Document:

Exhibit 10.1

                                          July 10, 2000

Mr. Earl R. Lewis
58 Ford Road
Sudbury, MA 01776

Dear Earl:

      This letter  confirms our  arrangement  regarding  your  resignation as an
officer and director of Thermo Electron  Corporation and any of its subsidiaries
and affiliates (collectively,  the "Company"),  other than your directorships in
Spectra-Physics  Lasers, Inc. ("SPLI") and FLIR Systems,  Inc. ("FLIR") and your
position as President of Spectra-Physics Holdings USA, Inc.

      The  following  is our  agreement  related  to your  resignation  from the
Company:

      1.  Termination  of  Employment:  Your  employment  with the Company  will
      terminate  effective as of October 31, 2000 (the  "Employment  Termination
      Date").  You will be paid  your  regular  salary  through  the  Employment
      Termination Date. In your role as an employee,  your title will be Special
      Assistant  to  the  Chairman  and  you  will  assist  the  Company  in the
      transition of management  responsibilities  from you to your successor and
      in representing the Company in certain of its investments.

      2. 2000 Bonus:  You will be entitled to receive a $400,000  bonus for your
      performance in 2000, which bonus shall be payable on October 31, 2000.

      3.  Severance  Payments:  You  will be  entitled  to  receive  a lump  sum
      severance  payment  of  $1,365,000   payable  within  10  days  after  you
      countersign  this  letter,  representing  the sum of two  times  (i)  your
      current  annual base salary,  (ii) your annual  executive  automobile  and
      supplemental medical reimbursement amounts and (iii) your 1999 bonus.

      4. Accrued Vacation:  You will be paid for any accrued but unused vacation
      time which you had earned  through the  Employment  Termination  Date. You
      will not  continue  to earn  vacation  or other  paid  time off  after the
      Employment Termination Date.

      5.  Full  Payment:  You  agree  that all  payments  provided  to you under
      paragraphs 1, 2 and 4 of this  Agreement are in complete  satisfaction  of
      any  and  all  compensation  due to  you  from  the  Company  through  the
      Employment  Termination  Date.  You agree to reimburse the Company for all
      personal  expenses  due and  owing  to the  Company  as of the  Employment
      Termination Date.

<PAGE>

Mr. Earl R. Lewis
July 10, 2000
Page 2

      6. Employee Benefit Programs:  Your  participation in all employee benefit
      programs  of  the  Company  will  cease  effective  as of  the  Employment
      Termination Date in accordance with the terms of those programs.  You will
      have the option to elect to continue your health care coverage under COBRA
      beginning on the day after the Employment Termination Date for a period of
      up to 18  months,  in which  case the  Company  will pay the full  monthly
      premium  cost of your  coverage  under the  applicable  health  care plan.
      Detailed  information  will be provided to you under separate  cover.  You
      will also have the option, at your sole expense,  of converting your basic
      (not  supplemental)  life insurance coverage to an individual plan through
      Prudential.  If  interested,  please let us know by  September 1, 2000 and
      conversion  information  will be furnished to you. A conversion  option is
      not available for long term disability coverage.

      7. Money  Match Plus Plan:  Your active  participation  in the Money Match
      Plus Plan shall end on the Employment  Termination Date.  Information will
      be provided to you regarding  various  election  options  available to you
      regarding your account.

      8. Stock Options:  No further vesting of your stock options in the Company
      (other  than  SPLI and  FLIR)  and no  further  lapsing  of the  Company's
      repurchase rights will occur after the Employment Termination Date. If you
      do not exercise your vested  options by the date that is 90 days after the
      Employment  Termination  Date (in the case of options  identified  with an
      asterisk  next to the  grant ID number on the  attached  schedule)  or the
      second anniversary of the Employment  Termination Date (in the case of all
      other  options  identified  on the attached  schedule),  your options will
      expire and be canceled,  and you will have no further  rights with respect
      to your options. Your stock options in SPLI and FLIR will continue to vest
      in  accordance  with their terms as long as you remain a director of these
      two companies.  Thermo Electron Corporation consents to your continuing to
      serve as a director  of these  companies;  however,  after the  Employment
      Termination  Date such  service will no longer be at the request of Thermo
      Electron Corporation or its subsidiaries or affiliates (other than SPLI or
      FLIR)  for  purposes  of   indemnification   of  you  by  Thermo  Electron
      Corporation or its  subsidiaries  or affiliates  (other than SPLI or FLIR)
      for your service as a director.  Coverage of you under the Thermo Electron
      Corporation  director and officer insurance  policies also will cease with
      respect to actions or  inactions by you after the  Employment  Termination
      Date as a director of SPLI or FLIR.

