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Exhibit 10.5  

FOURTH AMENDMENT dated as of March 20, 2002 (this "Amendment") to the Credit Agreement dated as of April 19, 2001, as amended
September 17, 2001, December 21, 2001 and February 7, 2002 (as further amended, restated, supplemented or modified, the "Credit Agreement") by and among  VEECO INSTRUMENTS INC., a
Delaware corporation (the "Company"), FLEET NATIONAL BANK, a national
banking association, as Administrative Agent and as a Lender, JPMORGAN CHASE BANK (formerly known as The Chase Manhattan Bank), a New York banking
corporation, as Syndication Agent and as a Lender, HSBC BANK USA, a national banking association organized under the laws of the United States of
America, as Documentation Agent and as a Lender, and the other Lenders party thereto. 

WHEREAS, the Company has requested that the Lenders amend certain provisions of the Credit Agreement, and the Lenders have agreed to amend such
provisions of the Credit Agreement, subject to the terms and conditions set forth herein; 

NOW, THEREFORE, in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows: 

1. Amendments.  

        (a) The following definitions in Section 1.01 of the Credit Agreement are hereby amended and restated in their entirety to provide as follows: 

"Consolidated
EBITDA" shall mean, for any Person for any period, the Consolidated Net Income (Net Loss) of such Person and its Subsidiaries for such period before provision for federal and state
income taxes, minus (a) Consolidated Interest Income and (b) all extraordinary gains, plus
(a) one-time charges related to write-downs of intangible assets (including the value of in-process research and development
related to a Permitted Acquisition), (b) Consolidated Interest Expense, (c) depreciation and amortization expenses, and (d) non-recurring merger and reorganization
expenses of not more than $17,343,000 recorded in the fiscal quarter ended December 31, 2001, all determined in accordance with Generally Accepted Accounting Principles applied on a consistent
basis. All of the foregoing categories shall be calculated with respect to such Person and its Subsidiaries on a consolidated basis and shall be calculated (without duplication) over the four fiscal
quarters ending on or most recently ended prior to the date of calculation thereof. 

"Consolidated
Effective Tangible Net Worth" shall mean, on the date of determination, the sum of Consolidated Total Assets, including, without limitation, prepaid and deferred charges and software
costs capitalized in accordance with Generally Accepted Accounting Principles applied on a consistent basis, minus (a) Consolidated
Unsubordinated Liabilities and (b) all intangible assets, including, without limitation, organizational expenses, patents, trademarks, copyrights, goodwill, purchased technology, covenants not
to compete, research and developmental costs and training costs. 

"Consolidated
Fixed Charge Coverage Ratio" shall mean, (I) for each determination date prior to March 30, 2003, the ratio of (1) the sum of (a) Consolidated EBITDA  plus (b) Consolidated
Interest Income to (2) the sum of (a) Consolidated Interest Expense,  plus (b) the aggregate amount of all scheduled payments due during the next succeeding four fiscal quarters on
Indebtedness for borrowed money,
and (II) for each subsequent determination date, the ratio of (1) the sum of (a) Consolidated EBITDAR plus (b) Consolidated
Interest Income minus (c) Consolidated Unfunded Capital Expenditures during the four fiscal quarters ending on or most recently ended prior to the date of determination,  minus (d) income taxes
paid to any government 

