement during the applicable
         period in accordance with the intended method or methods of
         distribution by the selling Holders thereof;

                  (c) (i) notify each Holder of Registrable Securities that a
         Registration Statement with respect to the Registrable Securities has
         been filed, further notify each Holder of Registrable Securities, at
         least fifteen business days prior to effectiveness, that such
         Registration Statement will become effective and request that such
         Holder complete and deliver the Holder Information to the Company at
         least five business days prior to effectiveness and advising such
         Holders that the distribution of Registrable Securities will be made in
         accordance with the method elected by the Majority Holders that deliver
         Holder Information in time to be included in the Registration
         Statement; (ii) subject to the Holder's requirements to pay all Holder
         Expenses, furnish to each Holder of Registrable Securities, to counsel
         for the Holders, to counsel for the Initial Purchasers and to each
         underwriter of the Underwritten Offering of Registrable Securities, if
         any, without charge subject to the Holder's requirements to pay all
         Holder Expenses, as many copies of each Prospectus, including each
         preliminary Prospectus, and any amendment or supplement thereto and
         such other documents as such Holder, counsel or underwriter may
         reasonably request, including financial statements and schedules and,
         if such Holder, counsel or underwriter so requests, all exhibits
         (including those incorporated by reference) in order to facilitate the
         public sale or other disposition of the Registrable Securities; and
         (iii) the Company hereby consents to the use of the Prospectus,
         including each preliminary Prospectus, or any amendment or supplement
         thereto by each of the Holders and underwriters of Registrable
         Securities in connection with the offering and sale of the Registrable
         Securities covered by any Prospectus or any amendment or supplement
         thereto;

                  (d) use its best efforts to register or qualify the
         Registrable Securities under all applicable state securities or "blue
         sky" laws of such jurisdictions in the United States as any Holder of
         Registrable Securities covered by the Registration Statement and each
         underwriter of the Underwritten Offering of Registrable Securities
         shall reasonably request, to cooperate with the Holders and the
         underwriters of any Registrable Securities in connection with any
         filings required to be made with the NASD, to keep each such
         registration or qualification effective during the period such
         Registration Statement is required to be effective, and do any and all
         other acts and things which may be reasonably necessary or advisable to
         enable such Holder to consummate the disposition in each such U.S.
         jurisdiction of such Registrable Securities owned by such Holder;
         provided, however, that the Company shall not be required to (i)
         qualify as a foreign

                                       9
<Page>

         corporation or as a dealer in securities in any jurisdiction where it
         would not otherwise be required to qualify but for this Section 3(d) or
         (ii) take any action which would subject it to general service of
         process or taxation in any such jurisdiction if it is not then so
         subject;

                  (e) notify each Holder of Registrable Securities and counsel
         for such Holder (if known to the Company) promptly and, if requested by
         such Holder or counsel, confirm such advice in writing promptly (i)
         when a Registration Statement has become effective and when any
         post-effective amendments and supplements thereto become effective,
         (ii) of any request by the SEC or any state securities authority for
         post-effective amendments or supplements to a Registration Statement or
         Prospectus or for additional information with respect to the
         Registration Statement after a Registration Statement has become
         effective, (iii) of the issuance by the SEC or any state securities
         authority of any stop order suspending the effectiveness of a
         Registration Statement or the initiation of any proceedings for that
         purpose, (iv) if between the effective date of the Registration
         Statement and the closing of any sale of Registrable Securities covered
         thereby, PROVIDED, the Company knows when the sale is to occur, the
         representations and warranties of the Company contained in any
         underwriting agreement, securities sales agreement or other similar
         agreement, if any, relating to such offering cease to be true and
         correct in all material respects, (v) of the happening of any event as
         a result of which the Prospectus, as then in effect, makes any
         statement made in such Registration Statement or the related Prospectus
         untrue in any material respect or which constitutes an omission to
         state a material fact in such Registration Statement or Prospectus or
         which requires the making of any changes in such Registration Statement
         or Prospectus in order to make the statements therein not misleading in
         light of the circumstances then existing, (vi) of the receipt by the
         Company of any notification with respect to the suspension of the
         qualification of the Registrable Securities for sale in any
         jurisdiction or the initiation or threatening of any proceeding for
         such purpose and (vii) of any determination by the Company that a
         post-effective amendment to a Registration Statement would be
         appropriate;