      9. Taxes: All payments by the Company under this Agreement will be reduced
      by all taxes and other  amounts  that the  Company is required to withhold
      under applicable law and all other deductions authorized by you.

<PAGE>

Mr. Earl R. Lewis
July 10, 2000
Page 3

      10.  Company  Property:  You  will  return  to the  Company  any  and  all
      documents,  materials  and  information  related  to the  Company,  or its
      subsidiaries,  affiliates  or  businesses,  and all other  property of the
      Company,  including,  without  limitation,  equipment,  files and personal
      computers  in your  possession  or  control,  on or before the  Employment
      Termination Date. Further, you agree that on and after the date hereof you
      will not for any purpose attempt to access or use any Company  computer or
      computer network or system,  including  without  limitation its electronic
      mail system.

      11. Loan: You have an outstanding loan from Thermo Optek Corporation under
      its Stock Holding  Assistance  Plan with a current  principal  outstanding
      balance of $155,223. This remaining loan balance will be deducted from the
      severance payment set forth in paragraph 3 above.

      12. Restricted Stock: Your 5,280 restricted shares of the Company's common
      stock shall vest as of the Employment Termination Date.

      13. Outplacement:  The Company shall provide outplacement services through
      one or more outside  firms of your choosing up to an aggregate of $20,000,
      with such services to extend until the earlier of (i) 12 months  following
      the  Employment  Termination  Date or (ii) the date you secure  employment
      elsewhere. You may direct that this amount also be applied to legal fees.

      14. Release: In exchange for the consideration  described in paragraphs 3,
      11 and 12  hereof,  you  hereby  irrevocably  and  unconditionally  waive,
      release,  acquit  and  forever  discharge  the  Company  and  each  of its
      respective  current,  former or  future  officers,  directors,  employees,
      agents,   representatives,   shareholders   and  legal   predecessors  and
      successors from any and all claims, liabilities,  damages, actions, causes
      of action and suits, whether known or unknown,  which you now have, own or
      hold, or claim to have, own or hold, or which at any time heretofore,  had
      owned or held,  or claimed to have owned or held, or which you at any time
      hereafter  may have,  own or hold,  or claim to have owned or held against
      them, based upon,  arising out of or in connection with any  circumstance,
      matter  or  state  of fact up to the  date  of this  agreement,  including
      without  limitation  those based upon or arising out of the termination of
      your employment and other relationships with the Company,  your service as
      an officer or director of the Company, your compensation while employed by
      the Company,  your stock options or any terms thereof or relating  thereto
      and any of the Company's policies, procedures or requirements.  You hereby
      agree not to file any lawsuit to assert such claims,  which  include,  but
      are  not  limited  to,  any  claims  for  breach  of  contract,   wrongful
      termination,  or age, sex, race,  disability or other discrimination under
      the Civil  Rights  Act of 1964,  as  amended,  the Age  Discrimination  in
      Employment Act of 1967 or other federal,  state or local laws  prohibiting
      such discrimination or under any other federal,  state or local employment
      laws.
<PAGE>
Mr. Earl R. Lewis
July 10, 2000
Page 4