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or governmental instrumentality by the Company or any of its Subsidiaries during the four fiscal quarters ending on or most recently ended prior to the date of determination  minus (e) cash
dividends paid by the Company or any of it Subsidiaries during the four fiscal quarters ending on or most recently ended prior to
the date of determination, to (2) the sum of (a) Consolidated Interest Expense, plus (b) rent expense for the four fiscal quarters
ending on or most recently ended prior to the date of determination, plus (c) the aggregate amount of all scheduled payments due during the next
succeeding four fiscal quarters on Indebtedness for borrowed money, minus (d) at any time following the third anniversary of the Closing Date, an
amount equal to 75% of the aggregate outstanding principal amount of all Revolving Credit Loans and Swingline Loans at such time. Notwithstanding the foregoing, (x) for purposes of determining
the Consolidated Fixed Charge Coverage Ratio under clause (I) above, each component of the Consolidated Fixed Charge Coverage Ratio shall be calculated over the period from January 1,
2002 to the determination date except that the amount described in clause (I)(2)(b) shall be equal to the greater of (a) the amount of actual payments made on Indebtedness for borrowed
money (excluding any prepayment of the M&T Debt) during the period from January 1, 2002 to the determination date, or (b) 25%, 50%, 75% and 100%, respectively of the amount reported as
"Current Portion of Long Term Indebtedness" on the consolidated financial statements of the Company at December 31, 2001 for the first, second, third and fourth fiscal quarters, and
(y) for purposes of determining Consolidated Fixed Charge Coverage Ratio for each determination date from March 31, 2003 through March 30, 2004, each component of the Consolidated
Fixed Charge Coverage Ratio shall be calculated over the period from January 1, 2003 to the determination date except that the amount described in clause (II) (2)(c) above shall be equal
to 25%, 50%, 75% and 100%, respectively, of the amount reported as "Current Portion of Long Term Indebtedness" on the consolidated financial statements of the Company as of the last day of the fiscal
quarter of the Company ending on or most recently ended prior to the date of determination, for the first, second,
third and fourth fiscal quarters of 2003. For purposes of calculating this ratio, Consolidated Interest Expense shall be determined excluding any interest payment made by the Company with respect to
the Subordinated Notes to the extent such payment is made from the "Collateral" as defined in the Cash Collateral Pledge Agreement. 

"Consolidated
Total Funded Debt" shall mean, on the date of determination, the sum of all Indebtedness for borrowed money of the Company and its Subsidiaries, determined on a consolidated basis and
including the current portion thereof and the Aggregate Letters of Credit Outstanding, but excluding (a) the long term portion of the Existing Mortgage Debt, (b) Subordinated
Indebtedness, and (c) the M&T Debt to the extent that such debt is secured dollar-for-dollar pursuant to the Cash Collateral Pledge Agreement, all as determined in
accordance with Generally Accepted Accounting Principles applied on a consistent basis. 

"Eligible
Investments" shall mean (a) direct obligations of the United States of America or any governmental agency thereof which are fully guaranteed or insured by the United States of
America; (b) Dollar denominated certificates of time deposit issued by any bank organized and existing under the laws of the United States or any state thereof and having aggregate capital and
surplus in excess of $500,000,000 or by any Lender; (c) money market mutual funds having assets in excess of $2,000,000,000; (d) money market mutual funds having assets in excess of
$500,000,000 managed by a Lender or an Affiliate of a Lender; (e) commercial paper rated not less than P-1 or A-1 or their equivalent by Moody's Investors
Service, Inc. or Standard & Poor's Ratings Group, respectively; (f) tax exempt securities of a U.S. issuer rated A or better by Standard & Poor's Ratings Group or rated
A-2 or better by Moody's Investors Service, Inc.; (g) cash; (h) asset-backed securities and mortgage-backed securities rated AAA (or its equivalent) by
Standard & Poor's Ratings Group or Moody's Investors Service, Inc.; (i) bonds issued by corporations organized under the laws of any state of the United States rated A (or its
equivalent) or better by Standard & Poor's Ratings Group or Moody's Investors Service, Inc.; and (j) short-term 

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investments by any Non-Domestic Subsidiary made in the ordinary course of its business and in accordance with the Company's guidelines and procedures provided that the aggregate amount of
such investments by the Non-Domestic Subsidiaries shall not exceed the lesser of (1) $25,000,000 or (2) fifty percent (50%) of the aggregate amount of Eligible Investments. 

"Existing
Mortgage Debt" shall mean Indebtedness secured by real property, as described on Schedule 1.01 hereto, as such schedule may be amended, modified or supplemented from time to time. 

