Document:

Exhibit 10.11
                           THERMO ELECTRON CORPORATION

                           2001 EQUITY INCENTIVE PLAN

                 As amended and restated as of February 7, 2002

     1. Purpose

     The purpose of this 2001 Equity  Incentive  Plan (the  "Plan") is to secure
for  Thermo  Electron  Corporation  (the  "Company")  and its  Stockholders  the
benefits arising from capital stock ownership by employees and directors of, and
consultants  to, the  Company  and its  subsidiaries  or other  persons  who are
expected to make  significant  contributions to the future growth and success of
the Company and its subsidiaries. The Plan is intended to accomplish these goals
by  enabling  the  Company  to  offer  such  persons   equity-based   interests,
equity-based incentives or performance-based stock incentives in the Company, or
any combination thereof ("Awards").

     2. Administration

     The Plan will be administered by the Board of Directors of the Company (the
"Board").  The Board shall have full power to interpret and administer the Plan,
to prescribe,  amend and rescind rules and regulations  relating to the Plan and
Awards,  and full authority to select the persons to whom Awards will be granted
("Participants"),  determine  the type and  amount of Awards  to be  granted  to
Participants  (including  any  combination  of Awards),  determine the terms and
conditions of Awards  granted  under the Plan  (including  terms and  conditions
relating to events of merger, consolidation, dissolution and liquidation, change
of control, vesting, forfeiture,  restrictions,  dividends and interest, if any,
on deferred  amounts),  waive compliance by a participant with any obligation to
be  performed  by him or her under an Award,  waive any term or  condition of an
Award,  cancel  an  existing  Award in whole or in part  with the  consent  of a
Participant,  grant replacement  Awards,  accelerate the vesting or lapse of any
restrictions of any Award, correct any defect,  supply any omission or reconcile
any  inconsistency in the Plan or in any Award and adopt the form of instruments
evidencing  Awards  under the Plan and change such forms from time to time.  Any
interpretation by the Board of the terms and provisions of the Plan or any Award
thereunder and the  administration  thereof,  and all action taken by the Board,
shall be final,  binding and  conclusive on all parties and any person  claiming
under or  through  any  party.  No  Director  shall be liable  for any action or
determination made in good faith. The Board may, to the full extent permitted by
law, delegate any or all of its  responsibilities  under the Plan to a committee
(the "Committee") appointed by the Board and consisting of members of the Board.
All references in the Plan to the "Board" shall mean the Board or a Committee of
the Board to the extent that the Board's powers or authority under the Plan have
been delegated to such Committee.

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     3. Effective Date

     The Plan shall be  effective  as of the date first  approved  by the Board,
subject to the approval of the Plan by the Corporation's Stockholders. Grants of
Awards under the Plan made prior to such approval  shall be effective  when made
(unless  otherwise  specified  by the Board at the time of grant),  but shall be
conditioned on and subject to such approval of the Plan.

     4. Shares Subject to the Plan

     Subject to  adjustment  as provided in Section  10.6,  the total  number of
shares of  common  stock of the  Company,  par  value  $1.00 per share  ("Common
Stock"),  reserved and available for  distribution  under the Plan shall be five
million shares.  Such shares may consist, in whole or in part, of authorized and
unissued shares or treasury shares.

     If  any  Award  of  shares  of  Common  Stock  requiring  exercise  by  the
Participant  for delivery of such shares  expires or terminates  without  having
been  exercised  in full,  is forfeited  or is  otherwise  terminated  without a
payment being made to the  Participant  in the form of Common  Stock,  or if any
shares of Common Stock subject to  restrictions  are  repurchased by the Company
pursuant to the terms of any Award or are otherwise reacquired by the Company to
satisfy  obligations  arising  by  virtue of any  Award,  such  shares  shall be
available for distribution in connection with future Awards under the Plan.

     5. Eligibility

     Employees  and  Directors  of,  and  consultants  to, the  Company  and its
subsidiaries,   or  other   persons  who  are   expected  to  make   significant
contributions  to  the  future  growth  and  success  of  the  Company  and  its
subsidiaries  shall be eligible to receive Awards under the Plan. The Board,  or
other  appropriate  committee or person to the extent permitted  pursuant to the
last  sentence  of Section 2,  shall  from time to time  select  from among such
eligible persons those who will receive Awards under the Plan.

     6. Types of Awards

     The  Board  may offer  Awards  under  the Plan in any form of  equity-based
interest,  equity-based incentive or performance-based stock incentive in Common
Stock of the Company or any combination  thereof. The type, terms and conditions
and  restrictions  of an Award shall be determined by the Board at the time such
Award is made to a  Participant;  provided  however  that the maximum  number of
shares  permitted to be granted under any Award or  combination of Awards to any
Participant  during any one  calendar  year may not exceed  1,500,000  shares of
Common Stock. In addition, the maximum number of shares of Common Stock that may
be issued pursuant to all Awards that are not stock options,  including  without
limitation  restricted  stock Awards,  may not exceed  500,000  shares of Common
Stock in any calendar year.  Further,  the number of restricted  stock awards or
other  non-option  awards  granted  under  the Plan  that are not  subject  to a
restriction on resale that lapses in equal annual  installments over three years

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(or such  longer  period as the Board may  specify)  shall not exceed 10% of the
number of shares authorized to be issued under the Plan.

     An Award  shall be made at the time  specified  by the  Board  and shall be
subject to such  conditions or  restrictions  as may be imposed by the Board and
shall  conform to the  general  rules  applicable  under the Plan as well as any
special  rules then  applicable  under  federal tax laws or  regulations  or the
federal securities laws relating to the type of Award granted.

     Without  limiting the  foregoing,  Awards may take the following  forms and
shall be subject to the following rules and conditions:

     6.1 Options

     An option is an Award  that  entitles  the  holder on  exercise  thereof to
purchase Common Stock at a specified  exercise price.  Options granted under the
Plan may be either incentive stock options ("incentive stock options") that meet
the requirements of Section 422 of the Internal Revenue Code of 1986, as amended
(the  "Code"),  or options  that are not  intended to meet the  requirements  of
Section 422 ("non-statutory options").

     6.1.1 Option Price.  The price at which Common Stock may be purchased  upon
exercise of an option shall be determined by the Board,  provided  however,  the
exercise price shall not be less than 100% of the fair market value per share of
Common Stock as of the date of grant.  The Board shall not have the authority to
adjust the exercise price of any  outstanding  stock options  granted under this
plan to an  exercise  price that is lower than the  original  exercise  price (a
"repricing"),  except to the extent  permitted under Section 10.6 of the Plan in
connection with adjustments in the event of certain transactions.

     6.1.2 Option Grants. The granting of an option shall take place at the time
specified by the Board.  Options shall be evidenced by option  agreements.  Such
agreements  shall conform to the  requirements of the Plan, and may contain such
other   provisions   (including  but  not  limited  to  vesting  and  forfeiture
provisions,  acceleration, change of control, protection in the event of merger,
consolidations,   dissolutions  and   liquidations)  as  the  Board  shall  deem
advisable.  Option  agreements  shall expressly state whether an option grant is
intended to qualify as an incentive stock option or non-statutory option.

     6.1.3  Option  Period.  An option will become  exercisable  at such time or
times  (which may be  immediately  or in such  installments  as the Board  shall
determine) and on such terms and conditions as the Board shall specify; provided
however that the term of an option  during which it may be  exercisable  may not
exceed ten years.  The option  agreements shall specify the terms and conditions
applicable in the event of an option holder's  termination of employment  during
the option's term.

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     Any  exercise  of an option  must be in  accordance  with the  instructions
described  in "The Guide for  Employees  of Thermo  Electron  Corporation  Stock
Option Plans," as may be amended from time to time (the "Guide").

     6.1.4 Payment of Exercise  Price.  Stock purchased on exercise of an option
shall be paid for in accordance with the instructions described in the Guide.

     6.1.5  Buyout  Provision.  The Board may at any time offer to buy out for a
payment in cash, shares of Common Stock,  deferred stock or restricted stock, an
option previously granted, based on such terms and conditions as the Board shall
establish  and  communicate  to the option holder at the time that such offer is
made.

     6.1.6 Special Rules for Incentive Stock Options. Each provision of the Plan
and  each  option  agreement  evidencing  an  incentive  stock  option  shall be
construed so that each incentive stock option shall be an incentive stock option
as  defined  in  Section  422 of the Code or any  statutory  provision  that may
replace such  Section,  and any  provisions  thereof that cannot be so construed
shall be  disregarded.  Instruments  evidencing  incentive  stock  options shall
contain such provisions as are required under applicable provisions of the Code.
Incentive  stock options may be granted only to employees of the Company and its
subsidiaries.  The exercise price of an incentive stock option shall not be less
than 100% (110% in the case of an incentive  stock option granted to a more than
ten percent  stockholder  of the Company) of the fair market value of the Common
Stock on the date of grant,  as  determined  by the Board.  An  incentive  stock
option may not be granted after the tenth  anniversary  of the date on which the
Plan was  adopted by the Board and the latest date on which an  incentive  stock
option may be exercised shall be the tenth anniversary  (fifth  anniversary,  in
the case of any  incentive  stock  option  granted  to a more  than ten  percent
stockholder of the Company) of the date of grant, as determined by the Board.

     6.2 Restricted Stock

     An Award of  restricted  stock  entitles the  recipient  thereof to acquire
shares  of  Common  Stock  upon  payment  of  the  purchase   price  subject  to
restrictions specified in the instrument evidencing the Award.

     6.2.1  Restricted  Stock  Awards.  Awards  of  restricted  stock  shall  be
evidenced by restricted stock  agreements.  Such agreements shall conform to the
requirements  of the Plan,  and may  contain  such other  provisions  (including
restriction  and  forfeiture  provisions,  change of control,  protection in the
event of mergers,  consolidations,  dissolutions and  liquidations) as the Board
shall deem advisable.

     6.2.2 Restrictions.  Until the restrictions specified in a restricted stock
agreement shall lapse, restricted stock may not be sold, assigned,  transferred,
pledged or otherwise  encumbered  or disposed  of, and upon  certain  conditions
specified in the restricted stock  agreement,  must be resold to the Company for
the price, if any, specified in such agreement.  The restrictions shall lapse in
equal annual  installments over three years, unless the Board specifies a longer
restriction  period,  provided  however,  that the Board may grant a  restricted

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stock  Award that does not  conform to the  restriction  period  stated  herein,
provided that the aggregate number of shares underlying all such  non-conforming
Award  granted  under  the Plan  may not  exceed  10% of the  number  of  shares
authorized to be issued under the Plan. The Board may at any time accelerate the
time at which the restrictions on all or any part of the shares shall lapse.

     6.2.3  Rights  as a  Stockholder.  A  Participant  who  acquires  shares of
restricted  stock will have all of the rights of a  stockholder  of the  Company
with  respect  to such  shares  except  as  otherwise  limited  pursuant  to the
Participant's restricted stock agreement. Unless the Board otherwise determines,
certificates evidencing shares of restricted stock will remain in the possession
of the Company until such shares are free of all restrictions under the Plan.

     6.2.4  Purchase  Price.  The purchase  price of shares of restricted  stock
shall be determined by the Board, in its sole discretion

     6.2.5 Other Awards  Settled With  Restricted  Stock.  The Board may provide
that  any or all  the  Common  Stock  delivered  pursuant  to an  Award  will be
restricted stock.

     6.3 Deferred Stock

     6.3.1  Deferred  Stock Award. A deferred stock Award entitles the recipient
to receive  shares of deferred  stock,  which is Common Stock to be delivered in
the future.  Delivery of the Common Stock will take place at such time or times,
and on such  conditions,  as the  Board may  specify.  The Board may at any time
accelerate  the time at which  delivery  of all or any part of the Common  Stock
will take place.

     6.3.2 Other Awards Settled with Deferred Stock.  The Board may, at the time
any Award  described in this  Section 6 is granted,  provide  that,  at the time
Common Stock would otherwise be delivered pursuant to the Award, the Participant
will instead  receive an instrument  evidencing the right to future  delivery of
deferred stock.

     6.4 Performance Awards

     6.4.1  Performance  Awards.  A performance  Award entitles the recipient to
receive,  without payment,  an amount,  in cash or Common Stock or a combination
thereof (such form to be determined by the Board),  following the  attainment of
performance  goals.  Performance  goals may be related to personal  performance,
corporate  performance,  departmental  performance  or  any  other  category  of
performance  deemed by the Board to be  important to the success of the Company.
The Board will  determine the  performance  goals,  the period or periods during
which  performance  is to  be  measured  and  all  other  terms  and  conditions
applicable to the Award.