                  (f) in the event of an underwritten offering, furnish counsel
         for any underwriters of Registrable Securities copies of any comment
         letters received from the SEC or any other request by the SEC or any
         state securities authority for amendments or supplements to a
         Registration Statement and Prospectus or for additional information
         received during the occurrence of the underwritten offering;

                  (g) make every reasonable effort to obtain the withdrawal of
         any order suspending the effectiveness of a Registration Statement as
         soon as practicable and provide immediate notice to each selling Holder
         of the withdrawal of any such order;

                  (h) furnish to each selling Holder of Registrable Securities,
         and each underwriter, if any, without charge, at least one conformed
         copy of each Registration Statement and any post-effective amendment
         thereto, including financial statements and schedules (without
         documents incorporated or deemed to be incorporated therein by
         reference or exhibits thereto, unless requested);

                                       10
<Page>

                  (i) cooperate with the selling Holders of Registrable
         Securities to facilitate the timely preparation and delivery of
         certificates representing Registrable Securities to be sold and not
         bearing any restrictive legends; and cause such Registrable Securities
         to be in such denominations (consistent with the provisions of the
         Indenture) and in a form eligible for deposit with the Depositary and
         registered in such names as the selling Holders or the underwriters, if
         any, may reasonably request in writing at least three business days
         prior to the closing of any sale of Registrable Securities;

                  (j) upon the occurrence of any event or the discovery of any
         facts, each as contemplated by Sections 3(e)(v) and 3(e)(vi) hereof, as
         promptly as practicable after the occurrence of such an event, use its
         best efforts to prepare a supplement or post-effective amendment to a
         Registration Statement or the related Prospectus or any document
         incorporated or deemed to be incorporated therein by reference or file
         any other required document so that, as thereafter delivered to the
         purchasers of the Registrable Securities, such Prospectus will not
         contain at the time of such delivery any untrue statement of a material
         fact or omit to state a material fact necessary in order to make the
         statements therein, in the light of the circumstances under which they
         were made, not misleading. The Company agrees to notify each Holder to
         suspend use of the Prospectus as promptly as practicable after the
         occurrence of such an event, and each Holder hereby agrees to suspend
         use of the Prospectus until the Company has amended or supplemented the
         Prospectus to correct such misstatement or omission. At such time as
         such public disclosure is otherwise made or the Company determines that
         such disclosure is not necessary, in each case to correct any
         misstatement of a material fact or to include any omitted material
         fact, the Company agrees promptly to notify each Holder of such
         determination and to furnish each Holder such number of copies of the
         Prospectus, as amended or supplemented, as such Holder may reasonably
         request;

                  (k) obtain CUSIP numbers for all Registrable Securities not
         later than the effective date of the Registration Statement, and
         provide the Trustee with printed certificates for the Registrable
         Securities in a form eligible for deposit with the Depositary;

                  (l) (i) cause the Indenture to be qualified under the TIA in
         connection with the registration of the Registrable Securities, (ii)
         cooperate with the Trustee and the Holders to effect such changes, if
         any, to the Indenture as may be required for the Indenture to be so
         qualified in accordance with the terms of the TIA and (iii) execute,
         and use its best efforts to cause the Trustee to execute, all documents
         as may be required to effect such changes, if any, and all other forms
         and documents required to be filed with the SEC to enable the Indenture
         to be so qualified in a timely manner;

                  (m) in connection with not more than one Underwritten Offering
         during the period of effectiveness of the Registration Statement (the
         "Underwritten Offering") enter into an underwriting agreement and
         agreements ancillary thereto and take all other customary and
         appropriate actions in order to expedite or facilitate the disposition
         of such Registrable Securities and in such connection;

                                       11
<Page>

                           (i) make such representations and warranties to the
                  Holders of such Registrable Securities and the underwriters,
                  if any, in form, substance and scope as are customarily made
                  by issuers to underwriters in similar Underwritten Offerings
                  as may be reasonably requested by such Holders and
                  underwriters;