"Loan
Documents" shall mean, collectively, this Agreement, the Notes, the Guaranties, the Security Agreement, the Hedging Agreements (but only to the extent that such Hedging Agreements are between
the Company and a Lender and relate to the Company's hedging of interest rate exposure under this Agreement), the Pledge Agreements, the Cash Collateral Pledge Agreement, and each other agreement
executed in connection with the transactions contemplated hereby or thereby, as each of the same may hereafter be amended, restated, supplemented or otherwise modified from time to time. 

        (b)
The table in the definition of "Interest Rate Margin" in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to provide as follows: 

	Consolidated Total Funded Debt to

Consolidated EBITDA
	 	Eurocurrency Margin

(360 day basis)
	 	Prime Rate Margin

(360 day basis)
	 
	Less than 1.00:1.00	 	1.00	%	-0-	%
	Greater than or equal to 1.00:1.00 but less than 1.50:1.00	 	1.25	%	-0-	%
	Greater than or equal to 1.50:1.00 but less than 2.00:1.00	 	1.75	%	0.25	%
	Greater than or equal to 2.00:1.00	 	2.25	%	0.50	%

        (c)
The table in the definition of "Unused Fee Rate" in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to provide as follows: 

	Consolidated Total Funded Debt to

Consolidated EBITDA
 
	 	Unused Fee Rate
	 
	Less than 1.00:1.00	 	0.25	%
	Greater than or equal to 1.00:1.00 but less than 1.50:1.00	 	0.275	%
	Greater than or equal to 1.50:1.00 but less than 2.00:1.00	 	0.30	%
	Greater than or equal to 2.00:1.00	 	0.35	%

        (d)
Clause (j) of the definition of "Permitted Acquisition" in Section 1.01 of the Credit Agreement is hereby amended by deleting the phrase "six (6)" therein and replacing
it with "four (4)" and adding the phrase "following January 1, 2002" immediately following the phrase "in any twelve (12) month period" appearing therein. 

        (e)
The definition of "Permitted Liens" in Section 1.01 of the Credit Agreement is hereby amended by deleting the phrase "clauses (a) through (m) of
Section 7.02 hereof" and substituting in its place "clauses (a) through (o) of Section 7.02 hereof.". 

        (f)
The following definitions are hereby added to Section 1.01 of the Credit Agreement in their appropriate alphabetical order: 

"Consolidated
Unsubordinated Liabilities" shall mean, at any time, the sum of total liabilities of the Company and its Subsidiaries minus Subordinated
Debt, in each case, as would be set forth or 

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reflected on a consolidated balance sheet of the Company and its Subsidiaries prepared in accordance with Generally Accepted Accounting Principles applied on a consistent basis. 

        "Effective
Date" shall mean January 1, 2002. 

        "Security
Agreement" shall mean the Security Agreement in the form attached hereto as Exhibit I, to be executed and delivered on March 20, 2002 by the Company and the
Guarantors, as the same may hereafter be amended, restated, supplemented or otherwise modified from time to time. 

        (g)
The definition of Consolidated Total Liabilities in Section 1.01 of the Credit Agreement is hereby deleted in its entirety. 

        (h)
Section 6.12 of the Credit Agreement is hereby amended by inserting the phrase "and by executing an amendment to the Security Agreement, pursuant to which such Subsidiary
becomes a "Grantor" under the Security Agreement" at the end of clause (b) hereof. 

        (i)
Section 7.02 of the Credit Agreement is hereby amended by inserting a new subsection (o) therein which provides as follows: 

"(o)
Liens granted to the Administrative Agent for the benefit of the Lenders pursuant to the Security Agreement." 

        (j)
Section 7.06 of the Credit Agreement is hereby amended by (a) deleting "and" at the end of subsection (e) thereof, (b) deleting the period at the end
thereof and adding in lieu thereof the phrase "; and" and (c) adding a new subsection "(g)" at the end as follows: 

"(g)
so long as no Default or Event of Default shall have occurred and is then continuing or would result therefrom, the repurchase by the Company of up to $22,000,000, in the aggregate, of
outstanding Subordinated Notes." 