     6.4.2 Other Awards Subject to Performance Conditions. The Board may, at the
time any Award described in this Section 6 is granted,  impose the condition (in
addition to any  conditions  specified  or  authorized  in this Section 6 of the
Plan) that performance  goals be met prior to the  Participant's  realization of
any payment or benefit under the Award.

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     7. Purchase Price and Payment

     Except as  otherwise  provided in the Plan,  the  purchase  price of Common
Stock to be acquired  pursuant to an Award shall be the price  determined by the
Board,  provided  that  such  price  shall not be less than the par value of the
Common Stock.  Except as otherwise provided in the Plan, the Board may determine
the  method of  payment  of the  exercise  price or  purchase  price of an Award
granted under the Plan and the form of payment. The Board may determine that all
or any part of the purchase  price of Common Stock pursuant to an Award has been
satisfied by past services  rendered by the Participant.  The Board may agree at
any  time,  upon  request  of the  Participant,  to defer  the date on which any
payment under an Award will be made.

     8. Intentionally Omitted

     9. Change in Control

     9.1 Impact of Event

     In the event of a "Change  in  Control"  as defined  in  Section  9.2,  the
following  provisions  shall apply,  unless the agreement  evidencing  the Award
otherwise  provides (by specific explicit  reference to Section 9.2 below). If a
Change in Control occurs while any Awards are outstanding,  then, effective upon
the Change in Control,  (i) each outstanding  stock option or other  stock-based
Award  awarded  under the Plan that was not  previously  exercisable  and vested
shall become immediately  exercisable in full and will no longer be subject to a
right of repurchase by the Company, (ii) each outstanding restricted stock award
or other  stock-based  Award subject to restrictions and to the extent not fully
vested,  shall be deemed to be fully vested,  free of restrictions and no longer
subject to a right of repurchase by the Company,  and (iii) deferral limitations
and conditions that relate solely to the passage of time,  continued  employment
or  affiliation  will be waived and  removed  as to  deferred  stock  Awards and
performance  Awards;  performance  of other  conditions  (other than  conditions
relating  solely to the passage of time,  continued  employment or  affiliation)
will continue to apply unless otherwise provided in the agreement evidencing the
Award or in any other  agreement  between  the  Participant  and the  Company or
unless otherwise agreed by the Board.

     9.2 Definition of "Change in Control"

     "Change in Control"  means an event or  occurrence  set forth in any one or
more of subsections (a) through (d) below (including an event or occurrence that
constitutes  a  Change  in  Control  under  one  of  such   subsections  but  is
specifically exempted from another such subsection):

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     (a) the  acquisition by an individual,  entity or group (within the meaning
of Section  13(d)(3) or 14(d)(2) of the Exchange Act) (a "Person") of beneficial
ownership  of  any  capital  stock  of  Thermo  Electron   Corporation  ("Thermo
Electron") if, after such acquisition, such Person beneficially owns (within the
meaning of Rule 13d-3  promulgated under the Exchange Act) 40% or more of either
(i) the  then-outstanding  shares  of  common  stock  of  Thermo  Electron  (the
"Outstanding  TMO  Common  Stock")  or (ii)  the  combined  voting  power of the
then-outstanding securities of Thermo Electron entitled to vote generally in the
election of  directors  (the  "Outstanding  TMO Voting  Securities");  provided,
however,  that for purposes of this subsection  (a), the following  acquisitions
shall  not  constitute  a Change  in  Control:  (i) any  acquisition  by  Thermo
Electron,  (ii) any acquisition by any employee  benefit plan (or related trust)
sponsored or  maintained  by Thermo  Electron or any  corporation  controlled by
Thermo  Electron,  or (iii) any  acquisition  by any  corporation  pursuant to a
transaction  which  complies with clauses (i) and (ii) of subsection (c) of this
definition; or

     (b)  such  time as the  Continuing  Directors  (as  defined  below)  do not
constitute a majority of the Board of Directors of Thermo  Electron (the "Thermo
Board") (or, if applicable, the Board of Directors of a successor corporation to
Thermo  Electron),  where  the term  "Continuing  Director"  means at any date a
member of the Thermo  Board (i) who was a member of the Thermo  Board as of July
1, 1999 or (ii) who was nominated or elected subsequent to such date by at least
a majority of the  directors who were  Continuing  Directors at the time of such
nomination or election or whose election to the Thermo Board was  recommended or
endorsed by at least a majority of the directors who were  Continuing  Directors
at the time of such nomination or election;  provided, however, that there shall
be excluded from this clause (ii) any  individual  whose  initial  assumption of
office  occurred as a result of an actual or  threatened  election  contest with
respect to the election or removal of  directors  or other actual or  threatened
solicitation of proxies or consents,  by or on behalf of a person other than the
Thermo Board; or

     (c)  the   consummation   of  a  merger,   consolidation,   reorganization,
recapitalization or statutory share exchange involving Thermo Electron or a sale
or  other  disposition  of all or  substantially  all of the  assets  of  Thermo
Electron in one or a series of transactions (a "Business Combination"),  unless,
immediately  following  such  Business  Combination,  each of the  following two
conditions is satisfied:  (i) all or  substantially  all of the  individuals and
entities who were the beneficial  owners of the Outstanding TMO Common Stock and
Outstanding TMO Voting Securities immediately prior to such Business Combination
beneficially own, directly or indirectly,  more than 60% of the then-outstanding
shares of common  stock and the combined  voting  power of the  then-outstanding
securities   entitled  to  vote   generally  in  the   election  of   directors,
respectively,  of the  resulting  or  acquiring  corporation  in  such  Business
Combination (which shall include,  without limitation,  a corporation which as a
result of such transaction  owns Thermo Electron or substantially  all of Thermo
Electron's  assets either  directly or through one or more  subsidiaries)  (such
resulting  or  acquiring  corporation  is referred  to herein as the  "Acquiring
Corporation")  in  substantially   the  same  proportions  as  their  ownership,
immediately  prior to such Business  Combination,  of the Outstanding TMO Common
Stock and Outstanding TMO Voting  Securities,  respectively;  and (ii) no Person

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(excluding the Acquiring  Corporation  or any employee  benefit plan (or related
trust)   maintained  or  sponsored  by  Thermo  Electron  or  by  the  Acquiring
Corporation) beneficially owns, directly or indirectly,  40% or more of the then
outstanding  shares  of common  stock of the  Acquiring  Corporation,  or of the
combined  voting power of the  then-outstanding  securities of such  corporation
entitled to vote generally in the election of directors; or

     (d)  approval  by  the  stockholders  of  Thermo  Electron  of  a  complete
liquidation or dissolution of Thermo Electron.

     10. General Provisions

     10.1 Documentation of Awards

     Awards will be  evidenced  by written  instruments,  which may differ among
Participants, prescribed by the Board from time to time. Such instruments may be
in the form of agreements to be executed by both the Participant and the Company
or certificates,  letters or similar  instruments  which need not be executed by
the  participant  but  acceptance of which will evidence  agreement to the terms
thereof.  Such instruments shall conform to the requirements of the Plan and may
contain  such  other  provisions  (including  provisions  relating  to events of
merger,  consolidation,  dissolution  and  liquidations,  change of control  and
restrictions   affecting  either  the  agreement  or  the  Common  Stock  issued
thereunder), as the Board deems advisable.

     10.2 Rights as a Stockholder

     Except as  specifically  provided by the Plan or the instrument  evidencing
the  Award,  the  receipt of an Award  will not give a  Participant  rights as a
stockholder  of the Company with respect to any shares covered by an Award until
the date of issue of a stock certificate to the participant for such shares.

     10.3 Conditions on Delivery of Stock

     The Company  will not be  obligated  to deliver any shares of Common  Stock
pursuant  to the  Plan or to  remove  any  restriction  from  shares  previously
delivered  under  the Plan (a)  until  all  conditions  of the  Award  have been
satisfied or removed,  (b) until, in the opinion of the Company's  counsel,  all
applicable  federal and state laws and regulations  have been complied with, (c)
if the  outstanding  Common  Stock is at the time listed on any stock  exchange,
until the shares have been listed or  authorized  to be listed on such  exchange
upon  official  notice of  issuance,  and (d) until all other  legal  matters in
connection  with the issuance and delivery of such shares have been  approved by
the Company's counsel. If the sale of Common Stock has not been registered under
the Securities Act of 1933, as amended,  the Company may require, as a condition
to exercise of the Award, such  representations or agreements as counsel for the
Company may consider  appropriate to avoid violation of such act and may require
that the  certificates  evidencing such Common Stock bear an appropriate  legend
restricting transfer.

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     If an Award is exercised by the  participant's  legal  representative,  the
Company will be under no  obligation  to deliver  Common Stock  pursuant to such
exercise   until  the  Company  is  satisfied  as  to  the   authority  of  such
representative.

     10.4 Tax Withholding

     The Company will  withhold  from any cash payment made pursuant to an Award
an amount  sufficient to satisfy all federal,  state and local  withholding  tax
requirements (the "withholding requirements").

     In the case of an Award  pursuant to which Common  Stock may be  delivered,
the  Board  will  have  the  right to  require  that  the  participant  or other
appropriate  person  remit to the  Company an amount  sufficient  to satisfy the
withholding  requirements,  or make other arrangements satisfactory to the Board
with regard to such requirements,  prior to the delivery of any Common Stock. If
and to the extent that such  withholding  is required,  the Board may permit the
participant or such other person to elect at such time and in such manner as the
Board provides to have the Company hold back from the shares to be delivered, or
to deliver to the Company, Common Stock having a value calculated to satisfy the
withholding requirement.

     10.5 Transferability of Awards

     Except as may be authorized by the Board, in its sole discretion,  no Award
(other than an Award in the form of an outright transfer of cash or Common Stock
not subject to any  restrictions)  may be transferred  other than by will or the
laws of descent and distribution,  and during a Participant's  lifetime an Award
requiring  exercise  may be  exercised  only by him or her (or in the  event  of
incapacity,  the  person  or  persons  properly  appointed  to act on his or her
behalf). The Board may, in its discretion,  determine the extent to which Awards
granted to a Participant shall be transferable,  and such provisions  permitting
or acknowledging transfer shall be set forth in the written agreement evidencing
the  Award  executed  and  delivered  by or on  behalf  of the  Company  and the
Participant.

     10.6 Adjustments in the Event of Certain Transactions

     (a) In the event of a stock dividend, stock split or combination of shares,
or other  distribution with respect to holders of Common Stock other than normal
cash dividends,  the Board will make (i) appropriate  adjustments to the maximum
number of shares that may be delivered  under the Plan under Section 4 above and
the  participant  limit  set  forth in  Section  6 above,  and (ii)  appropriate
adjustments  to the number and kind of shares of stock or securities  subject to
Awards then outstanding or subsequently granted, any exercise prices relating to
Awards and any other provisions of Awards affected by such change.

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     (b) In the event of any recapitalization, merger or consolidation involving
the  Company,  any  transaction  in which the Company  becomes a  subsidiary  of
another entity, any sale or other disposition of all or a substantial portion of
the assets of the  Company or any  similar  transaction,  as  determined  by the
Board,  the  Board  in  its  discretion  may  make  appropriate  adjustments  to
outstanding  Awards,   including,   without   limitation:   (i)  accelerate  the
exercisability of the Option, or (ii) adjust the terms of the Option (whether or
not in a manner that complies  with the  requirements  of Section  424(a) of the
Internal Revenue Code of 1986, as amended (the "Code")),  or (iii) if there is a
survivor or acquiror  entity,  provide for the  assumption of the Option by such
survivor  or acquiror  or an  affiliate  thereof or for the grant of one or more
replacement  options by such  survivor or acquiror or an affiliate  thereof,  in
each case on such terms (which may, but need not,  comply with the  requirements
of Section 424(a) of the Code) as the Board may determine, or (iv) terminate the
Option  (provided,  that if the  Board  terminates  the  Option,  it  shall,  in
connection  therewith,  either (A) accelerate the  exercisability  of the Option
prior to such  termination,  or (B)  provide  for a payment to the holder of the
Option of cash or other  property or a combination  of cash or other property in
an amount  reasonably  determined by the Board to  approximate  the value of the
Option  assuming an exercise  immediately  prior to the  transaction,  or (C) if
there is a survivor  or  acquiror  entity,  provide for the grant of one or more
replacement options pursuant to clause (iii) above), or (v) provide for none of,
or any combination of, the foregoing.