      YOU  UNDERSTAND  AND  ACKNOWLEDGE  THAT YOU HAVE BEEN  ADVISED TO SEEK THE
      ADVICE OF AN ATTORNEY, IF YOU SO CHOOSE, PRIOR TO SIGNING THIS RELEASE AND
      TO THE EXTENT DESCRIBED HEREIN YOU ARE GIVING UP ANY LEGAL CLAIMS YOU HAVE
      AGAINST THE COMPANY AND EACH OF ITS RESPECTIVE  CURRENT,  FORMER OR FUTURE
      OFFICERS,  DIRECTORS,  EMPLOYEES, AGENTS,  REPRESENTATIVES,  SHAREHOLDERS,
      LEGAL  PREDECESSORS  AND  SUCCESSORS BY SIGNING THIS RELEASE.  YOU FURTHER
      UNDERSTAND THAT YOU MAY HAVE 21 DAYS TO CONSIDER THIS AGREEMENT,  THAT YOU
      MAY  REVOKE IT AT ANY TIME  DURING  THE SEVEN  DAYS AFTER YOU SIGN IT, AND
      THAT IT WILL NOT BECOME  EFFECTIVE UNTIL THE 7-DAY  REVOCATION  PERIOD HAS
      PASSED WITHOUT REVOCATION. YOU FULLY UNDERSTAND YOUR RIGHT TO TAKE 21 DAYS
      TO CONSIDER  SIGNING  THIS RELEASE AND,  AFTER HAVING  SUFFICIENT  TIME TO
      CONSIDER YOUR OPTIONS, YOU HEREBY WAIVE YOUR RIGHT TO TAKE THE FULL 21-DAY
      PERIOD.  YOU  ACKNOWLEDGE  THAT YOU ARE SIGNING  THIS  RELEASE  KNOWINGLY,
      WILLINGLY AND VOLUNTARILY IN EXCHANGE FOR THE  CONSIDERATION  DESCRIBED IN
      PARAGRAPHS 3, 11 AND 12 HEREOF.

            The Company hereby irrevocably and unconditionally waives, releases,
      acquits and forever  discharges you from any and all claims,  liabilities,
      damages,  actions,  causes of action and suits, of any nature known to one
      or more officers or directors of Thermo Electron  Corporation  (other than
      you) as of the date of this agreement,  which the Company now has, owns or
      holds,  or claims to have,  own or hold, or which at any time  heretofore,
      had owned or held,  or claimed to have owned or held, or which the Company
      at any time  hereafter  may have,  own or hold,  or claim to have owned or
      held against you,  based upon,  arising out of or in  connection  with any
      circumstance,  matter or state of fact,  known to one or more  officers or
      directors of Thermo Electron  Corporation  (other than you) as of the date
      of this agreement.

      15.  Restriction on Purchase or Sale of Common Stock:  You understand that
      you will no longer be a "Reporting  Person," for purposes of Section 16 of
      the  Securities  Exchange  Act of  1934  and  the  rules  and  regulations
      promulgated  thereunder,   except  as  to  SPLI  and  FLIR.  However,  you
      understand  that for a period of six months  following the date hereof you
      are  required to report  certain  transactions  pursuant to such rules and
      regulations  on Forms 4 and 5. You are also urged to contact the Corporate
      Secretary  of the  Company,  Ms.  Sandra L.  Lambert,  should you have any
      questions regarding  compliance with the insider trading regulations under
      the federal securities laws.