        (j)
Section 7.13(a) of the Credit Agreement is hereby amended and restated to provide in its entirety as follows: 

"(a)
Consolidated Total Funded Debt to Consolidated EBITDA. Permit the ratio of Consolidated Total Funded Debt to Consolidated EBITDA to be greater than
the amounts set forth below for the applicable period: 

	Period
	 	Ratio

	Effective Date through September 29, 2002	 	3.00:1.00
	September 30, 2002 through December 30, 2003	 	3.50:1.00
	December 31, 2003 and thereafter	 	2.50:1.00

For
purposes of calculating compliance with this covenant only, Consolidated EBITDA shall be calculated by including the EBITDA of any entity acquired in a Permitted Acquisition made after
January 1, 2002, which shall be calculated on a pro forma basis with respect to periods prior to consummation of such Permitted Acquisition. 

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        (k)
Section 7.13(b) of the Credit Agreement is hereby amended and restated in its entirety to provide as follows: 

"(b)
Consolidated Effective Tangible Net Worth. Permit at any time the Consolidated Effective Tangible Net Worth to be less than the amount set forth
below opposite the applicable period: 

	Period
 
	 	Amount

	January 1, 2002 through December 30, 2002	 	75% of the actual Consolidated Effective Tangible Net Worth at December 31, 2001 plus 50% of Consolidated Net Income (but not Consolidated Net Loss) plus 75% of the net proceeds received, if any, by the Company from any
equity offering or subordinated debt offering, each for the fiscal year beginning on January 1, 2002
	

Each period of December 31 through December 30 thereafter	
 	

75% of the actual Consolidated Effective Tangible Net Worth as of the last day of the fiscal year ending one year before the first day of such period plus 50% of Consolidated Net Income (but not Consolidated Net Loss) plus 75% of the net proceeds
received, if any, by the Company from any equity offering or subordinated debt offering, each for the fiscal year ending on the first day of such period.

        (l)
Section 7.13(e) of the Credit Agreement is hereby amended and restated to provide in its entirety as follows: 

(e)
Consolidated Pre-Tax Income and Consolidated Pre-Tax Loss. Commencing with the fiscal year beginning January 1, 2003,
permit Consolidated Pre-Tax Income to be less than $0 for any two consecutive fiscal quarters taken as a whole, or suffer a Consolidated Pre-Tax Loss of greater than
$4,000,000, in any one fiscal quarter. 

        (m)
Section 7.13 of the Credit Agreement is hereby further amended by adding the following new subsections "(f)" and "(g)" immediately following subsection "(e)" thereof: 

"(f)
Consolidated EBITDA. Permit Consolidated EBITDA to be less than (i) $42,445,000, at March 31, 2002, (ii) $25,509,000, at
June 30, 2002, (iii) $11,704,000, at September 30, 2002, or (iv) $8,200,000, at December 31, 2002". 

"(g)  Consolidated Unfunded Capital Expenditures. Permit Consolidated Unfunded Capital Expenditures to exceed $23,000,000, in the aggregate, during the
fiscal year ending December 31, 2002." 

        (n)
Schedule 1.01(c) to the Credit Agreement is hereby amended and replaced with Schedule 1.01(c) attached to this Amendment. 

        (o)
Exhibit I attached to this Amendment is hereby added as Exhibit I to the Credit Agreement. 

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2. Conditions to Effectiveness.