     (c) No fraction of a share or  fractional  shares shall be  purchasable  or
deliverable pursuant to this Section 10.6.

     10.7 Employment Rights

     Neither  the  adoption of the Plan nor the grant of Awards will confer upon
any person any right to continued  employment with the Company or any subsidiary
or interfere in any way with the right of the Company or subsidiary to terminate
any  employment  relationship  at  any  time  or to  increase  or  decrease  the
compensation of such person. Except as specifically provided by the Board in any
particular  case,  the loss of existing or  potential  profit in Awards  granted
under  the Plan  will not  constitute  an  element  of  damages  in the event of
termination  of  an  employment  relationship  even  if  the  termination  is in
violation of an obligation of the Company to the employee.

     Whether  an  authorized  leave  of  absence,  or  absence  in  military  or
government  service,   shall  constitute  termination  of  employment  shall  be
determined  by the Board at the time.  For  purposes  of this Plan,  transfer of
employment  between  the  Company  and  its  subsidiaries  shall  not be  deemed
termination of employment.

     10.8 Other Employee Benefits

     The value of an Award granted to a Participant who is an employee,  and the
amount of any  compensation  deemed to be received by an employee as a result of
any exercise or purchase of Common Stock  pursuant to an Award or sale of shares
received under the Plan, will not constitute  "earnings" or "compensation"  with
respect to which any other  employee  benefits of such employee are  determined,

                                      -10-
<PAGE>

including without limitation benefits under any pension, stock ownership,  stock
purchase,  life insurance,  medical,  health,  disability or salary continuation
plan.

     10.9 Legal Holidays

     If any day on or before  which action under the Plan must be taken falls on
a  Saturday,  Sunday  or legal  holiday,  such  action  may be taken on the next
succeeding day not a Saturday, Sunday or legal holiday.

     10.10 Foreign Nationals

     Without amending the Plan, Awards may be granted to persons who are foreign
nationals  or  employed  outside  the United  States or both,  on such terms and
conditions  different from those  specified in the Plan, as may, in the judgment
of the Board, be necessary or desirable to further the purpose of the Plan.

     11. Termination and Amendment

     The Plan  shall  remain in full force and effect  until  terminated  by the
Board.  Subject to the last  sentence  of this  Section 11, the Board may at any
time or times amend the Plan or any  outstanding  Award for any purpose that may
at the time be permitted by law, or may at any time terminate the Plan as to any
further grants of Awards; provided that, to the extent required by law or deemed
necessary by the Board,  any amendment  that would (i)  materially  increase the
benefits accruing to participants  under the Plan, (ii) materially  increase the
number of shares under the Plan or (iii) materially  modify the requirements for
eligibility  under  the Plan,  shall be  subject  to  Stockholder  approval.  No
amendment  of the Plan or any  agreement  evidencing  Awards  under the Plan may
adversely  affect  the  rights of any  participant  under  any Award  previously
granted without such participant's consent.

                                      -11-Exhibit 10.13

Thermo Electron Corporation
Deferred Compensation Plan
Master Plan Document
--------------------------------------------------------------------------------

                           Effective November 1, 2001

                               Copyright (C) 2001
            By Clark/Bardes Consulting - Compensation Resource Group,
                        A division of Clark/Bardes, Inc.
                               All Rights Reserved

<PAGE>

Thermo Electron Corporation
Deferred Compensation Plan
Master Plan Document
--------------------------------------------------------------------------------

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
<S>                 <C>                                                                                            <C>
Purpose        1

ARTICLE 1           Definitions....................................................................................1

ARTICLE 2           Selection, Enrollment, Eligibility.............................................................6

           2.1      Selection by Committee.........................................................................6
           2.2      Enrollment Requirements........................................................................6
           2.3      Eligibility; Commencement of Participation.....................................................6
           2.4      Termination of Participation and/or Deferrals..................................................6

ARTICLE 3           Deferral Commitments/Company Contribution/Crediting/Taxes......................................7

           3.1      Minimum Deferrals..............................................................................7
           3.2      Maximum Deferral...............................................................................7
           3.3      Election to Defer; Effect of Election Form.....................................................7
           3.4      Withholding of Annual Deferral Amounts.........................................................8
           3.5      Annual Company Contribution Amount.............................................................8
           3.6      Investment of Trust Assets.....................................................................8
           3.7      Vesting........................................................................................8
           3.8      Crediting/Debiting of Account Balances.........................................................9
           3.9      FICA and Other Taxes..........................................................................10

ARTICLE 4           Short-Term Payout; Unforeseeable Financial Emergencies; Withdrawal Election...................11

           4.1      Short-Term Payout.............................................................................11
           4.2      Other Benefits Take Precedence Over Short-Term................................................11
           4.3      Withdrawal Payout/Suspensions for Unforeseeable Financial Emergencies.........................11
           4.4      Withdrawal Election...........................................................................11

ARTICLE 5           Retirement Benefit............................................................................12

           5.1      Retirement Benefit............................................................................12
           5.2      Payment of Retirement Benefit.................................................................12
           5.3      Death Prior to Completion of Retirement Benefit...............................................12

ARTICLE 6           Pre-Retirement Survivor Benefit...............................................................12

           6.1      Pre-Retirement Survivor Benefit...............................................................12
           6.2      Payment of Pre-Retirement Survivor Benefit....................................................12

                                      -i-
<PAGE>

ARTICLE 7           Termination Benefit...........................................................................13

           7.1      Termination Benefit...........................................................................13
           7.2      Payment of Termination Benefit................................................................13

ARTICLE 8           Disability Waiver and Benefit.................................................................13

           8.1      Disability Waiver.............................................................................13
           8.2      Continued Eligibility; Disability Benefit.....................................................13

ARTICLE 9           Beneficiary Designation.......................................................................14

           9.1      Beneficiary...................................................................................14
           9.2      Beneficiary Designation; Change...............................................................14
           9.3      Acknowledgement...............................................................................14
           9.4      No Beneficiary Designation....................................................................14
           9.5      Doubt as to Beneficiary.......................................................................14
           9.6      Discharge of Obligations......................................................................14

ARTICLE 10          Leave of Absence..............................................................................15

           10.1     Paid Leave of Absence.........................................................................15
           10.2     Unpaid Leave of Absence.......................................................................15

ARTICLE 11          Termination, Amendment or Modification........................................................15

           11.1     Termination...................................................................................15
           11.2     Amendment.....................................................................................15
           11.3     Plan Agreement................................................................................16
           11.4     Effect of Payment.............................................................................16

ARTICLE 12          Administration................................................................................16

           12.1     Committee Duties..............................................................................16
           12.2     Administration Upon Change In Control.........................................................16
           12.3     Agents........................................................................................17
           12.4     Binding Effect of Decisions...................................................................17
           12.5     Indemnity of Committee........................................................................17
           12.6     Employer Information..........................................................................17

ARTICLE 13          Other Benefits and Agreements.................................................................17

           13.1     Coordination with Other Benefits..............................................................17

ARTICLE 14          Claims Procedures.............................................................................17
                                      -ii-
<PAGE>
           14.1     Presentation of Claim.........................................................................17
           14.2     Notification of Decision......................................................................18
           14.3     Review of a Denied Claim......................................................................18
           14.4     Decision on Review............................................................................18
           14.5     Legal Action..................................................................................19

ARTICLE 15          Trust.........................................................................................19

           15.1     Establishment of the Trust....................................................................19
           15.2     Interrelationship of the Plan and the Trust...................................................19
           15.3     Distributions From the Trust..................................................................19

ARTICLE 16          Miscellaneous.................................................................................19

           16.1     Status of Plan................................................................................19
           16.2     Unsecured General Creditor....................................................................19
           16.3     Employer's Liability..........................................................................19
           16.4     Nonassignability..............................................................................20
           16.5     Not a Contract of Employment..................................................................20
           16.6     Furnishing Information........................................................................20
           16.7     Terms.........................................................................................20
           16.8     Captions......................................................................................20
           16.9     Governing Law.................................................................................20
           16.10    Notice........................................................................................20
           16.11    Successors....................................................................................21
           16.12    Spouse's Interest.............................................................................21
           16.13    Validity......................................................................................21
           16.14    Incompetent...................................................................................21
           16.15    Court Order...................................................................................21
           16.16    Distribution in the Event of Taxation.........................................................21
           16.17    Insurance.....................................................................................22
                                     -iii-
</TABLE>

<PAGE>

Thermo Electron Corporation
Deferred Compensation Plan
Master Plan Document
-------------------------------------------------------------------------------

                           THERMO ELECTRON CORPORATION
                           DEFERRED COMPENSATION PLAN
                           Effective November 1, 2001

                                     Purpose

     The purpose of this Plan is to provide specified benefits to a select group
of management or highly compensated  Employees who contribute  materially to the
continued  growth,  development and future  business  success of Thermo Electron
Corporation,  a Delaware corporation,  and its subsidiaries.  This Plan shall be
unfunded for tax purposes and for purposes of Title I of ERISA.

                                    ARTICLE 1
                                   Definitions

     For the purposes of this Plan,  unless otherwise  clearly apparent from the
context,  the  following  phrases or terms  shall have the  following  indicated
meanings:

1.1  "Account  Balance" shall mean,  with respect to a Participant,  a credit on
     the records of the Employer  equal to the sum of (i) the  Deferral  Account
     balance  and (ii) the Company  Contribution  Account  balance.  The Account
     Balance,  and each other specified account balance,  shall be a bookkeeping
     entry only and shall be utilized solely as a device for the measurement and
     determination  of the  amounts to be paid to a  Participant,  or his or her
     designated Beneficiary, pursuant to this Plan.

1.2  "Annual Company Contribution Amount" shall mean, for any one Plan Year, the
     amount determined in accordance with Section 3.5.

1.3  "Annual  Deferral  Amount" shall mean that portion of a Participant's  Base
     Salary  and  Annual  Incentive  that a  Participant  elects  to have and is
     deferred in  accordance  with Article 3 for any one Plan Year. In the event
     of a Participant's Retirement, Disability (if deferrals cease in accordance
     with Section 8.1), death or a Termination of Employment prior to the end of
     a Plan Year,  such year's Annual Deferral Amount shall be the actual amount
     withheld prior to such event.

1.4  "Annual Incentive" shall mean any compensation,  in addition to Base Salary
     relating to services  performed  during any calendar  year,  whether or not
     paid in such calendar  year or included on the Federal  Income Tax Form W-2
     for such calendar  year,  payable to a Participant as an Employee under any
     Employer's  annual  bonus and cash  incentive  plans,  or any  other  bonus
     arrangement  designated  by the  Committee,  excluding  stock  options  and
     restricted stock.

1.5  "Annual Installment Method" shall be an annual installment payment over the
     number of years selected by the  Participant in accordance  with this Plan,
     calculated as follows:  the vested Account Balance of the Participant shall
     be  calculated  as of the close of business on the last business day of the
     year.  The annual  installment  shall be  calculated  by  multiplying  this
     balance by a fraction, the numerator of which is one and the denominator of
     which is the remaining  number of annual payments due the  Participant.  By
     way  of  example,  if  the  Participant  elects  a  ten  (10)  year  Annual

                                       1
<PAGE>

     Installment  Method,  the first payment shall be 1/10 of the vested Account
     Balance,  calculated as described in this  definition.  The following year,
     the  payment  shall be 1/9 of the vested  Account  Balance,  calculated  as
     described  in this  definition.  Each annual  installment  shall be paid no
     later than sixty (60) days after the last  business  day of the  applicable
     year.

1.6  "Base Salary" shall mean the annual cash compensation  relating to services
     performed  during any calendar  year,  whether or not paid in such calendar
     year or included on the Federal Income Tax Form W-2 for such calendar year,
     excluding bonuses,  commissions,  overtime, fringe benefits, stock options,
     restricted  stock,  relocation  expenses,  Annual  Incentive,  non-monetary
     awards,  directors fees and other fees, and automobile and other allowances
     paid to a Participant for employment services rendered (whether or not such
     allowances are included in the Employee's gross income).  Base Salary shall
     be calculated  before  reduction for compensation  voluntarily  deferred or
     contributed by the Participant  pursuant to all qualified or  non-qualified
     plans of any  Employer  and shall be  calculated  to  include  amounts  not
     otherwise  included in the  Participant's  gross income under Code Sections
     125,  402(e)(3),  402(h),  or 403(b)  pursuant to plans  established by any
     Employer;  provided,  however,  that all such  amounts  will be included in
     compensation  only to the  extent  that had there  been no such  plan,  the
     amount would have been payable in cash to the Employee.

