Document:

Exhibit 10.55

                                                               November 27, 2001

By Facsimile:  (203) 699-3216
SPX Corporation
90 Fieldstone Court
Cheshire, CT 06410-1212
Attn: Paul F. Hally, Group General Counsel

Kendro Laboratory Products, L.P.
C/o Paul F. Hally, Group General Counsel
SPX Corporation

By Facsimile:  (617) 566-0716
Mr. Marc N. Casper
144 Clark Road
Brookline, MA 02445

        Re:    Employment of Marc Casper as President of Thermo Electron's Life
               Sciences Sector

Gentlemen:

        As you know, Thermo Electron Corporation ("Thermo") has been discussing
with Marc Casper ("Mr. Casper") the possibility of hiring him as the President
of its Life Sciences Sector. Thermo and Mr. Casper acknowledge SPX's view that
Mr. Casper's existing obligations contained in his Employment Agreement with
Kendro Laboratory Products, L.P. ("Kendro") dated May 15, 2000, and his
Separation Agreement with SPX Corporation ("SPX"), dated July 23, 2001
(hereafter collectively referred to as the "Agreements"), would prohibit Mr.
Casper's employment by Thermo. Thermo has been provided copies of, and is aware
of the contents of, the Agreements. Thermo and Mr. Casper seek to: (1) modify
certain obligations of Mr. Casper under the Agreements, subject to compliance by
Mr. Casper and Thermo with the terms of this Letter Agreement; and (2) establish
certain limitations relating to Mr. Casper's employment by Thermo in order to
protect SPX and Kendro (hereafter collectively referred to as "SPX") from any
prejudice as a result of the employment of Mr. Casper as President of Thermo's
Life Sciences Sector.

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        In consideration of the mutual agreements specified herein, the
sufficiency of which is hereby acknowledged, Thermo, Mr. Casper, and SPX agree
as follows:

1. SPX acknowledges and agrees that the employment of Mr. Casper by Thermo will
not be deemed to be in violation of the Agreements, so long as Mr. Casper
complies with the terms and conditions set forth in the Agreements as modified
by the terms of this Letter Agreement, and Thermo complies with the terms and
conditions set forth in this Letter Agreement. In the event that Mr. Casper
and/or Thermo fail to comply with the terms of this Letter Agreement, SPX will,
at its election, be free to enforce the terms of this Letter Agreement and/or
the Agreements as originally written.

2. The non-competition and non-solicitation obligations contained in the
Agreements will be modified to extend the duration thereof until December 31,
2002, whether or not Mr. Casper accepts or continues employment by Thermo.

3. (a) For the duration of Mr. Casper's non-competition obligations under the
Agreements (as modified in paragraph 2 above), Mr. Casper and Thermo agree that
Mr. Casper will not be provided any material nonpublic information, participate
in any discussions or meetings, or provide any advice or management, relating to
any aspect of the operations of Thermo Forma Inc., Thermo IEC Inc. and/or any
other aspect of Thermo's current or future business operations which are
competitive with Kendro's current business (the "Competitive Businesses"),
including without limitation any aspects of the Competitive Businesses that
relate to research, design and development, production, and marketing of
products and related services, any strategic management of the Competitive

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Businesses including consideration of changes to products, product line
expansions or enhancements, acquisitions or dispositions of businesses
competitive with the Competitive Businesses, and the establishment
or modification of any relationship between the Competitive Businesses and third
parties, and any financial or administrative aspects of the Competitive
Businesses, such as review of financial performance of the Competitive
Businesses, or employee compensation, real estate or tax matters affecting the
Competitive Businesses, PROVIDED HOWEVER, Mr. Casper's receipt, or communication
to shareholders, analysts, other members of the financial community, press or
media, of information regarding the consolidated financial performance of the
Life Sciences Sector as a whole will not be deemed a breach of this paragraph 3
of this Letter Agreement as long as Mr. Casper's communications clearly include
the disclaimers described in paragraph 3(b)(2) below.