        (a)
This Amendment shall become effective as of the Effective Date, upon receipt by the Administrative Agent of: (a) this Amendment, duly executed by the Company and the
Guarantors; (b) executed consents from each of the Lenders authorizing the Administrative Agent to execute this Amendment on behalf of the Lenders; (c) the Security Agreement,
substantially in the form attached
hereto as Exhibit I, duly executed by the Company and the Guarantors; and (d) an amendment fee of $70,000 for the pro rata distribution to each Lender, 

        (b)
Within thirty (30) days of the date of this Amendment, the Company shall deliver to the Administrative Agent an opinion of the Company's counsel regarding the enforceability
of the Security Agreement and the perfection of the liens granted pursuant thereto, which opinion shall be in form and substance reasonably acceptable to the Administrative Agent and its counsel.
Failure to comply with this condition subsequent shall constitute an Event of Default. 

3. Miscellaneous.

Capitalized
terms used herein and not otherwise defined herein shall have the same meanings as defined in the Credit Agreement. 

Except
as expressly amended hereby, the Credit Agreement shall remain in full force and effect in accordance with the original terms thereof. 

The
amendments set forth above are limited specifically to the matters set forth above and for the specific instances and purposes given and do not constitute directly or by implication a waiver or
amendment of any other provision of the Credit Agreement or a waiver of any Default or Event of Default, whether now existing or hereafter arising, which may occur or may have occurred. 

The
Company hereby represents and warrants that (a) after giving effect to this Amendment, the representations and warranties made by the Company and each of its Subsidiaries pursuant to the
Credit Agreement and the other Loan Documents to which each is a party are true and correct in all material respects as of the date hereof with the same effect as though such representations and
warranties had been made on and as of such date, unless any such representation or warranty is as of a specific date, in which case, as of such date, and (b) after giving effect to this
Amendment, no Default or Event of Default has occurred and is continuing. 

This
Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one Amendment. This Amendment shall
become effective when duly executed counterparts hereof which, when taken together, bear the signatures of each of the parties hereto shall have been delivered to the Administrative Agent. 

This
Amendment shall constitute a Loan Document. 

This
Amendment shall be governed by, and construed in accordance with, the laws of the State of New York. 

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IN WITNESS WHEREOF, the Company and the Administrative Agent, as authorized on behalf of the Lenders, have caused this Amendment to be duly executed by
their duly authorized officers, all as of the day and year first above written. 

	 	 	VEECO INSTRUMENTS INC.
	

 	
 	
By:	
 	

/s/  JOHN F. REIN, JR.      
 Name: John F. Rein, Jr.

Title: Executive Vice President and Chief Financial Officer
	
 	
 	

FLEET NATIONAL BANK,

as Administrative Agent
	

 	
 	

By:	
 	

/s/  AUTHORIZED SIGNATORY      
 Name:

Title:

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The
undersigned, not parties to the Credit Agreement but as Guarantors under their respective Guaranties executed in favor of the Lenders, each hereby (a) accept and agree to the terms of the
foregoing Amendment; (b) acknowledge and confirm that all terms and provisions contained in their respective Guaranty are, and shall remain, in full force and effect in accordance with their
respective
terms; (c) reaffirm and ratify all of the representations and covenants contained in their respective Guaranty; and (d) represent, warrant and confirm the non-existence of
any offsets, defenses and counterclaims to its obligations under its Guaranty. 

	 WYKO CORPORATION	 	VEECO METROLOGY, LLC
	 	 	 	 	By:	 	VEECO INSTRUMENTS INC.,

its Sole Member
	

By:	
 	

/s/  JOHN F. REIN, JR.      
 Name: John F. Rein, Jr.

Title: Vice President	
 	

By:	
 	

/s/  JOHN F. REIN, JR.      
 Name: John F. Rein, Jr.

Title: Executive Vice President and Chief Financial Officer
	
 ION TECH, INC.	
 	

TULAKES REAL ESTATE INVESTMENTS, INC.
	
By:	
 	

/s/  JOHN F. REIN, JR.      
 Name: John F. Rein, Jr.

Title: Vice President	
 	

By:	
 	

/s/  JOHN F. REIN, JR.      
 Name: John F. Rein, Jr.