1.7  "Beneficiary"  shall  mean one or more  persons,  trusts,  estates or other
     entities,  designated  in  accordance  with Article 9, that are entitled to
     receive benefits under this Plan upon the death of a Participant.

1.8  "Beneficiary Designation Form" shall mean the form established from time to
     time by the Committee  that a Participant  completes,  signs and returns to
     the Committee to designate one or more Beneficiaries.

1.9  "Board" shall mean the board of directors of the Company.

1.10 "Change in Control"  shall mean an event or occurrence set forth in any one
     or more of  subsections  (a)  through  (d)  below  (including  an  event or
     occurrence  that  constitutes  a  Change  in  Control  under  one  of  such
     subsections but is specifically exempted from another such subsection):

     (a)  The acquisition by an individual,  entity or group (within the meaning
          of Section  13(d)(3)  and 14(d)(2) of the  Securities  Exchange Act of
          1934,  as amended (the  "Exchange  Act")) (a  "Person") of  beneficial
          ownership  of  any  capital  stock  of  the  Company  if,  after  such
          acquisition, such Person beneficially owns (within the meaning of Rule
          13d-3  promulgated  under the Exchange  Act) 40% or more of either (i)
          the  then-outstanding  shares  of  common  stock of the  Company  (the
          "Outstanding  Company Common Stock") or (ii) the combined voting power
          of the  then-outstanding  securities  of the Company  entitled to vote
          generally  in the  election of  directors  (the  "Outstanding  Company
          Voting  Securities");  provided,  however,  that for  purposes of this
          subsection  (a), the  following  acquisitions  shall not  constitute a
          Change  in  Control:  (i) any  acquisition  by the  Company,  (ii) any
          acquisition by any employee  benefit plan (or related trust) sponsored
          or  maintained  by the Company or any  corporation  controlled  by the

                                       2
<PAGE>

          Company,  or (iii) any  acquisition by any  corporation  pursuant to a
          transaction which complies with clauses (i) and (ii) of subsection (c)
          of this Section 1.10; or

     (b)  Such  time as the  Continuing  Directors  (as  defined  below)  do not
          constitute  a majority of the Board (or, if  applicable,  the board of
          directors of a successor  corporation to the Company),  where the term
          "Continuing  Director" means at any date a member of the Board (i) who
          was a member  of the Board on the date of the  execution  of this Plan
          document or (ii) who was nominated or elected  subsequent to such date
          by at least a majority of the directors who were Continuing  Directors
          at the time of such  nomination  or election or whose  election to the
          Board  was  recommended  or  endorsed  by at least a  majority  of the
          directors who were Continuing Directors at the time of such nomination
          or election; provided, however, that there shall be excluded from this
          clause (ii) any individual whose initial assumption of office occurred
          as a result of an actual or threatened  election  contest with respect
          to the election or removal of directors or other actual or  threatened
          solicitation of proxies or consents, by or on behalf of a person other
          than the Board; or

     (c)  The   consummation   of  a  merger,   consolidation,   reorganization,
          recapitalization  or statutory share exchange involving the Company or
          a sale or other  disposition of all or substantially all of the assets
          of the  Company  in one  or a  series  of  transactions  (a  "Business
          Combination"),    unless,    immediately   following   such   Business
          Combination,  each of the following two  conditions is satisfied:  (i)
          all or substantially  all of the individuals and entities who were the
          beneficial  owners  of  the  Outstanding   Company  Common  Stock  and
          Outstanding  Company  Voting  Securities  immediately  prior  to  such
          Business  Combination  beneficially own, directly or indirectly,  more
          than  60% of the  then-outstanding  shares  of  common  stock  and the
          combined voting power of the  then-outstanding  securities entitled to
          vote  generally in the  election of  directors,  respectively,  of the
          resulting or acquiring corporation in such Business Combination (which
          shall include,  without limitation, a corporation which as a result of
          such  transaction  owns  the  Company  or  substantially  all  of  the
          Company's assets either directly or through one or more  subsidiaries)
          (such resulting or acquiring  corporation is referred to herein as the
          "Acquiring  Corporation")  in  substantially  the same  proportions as
          their ownership,  immediately prior to such Business  Combination,  of
          the Outstanding  Company Common Stock and  Outstanding  Company Voting
          Securities,  respectively; and (ii) no person (excluding the Acquiring
          Corporation or any employee benefit plan (or related trust) maintained
          or  sponsored  by  the  Company  or  by  the  Acquiring   Corporation)
          beneficially  owns,  directly or  indirectly,  40% or more of the then
          outstanding shares of common stock of the Acquiring Corporation, or of
          the combined voting power of the  then-outstanding  securities of such
          corporation  entitled to vote  generally in the election of directors;
          or

     (d)  Approval by the stockholders of the Company of a complete  liquidation
          or dissolution of the Company.

1.11 "Claimant" shall have the meaning set forth in Section 14.1.

1.12 "Code" shall mean the Internal  Revenue Code of 1986,  as it may be amended
     from time to time.

                                       3
<PAGE>

1.13 "Committee" shall mean the committee described in Article 12.

1.14 "Company" shall mean Thermo Electron  Corporation,  a Delaware corporation,
     and any successor to all or  substantially  all of the Company's  assets or
     business.

1.15 "Company  Contribution Account" shall mean (i) the sum of the Participant's
     Annual Company Contribution  Amounts, plus (ii) amounts credited or debited
     in accordance with all the applicable  crediting and debiting provisions of
     this Plan that relate to the Participant's  Company  Contribution  Account,
     less  (iii)  all  distributions  made  to  the  Participant  or  his or her
     Beneficiary pursuant to this Plan that relate to the Participant's  Company
     Contribution Account.

1.16 "Deduction  Limitation" shall mean the following described  limitation on a
     benefit that may otherwise be  distributable  pursuant to the provisions of
     this Plan. Except as otherwise  provided,  this limitation shall be applied
     to all distributions  that are "subject to the Deduction  Limitation" under
     this Plan.  If an  Employer  determines  in good faith prior to a Change in
     Control that there is a reasonable likelihood that any compensation paid to
     a Participant for a taxable year of the Employer would not be deductible by
     the Employer solely by reason of the limitation  under Code Section 162(m),
     then to the extent  deemed  necessary  by the  Employer  to ensure that the
     entire amount of any distribution to the Participant  pursuant to this Plan
     prior to the Change in Control is deductible, the Employer may defer all or
     any  portion  of a  distribution  under  this Plan.  Any  amounts  deferred
     pursuant to this  limitation  shall  continue to be  credited/debited  with
     additional  amounts in  accordance  with  Section  3.8 below,  even if such
     amount is being  paid out in  installments.  The  amounts so  deferred  and
     amounts  credited thereon shall be distributed to the Participant or his or
     her Beneficiary (in the event of the  Participant's  death) at the earliest
     possible  date, as  determined by the Employer in good faith,  on which the
     deductibility  of  compensation  paid or payable to the Participant for the
     taxable year of the Employer during which the distribution is made will not
     be limited by Section 162(m) or, if earlier, the effective date of a Change
     in  Control.  Notwithstanding  anything to the  contrary in this Plan,  the
     Deduction  Limitation  shall not apply to any  distributions  made  after a
     Change in Control.

1.17 "Deferral Account" shall mean (i) the sum of all of a Participant's  Annual
     Deferral  Amounts,  plus (ii) amounts  credited in accordance  with all the
     applicable  crediting  and debiting  provisions of this Plan that relate to
     the Participant's  Deferral Account,  less (iii) all distributions  made to
     the Participant or his or her Beneficiary pursuant to this Plan that relate
     to his or her Deferral Account.

1.18 "Disability"  shall mean a period of disability  during which a Participant
     qualifies  for  disability  benefits  under  the  Participant's  Employer's
     long-term  disability  plan, or, if a Participant  does not  participate in
     such a plan, a period of disability during which the Participant would have
     qualified for  disability  benefits  under such a plan had the  Participant
     been a participant in such a plan, as determined in the sole  discretion of
     the Committee.  If the Participant's Employer does not sponsor such a plan,
     or discontinues to sponsor such a plan,  Disability  shall be determined by
     the Committee in its sole discretion.

1.19 "Disability Benefit" shall mean the benefit set forth in Article 8.

                                       4
<PAGE>

1.20 "Election  Form" shall mean the form  established  from time to time by the
     Committee that a Participant completes,  signs and returns to the Committee
     to make an election under the Plan.

1.21 "Employee" shall mean a person who is an employee of any Employer.

1.22 "Employer(s)" shall mean the Company and/or any of its subsidiaries (now in
     existence or hereafter  formed or acquired)  that have been selected by the
     Board to participate in the Plan.

1.23 "ERISA" shall mean the Employee  Retirement Income Security Act of 1974, as
     it may be amended from time to time.

1.24 "First  Plan  Year"  shall mean the  period  beginning  January 1, 2002 and
     ending December 31, 2002.

1.25 "Participant" shall mean any Employee (i) who is selected to participate in
     the Plan,  (ii) who elects to  participate  in the Plan,  (iii) who signs a
     Plan Agreement,  an Election Form and a Beneficiary  Designation Form, (iv)
     whose signed Plan Agreement, Election Form and Beneficiary Designation Form
     are accepted by the Committee, (v) who commences participation in the Plan,
     and (vi) whose Plan Agreement has not terminated. A spouse or former spouse
     of a Participant  shall not be treated as a Participant in the Plan or have
     an account balance under the Plan, even if he or she has an interest in the
     Participant's  benefits  under  the Plan as a result of  applicable  law or
     property settlements resulting from legal separation or divorce.

1.26 "Plan" shall mean the Company's Deferred  Compensation Plan, which shall be
     evidenced by this  instrument  and by each Plan  Agreement,  as they may be
     amended from time to time.

1.27 "Plan  Agreement"  shall mean a written  agreement,  as may be amended from
     time to time,  which is  entered  into by and  between  an  Employer  and a
     Participant.  Each  Plan  Agreement  executed  by  a  Participant  and  the
     Participant's  Employer  shall provide for the entire benefit to which such
     Participant is entitled under the Plan;  should there be more than one Plan
     Agreement,  the Plan Agreement bearing the latest date of acceptance by the
     Employer shall supersede all previous Plan Agreements in their entirety and
     shall  govern  such  entitlement.  The terms of any Plan  Agreement  may be
     different  for  any  Participant,   and  any  Plan  Agreement  may  provide
     additional  benefits  not set  forth  in the  Plan or  limit  the  benefits
     otherwise  provided  under  the  Plan;  provided,  however,  that  any such
     additional  benefits or benefit  limitations  must be agreed to by both the
     Employer and the Participant.

1.28 "Plan Year"  shall mean a period  beginning  on January 1 of each  calendar
     year and continuing  through  December 31 of such calendar year,  beginning
     with the First Plan Year.

1.29 "Pre-Retirement  Survivor  Benefit"  shall  mean the  benefit  set forth in
     Article 6.

1.30 "Retirement",  "Retire(s)"  or  "Retired"  shall mean,  with  respect to an
     Employee, severance from employment from all Employers for any reason other
     than a leave of absence, death or Disability on or after the earlier of the
     attainment of (a) age sixty-five  (65) or (b) age fifty-five  (55) with ten
     (10) Years of Service.

1.31 "Retirement Benefit" shall mean the benefit set forth in Article 5.

1.32 "Short-Term Payout" shall mean the payout set forth in Section 4.1.

                                       5
<PAGE>

1.33 "Termination Benefit" shall mean the benefit set forth in Article 7.

1.34 "Termination of Employment"  shall mean the severing of employment with all
     Employers,   voluntarily  or  involuntarily,  for  any  reason  other  than
     Retirement, Disability, death or an authorized leave of absence.

1.35 "Trust" shall mean one or more trusts established  pursuant to that certain
     Master  Trust  Agreement,  dated as of November 1, 2001 between the Company
     and the trustee named therein, as amended from time to time.

1.36 "Unforeseeable  Financial Emergency" shall mean an unanticipated  emergency
     that is caused by an event beyond the control of the Participant that would
     result in severe financial hardship to the Participant resulting from (i) a
     sudden and unexpected illness or accident of the Participant or a dependent
     of the  Participant,  (ii) a loss  of  the  Participant's  property  due to
     casualty, or (iii) such other extraordinary and unforeseeable circumstances
     arising as a result of events beyond the control of the Participant, all as
     determined in the sole discretion of the Committee.