                           (ii) in connection with the Underwritten Offering,
                  seek to obtain opinions of counsel to the Company and updates
                  thereof (which counsel and opinions (in form, scope and
                  substance) shall be reasonably satisfactory to the managing
                  underwriters, if any, and the Holders of a majority in
                  principal amount of the Registrable Securities being sold)
                  addressed to each selling Holder (where reasonably possible)
                  and the underwriters, if any, covering the matters customarily
                  covered in opinions requested in sales of securities or
                  Underwritten Offerings and such other matters as may be
                  reasonably requested by such Holders and underwriters;

                           (iii) in connection with the Underwritten Offering,
                  seek to obtain "comfort letters" and updates thereof with
                  respect to such Registration Statement and the Prospectus
                  included therein, all amendments and supplements thereto and
                  all documents incorporated or deemed to be incorporated by
                  referenced therein from the Company's independent certified
                  public accountants and (where reasonably possible) from the
                  independent certified public accountants for any other Person
                  or any business or assets whose financial statements are
                  included or incorporated by reference in the Registration
                  Statement or Prospectus, each addressed to the underwriters,
                  if any, and (where reasonably possible) to have such letter
                  addressed to the selling Holders of Registrable Securities,
                  such letters to be in customary form and covering matters of
                  the type customarily covered in "comfort letters" to
                  underwriters in connection with similar Underwritten
                  Offerings;

                           (iv) if an underwriting agreement is entered into in
                  the case of the Underwritten Offering, cause the same to set
                  forth indemnification and contribution provisions and
                  procedures substantially equivalent to the indemnification and
                  contribution provisions and procedures set forth in Section 4
                  hereof with respect to the underwriters and all other parties
                  to be indemnified pursuant to Section 4 hereof or, at the
                  request of any underwriters, in the form customarily provided
                  to such underwriters in similar types of transactions; and

                           (v) deliver such other documents and certificates as
                  may be reasonably requested and as are customarily delivered
                  in similar offerings to the Holders of a majority in principal
                  amount of the Registrable Securities being sold and the
                  managing underwriters, if any.

         The above shall be done at (i) the effectiveness of any required
post-effective amendment to the Registration Statement and (ii) the closing
under the underwriting agreement as and to the extent required thereunder;

                                       12
<Page>

                  (n) to the extent required to enable the Holders and the
         underwriters to comply with their due diligence obligations, make
         available for inspection by representatives of the Holders of the
         Registrable Securities and any underwriters participating in any
         disposition pursuant to a Registration Statement and any counsel or
         accountant retained by such Holders or underwriters, all financial and
         other records, documents and properties of the Company reasonably
         requested by any such Persons, and cause the respective officers,
         directors, employees, and any other agents of the Company to supply all
         information reasonably requested by any such representative,
         underwriter, special counsel or accountant in connection with the
         Registration Statement, and make such representatives of the Company
         available for discussion of such documents as shall be reasonably
         requested by the Initial Purchasers, PROVIDED, that such persons (other
         than the Initial Purchasers) enter into appropriate confidentiality
         agreements with the Company;

                  (o) a reasonable time prior to filing any amendment to the
         Registration Statement or amendment or supplement to such Prospectus in
         connection with an Underwritten Offering, provide copies of such
         document upon request to the underwriter or underwriters of the
         Underwritten Offering of Registrable Securities, if any, and to counsel
         for any such underwriters, and make such changes in any such document
         prior to the filing thereof as the underwriter or underwriters or any
         of their respective counsel may reasonably request, provided that the
         Company shall have no obligation to make any change in the description
         of its business or its financial statements or other information
         contained in its Exchange Act filings; cause the representatives of the
         Company to be available for discussion of such documents as shall be
         reasonably requested by any underwriter; and shall not at any time make
         any filing of any such document of which such underwriter shall not
         have previously been advised and furnished a copy or to which the
         underwriter shall reasonably object within a reasonable time period;

                  (p) otherwise comply with all applicable rules and regulations
         of the SEC and make available to its security holders, as soon as
         reasonably practicable, an earnings statement covering at least twelve
         (12) months which shall satisfy the provisions of Section 11(a) of the
         1933 Act and Rule 158 thereunder; and

                  (q) cooperate and assist in any filings required to be made
         with the NASD and in the performance of any due diligence investigation
         by any underwriter and its counsel (including any "qualified
         independent underwriter" that is required to be retained in accordance
         with the rules and regulations of the NASD).