<PAGE>
Mr. Earl R. Lewis
July 10, 2000
Page 5

      16.  Non-Compete.  For the period beginning on the Employment  Termination
      Date and  ending  on the  second  anniversary  thereof  (the  "Non-Compete
      Period"),  you shall not,  either directly or indirectly as a stockholder,
      investor, partner, director,  officer, employee or consultant,  compete or
      engage in any  business  that  competes,  anywhere in the world,  with the
      business  of the Company  (including  SPLI or FLIR).  Notwithstanding  the
      foregoing,  you may own,  solely as an  investor,  up to 1% of the  common
      stock of any publicly-traded competitor. The parties acknowledge and agree
      that  competitors  of the Company as of the date hereof  include,  without
      limitation,  Agilent,  Perkin Elmer, Varian,  Waters,  Hitachi,  Shimadzu,
      Bio-Rad, Oxford Instruments,  Bruker, JEOL and Beckman. Any other business
      with both annual sales of less than $25,000,000 and a market value of less
      than  $25,000,000  shall be presumed not to compete with the Company.  You
      agree  that the  duration  and  geographic  scope of this  non-competition
      provision are reasonable.  In the event that any court determines that the
      duration or geographic  scope,  or both,  are  unreasonable  and that such
      provision  is to that extent  unenforceable,  the  parties  agree that the
      provision  shall  remain in full force and effect  for the  greatest  time
      period  and in the  greatest  geographic  area that  would  not  render it
      unenforceable.  The  parties  intend that this  non-competition  provision
      shall be deemed a series  of  separate  covenants,  one for each and every
      county of each and every  state of the U.S.  and each and every  political
      subdivision of each and every country outside of the U.S. Further,  during
      the Non-Compete Period, you hereby agree you shall not, either directly or
      indirectly  as  a  stockholder,   investor,  partner,  director,  officer,
      employee or  otherwise,  attempt to induce any  employee of the Company to
      terminate his or her employment with the Company,  or hire or caused to be
      hired any such employee,  or attempt to induce any customer or supplier of
      the Company to terminate its relationship with the Company.

      17.  Resignation.  You  hereby  resign  effective  as of today all of your
      positions as an officer and  director of the Company,  except that (i) you
      may  remain a  director  of SPLI and FLIR  and (ii)  your  resignation  as
      President of  Spectra-Physics  Holdings USA, Inc.  shall be effective July
      14,  2000.  Notwithstanding  the  foregoing,  you shall remain an employee
      until October 31, 2000 in accordance with the terms of paragraph 1 above.

      18.  Non-Disparagement:  You agree that you will  continue  to support and
      promote the  interests  of the  Company  and that you will not  criticize,
      disparage,  defame or in any way comment  negatively  to anyone  about the
      Company or any of the people or  organizations  connected with them, or do
      or say anything that could disrupt the good morale of the employees of the
      Company or otherwise  harm the  interests or reputation of the Company and
      any of the organizations or people connected with them. The Company agrees
      that it will cause the officers of the Company not to criticize, disparage
      or defame you or otherwise do or say anything  that harms your  reputation
      and that the  Company  shall be solely  responsible  for any breach of the
      provisions  in this  paragraph  18 by any such  officers.  Nothing in this
      provision  shall  prevent the parties from (i) complying  with  compulsory

<PAGE>

Mr. Earl R. Lewis
July 10, 2000
Page 6

      legal  process  or  otherwise   making   disclosures  in  connection  with
      litigation or administrative proceedings,  (ii) making such disclosures as
      are  necessary to obtain legal  advice,  (iii) making  disclosures  as are
      required  by  federal,  state or local  regulatory  authorities,  and (iv)
      making disclosures which by law are required or cannot be prohibited.

      19. Cooperation:  You agree to reasonably  cooperate with the Company with
      respect to all  matters  arising  during or  related  to your  employment,
      including  but  not  limited  to  cooperation   in  connection   with  any
      governmental  investigation,  litigation or regulatory or other proceeding
      which may have  arisen or which may arise  following  the  signing of this
      Agreement.

      20. Waiver of Jury Trial: Each of the parties hereby expressly,  knowingly
      and  voluntarily  waives all benefit and advantage of any right to a trial
      by jury,  and each agrees that he or it will not at any time insist  upon,
      or  plead  or in any  manner  whatsoever  claim  or take  the  benefit  or
      advantage  of, a trial by jury in any action  arising in  connection  with
      this Agreement.

      21. Company Information and Invention Agreement.  You agree to comply with
      the  terms  of  a  Thermo  Electron  Company   Information  and  Invention
      Agreement,  a copy of which is attached hereto. Such agreement  supersedes
      any prior  agreement  covering the same subject  matter which you may have
      signed with the Company previously.