1.37 "Years of  Service"  shall  mean the total  number of full years in which a
     Participant  has been  employed by one or more  Employers.  For purposes of
     this definition, a year of employment shall be a 365 day period (or 366 day
     period in the case of a leap year) that,  for the first year of employment,
     commences on the  Employee's  date of hiring and that,  for any  subsequent
     year,  commences on an anniversary of that hiring date. Any partial year of
     employment shall not be counted.

                                    ARTICLE 2
                       Selection, Enrollment, Eligibility

2.1  Selection  by  Committee.  Participation  in the Plan shall be limited to a
     select  group  of  management  and  highly  compensated  Employees  of  the
     Employers, as determined by the Committee in its sole discretion. From that
     group,  the Committee shall select,  in its sole  discretion,  Employees to
     participate in the Plan.

2.2  Enrollment  Requirements.  As a condition to  participation,  each selected
     Employee  shall  complete,  execute  and  return  to the  Committee  a Plan
     Agreement,  an Election Form and a Beneficiary Designation Form, all within
     thirty (30) days after he or she is selected to participate in the Plan. In
     addition,  the  Committee  shall  establish  from time to time  such  other
     enrollment  requirements  as it  determines  in  its  sole  discretion  are
     necessary.

2.3  Eligibility;  Commencement of Participation.  Provided an Employee selected
     to participate in the Plan has met all enrollment requirements set forth in
     this Plan and required by the Committee,  including  returning all required
     documents to the Committee within the specified time period,  that Employee
     shall  commence  participation  in the Plan on the  first  day of the month
     following  the  month  in  which  the  Employee  completes  all  enrollment
     requirements. If an Employee fails to meet all such requirements within the
     period required, in accordance with Section 2.2, that Employee shall not be
     eligible  to  participate  in the Plan until the first day of the Plan Year
     following  the delivery to and  acceptance by the Committee of the required
     documents.

                                       6
<PAGE>

2.4  Termination of Participation and/or Deferrals.  If the Committee determines
     in good  faith  that a  Participant  no longer  qualifies  as a member of a
     select group of management or highly compensated  employees,  as membership
     in such group is determined in accordance with Sections  201(2),  301(a)(3)
     and  401(a)(1) of ERISA,  the Committee  shall have the right,  in its sole
     discretion, to (i) terminate any deferral election the Participant has made
     for the  remainder of the Plan Year in which the  Participant's  membership
     status changes,  (ii) prevent the  Participant  from making future deferral
     elections and/or (iii) immediately distribute the Participant's then vested
     Account  Balance as a Termination  Benefit and terminate the  Participant's
     participation in the Plan.

                                    ARTICLE 3
            Deferral Commitments/Company Contribution/Crediting/Taxes

3.1  Minimum Deferrals.

     (a)  Base Salary and Annual  Incentive.  For each Plan Year, a  Participant
          may elect to defer, as his or her Annual Deferral Amount, an aggregate
          minimum  of $5,000  of Base  Salary  and/or  Annual  Incentive.  If an
          election is made for less than the stated  minimum  amounts,  or if no
          election is made, the amount deferred shall be zero.

     (b)  Short Plan Year. Notwithstanding the foregoing, if a Participant first
          becomes a Participant  after the first day of a Plan Year, the minimum
          Annual  Deferral  Amount  shall be an amount  equal to the minimum set
          forth above,  multiplied by a fraction,  the numerator of which is the
          number  of  complete  months  remaining  in  the  Plan  Year  and  the
          denominator of which is 12.

3.2  Maximum Deferral.

     (a)  Base Salary and Annual  Incentive.  For each Plan Year, a  Participant
          may elect to defer, as his or her Annual Deferral Amount,  Base Salary
          and/or Annual  Incentive up to the following  maximum  percentages for
          each deferral elected:

-------------------------------------- ----------------------------------
            Deferral                       Maximum Amount
-------------------------------------- ----------------------------------
          Base Salary                           90%
-------------------------------------- ----------------------------------
-------------------------------------- ----------------------------------
        Annual Incentive                       100%
-------------------------------------- ----------------------------------

     (b)  Short Plan Year. Notwithstanding the foregoing, if a Participant first
          becomes a Participant  after the first day of a Plan Year, the maximum
          Annual  Deferral  Amount,  with  respect  to Base  Salary  and  Annual
          Incentive  shall be  limited  to the  amount of  compensation  not yet
          earned by the  Participant  as of the date the  Participant  submits a
          Plan Agreement and Election Form to the Committee for acceptance.

3.3  Election to Defer; Effect of Election Form.

     (a)  First Plan Year. In connection  with a  Participant's  commencement of
          participation  in the Plan, the Participant  shall make an irrevocable
          deferral election for the Plan Year in which the Participant commences

                                       7
<PAGE>

          participation  in the Plan,  along  with such other  elections  as the
          Committee  deems  necessary  or  desirable  under the Plan.  For these
          elections to be valid,  the Election Form must be completed and signed
          by the  Participant,  timely delivered to the Committee (in accordance
          with Section 2.2 above) and accepted by the Committee.

     (b)  Subsequent  Plan Years.  For each succeeding Plan Year, an irrevocable
          deferral  election for that Plan Year, and such other elections as the
          Committee deems  necessary or desirable under the Plan,  shall be made
          by timely  delivering to the Committee,  in accordance  with its rules
          and  procedures,  before the end of the Plan Year  preceding  the Plan
          Year for which the election is made, a new Election  Form.  If no such
          Election Form is timely delivered for a Plan Year, the Annual Deferral
          Amount shall be zero for that Plan Year.

3.4  Withholding of Annual Deferral Amounts. For each Plan Year, the Base Salary
     portion of the Annual Deferral Amount shall be withheld from each regularly
     scheduled Base Salary  payroll in equal  amounts,  as adjusted from time to
     time for  increases  and  decreases  in Base Salary.  The Annual  Incentive
     portion of the Annual  Deferral  Amount  shall be  withheld at the time the
     Annual Incentive is or otherwise would be paid to the Participant,  whether
     or not this occurs during the Plan Year itself.

3.5  Annual Company Contribution Amount. For each Plan Year, an Employer, in its
     sole discretion,  may, but is not required to, credit any amount it desires
     to any Participant's  Company  Contribution  Account under this Plan, which
     amount shall be for that Participant the Annual Company Contribution Amount
     for that Plan Year. The amount so credited to a Participant  may be smaller
     or larger than the amount credited to any other Participant, and the amount
     credited to any Participant for a Plan Year may be zero, even though one or
     more other Participants  receive an Annual Company  Contribution Amount for
     that Plan Year. The Annual Company  Contribution  Amount,  if any, shall be
     credited  as of the last  day of the Plan  Year.  If a  Participant  is not
     employed  by an  Employer  as of the last day of a Plan Year  other than by
     reason of his or her Retirement or death while employed, the Annual Company
     Contribution Amount for that Plan Year shall be zero.

3.6  Investment of Trust Assets.  The Trustee of the Trust shall be  authorized,
     upon written instructions received from the Committee or investment manager
     appointed by the Committee,  to invest and reinvest the assets of the Trust
     in  accordance  with  the  applicable   Trust   Agreement,   including  the
     disposition  of  stock  and  reinvestment  of the  proceeds  in one or more
     investment vehicles designated by the Committee.

3.7  Vesting.

     (a)  A Participant shall at all times be 100% vested in his or her Deferral
          Account.

     (b)  The Committee, in its sole discretion, will determine over what period
          of time and in what percentage  increments a Participant shall vest in
          his or her Company Contribution Account. The Committee may credit some
          Participants  with larger or smaller  vesting  percentages  than other
          Participants,  and the vesting percentage  credited to any Participant

                                       8
<PAGE>

          for  a  Plan  Year  may  be  zero,  even  though  one  or  more  other
          Participants  have a greater vesting  percentage  credited to them for
          that Plan Year.

     (c)  Notwithstanding  anything to the  contrary  contained  in this Section
          3.7,  in the  event  of a Change  in  Control  and/or a  Participant's
          Retirement,   a  Participant's   Company  Contribution  Account  shall
          immediately  become  100%  vested  (if it is  not  already  vested  in
          accordance with the above vesting schedules).

     (d)  Notwithstanding   subsection   (c),   the  vesting   schedule   for  a
          Participant's Company Contribution Account shall not be accelerated to
          the extent that the Committee  determines that such acceleration would
          cause the deduction  limitations of Section 280G of the Code to become
          effective.   In  the  event  that  all  of  a  Participant's   Company
          Contribution  Account is not vested pursuant to such a  determination,
          the   Participant   may  request   independent   verification  of  the
          Committee's  calculations  with respect to the  application of Section
          280G.  In such case,  the  Committee  must provide to the  Participant
          within 15 business days of such a request an opinion from a nationally
          recognized   accounting   firm  selected  by  the   Participant   (the
          "Accounting  Firm").  The opinion  shall state the  Accounting  Firm's
          opinion  that any  limitation  in the vested  percentage  hereunder is
          necessary to avoid the limits of Section  280G and contain  supporting
          calculations.  The  cost  of such  opinion  shall  be paid  for by the
          Company.

3.8  Crediting/Debiting of Account Balances. In accordance with, and subject to,
     the  rules and  procedures  that are  established  from time to time by the
     Committee, in its sole discretion,  amounts shall be credited or debited to
     a Participant's Account Balance in accordance with the following rules:

     (a)  Election of Measurement  Funds. A Participant,  in connection with his
          or her initial  deferral  election in accordance  with Section  3.3(a)
          above,  shall elect,  on the Election  Form,  one or more  Measurement
          Fund(s) (as described in Section 3.8(c) below) to be used to determine
          the amounts to be  credited or debited to his or her Account  Balance.
          The  Participant  may (but is not required to) elect, by submitting an
          Election Form to the Committee that is accepted by the  Committee,  to
          add or delete one or more Measurement  Fund(s) to be used to determine
          the amounts to be  credited or debited to his or her Account  Balance,
          or to change the portion of his or her Account  Balance  allocated  to
          each previously or newly elected  Measurement  Fund. If an election is
          made in accordance  with the previous  sentence,  it shall apply as of
          the first business day deemed reasonably practicable by the Committee,
          in its sole  discretion,  and continue  thereafter for each subsequent
          day in which the Participant  participates in the Plan, unless changed
          in accordance with the previous sentence.  The Participant may make no
          more than four (4) such elections in any Plan Year.

     (b)  Proportionate  Allocation. In making any election described in Section
          3.8(a) above,  the Participant  shall specify on the Election Form, in
          increments of five  percentage  points (5%),  the percentage of his or
          her Account  Balance to be allocated to a Measurement  Fund (as if the
          Participant  was making an  investment in that  Measurement  Fund with
          that portion of his or her Account Balance).

                                       9
<PAGE>

     (c)  Measurement  Funds.  A  Participant  may  elect  one  or  more  of the
          measurement  funds  selected by the  Committee in its sole  discretion
          (the  "Measurement  Funds"),  based on certain  mutual funds,  for the
          purpose of  crediting  or  debiting  additional  amounts to his or her
          Account  Balance.  As  necessary,  the  Committee  may,  in  its  sole
          discretion,  discontinue,  substitute or add a Measurement  Fund. Each
          such  action  will take  effect  as of the  first day of the  calendar
          quarter  that  follows  by  thirty  (30)  days  the day on  which  the
          Committee gives Participants advance written notice of such change.

     (d)  Crediting  or  Debiting  Method.   The  performance  of  each  elected
          Measurement  Fund (either  positive or negative) will be determined by
          the Committee, in its reasonable discretion,  based on the performance
          of the Measurement Funds themselves.  A Participant's  Account Balance
          shall be credited or debited on a daily basis based on the performance
          of each Measurement Fund selected by the Participant, such performance
          being determined by the Committee in its sole discretion.