         The Company may (as a condition to such Holder's participation in the
Shelf Registration) require each Holder of Registrable Securities to furnish to
the Company such information regarding such Holder and the proposed distribution
by such Holder of such Registrable Securities as the Company may from time to
time reasonably request in writing, including the completion and delivery of the
Requisite Information at least five days prior to the effectiveness of the
Registration Statement.

                                       13
<Page>

         Each Holder agrees that, upon receipt of any notice from the Company of
the happening of any event or the discovery of any facts, each of the kind
described in Sections 3(e)(ii), 3(e)(iii) or 3(e)(v) through 3(e)(vii) hereof,
such Holder will forthwith discontinue disposition of Registrable Securities
pursuant to a Registration Statement until receipt by such Holder of (i) the
copies of the supplemented or amended Prospectus contemplated by Section 3(j)
hereof or (ii) written notice from the Company that the Shelf Registration is
once again effective or that no supplement or amendment is required. If so
directed by the Company, such Holder will deliver to the Company (at the
Company's expense) all copies in such Holder's possession, other than permanent
file copies then in such Holder's possession, of the Prospectus covering such
Registrable Securities current at the time of receipt of such notice. Nothing in
this paragraph shall prevent that accrual of Additional Interest on any
Securities.

         In the event that the Company fails to file any Registration Statement
and maintain the effectiveness of any such Registration Statement as provided
herein, the Company shall not file any Registration Statement with respect to
any securities (within the meaning of Section 2(1) of the 1933 Act) of the
Company other than Registrable Securities.

         If any of the Registrable Securities covered by any Registration
Statement are to be sold in the Underwritten Offering, the underwriter or
underwriters and manager or managers that will manage such offering will be
selected by the Majority Holders of such Registrable Securities included in such
offering and shall be reasonably acceptable to the Company. No Holder of
Registrable Securities may participate in any underwritten registration
hereunder unless such Holder (a) agrees to sell such Holder's Registrable
Securities on the basis provided in any underwriting arrangements approved by
the Persons entitled hereunder to approve such arrangements and (b) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents required under the terms of such underwriting
arrangements.

         The Holders of Registrable Securities that participate in the
Underwritten Offering shall be required to pay on a ratable basis all
Registration Expenses associated with or arising as a result of the Underwritten
Offering, including, without limitation, any Registration Expenses incurred in
connection with any amendment to the Registration Statement or amendment or
supplement to the related Prospectus requested or required by the underwriter.

4.       INDEMNIFICATION AND CONTRIBUTION.

         (a) The Company agrees to indemnify and hold harmless the Initial
Purchasers, each Holder, each Person who participates as an underwriter (each,
an "UNDERWRITER") and each Person, if any, who controls any Initial Purchaser,
Holder or Underwriter within the meaning of either Section 15 of the 1933 Act or
Section 20 of the 1934 Act as follows:

                  (i) against any and all loss, liability, claim, damage and
         expense whatsoever, as incurred, arising out of any untrue statement or
         alleged untrue statement of a material fact contained in any
         Registration Statement (or any amendment or supplement thereto)
         pursuant to which Registrable Securities were registered under the 1933
         Act, including all documents incorporated therein by reference, or any
         omission or alleged omission therefrom of a material fact required to
         be stated therein or necessary to make the

                                       14
<Page>

         statements therein not misleading, or arising out of any untrue
         statement or alleged untrue statement of a material fact contained in
         any Prospectus (or any amendment or supplement thereto) or any omission
         or alleged omission therefrom of a material fact necessary in order to
         make the statements therein, in the light of the circumstances under
         which they were made, not misleading;

                  (ii) against any and all loss, liability, claim, damage and
         expense whatsoever, as incurred, to the extent of the aggregate amount
         paid in settlement of any litigation, or any investigation or
         proceeding by any governmental agency or body, commenced or threatened,
         or of any claim whatsoever based upon any such untrue statement or
         omission, or any such alleged untrue statement or omission; provided
         that (subject to Section 4(d) below) any such settlement is effected
         with the written consent of the Company; and

                  (iii) against any and all expense whatsoever, as incurred
         (including the reasonable fees and disbursements of counsel chosen by
         any indemnified party), reasonably incurred in investigating, preparing
         or defending against any litigation, or any investigation or proceeding
         by any governmental agency or body, commenced or threatened, or any
         claim whatsoever based upon any such untrue statement or omission, or
         any such alleged untrue statement or omission, to the extent that any
         such expense is not paid under subparagraph (i) or (ii) above;

PROVIDED, HOWEVER, that this indemnity agreement shall not apply to any loss,
liability, claim, damage or expense to the extent arising out of any untrue
statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with written information furnished to the Company by the
Initial Purchasers, any Holder or Underwriter expressly for use in a
Registration Statement (or any amendment thereto) or any Prospectus (or any
amendment or supplement thereto).