               (b) During the period of the non-compete, SPX agrees that Mr.
Casper can hold the title of President of the Life Sciences Sector of Thermo,
provided that Thermo and Mr. Casper agree and acknowledge that: (1) Mr. Casper
will not serve as Thermo's spokesperson for the Competitive Businesses of the
Life Sciences Sector, and another representative of Thermo will serve as
Thermo's spokesperson for the Competitive Businesses; (2) all public
communications and announcements by Mr. Casper pertaining to his employment by
Thermo or to his commentary on the consolidated financial performance of the
Life Sciences Sector as a whole will clearly indicate that Mr. Casper is
restricted by the terms of a non-compete agreement with his former employer from
managing or discussing the Competitive Businesses; and (3) the Competitive
Businesses will report to the Division President, who reports to the President
of Thermo and who does not report to Mr. Casper.

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               (c) During the period of the non-compete, Mr. Casper and Thermo
agree and acknowledge that it is their obligation to take affirmative steps to
ensure that the public does not perceive that Mr. Casper is managing the
Competitive Businesses, and that such affirmative actions are material to SPX's
agreement to Mr. Casper's employment by Thermo as President of the Life Sciences
Sector and to Thermo's and Mr. Casper's compliance with this Agreement. During
the period of the non-compete, Thermo and Mr. Casper agree to take affirmative
steps to dispel any public perception that Mr. Casper is managing the
Competitive Businesses. For example, at any presentation to Wall Street
analysts, Mr. Casper will refrain from providing any information regarding the
Competitive Businesses, will affirmatively indicate that the Competitive
Businesses do not report to him and will defer any questions about the
Competitive Businesses to another Thermo representative. During the period of
the non-compete, Thermo and Mr. Casper will take similar affirmative steps in
other public settings, such as trade shows, sales conventions and/or customer
presentations.

               (d) Nothing is this paragraph 3 is intended to preclude Mr.
Casper from receiving any information or engaging in any activity with respect
to any aspect of the Life Sciences Sector of Thermo which is not part of the
Competitive Businesses.

4. Except as modified by this letter, Mr. Casper will continue to be bound by
the terms of the Agreements in accordance with their terms, including without
limitation, and without modification, Mr. Casper's confidentiality and trade
secret obligations contained in the Agreements. Thermo acknowledges and agrees
to use reasonable best efforts to cause Mr. Casper to comply with the
confidentiality, nonsolicitation and trade secret obligations contained in the
Agreements during Mr. Casper's employment with Thermo.

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5. In order to permit SPX to confirm that Mr. Casper and Thermo continue to
comply with the terms of this Letter Agreement, Mr. Casper and Thermo will
cooperate with SPX by providing access to any five officers or employees of
Thermo designated by name, title or function by SPX, and to records of Thermo
relating to the Competitive Businesses which are reasonably required to
determine Mr. Casper's and Thermo's compliance with this Letter Agreement, to a
third party auditor identified by SPX, upon request through December 31, 2004,
provided however, if after completing such an audit, SPX has reasonable cause to
believe that Mr. Casper and Thermo have not complied with the terms of this
Letter Agreement, SPX's auditors will be provided access to additional Thermo
officers, employees and records which are reasonably required to determine Mr.
Casper's and Thermo's compliance with this Letter Agreement. SPX may not request
an audit more often than once per any 6 month period through December 31, 2004,
unless SPX has reasonable cause to believe that Mr. Casper and Thermo have not
complied with the terms of this Letter Agreement, in which case SPX may
undertake one additional audit in any 6 month period. If SPX elects to have an
auditor confirm compliance by Mr. Casper and Thermo with their obligations under
this letter, SPX will use an office of Arthur Anderson (or of the then current
auditing firm for SPX ) other than the office that usually audits SPX. Thermo
will ensure that such accounting firm will have reasonable access to the persons
and records referred to above for purposes of confirming any factual information
reasonably required in order to confirm that Mr. Casper and Thermo have complied
with the terms of this letter. The third party auditor must be instructed by SPX
and agree in writing, a copy of which must be provided to Thermo at the time of
the audit, not to disclose to SPX any confidential or proprietary information of
Thermo, including any confidential or proprietary information relating to the
Competitive Businesses.