     (e)  No Actual Investment. Notwithstanding any other provision of this Plan
          that may be interpreted to the contrary,  the Measurement Funds are to
          be used for measurement purposes only, and a Participant's election of
          any  such  Measurement  Fund,  the  allocation  to his or her  Account
          Balance  thereto,  the  calculation  of  additional  amounts  and  the
          crediting  or  debiting  of such  amounts to a  Participant's  Account
          Balance  shall not be  considered  or  construed  in any  manner as an
          actual   investment  of  his  or  her  Account  Balance  in  any  such
          Measurement  Fund.  In the event that the  Company or the  Trustee (as
          that term is defined in the Trust), in its own discretion,  decides to
          invest funds in any or all of the  Measurement  Funds,  no Participant
          shall have any rights in or to such  investments  themselves.  Without
          limiting the foregoing,  a Participant's  Account Balance shall at all
          times  be a  bookkeeping  entry  only  and  shall  not  represent  any
          investment made on his or her behalf by the Company or the Trust;  the
          Participant  shall at all times  remain an  unsecured  creditor of the
          Company.

3.9  FICA and Other Taxes.

     (a)  Annual  Deferral  Amounts.  For each  Plan  Year in  which  an  Annual
          Deferral   Amount  is  being   withheld   from  a   Participant,   the
          Participant's  Employer(s)  shall  withhold  from that  portion of the
          Participant's  Base  Salary  and  Annual  Incentive  that is not being
          deferred, in a manner determined by the Employer(s), the Participant's
          share of FICA and  other  employment  taxes  on such  Annual  Deferral
          Amount.  If necessary,  the  Committee may reduce the Annual  Deferral
          Amount in order to comply with this Section 3.9.

     (b)  Company Contribution  Amounts.  When a participant becomes vested in a
          portion of his or her Company Contribution  Account, the Participant's
          Employer(s) shall withhold from the  Participant's  Base Salary and/or
          Annual Incentive that is not deferred,  in a manner  determined by the
          Employer(s),  the  Participant's  share of FICA and  other  employment
          taxes.  If necessary,  the Committee may reduce the vested  portion of
          the Participant's Company Contribution Account in order to comply with
          this Section 3.9.

                                       10
<PAGE>

     (c)  Distributions.  The Participant's  Employer(s),  or the trustee of the
          Trust,  shall  withhold from any payments made to a Participant  under
          this Plan all federal,  state and local income,  employment  and other
          taxes  required to be withheld by the  Employer(s),  or the trustee of
          the Trust,  in  connection  with such  payments,  in amounts  and in a
          manner to be determined in the sole  discretion of the Employer(s) and
          the trustee of the Trust.

                                    ARTICLE 4
             Short-Term Payout; Unforeseeable Financial Emergencies;
                               Withdrawal Election

4.1  Short-Term  Payout.  In  connection  with each  election to defer an Annual
     Deferral  Amount,  a Participant may irrevocably  elect to receive a future
     "Short-Term  Payout" from the Plan with respect to all or a portion of such
     Annual Deferral Amount, including amounts credited or debited in the manner
     provided  in Section  3.8 above on that  amount.  Subject to the  Deduction
     Limitation,  the Short-Term Payout shall be a lump sum payment in an amount
     that is equal to the portion of the Annual  Deferral Amount the Participant
     elected  to have  distributed  to him or her as a  Short-Term  Payout  plus
     amounts  credited or debited in the manner provided in Section 3.8 above on
     that amount,  determined  at the time that the  Short-Term  Payout  becomes
     payable.  Subject  to the  Deduction  Limitation  and the  other  terms and
     conditions of this Plan, each  Short-Term  Payout elected shall be paid out
     during a sixty (60) day period commencing immediately after the last day of
     any Plan Year  designated  by the  Participant  that is at least three Plan
     Years after the Plan Year in which the Annual  Deferral  Amount is actually
     deferred.  By way of example,  if a three year Short-Term Payout is elected
     for Annual  Deferral  Amounts that are deferred in the Plan Year commencing
     January 1, 2002,  the three year  Short-Term  Payout would  become  payable
     during a sixty (60) day period commencing January 1, 2006.

4.2  Other Benefits Take Precedence Over Short-Term.  Should an event occur that
     triggers a benefit under Article 5, 6, 7 or 8, any Annual Deferral  Amount,
     plus amounts credited or debited  thereon,  that is subject to a Short-Term
     Payout  election  under  Section 4.1 shall not be paid in  accordance  with
     Section  4.1 but  shall be paid in  accordance  with the  other  applicable
     Article.

4.3  Withdrawal  Payout/Suspensions for Unforeseeable Financial Emergencies.  If
     the  Participant  experiences an  Unforeseeable  Financial  Emergency,  the
     Participant  may  petition  the  Committee  to (i)  suspend  any  deferrals
     required to be made by a Participant  and/or (ii) receive a partial or full
     payout  from the Plan.  The  payout  shall  not  exceed  the  lesser of the
     Participant's  vested Account  Balance,  calculated as if such  Participant
     were receiving a Termination  Benefit,  or the amount  reasonably needed to
     satisfy the  Unforeseeable  Financial  Emergency.  If,  subject to the sole
     discretion of the Committee, the petition for a suspension and/or payout is
     approved,  suspension  shall take effect upon the date of approval  and any
     payout shall be made within  sixty (60) days of the date of  approval.  The
     payment of any amount  under this  Section  4.3 shall not be subject to the
     Deduction Limitation.

4.4  Withdrawal  Election.  Provided a  Participant's  vested Account Balance is
     $25,000 or greater, a Participant (or, after a Participant's  death, his or
     her  Beneficiary)  may elect,  at any time,  to withdraw  all of his or her
     vested Account  Balance,  calculated as if there had occurred a Termination

                                       11
<PAGE>

     of  Employment  as of the day of the  election,  less a withdrawal  penalty
     equal to 10% of such  amount  (the net amount  shall be  referred to as the
     "Withdrawal  Amount").  A Participant (or, after a Participant's death, his
     or her  Beneficiary)  may also elect, at any time, to withdraw a minimum of
     $25,000  or a  larger  portion  of  his  or  her  vested  Account  Balance,
     calculated as if there had occurred a  Termination  of Employment as of the
     day of the election,  less a withdrawal penalty equal to 10% of such amount
     (the net amount  shall be referred  to as the  "Withdrawal  Amount").  This
     election can be made at any time, before or after  Retirement,  Disability,
     death or Termination of Employment,  and whether or not the Participant (or
     Beneficiary)  is in the process of being paid  pursuant  to an  installment
     payment  schedule.  The Participant (or his or her Beneficiary)  shall make
     this  election  by  giving  the  Committee  advance  written  notice of the
     election  in a form  determined  from  time to time by the  Committee.  The
     Participant (or his or her Beneficiary) shall be paid the Withdrawal Amount
     within sixty (60) days of his or her election.  Once the Withdrawal  Amount
     is paid, the Participant's participation in the Plan shall be suspended for
     the  remainder  of the Plan Year in which the  withdrawal  is elected.  The
     payment of this  Withdrawal  Amount  shall not be subject to the  Deduction
     Limitation.

                                    ARTICLE 5
                               Retirement Benefit

5.1  Retirement Benefit.  Subject to the Deduction Limitation, a Participant who
     Retires shall receive, as a Retirement  Benefit,  his or her vested Account
     Balance.

5.2  Payment of Retirement Benefit. A Participant, in connection with his or her
     commencement of  participation in the Plan, shall elect on an Election Form
     to receive  the  Retirement  Benefit in a lump sum or pursuant to an Annual
     Installment  Method  of 5, 10 or 15 years.  The  Participant  may  annually
     change his or her election to an  allowable  alternative  payout  period by
     submitting a new Election  Form to the  Committee,  provided  that any such
     Election  Form is submitted  at least 13 months prior to the  Participant's
     Retirement  and is accepted by the  Committee in its sole  discretion.  The
     Election  Form most  recently  accepted by the  Committee  shall govern the
     payout  of the  Retirement  Benefit.  If a  Participant  does  not make any
     election with respect to the payment of the Retirement  Benefit,  then such
     benefit shall be payable in a lump sum. The lump sum payment shall be made,
     or installment payments shall commence, no later than sixty (60) days after
     the earlier of (i) the March 1st  immediately  following the  Participant's
     Retirement,   or  (ii)  the   September  1st   immediately   following  the
     Participant's  Retirement.  Any  payment  made  shall  be  subject  to  the
     Deduction Limitation.

5.3  Death Prior to  Completion  of Retirement  Benefit.  If a Participant  dies
     after  Retirement  but before the  Retirement  Benefit is paid in full, the
     Participant's Beneficiary shall receive a lump sum payment that is equal to
     the Participant's unpaid remaining vested Account Balance.

                                       12
<PAGE>

                                    ARTICLE 6
                         Pre-Retirement Survivor Benefit

6.1  Pre-Retirement Survivor Benefit.  Subject to the Deduction Limitation,  the
     Participant's  Beneficiary shall receive a Pre-Retirement  Survivor Benefit
     equal to the  Participant's  vested Account Balance if the Participant dies
     before he or she  Retires,  experiences  a  Termination  of  Employment  or
     suffers a Disability.

6.2  Payment of Pre-Retirement Survivor Benefit. If a Participant dies before he
     or she  Retires,  experiences  a  Termination  of  Employment  or suffers a
     Disability,  the  Pre-Retirement  Survivor  Benefit  shall  be  paid to the
     Participant's  Beneficiary  in a lump sum  payment no later than sixty (60)
     days after the last day of the Plan Year in which the Committee is provided
     with proof  that is  satisfactory  to the  Committee  of the  Participant's
     death. Any payment made shall be subject to the Deduction Limitation.

                                    ARTICLE 7
                               Termination Benefit

7.1  Termination Benefit.  Subject to the Deduction Limitation,  the Participant
     shall  receive  a  Termination  Benefit,   which  shall  be  equal  to  the
     Participant's  vested  Account  Balance  if  a  Participant  experiences  a
     Termination  of  Employment  prior  to  his  or her  Retirement,  death  or
     Disability.

7.2  Payment of Termination Benefit. The Participant's Termination Benefit shall
     be paid in a lump sum payment;  provided,  however, that the Committee,  in
     its sole discretion,  may pay a Participant's  Termination Benefit pursuant
     to an Annual Installment Method, over a number of years to be determined by
     the Committee, but not to exceed five (5) years. The lump sum payment shall
     be made, or installment  payments shall commence,  no later than sixty (60)
     days  after  the  last  day of the  Plan  Year  in  which  the  Participant
     experiences  the  Termination  of  Employment.  Any  payment  made shall be
     subject to the Deduction Limitation.

                                       13
<PAGE>

                                    ARTICLE 8
                          Disability Waiver and Benefit

8.1      Disability Waiver.

     (a)  Waiver of Deferral.  A Participant  who is determined by the Committee
          to be  suffering  from a Disability  shall be excused from  fulfilling
          that  portion  of the Annual  Deferral  Amount  commitment  that would
          otherwise have been withheld from a  Participant's  Base Salary and/or
          Annual Incentive for the Plan Year during which the Participant  first
          suffers a Disability. During the period of Disability, the Participant
          shall not be allowed to make any additional  deferral  elections,  but
          will continue to be considered a Participant for all other purposes of
          this Plan.

     (b)  Return  to  Work.  If a  Participant  returns  to  employment  with an
          Employer after a Disability ceases, the Participant may elect to defer
          an  Annual  Deferral  Amount  for the Plan Year  following  his or her
          return to  employment  or service  and for every Plan Year  thereafter
          while a Participant in the Plan;  provided such deferral elections are
          otherwise allowed and an Election Form is delivered to and accepted by
          the Committee  for each such  election in accordance  with Section 3.3
          above.

8.2  Continued  Eligibility;  Disability  Benefit.  A  Participant  suffering  a
     Disability  shall,  for benefit  purposes  under this Plan,  continue to be
     considered  to be employed and shall be eligible for the benefits  provided
     for in Articles 4, 5, 6 or 7 in  accordance  with the  provisions  of those
     Articles. Notwithstanding the above, the Committee shall have the right to,
     in its sole and absolute discretion and for purposes of this Plan only, and
     must in the case of a Participant who is otherwise eligible to Retire, deem
     the Participant to have experienced a Termination of Employment,  or in the
     case of a Participant  who is eligible to Retire,  to have Retired,  at any
     time (or in the case of a Participant who is eligible to Retire, as soon as
     practicable)  after  such  Participant  is  determined  to be  suffering  a
     Disability,  in which  case the  Participant  shall  receive  a  Disability
     Benefit  equal  to his or her  vested  Account  Balance  at the time of the
     Committee's determination;  provided,  however, that should the Participant
     otherwise  have  been  eligible  to  Retire,  he or she  shall  be  paid in
     accordance  with Article 5. The Disability  Benefit shall be paid in a lump
     sum within sixty (60) days of the Committee's  exercise of such right.  Any
     payment made shall be subject to the Deduction Limitation.