         (b) Each Holder, severally but not jointly, agrees to indemnify and
hold harmless the Company, the Initial Purchasers, each Underwriter and the
other selling Holders, and each of their respective directors and officers, and
each Person, if any, who controls the Company, the Initial Purchasers, any
Underwriter or any other selling Holder within the meaning of Section 15 of the
1933 Act or Section 20 of the 1934 Act, against any and all loss, liability,
claim, damage and expense described in the indemnity contained in Section 4(a)
hereof, as incurred, but only with respect to untrue statements or omissions, or
alleged untrue statements or omissions, made in the Registration Statement (or
any amendment thereto) or any Prospectus included therein (or any amendment or
supplement thereto) in reliance upon and in conformity with written information
with respect to such Holder furnished to the Company by such Holder expressly
for use in the Registration Statement (or any amendment thereto) or such
Prospectus (or any amendment or supplement thereto); provided, however, that no
such Holder shall be liable for any claims hereunder in excess of the amount of
net proceeds received by such Holder from the sale of Registrable Securities
pursuant to such Registration Statement.

         (c) Each indemnified party shall give notice as promptly as reasonably
practicable to each indemnifying party of any action or proceeding commenced
against it in respect of which indemnity may be sought hereunder, but failure so
to notify an indemnifying party shall not

                                       15
<Page>

relieve such indemnifying party from any liability hereunder to the extent it is
not materially prejudiced as a result thereof and in any event shall not relieve
it from any liability which it may have otherwise than on account of this
indemnity agreement. An indemnifying party may participate at its own expense in
the defense of any such action; provided, however, that counsel to the
indemnifying party shall not (except with the consent of the indemnified party)
also be counsel to the indemnified party. In no event shall the indemnifying
party or parties be liable for the fees and expenses of more than one counsel
(in addition to any local counsel) separate from their own counsel for all
indemnified parties in connection with any one action or separate but similar or
related actions in the same jurisdiction arising out of the same general
allegations or circumstances. No indemnifying party shall, without the prior
written consent of the indemnified parties, settle or compromise or consent to
the entry of any judgment with respect to any litigation, or any investigation
or proceeding by any governmental agency or body, commenced or threatened, or
any claim whatsoever in respect of which indemnification or contribution could
be sought under this Section 4 (whether or not the indemnified parties are
actual or potential parties thereto), unless such settlement, compromise or
consent (i) includes an unconditional release of each indemnified party from all
liability arising out of such litigation, investigation, proceeding or claim and
(ii) does not include a statement as to or an admission of fault, culpability or
a failure to act by or on behalf of any indemnified party.

         (d) If at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of
counsel, such indemnifying party agrees that it shall be liable for any
settlement of the nature contemplated by Section 4(a)(ii) effected without its
written consent if (i) such settlement is entered into more than forty-five (45)
days after receipt by such indemnifying party of the aforesaid request, (ii)
such indemnifying party shall have received notice of the terms of such
settlement at least thirty (30) days prior to such settlement being entered into
and (iii) such indemnifying party shall not have reimbursed such indemnified
party in accordance with such request prior to the date of such settlement.

         (e) If the indemnification provided for in this Section 4 is for any
reason unavailable to or insufficient to hold harmless an indemnified party in
respect of any losses, liabilities, claims, damages or expenses referred to
therein, then each indemnifying party shall contribute to the aggregate amount
of such losses, liabilities, claims, damages and expenses incurred by such
indemnified party, as incurred, in such proportion as is appropriate to reflect
the relative fault of the indemnifying party or parties on the one hand and of
the indemnified party or parties on the other hand in connection with the
statements or omissions that resulted in such losses, liabilities, claims,
damages or expenses, as well as any other relevant equitable considerations.