      22. Entire  Agreement:  This letter contains the entire Agreement  between
      you  and  the  Company  and  supersedes  all  prior  and   contemporaneous
      agreements,  communications and  understandings,  whether written or oral,
      relating to the subject  matter of this letter,  including  your Executive
      Retention Agreement,  except that your Indemnification  Agreement with the
      Company shall survive in accordance with its terms. This Agreement will be
      governed  by  and   interpreted  in  accordance   with  the  laws  of  the
      Commonwealth of Massachusetts without regard to choice of law provisions.

      23. Severability:  If one or more provisions of this Agreement are held to
      be  unenforceable  under  applicable law, such provision shall be excluded
      from this Agreement and replaced with a provision which is enforceable and
      comes closest to the intent of the parties  underlying  the  unenforceable
      provision.

      24. Relief:  In the event of breach of the provisions of this Agreement by
      any party, in addition to any other rights that the other parties may have
      under law or in  equity,  each  party  shall  have the  right to  specific
      performance and injunctive  relief, it being  acknowledged and agreed that
      money damages will not provide an adequate remedy. In the event litigation
      is brought with respect to this Agreement,  the prevailing  party shall be
      entitled to recover from the losing party his or its reasonable attorney's
      fees and expenses.

<PAGE>
Mr. Earl R. Lewis
July 10, 2000
Page 7

      25. Successors and Assigns: This Agreement shall be bending upon and inure
      to the benefit of the parties hereto and their  respective  successors and
      assigns, including corporations with which, or into which, the Company may
      be merged or which  may  succeed  to its  respective  assets or  business;
      provided,  however,  that your  obligations  are  personal  and may not be
      assigned.

      26. Amendment: This Agreement may be amended or modified only by a written
      instrument executed by you and the Company.

      27. Voluntary Agreement:  In signing this Agreement,  you give the Company
      assurance   that  you  have  signed  it   voluntarily   and  with  a  full
      understanding of its terms and that you have had sufficient opportunity to
      consider this Agreement and to consult with anyone of your choosing before
      signing it. If the terms of this Agreement are  acceptable to you,  please
      sign and  return it to the  undersigned.  At the time you sign and  return
      this Agreement, it will take effect as a legally-binding agreement between
      you and the Company on the basis set forth above.

Date Received by Addressee: August 9, 2000.

                                          THERMO ELECTRON CORPORATION

                                          By:     /s. Anne Pol
                                              --------------------------------
                                          Title:  Senior Vice President

Accepted and Agreed to:

/s. Earl R. Lewis
----------------------

<PAGE>

July 12,
2000
Page 1

                               Stock Option Grant
                              (Outstanding Options)

     EARL R LEWIS
     58 FORD RD
     SUDBURY, MA 01776
     SS NUMBER:###-##-####
     DIVISION:   TMO/ OFFICERS - THI

<TABLE>
<CAPTION>
<S>       <C>       <C>       <C>       <C>    <C>     <C>       <C>       <C>       <C>
<C>               <C>            <C>

                                        YEAR
  GRANT   GRANTED             DATE      OPT.   VEST.     $        #         #         #
# UN-EX       $ UN-EX          # OUT-
   ID #     BY      TYPE    GRANTED     EXP.   SCHED   PRICE   GRANTED    VESTED
EXERCISE   VESTED        VESTED          STANDING

Thermo Electron Corporation

 21-0045 * TMO  A(B)NQ-R/10 09/25/92    2002   20.02   $12.06    6,750     6,750
0       6,750     $   81,405.00         6,750

 21-0047 * TMO  A(B)NQ-R/10 01/02/93    2003   20.02   $13.91    6,750     6,750
0       6,750     $   93,892.50         6,750

 21-0049 * TMO  A(B)NQ-R/10 04/03/93    2003   20.02   $16.47    6,750     6,750
0       6,750     $  111,172.50         6,750

 21-0061 * TMO  A.NQ/12     12/14/93    2005   10.01   $18.39   22,500    13,500
9,000       4,500     $   82,755.00        13,500