                                    ARTICLE 9
                             Beneficiary Designation

9.1  Beneficiary.  Each  Participant  shall  have the  right,  at any  time,  to
     designate his or her Beneficiary(ies)  (both primary as well as contingent)
     to receive any benefits  payable under the Plan to a  beneficiary  upon the
     death of a Participant.  The Beneficiary  designated under this Plan may be
     the same as or different from the Beneficiary  designation  under any other
     plan of an Employer in which the Participant participates.

                                       14
<PAGE>

9.2  Beneficiary  Designation;  Change. A Participant shall designate his or her
     Beneficiary by completing and signing the Beneficiary Designation Form, and
     returning it to the Committee or its designated  agent. A Participant shall
     have the right to change a Beneficiary by completing, signing and otherwise
     complying  with  the  terms  of the  Beneficiary  Designation  Form and the
     Committee's rules and procedures,  as in effect from time to time. Upon the
     acceptance  by the Committee of a new  Beneficiary  Designation  Form,  all
     Beneficiary  designations previously filed shall be canceled. The Committee
     shall be entitled to rely on the last Beneficiary Designation Form filed by
     the Participant and accepted by the Committee prior to his or her death.

9.3  Acknowledgment.  No  designation  or change in designation of a Beneficiary
     shall be  effective  until  received  and  acknowledged  in  writing by the
     Committee or its designated agent.

9.4  No  Beneficiary  Designation.   If  a  Participant  fails  to  designate  a
     Beneficiary  as  provided  in  Sections  9.1,  9.2 and 9.3 above or, if all
     designated  Beneficiaries  predecease  the  Participant  or  die  prior  to
     complete distribution of the Participant's benefits, then the Participant's
     designated  Beneficiary  shall be deemed to be his or her surviving spouse.
     If the Participant has no surviving  spouse,  the benefits  remaining under
     the Plan to be paid to a  Beneficiary  shall be payable to the  executor or
     personal representative of the Participant's estate.

9.5  Doubt as to  Beneficiary.  If the  Committee has any doubt as to the proper
     Beneficiary to receive payments  pursuant to this Plan, the Committee shall
     have the right,  exercisable in its discretion,  to cause the Participant's
     Employer to  withhold  such  payments  until this matter is resolved to the
     Committee's satisfaction.

9.6  Discharge  of  Obligations.  The  payment of  benefits  under the Plan to a
     Beneficiary  shall fully and  completely  discharge  all  Employers and the
     Committee from all further  obligations under this Plan with respect to the
     Participant,  and that  Participant's  Plan Agreement  shall terminate upon
     such full payment of benefits.

                                   ARTICLE 10
                                Leave of Absence

10.1 Paid Leave of Absence.  If a Participant is authorized by the Participant's
     Employer for any reason to take a paid leave of absence from the employment
     of the Employer,  the Participant shall continue to be considered  employed
     by the  Employer  and the  Annual  Deferral  Amount  shall  continue  to be
     withheld during such paid leave of absence in accordance with Section 3.3.

10.2 Unpaid  Leave  of  Absence.   If  a   Participant   is  authorized  by  the
     Participant's  Employer  for any reason to take an unpaid  leave of absence
     from the employment of the Employer,  the Participant  shall continue to be
     considered  employed by the Employer and the  Participant  shall be excused
     from  making  deferrals  until the earlier of the date the leave of absence
     expires or the Participant  returns to a paid employment status.  Upon such
     expiration or return,  deferrals shall resume for the remaining  portion of
     the Plan  Year in which  the  expiration  or  return  occurs,  based on the
     deferral election, if any, made for that Plan Year. If no election was made
     for that Plan Year, no deferral shall be withheld.

                                       15
<PAGE>

                                   ARTICLE 11
                     Termination, Amendment or Modification

11.1 Termination.  Although each Employer  anticipates that it will continue the
     Plan for an  indefinite  period  of time,  there is no  guarantee  that any
     Employer  will continue the Plan or will not terminate the Plan at any time
     in the future. Accordingly, each Employer reserves the right to discontinue
     its  sponsorship  of the Plan and/or to terminate the Plan at any time with
     respect to any or all of its participating Employees.  Upon the termination
     of the Plan  with  respect  to any  Employer,  the Plan  Agreements  of the
     affected Participants who are employed by that Employer shall terminate and
     their  Account  Balances  determined  (i)  as if  they  had  experienced  a
     Termination of Employment on the date of Plan termination;  or (ii) if Plan
     termination  occurs after the date upon which a Participant was eligible to
     Retire,  then with respect to that  Participant as if he or she had Retired
     on the  date  of  Plan  termination.  Such  benefits  shall  be paid to the
     Participants  as  follows:  (i) prior to a Change in  Control,  an Employer
     shall have the  right,  in its sole  discretion,  and  notwithstanding  any
     elections  made by the  Participant,  to pay such benefits in a lump sum or
     pursuant  to an Annual  Installment  Method of up to five (5)  years,  with
     amounts  credited  and debited  during the  installment  period as provided
     herein;  or (ii) after a Change in Control,  the Employer shall be required
     to pay such benefits in a lump sum. The  termination  of the Plan shall not
     adversely  affect any Participant or Beneficiary who has become entitled to
     the payment of any benefits  under the Plan as of the date of  termination;
     provided  however,  that the  Employer  shall have the right to  accelerate
     installment  payments without a premium or prepayment penalty by paying the
     vested Account  Balance in a lump sum or pursuant to an Annual  Installment
     Method using fewer years.

11.2 Amendment. Any Employer may, at any time, amend or modify the Plan in whole
     or in part with respect to that Employer;  provided,  however, that: (i) no
     amendment  or  modification  shall be effective to decrease or restrict the
     value of a  Participant's  vested Account  Balance in existence at the time
     the amendment or modification is made, calculated as if the Participant had
     experienced  a Termination  of  Employment as of the effective  date of the
     amendment or modification or, if the amendment or modification occurs after
     the date upon which the Participant was eligible to Retire, the Participant
     had Retired as of the effective date of the amendment or modification,  and
     (ii) no amendment or  modification  of this Section 11.2 or Section 12.2 of
     the Plan shall be  effective.  The  amendment or  modification  of the Plan
     shall not affect any  Participant or Beneficiary who has become entitled to
     the payment of benefits  under the Plan as of the date of the  amendment or
     modification;  provided, however, that the Employer shall have the right to
     accelerate  installment  payments by paying the vested Account Balance in a
     lump sum or pursuant to an Annual Installment Method using fewer years.

11.3 Plan Agreement.  Despite the provisions of Sections 11.1 and 11.2 above, if
     a Participant's  Plan Agreement  contains  benefits or limitations that are
     not in this Plan  document,  the Employer may only amend or terminate  such
     provisions with the consent of the Participant.

11.4 Effect  of  Payment.  The full  payment  of the  applicable  benefit  under
     Articles  4,  5,  6, 7 or 8 of the  Plan  shall  completely  discharge  all
     obligations to a Participant and his or her designated  Beneficiaries under
     this Plan and the Participant's Plan Agreement shall terminate.

                                       16
<PAGE>

                                   ARTICLE 12
                                 Administration

12.1 Committee  Duties.  Except as  otherwise  provided in this Article 12, this
     Plan shall be administered by a Committee which shall consist of the Board,
     or  such  other  person(s)  as the  Board  shall  appoint.  Members  of the
     Committee may be  Participants  under this Plan.  The Committee  shall also
     have the  discretion  and  authority  to (i) make,  amend,  interpret,  and
     enforce all appropriate  rules and regulations  for the  administration  of
     this  Plan and (ii)  decide  or  resolve  any and all  questions  including
     interpretations of this Plan, as may arise in connection with the Plan. Any
     individual  serving on the Committee who is a Participant shall not vote or
     act on any matter  relating  solely to himself or  herself.  When  making a
     determination  or  calculation,  the Committee shall be entitled to rely on
     information furnished by a Participant or the Company.

12.2 Administration  Upon Change In  Control.  For  purposes  of this Plan,  the
     Company shall be the  "Administrator"  at all times prior to the occurrence
     of a Change  in  Control.  Upon and  after  the  occurrence  of a Change in
     Control,  the "Administrator"  shall be an independent third party selected
     by the Trustee and approved by the  individual  who,  immediately  prior to
     such  event,  was the  Company's  Chief  Executive  Officer  or,  if not so
     identified,  the Company's  highest  ranking  officer (the  "Ex-CEO").  The
     Administrator shall have the discretionary power to determine all questions
     arising  in  connection  with  the  administration  of  the  Plan  and  the
     interpretation of the Plan and Trust including,  but not limited to benefit
     entitlement   determinations;   provided,   however,  upon  and  after  the
     occurrence of a Change in Control, the Administrator shall have no power to
     direct the  investment  of Plan or Trust  assets or select  any  investment
     manager  or  custodial  firm for the Plan or  Trust.  Upon  and  after  the
     occurrence of a Change in Control, the Company must: (1) pay all reasonable
     administrative  expenses and fees of the  Administrator;  (2) indemnify the
     Administrator  against  any  costs,  expenses  and  liabilities  including,
     without limitation, attorney's fees and expenses arising in connection with
     the  performance  of the  Administrator  hereunder,  except with respect to
     matters  resulting from the gross  negligence or willful  misconduct of the
     Administrator  or its  employees or agents;  and (3) supply full and timely
     information to the  Administrator  on all matters relating to the Plan, the
     Trust, the Participants  and their  Beneficiaries,  the Account Balances of
     the Participants, the date of circumstances of the Retirement,  Disability,
     death or  Termination  of  Employment of the  Participants,  and such other
     pertinent information as the Administrator may reasonably require. Upon and
     after a Change in  Control,  the  Administrator  may be  terminated  (and a
     replacement appointed) by the Trustee only with the approval of the Ex-CEO.
     Upon and after a Change in Control, the Administrator may not be terminated
     by the Company.

12.3 Agents. In the administration of this Plan, the Committee may, from time to
     time, employ agents and delegate to them such  administrative  duties as it
     sees fit (including acting through a duly appointed representative) and may
     from time to time consult with counsel who may be counsel to any Employer.

12.4 Binding  Effect of Decisions.  The decision or action of the  Administrator
     with  respect to any  question  arising  out of or in  connection  with the

                                       17
<PAGE>

     administration,  interpretation  and  application of the Plan and the rules
     and  regulations  promulgated  hereunder  shall be final and conclusive and
     binding upon all persons having any interest in the Plan.

12.5 Indemnity of Committee.  The Company shall  indemnify and hold harmless the
     members of the Committee,  any Employee to whom the duties of the Committee
     may be delegated, and the Administrator against any and all claims, losses,
     damages,  expenses or liabilities arising from any action or failure to act
     with respect to this Plan, except in the case of willful  misconduct by the
     Committee, any of its members, any such Employee or the Administrator.

12.6 Employer  Information.  To enable the  Committee  and/or  Administrator  to
     perform its functions,  the Company and each Employer shall supply full and
     timely information to the Committee and/or  Administrator,  as the case may
     be, on all matters  relating to the compensation of its  Participants,  the
     date and circumstances of the Retirement,  Disability, death or Termination
     of Employment of its Participants,  and such other pertinent information as
     the Committee or Administrator may reasonably require.

                                   ARTICLE 13
                          Other Benefits and Agreements

13.1 Coordination  with Other Benefits.  The benefits provided for a Participant
     and  Participant's  Beneficiary under the Plan are in addition to any other
     benefits  available to such Participant under any other plan or program for
     employees of the  Participant's  Employer.  The Plan shall  supplement  and
     shall not supersede,  modify or amend any other such plan or program except
     as may otherwise be expressly provided.

                                   ARTICLE 14
                                Claims Procedures

14.1 Presentation  of  Claim.  Any  Participant  or  Beneficiary  of a  deceased
     Participant  (such  Participant or Beneficiary being referred to below as a
     "Claimant")   may  deliver  to  the   Committee  a  written   claim  for  a
     determination  with respect to the amounts  distributable  to such Claimant
     from the Plan. If such a claim relates to the contents of a notice received
     by the  Claimant,  the claim must be made within sixty (60) days after such
     notice was received by the  Claimant.  All other claims must be made within
     180 days of the date on which  the  event  that  caused  the claim to arise
     occurred. The claim must state with particularity the determination desired
     by the Claimant.