         The relative fault of such indemnifying party or parties on the one
hand and the indemnified party or parties on the other hand shall be determined
by reference to, among other things, whether any such untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material
fact relates to information supplied by such indemnifying party or parties or
such indemnified party or parties, and the parties' relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or
omission.

         (f) The Company, the Holders and the Initial Purchasers agree that it
would not be just or equitable if contribution pursuant to this Section 4 were
determined by pro rata allocation (even if the Initial Purchasers were treated
as one entity for such purpose) or by any other

                                       16
<Page>

method of allocation that does not take account of the equitable considerations
referred to in paragraph (e) above. The aggregate amount of losses, liabilities,
claims, damages and expenses incurred by an indemnified party and referred to
above in this Section 4 shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in investigating, preparing or
defending against any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever
based upon any such untrue or alleged untrue statement or omission or alleged
omission.

         Notwithstanding the provisions of this Section 4, no Initial Purchaser,
Holder or Underwriter shall be required to contribute any amount in excess of
the amount by which the total price at which Registrable Securities sold by it
pursuant to a Registration Statement were offered exceeds the amount of any
damages that such Initial Purchaser, Holder or Underwriter has otherwise been
required to pay by reason of any such untrue or alleged untrue statement or
omission or alleged omission.

         No Person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the 1933 Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation.

         For purposes of this Section 4, each Person, if any, who controls an
Initial Purchaser, Holder or Underwriter within the meaning of Section 15 of the
1933 Act or Section 20 of the 1934 Act shall have the same rights to
contribution as such Initial Purchaser, Holder or Underwriter, as the case may
be, and each director of the Company, each officer of the Company who signed the
Registration Statement and each Person, if any, who controls the Company within
the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall
have the same rights to contribution as the Company. The respective obligations
of the Initial Purchasers, Holders, and Underwriters to contribute pursuant to
this Section 4 are several in proportion to the principal amount of Securities
sold by them pursuant to a Registration Statement and not joint.

         The indemnity and contribution provisions contained in this Section 4
shall remain operative and in full force and effect regardless of (i) any
termination of this Agreement, (ii) any investigation made by or on behalf of
any Initial Purchaser, Holder or Underwriter or any Person controlling any
Initial Purchaser, Holder or Underwriter, or by or on behalf of the Company, its
officers, or directors or any Person controlling the Company, and (iii) any sale
of Registrable Securities pursuant to a Registration Statement.

5.       MISCELLANEOUS.

         5.1. RULE 144 AND RULE 144A. For so long as the Company is subject to
the reporting requirements of Section 13 or 15 of the 1934 Act, the Company
covenants that it will file all reports required to be filed by it under the
1933 Act and Section 13(a) or 15(d) of the 1934 Act and the rules and
regulations adopted by the SEC thereunder, that if it ceases to be so required
to file such reports, it will upon the request of any Holder or beneficial owner
of Registrable Securities (a) make publicly available such information
(including, without limitation, the information specified in Rule 144A(d)(4)
under the 1933 Act) as is necessary to permit sales pursuant to Rule 144 under
the 1933 Act, (b) deliver or cause to be delivered, promptly following a request
by any Holder or beneficial owner of Registrable Securities or any

                                       17
<Page>

prospective purchaser or transferee designated by such Holder or beneficial
owner, such information (including, without limitation, the information
specified in Rule 144A(d)(4) under the 1933 Act) as is necessary to permit sales
pursuant to Rule 144A under the 1933 Act and it will take such further action as
any Holder or beneficial owner of Registrable Securities may reasonably request,
and (c) take such further action that is reasonable in the circumstances, in
each case, to the extent required from time to time to enable such Holder to
sell its Registrable Securities without registration under the 1933 Act within
the limitation of the exemptions provided by (i) Rule 144 under the 1933 Act, as
such Rule may be amended from time to time, (ii) Rule 144A under the 1933 Act,
as such Rule may be amended from time to time, or (iii) any similar rules or
regulations hereafter adopted by the SEC. Upon the request of any Holder or
beneficial owner of Registrable Securities, the Company will deliver to such
Holder a written statement as to whether it has complied with such requirements.