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6. At the time Mr. Casper's employment with Thermo commences, and as appropriate
or reasonably requested by SPX from time to time thereafter, Thermo will advise
all senior management of Thermo and all managers in Thermo's Competitive
Businesses of the limitations imposed by paragraph 3 of this Letter Agreement on
Mr. Casper and Thermo, as well as the penalties imposed for violations thereof
by paragraph 7 of this Letter Agreement, in writing, as set forth in Exhibit A.

7. In order to ensure that SPX has adequate remedies available for any violation
of this Letter Agreement, without limiting any of the other remedies available
to SPX at law or in equity, in the event of a violation of this Letter Agreement
by Mr. Casper or Thermo, SPX will be entitled to injunctive relief, including
any temporary restraining order or emergency, preliminary or final injunction,
and damages. In the event of litigation regarding a violation of this Letter
Agreement, the prevailing party will be entitled to reimbursement of costs and
reasonable attorneys' fees incurred from the losing party. If SPX is successful
in any way in obtaining injunctive relief or damages, SPX will be a prevailing
party for purposes of recovering costs and fees. The foregoing entitlement of
the prevailing party to collect costs and reasonable attorneys' fees only
applies to litigation between the parties regarding the enforcement or breach of
this Letter Agreement, and not to litigation of any other claim or counterclaim
that a party may assert in such litigation between the parties.

8. SPX agrees that, notwithstanding anything to the contrary in the Agreements,
Mr. Casper will be permitted to acquire and hold securities of Thermo, including
shares of stock and stock options, so long as Mr. Casper owns not more than 2%
of the outstanding stock of any class of Thermo, provided however, Mr. Casper
may not acquire or hold securities, including stock and stock options, of any
enterprise Thermo establishes, acquires, or divests, in which sales in a

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Competitive Business are 15% or more of the sales of the enterprise, for the
duration of Mr. Casper's non-competition obligations under the Agreements (as
modified in paragraph 2 above).

9. This Letter Agreement will be governed by the laws of the State of
Connecticut, and all disputes arising under this Letter Agreement must be filed
in a court of competent jurisdiction in the State of Connecticut. No dispute
arising under this Letter Agreement will be subject to mandatory arbitration.

10. Mr. Casper and Thermo will be jointly and severally liable for any breach of
this Letter Agreement arising from Mr. Casper's employment by Thermo.

11. Nothing in this Letter Agreement will be construed to limit the rights of
discovery of SPX in any litigation with Mr. Casper or Thermo.

12. This Letter Agreement is binding upon Thermo and SPX, and their successors,
and on Mr. Casper, and his heirs, executors and administrators. The obligations
of Mr. Casper under this Letter Agreement are not assignable. The obligations of
Thermo under this Letter Agreement are not assignable, except to an assignee of
substantially all of the stock or assets of the entire Life Sciences Sector,
including the Competitive Businesses, of Thermo.

13. This Letter Agreement may not be amended or modified in any manner except in
a writing signed by the parties.

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        If the foregoing is acceptable to you please sign four counterparts of
this letter where indicated below and return one original to each of Thermo,
SPX, Kendro and Mr. Casper.  This letter will become effective once it has been
signed and delivered by each of Thermo, SPX, Kendro and Mr. Casper to each of
the other parties.

                                   AGREED:

                                   THERMO ELECTRON CORPORATION

                              By:  /s/ Seth H. Hoogasian
                                   ---------------------------------------------
                                   Name: Seth H. Hoogasian
                                   ---------------------------------------------
                                   Title: Vice President and General Counsel
                                   ---------------------------------------------
                                   Date: November 27, 2001
                                   ---------------------------------------------

                                   SPX CORPORATION

                              By:  /s/ Lewis M. Kling
                                   ---------------------------------------------
                                   Name: Lewis M. Kling
                                   ---------------------------------------------
                                   Title: Vice President
                                   ---------------------------------------------
                                   Date: November 27, 2001
                                   ---------------------------------------------

                                   KENDRO LABORATORY PRODUCTS, L.P.