 21-0067   TMO  A.NQ/12     11/28/94    2006   10.01   $20.05   67,500    33,750
20,250      13,500     $  270,675.00        47,250

 21-0152   TMO  A.NQ/5      08/11/98    2003  100.01   $22.46   20,000    20,000
0      20,000     $  449,200.00        20,000

 21-0161 * TMO  A.NQ/7      10/27/98    2005   20.01   $17.56  100,000    20,000
0      20,000     $  351,200.00       100,000

                                                  SUBTOTAL     230,250   107,500
29,250      78,250     $1,440,300.00       201,000

Thermo Electron Corporation ( formerly Metrika Systems Corporation converted on May  2 2000
@ a ratio of 0.465 )

 149-0001  MKA  A.NQ/12     05/23/97    2009   10.01   $32.30    9,290     2,787
0       2,787     $   90,020.10         9,290

Thermo Electron Corporation ( formerly ONIX Systems converted on Apr 12 2000  @ a ratio of
0.436 )

 179-0001  ONX  A.NQ/7      01/21/98    2005   20.01   $32.66   14,545     5,818
0       5,818     $  190,015.88        14,545

Thermo Electron Corporation ( formerly Randers Killam Group Inc. converted on May 15 2000  @
a ratio of 0.241 )

 165-0002  TMO  A.NQ/7      01/21/98    2005   20.01   $16.62      963       385
0         385     $    6,398.70           963

Thermo Electron Corporation ( formerly Thermedics Detection Inc. converted on Apr 12 2000  @
a ratio of 0.388 )

 158-0003  TMO  A.NQ/7      01/21/98    2005   20.01   $24.65      775       310
0         310     $    7,641.50           775

Thermo Electron Corporation ( formerly Thermo BioAnalysis Corporation converted on Apr 19
2000  @ a ratio of 1.469 )

 89-0002 * THI  A.NQ/12     09/21/95    2007   10.01    $6.81   11,016     4,406
4,406           0     $        0.00         6,610

 89-0005 * THI  A.NQ/12     06/21/96    2008   10.01    $8.17   62,424    24,970
24,970           0     $        0.00        37,454

                                                SUBTOTAL        73,440    29,376
29,376           0     $        0.00        44,064

</TABLE>

<PAGE>

July 12,
2000
Page 2

                               Stock Option Grant
                              (Outstanding Options)

     EARL R LEWIS
     58 FORD RD
     SUDBURY, MA 01776
     SS NUMBER:###-##-####
     DIVISION:   TMO/ OFFICERS - THI
<TABLE>
<CAPTION>
<S>       <C>       <C>       <C>       <C>    <C>     <C>       <C>       <C>       <C>
<C>               <C>            <C>
                                        YEAR
  GRANT   GRANTED             DATE      OPT.   VEST.     $        #         #         #
# UN-EX       $ UN-EX          # OUT-
   ID #     BY      TYPE    GRANTED     EXP.   SCHED   PRICE   GRANTED    VESTED
EXERCISE   VESTED        VESTED          STANDING

Thermo Electron Corporation ( formerly Thermo Information Solutions Inc. converted on Sep 23
1999  @ a ratio of 0.699 )

 154-0005 * TMO A.NQ/5      01/21/98    2008   20.01   $14.32      698       279
0         279     $    3,995.28           698

Thermo Electron Corporation ( formerly Thermo Instrument Systems Inc. ( formerly Thermo V
converted on Jun 30 2000
@ a ratio of 0.850 )

 170-0002 * VIZ A.NQ/7      12/05/97    2004   20.01   $13.25   14,166     5,666
0       5,666     $   75,074.50        14,166

Thermo Electron Corporation ( formerly Thermo Instrument Systems Inc. ( formerly ThermoSp
converted on Jun 30 2000
@ a ratio of 0.850 )

 60-0002 *  THS A.NQ/12     10/26/94    2006   10.01    $8.37   59,779    29,890
0      29,890     $  250,179.30        59,779