Title: Vice President
	
 VEECO MINNEAPOLIS

TECHNOLOGY CENTER, INC.	
 	

CVC, INC.
	
By:	
 	

/s/  JOHN F. REIN, JR.      
 Name: John F. Rein, Jr.

Title: Vice President	
 	

By:	
 	

/s/  JOHN F. REIN, JR.      
 Name: John F. Rein, Jr.

Title: Vice President
	
 CVC PRODUCTS, INC.	
 	

ROBIN HILL PROPERTIES, INC.
	
By:	
 	

/s/  JOHN F. REIN, JR.      
 Name: John F. Rein, Jr.

Title: Vice President	
 	

By:	
 	

/s/  JOHN F. REIN, JR.      
 Name: John F. Rein, Jr.

Title: Vice President
	
 APPLIED EPI, INC.	
 	

 	
 	

 
	
By:	
 	

/s/  JOHN F. REIN, JR.      
 Name: John F. Rein, Jr.

Title: Vice President	
 	

 	
 	

 

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SCHEDULE 1.01(c)—Existing Mortgage Debt    
  

	Lender
 
	 	Mortgaged Property
	 	Outstanding Mortgage

Balance at

Dec. 31, 2001

	Great West Life Assurance Company	 	2650 E. Elvira Road

Tucson, AZ 85706	 	$	2,037,000
	Sanbarco Mortgage Company

f/b/o Santa Barbara Bank and Trust	 	112 Robin Hill Road

Goleta, CA 93117	 	$	6,372,000
	M&T Real Estate, Inc.	 	525 Lee Road

Rochester, NY 14606	 	$	1,801,000
	Jackson National Life Insurance Company	 	4900 Constellation Drive

St. Paul, MN 55127	 	$	4,303,000

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EXHIBIT NO. 10.3  

  
 

    2002
  KEY EXECUTIVE INCENTIVE BONUS PLAN
  SCOTT'S LIQUID GOLD-INC.    
  

PURPOSE OF THE PLAN  

        The purpose of the Key Executive Incentive Bonus Plan (the "Plan") is to provide incentive to the Company's key executives to maximize corporate earnings for 2002
and to reward such executives based upon performance. 

STRUCTURE OF THE PLAN  

        This Plan is constructed to reserve exclusively to the shareholders the first $1 million in pre-tax earnings. Thereafter, for each
$1 million in additional pre-tax earnings, a bonus of $100,000 will be paid as incentive bonus. 

        This
Plan is also constructed so as to encourage Management to expend every effort possible to increase pre-tax earnings in excess of $1 million. The more
pre-tax profit the Company makes, the greater the bonus and the greater the return to the Company's shareholders. Further, by not capping bonuses to be paid under this Plan, the Board of
Directors believes that the incentives to the Company's executives to make larger and larger profits will not be limited. 

PLAN PROVISIONS  

	1.
	For
2002, a bonus pool equal to 10% of pre-tax earnings in excess of $1 million will be set aside for distribution to the Company's key executives who are employed
by the Company at December 31, 2001.

	2.
	Partial
distributions of the bonus pool may be made in December of 2001, but the final distribution is only to be made after the close of the year, based upon audited
pre-tax profits, during the quarter following the close of the fiscal year.

	3.
	Bonuses,
if any, for 2002, will be divided among the Company's four executive officers as follows: President and Chief Executive Officer, 35%; Executive Vice President and Chief
Operating Officer, 25%; Treasurer and Chief Financial Officer, 20%; and Vice President—Marketing, 20%.

	4.
	For
purposes of this Plan, net pre-tax earnings and pre-tax profits shall be determined without the deduction or addition of gains or losses from infrequent or
unusual events or transactions or from extraordinary items. The exclusion of any such event, transaction or item shall be determined by action of the Compensation Committee of the Board of Directors
of the Company after reviewing the proposed or final statements of income of the Company for the relevant period and reviewing the accounting treatment of any such event, transaction or item by the
Company's independent accountants. 

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