                              By:  /s/ Dennis Pope
                                   ---------------------------------------------
                                   Name: Dennis Pope
                                   ---------------------------------------------
                                   Title: President
                                   ---------------------------------------------
                                   Date: December 11, 2001
                                   ---------------------------------------------

                                   /s/ Marc N. Casper
                                   ---------------------------------------------
                                   Marc N. Casper

                                   Date: 11/29/01
                                   ---------------------------------------------

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                                                                       Exhibit A

                                                                Legal Department
                                                                      Memorandum

To:     Distribution

From:   Seth H. Hoogasian

Date:   11/27/01

Re:     Marc N. Casper

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

        Please be advised that Thermo Electron and Marc N. Casper, the new
President of our Life Sciences Sector, have certain obligations to Marc's former
employer, Kendro Laboratory Products, L.P. ("Kendro") and its parent company,
SPX Corporation, based on Marc's non-competition undertakings.

        Specifically, until December 31, 2002, Marc may not receive any material
non-public information, participate in any discussions or meetings, or provide
any advice or management relating to any aspect of the operations of Thermo
Forma Inc., Thermo IEC Inc., and/or any other aspect of Thermo Electron's
current or future business operations which are competitive with Kendro's
current business (the "Competitive Businesses").

        Activities in which Marc may not participate include, without
limitation, all aspects of Competitive Businesses that relate to research,
design and development, production, and marketing of products and related
services, and strategic management of Competitive Businesses, including
consideration of changes to products, product line expansions or enhancements,
acquisitions or dispositions of Competitive Businesses, and the establishment or
modification of any relationship between Competitive Businesses and third
parties, as well as any financial or administrative aspects of Competitive
Businesses, such as review of financial performance of Competitive Businesses,
employee compensation, real estate or tax matters affecting Competitive
Businesses. He may receive, or communicate to shareholders, analysts, other
members of the financial community, press or media, information regarding the
consolidated financial performance of the Life Sciences Sector as a whole, as
long as his communications clearly include disclaimers that he is restricted by
the terms of a non-compete agreement with his former employer from managing or
discussing the Competitive Businesses.

        Until December 31, 2002, Marc may not serve as Thermo's spokesperson for
the Competitive Businesses, and another representative of Thermo will serve as
spokesperson for the Competitive Businesses. Thermo Forma Inc. and Thermo IEC
Inc. will continue to report to Lewis Rosenblum, who will report to Marijn
Dekkers until December 31, 2002. Thermo Electron and Marc have an obligation to
take affirmative steps to ensure that the public does not perceive that Marc is
managing the Competitive Businesses.

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        In the event that Marc or Thermo Electron violate the terms of the
restrictions described above, Kendro and SPX Corporation will be entitled to
injunctive relief (including any temporary restraining order or emergency,
preliminary or final injunction), damages, and reimbursement of costs and
reasonable attorneys' fees from Marc and Thermo Electron.

        Please let me know if you have any questions regarding what is
prohibited by this restriction.Exhibit 10.12

                           THERMO ELECTRON CORPORATION

                         EMPLOYEES EQUITY INCENTIVE PLAN
                         -------------------------------

             As amended and restated effective as of February 7, 2002
             --------------------------------------------------------

1.      Purpose
        -------

        The purpose of this Employees 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 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.

<PAGE>

3.      Effective Date
        --------------

        The Plan shall be effective as of the date first approved by the Board
of Directors. 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.

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
3,000,000 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 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. Directors and executive officers of the Company
shall not 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.

        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.

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<PAGE>

        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 shall be options that are not intended to meet the requirements of Section
422 of the Internal Revenue Code of 1986, as amended (the "Code") applicable to
incentive stock options ("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 85% of the fair market value per share
of the Common Stock as of the date of the grant.

        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 that the option grant is
intended to qualify as a 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. 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.

        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.

        6.2    Restricted and Unrestricted 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.

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        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 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 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, but such price may not
be less than the par value of such shares.

        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.

        6.2.6 Unrestricted Stock. The Board may, in its sole discretion, sell to
any Participant shares of Common Stock free of restrictions under the Plan for a
price determined by the Board, but which may not be less than the par value per
share of the Common 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
               ------------------

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        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.

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.

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        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):

        (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

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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 (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 (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.

        (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,

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

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        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. 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.

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