14.2 Notification of Decision.  The Committee shall consider a Claimant's  claim
     within a reasonable time, and shall notify the Claimant in writing:

     (a)  that the Claimant's  requested  determination  has been made, and that
          the claim has been allowed in full; or

     (b)  that the Committee has reached a conclusion  contrary,  in whole or in
          part, to the Claimant's requested determination,  and such notice must
          set forth in a manner calculated to be understood by the Claimant:

                                       18
<PAGE>

          (i)  the specific  reason(s) for the denial of the claim,  or any part
               of it;

          (ii) specific  reference(s)  to pertinent  provisions of the Plan upon
               which such denial was based;

          (iii)a  description   of  any   additional   material  or  information
               necessary  for  the  Claimant  to  perfect  the  claim,   and  an
               explanation of why such material or information is necessary; and

          (iv) an explanation of the claim review procedure set forth in Section
               14.3 below.

14.3 Review of a Denied Claim.  Within sixty (60) days after  receiving a notice
     from the  Committee  that a claim has been  denied,  in whole or in part, a
     Claimant (or the Claimant's duly authorized  representative)  may file with
     the  Committee  a written  request for a review of the denial of the claim.
     Thereafter,  but not later than thirty (30) days after the review procedure
     began, the Claimant (or the Claimant's duly authorized representative):

     (a)  may review pertinent documents;

     (b)  may submit written comments or other documents; and/or

     (c)  may request a hearing,  which the Committee,  in its sole  discretion,
          may grant.

14.4 Decision  on Review.  The  Committee  shall  render its  decision on review
     promptly,  and not later than sixty (60) days after the filing of a written
     request for review of the denial, unless a hearing is held or other special
     circumstances  require  additional  time,  in which  case  the  Committee's
     decision  must be rendered  within 120 days after such date.  Such decision
     must be written in a manner  calculated  to be  understood by the Claimant,
     and it must contain:

     (a)  specific reasons for the decision;

     (b)  specific  reference(s) to the pertinent Plan provisions upon which the
          decision was based; and

     (c)  such other matters as the Committee deems relevant.

14.5 Legal Action. A Claimant's compliance with the foregoing provisions of this
     Article 14 is a mandatory  prerequisite  to a Claimant's  right to commence
     any legal action with respect to any claim for benefits under this Plan.

                                   ARTICLE 15
                                      Trust

15.1 Establishment of the Trust. The Company shall establish the Trust, and each
     Employer shall at least annually  transfer over to the Trust such assets as
     the Employer determines, in its sole discretion,  are necessary to provide,
     on a present value basis,  for its respective  future  liabilities  created
     with respect to the Annual Deferral Amounts and Annual Company Contribution
     Amounts  for such  Employer's  Participants  for all  periods  prior to the
     transfer,  as well as any debits and credits to the  Participants'  Account
     Balances for all periods prior to the transfer,  taking into  consideration
     the value of the assets in the trust at the time of the transfer.

                                       19
<PAGE>

15.2 Interrelationship of the Plan and the Trust. The provisions of the Plan and
     the Plan  Agreement  shall  govern the rights of a  Participant  to receive
     distributions  pursuant  to the Plan.  The  provisions  of the Trust  shall
     govern the rights of the Employers,  Participants  and the creditors of the
     Employers to the assets  transferred  to the Trust.  Each Employer shall at
     all times remain liable to carry out its obligations under the Plan.

15.3 Distributions  From the Trust.  Each Employer's  obligations under the Plan
     may be satisfied with Trust assets distributed pursuant to the terms of the
     Trust, and any such  distribution  shall reduce the Employer's  obligations
     under this Plan.

                                   ARTICLE 16
                                  Miscellaneous

16.1 Status of Plan.  The Plan is  intended  to be a plan that is not  qualified
     within the  meaning of Code  Section  401(a) and that "is  unfunded  and is
     maintained by an employer  primarily for the purpose of providing  deferred
     compensation  for a  select  group  of  management  or  highly  compensated
     employee"  within  the  meaning of ERISA  Sections  201(2),  301(a)(3)  and
     401(a)(1).  The Plan shall be  administered  and  interpreted to the extent
     possible in a manner consistent with that intent.

16.2 Unsecured General Creditor.  Participants and their  Beneficiaries,  heirs,
     successors and assigns shall have no legal or equitable  rights,  interests
     or claims in any  property or assets of an  Employer.  For  purposes of the
     payment of benefits  under this Plan,  any and all of an Employer's  assets
     shall be, and remain,  the general,  unpledged  unrestricted  assets of the
     Employer.  An Employer's  obligation under the Plan shall be merely that of
     an unfunded and unsecured promise to pay money in the future.

16.3 Employer's  Liability.  An Employer's liability for the payment of benefits
     shall be defined only by the Plan and the Plan  Agreement,  as entered into
     between  the  Employer  and  a  Participant.  An  Employer  shall  have  no
     obligation to a Participant under the Plan except as expressly  provided in
     the Plan and his or her Plan Agreement.

16.4 Nonassignability. Neither a Participant nor any other person shall have any
     right to commute, sell, assign, transfer, pledge,  anticipate,  mortgage or
     otherwise encumber, transfer, hypothecate, alienate or convey in advance of
     actual  receipt,  the  amounts,  if any,  payable  hereunder,  or any  part
     thereof,  which are, and all rights to which are expressly  declared to be,
     unassignable  and  non-transferable.  No part of the amounts payable shall,
     prior to actual payment, be subject to seizure, attachment,  garnishment or
     sequestration for the payment of any debts, judgments,  alimony or separate
     maintenance  owed by a Participant or any other person,  be transferable by
     operation  of law in the event of a  Participant's  or any  other  person's
     bankruptcy or insolvency  or be  transferable  to a spouse as a result of a
     property settlement or otherwise.

16.5 Not a Contract of  Employment.  The terms and conditions of this Plan shall
     not be deemed to constitute a contract of  employment  between any Employer
     and the  Participant.  Such employment is hereby  acknowledged to be an "at
     will"  employment  relationship  that can be terminated at any time for any
     reason,  or no reason,  with or without cause,  and with or without notice,

                                       20
<PAGE>

     unless expressly  provided in a written  employment  agreement.  Nothing in
     this Plan shall be deemed to give a Participant the right to be retained in
     the service of any Employer, or to interfere with the right of any Employer
     to discipline or discharge the Participant at any time.

16.6 Furnishing  Information.  A  Participant  or his or  her  Beneficiary  will
     cooperate  with  the  Committee  by  furnishing  any  and  all  information
     requested by the  Committee and take such other actions as may be requested
     in order to facilitate the  administration  of the Plan and the payments of
     benefits  hereunder,  including  but not  limited to taking  such  physical
     examinations as the Committee may deem necessary.

16.7 Terms.  Whenever any words are used herein in the masculine,  they shall be
     construed as though they were in the feminine in all cases where they would
     so apply;  and whenever any words are used herein in the singular or in the
     plural,  they shall be  construed as though they were used in the plural or
     the singular, as the case may be, in all cases where they would so apply.

16.8 Captions.  The captions of the  articles,  sections and  paragraphs of this
     Plan are for  convenience  only and shall not control or affect the meaning
     or construction of any of its provisions.

16.9 Governing  Law.  Subject  to ERISA,  the  provisions  of this Plan shall be
     construed   and   interpreted   according  to  the  internal  laws  of  the
     Commonwealth  of  Massachusetts  without  regard to its  conflicts  of laws
     principles.

16.10Notice.  Any  notice or filing  required  or  permitted  to be given to the
     Committee   under  this  Plan  shall  be   sufficient  if  in  writing  and
     hand-delivered,  or sent by  registered  or certified  mail, to the address
     below:

                      Deferred Compensation Plan Committee
        -----------------------------------------------------------------
                           Thermo Electron Corporation
        -----------------------------------------------------------------
                                 81 Wyman Street
        -----------------------------------------------------------------
                                Waltham, MA 02454
        -----------------------------------------------------------------

     or   such  other  address  as  the  Company  indicates  by  notice  to  the
          Participants.

     Such  notice  shall  be  deemed  given as of the date of  delivery  or,  if
     delivery  is made by mail,  as of the date  shown  on the  postmark  on the
     receipt for registration or certification.

     Any notice or filing  required or  permitted  to be given to a  Participant
     under this Plan shall be  sufficient if in writing and  hand-delivered,  or
     sent by mail, to the last known address of the Participant.

16.11Successors. The provisions of this Plan shall bind and inure to the benefit
     of the  Participant's  Employer  and its  successors  and  assigns  and the
     Participant and the Participant's designated Beneficiaries.

16.12Spouse's Interest.  The interest in the benefits hereunder of a spouse of a
     Participant who has predeceased the Participant shall automatically pass to
     the Participant and shall not be transferable by such spouse in any manner,
     including  but not limited to such spouse's  will,  nor shall such interest
     pass under the laws of intestate succession.

                                       21
<PAGE>

16.13Validity.  In case any  provision  of this Plan shall be illegal or invalid
     for any  reason,  said  illegality  or  invalidity  shall  not  affect  the
     remaining parts hereof, but this Plan shall be construed and enforced as if
     such illegal or invalid provision had never been inserted herein.

16.14Incompetent.  If the Committee  determines in its discretion that a benefit
     under this Plan is to be paid to a minor, a person declared  incompetent or
     to a  person  incapable  of  handling  the  disposition  of  that  person's
     property, the Committee may direct payment of such benefit to the guardian,
     legal  representative  or person having the care and custody of such minor,
     incompetent  or  incapable  person.  The  Committee  may  require  proof of
     minority,  incompetence,   incapacity  or  guardianship,  as  it  may  deem
     appropriate prior to distribution of the benefit.  Any payment of a benefit
     shall be a payment for the account of the Participant and the Participant's
     Beneficiary,  as the case may be, and shall be a complete  discharge of any
     liability under the Plan for such payment amount.

16.15Court Order.  The Committee is authorized to make any payments  directed by
     court order in any action in which the Plan or the Committee has been named
     as a party.  In  addition,  if a court  determines  that a spouse or former
     spouse of a Participant has an interest in the Participant's benefits under
     the  Plan in  connection  with a  property  settlement  or  otherwise,  the
     Committee,  in its sole discretion,  shall have the right,  notwithstanding
     any election made by a Participant,  to immediately distribute the spouse's
     or former spouse's interest in the Participant's benefits under the Plan to
     that spouse or former spouse.

16.16 Distribution in the Event of Taxation.

     (a)  In General.  If, for any reason, all or any portion of a Participant's
          benefits under this Plan becomes taxable to the  Participant  prior to
          receipt,  a Participant may petition the Committee  before a Change in
          Control, or the trustee of the Trust after a Change in Control,  for a
          distribution  of that  portion of his or her  benefit  that has become
          taxable.  Upon the grant of such a petition,  which grant shall not be
          unreasonably  withheld  (and,  after a  Change  in  Control,  shall be
          granted), a Participant's Employer shall distribute to the Participant
          immediately  available funds in an amount equal to the taxable portion
          of his or her benefit  (which amount shall not exceed a  Participant's
          unpaid  vested  Account  Balance  under the Plan).  If the petition is
          granted,  the tax liability  distribution shall be made within 90 days
          of the  date  when  the  Participant's  petition  is  granted.  Such a
          distribution  shall  affect and reduce the  benefits  to be paid under
          this Plan.

     (b)  Trust.  If the  Trust  terminates  in  accordance  with its  terms and
          benefits are distributed from the Trust to a Participant in accordance
          therewith, the Participant's benefits under this Plan shall be reduced
          to the extent of such distributions.

16.17Insurance.  The Employers,  on their own behalf or on behalf of the trustee
     of the Trust,  and,  in their sole  discretion,  may apply for and  procure
     insurance on the life of the Participant, in such amounts and in such forms
     as the Employers may choose.  The Employers or the trustee of the Trust, as
     the  case  may be,  shall be the sole  owner  and  beneficiary  of any such
     insurance.  The Participant  shall have no interest  whatsoever in any such
     policy or  policies,  and at the request of the  Employers  shall submit to
     medical examinations and supply such information and execute such documents
     as may be  required  by the  insurance  company  or  companies  to whom the
     Employers have applied for insurance.

                                       22
<PAGE>

     IN WITNESS  WHEREOF,  the  Company  has  signed  this Plan  document  as of
November 1, 2001.

                            "Company"
                            Thermo Electron Corporation, a Delaware corporation

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

                                       23

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