         5.2. NO INCONSISTENT AGREEMENTS. The Company has not entered into nor
will the Company on or after the date of this Agreement enter into any agreement
which is inconsistent with the rights granted to the Holders of Registrable
Securities in this Agreement or otherwise conflicts with the provisions hereof.
The rights granted to the Holders hereunder do not and will not in any way
conflict with and are not and will not be inconsistent with the rights granted
to the holders of any of the Company's other issued and outstanding securities
under any other agreements entered into by the Company or any of its
subsidiaries.

         5.3. AMENDMENTS AND WAIVERS. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given, unless the Company has obtained the written consent of Holders
of at least a majority in aggregate principal amount of the outstanding
Registrable Securities affected by such amendment, modification, supplement,
waiver or departure.

         5.4. NOTICES. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, registered
first-class mail, telecopier or any courier guaranteeing overnight delivery (a)
if to a Holder (other than the Initial Purchasers), at the address set forth in
the Required Information or the most current address given by such Holder to the
Company by means of a notice given in accordance with the provisions of this
Section 5.4, (b) if to an Initial Purchaser, at the most current address given
by such Initial Purchaser to the Company by means of a notice given in
accordance with the provisions of this Section 5.4, which address initially is
the address set forth in the Purchase Agreement with respect to such Initial
Purchaser, (c) if to the Company, initially at the Company's address set forth
in the Purchase Agreement, and thereafter at such other address of which notice
is given in accordance with the provisions of this Section 5.4, and (d) if to
any Underwriter, at the most current address given by such Underwriter to the
Company by means of a notice given in accordance with the provisions of this
Section 5.4, which address initially is the address set forth in the applicable
underwriting agreement.

         All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; two business days
after being deposited in the mail, postage prepaid, if mailed; when receipt is
acknowledged, if telecopied; and on the next business day if timely delivered to
an air courier guaranteeing overnight delivery.

                                       18
<Page>

         Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee, at the
address specified in the Indenture.

         5.5. SUCCESSORS AND ASSIGNS. This Agreement shall inure to the benefit
of and be binding upon the successors, assigns and transferees of each of the
parties, including, without limitation and without the need for an express
assignment, subsequent Holders; provided, that nothing herein shall be deemed to
permit any assignment, transfer or other disposition of Registrable Securities
in violation of the terms hereof or of the Purchase Agreement or the Indenture.
If any transferee of any Holder shall acquire Registrable Securities, in any
manner, whether by operation of law or otherwise, such Registrable Securities
shall be held subject to all of the terms of this Agreement, and by taking and
holding such Registrable Securities, such Person shall be conclusively deemed to
have agreed to be bound by and to perform all of the terms and provisions of
this Agreement, including the restrictions on resale set forth in this Agreement
and, if applicable, the Purchase Agreement, and such person shall be entitled to
receive the benefits hereof.

         5.6. THIRD PARTY BENEFICIARIES. The Initial Purchasers (even if the
Initial Purchasers are not Holders of Registrable Securities) shall be third
party beneficiaries of the agreements made hereunder between the Company, on the
one hand, and the Holders, on the other hand, and shall have the right to
enforce such agreements directly to the extent they deem such enforcement
necessary or advisable to protect their rights or the rights of Holders
hereunder. Each Holder of Registrable Securities shall be a third party
beneficiary to the agreements made hereunder between the Company, on the one
hand, and the Initial Purchasers, on the other hand, and shall have the right to
enforce such agreements directly to the extent it deems such enforcement
necessary or advisable to protect its rights hereunder.

         5.7. HEADINGS. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

         5.8. SEVERABILITY. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

         5.9. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS
PRINCIPLES OF CONFLICT OF LAWS THEREOF.

         5.10. COUNTERPARTS. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

                                       19
<Page>

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                                      VEECO INSTRUMENTS INC.

                                      By: /s/ John F. Rein, Jr.
                                         ---------------------------------------
                                         Name: John F. Rein, Jr.
                                         Title: Executive Vice President, Chief
                                                Financial Officer and Secretary

Confirmed and accepted as of the date first above written:

MERRILL LYNCH, PIERCE, FENNER & SMITH
            INCORPORATED

SALOMON SMITH BARNEY INC.
THOMAS WEISEL PARTNERS LLC

BY:      MERRILL LYNCH, PIERCE, FENNER & SMITH
                     INCORPORATED

By: /s/ Rex Sherry
   -----------------------------------------------------------
   Name:  Rex Sherry
   Title: Managing Director

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