Thermo Electron Corporation ( formerly Thermo Instrument Systems Inc. converted on Jun 30
2000  @ a ratio of 0.850 )

 63-0003 *  THI A.NQ/12     12/16/93    2005   10.01   $15.70  119,531    71,719
26,384      45,335     $  711,759.50        93,147

 63-0011    THI B1.NQ/12    07/11/97    2009  100.10   $30.93   53,125         0
0           0     $        0.00        53,125

 63-0017    THI A.NQ/7      01/06/99    2006   20.01   $17.37  127,500    25,500
0      25,500     $  442,935.00       127,500

                                                SUBTOTAL       300,156    97,219
26,384      70,835     $1,154,694.50       273,772

Thermo Electron Corporation ( formerly Thermo Optek Corporation converted on May 11 2000  @
a ratio of 0.830 )

 104-0008   TOC A1.NQ/12    04/11/96    2008  100.11   $12.61   83,042         0
0           0     $        0.00        83,042

 104-0009   TOC A.NQ/12     04/11/96    2008   18.01   $12.61  103,803    46,711
46,711           0     $        0.00        57,092

                                                SUBTOTAL       186,845    46,711
46,711           0     $        0.00       140,134

Thermo Electron Corporation ( formerly Thermo Power Corporation converted on Oct 28 1999  @
a ratio of 0.923 )

 62-0012 *  THP A.NQ/7      05/27/98    2005   20.01   $12.28    9,230     3,692
0       3,692     $   45,337.76         9,230

Thermo Electron Corporation ( formerly Thermo Sentron Inc. converted on Apr  4 2000  @ a
ratio of 0.775 )

 120-0001   TMO A.NQ/12     03/11/96    2008   10.01   $18.07    1,550       620
0         620     $   11,203.40         1,550

Thermo Electron Corporation ( formerly ThermoQuest Corporation converted on May 11 2000  @ a
ratio of 0.941 )

</TABLE>

<PAGE>

July 12,
2000
Page 3

                               Stock Option Grant
                              (Outstanding Options)

     EARL R LEWIS
     58 FORD RD
     SUDBURY, MA 01776
     SS NUMBER:###-##-####
     DIVISION:   TMO/ OFFICERS - THI
<TABLE>
<CAPTION>
<S>       <C>       <C>       <C>       <C>    <C>     <C>       <C>       <C>       <C>
<C>               <C>            <C>
                                        YEAR
  GRANT   GRANTED             DATE      OPT.   VEST.     $        #         #         #
# UN-EX       $ UN-EX          # OUT-
   ID #     BY      TYPE    GRANTED     EXP.   SCHED   PRICE   GRANTED    VESTED
EXERCISE   VESTED        VESTED          STANDING

 36-0001    THI A.N/12      02/08/96    2008   10.01   $13.82   47,057    18,823
18,823           0     $        0.00        28,234

 34-0007    TMQ A.NQ/12     07/14/97    2009   10.01   $16.73   70,586    14,117
0      14,117     $  236,177.41        70,586

                                                SUBTOTAL       117,643    32,940
18,823      14,117     $  236,177.41        98,820

Thermo Fibergen Inc.

 136-0003 * TMO A.NQ/12     09/12/96    2008   10.01   $10.00    2,000       600
0         600     $    6,000.00         2,000

Thermo Trilogy Corporation

 130-0001 * TMO A.NQ-R/5    01/21/98    2003  100.04    $8.25    2,000         0
0           0     $        0.00         2,000

ThermoLase Corporation

 94-0002    TMO A.NQ/12     11/28/95    2007   10.01   $22.75    5,000     2,000
0       2,000     $   45,500.00         5,000

ThermoLyte Corporation

 91-0003 *  TMO A.NQ-R/12   03/11/96    2008  100.09   $10.00    2,000         0
0           0     $        0.00         2,000

ThermoTrex Corporation

 163-0001 * TMO A.NQ/10     01/21/98    2003   25.01    $7.82    1,023       512
0         512     $    4,003.84         1,023

Trex Medical Corporation

 110-0001   TXM A.NQ/12     03/26/96    2008   10.01   $11.00   40,000    16,000
8,000       8,000     $   88,000.00        32,000
</TABLE>
<PAGE>

                 COMPANY INFORMATION AND INVENTION AGREEMENT

      In consideration and as a condition of my employment,  or if now employed,
the continuation of my employment by Thermo Electron Corporation or a subsidiary
thereof  (hereinafter  collectively  called the "Company") and the  compensation
paid therefor:

   1. I agree not to  disclose  to others  or use for my own  benefit  during my
      employment  by the  Company  or  thereafter  any trade  secrets or Company
      private  information  pertaining  to  any  of the  actual  or  anticipated
      business of the Company or any of its customers, consultants, or licensees
      acquired  by me  during  the  period of my  employment,  except to such an
      extent  as may be  necessary  in the  ordinary  course  of  performing  my
      particular duties as an employee of the Company.

   2. I agree not to disclose to the  Company,  or to induce the Company to use,
      any confidential information or material belonging to others.

   3. I understand that the making of inventions,  improvements, and discoveries
      is one of the incidents of my employment, or that if not I may nonetheless
      make  inventions  while employed by the Company,  and I agree to assign to
      Thermo  Electron  Corporation or its nominee my entire right,  title,  and
      interest in any invention, idea, device, or process, whether patentable or
      not,  hereafter  made or  conceived  by me solely or jointly  with  others
      during  the  period  of my  employment  by the  Company  in an  executive,
      managerial,  planning, technical, research, engineering, or other capacity
      and which relates in any manner to the business of the Company, or relates
      to its actual or planned  research  or  development,  or is  suggested  or
      results  from any task  assigned to me or work  performed  by me for or in
      behalf of the  Company,  except  any  invention  or idea  which  cannot be
      assigned by the Company  because of a prior  agreement with NONE effective
      until __________________________ (give name and date or write "none").

   4. I agree,  in  connection  with any  invention,  idea,  device,  or process
      covered by paragraph 3:

      a) To disclose  it promptly in writing to the proper  officers or attorney
         of the Company.

      b) To execute promptly,  on request,  patent  applications and assignments
         thereof to Thermo Electron or its nominees and to assist the Company in
         any reasonable  manner to enable it to secure a patent  therefor in the
         United  States  and  any  foreign   countries,   all  without   further
         compensation except as provided herein.

<PAGE>

   5. I further  agree that all papers and records of every kind relating to any
      invention or improvement  included with the terms of the Agreement,  which
      shall at any time come into my possession  shall be the sole and exclusive
      property of the Company  and shall be  surrendered  to the Company or upon
      request at any other time either during or after the  termination  of such
      employment.

   6. I further  agree that the  obligations  and  undertakings  stated above in
      paragraph 4b shall continue beyond the termination of my employment by the
      Company,  but if I am called  upon to  render  such  assistance  after the
      termination  of my  employment,  then I shall  be  entitled  to a fair and
      reasonable per diem in addition to reimbursement of any expenses  incurred
      at the request of the Company.

   7. I agree to identify in an attachment to this  Agreement all  inventions or
      ideas related to the business or actual or planned research or development
      of the Company in which I have right,  title, or interest,  and which were
      conceived  either  wholly or in part by me prior to my  employment  by the
      Company but neither published nor filed in the U.S.
      Patent and Trademark Office.

   8. I understand  that this  Agreement  supersedes  any  agreement  previously
      executed by me relating to the  disclosure,  assignment  and  patenting of
      inventions, improvements, and discoveries made during my employment by the
      Company.  This Agreement shall inure to the benefits of the successors and
      assigns  of the  Company  and shall be  binding  upon my  heirs,  assigns,
      administrators, and representatives.

   9. I understand  that this  Agreement  does not apply to an  invention  which
      qualifies  fully under the  provisions of any statute or regulation  which
      renders  unenforceable  the  required  assignment  or  transfer of certain
      inventions  made by an employee such as, but not limited to,  Section 2870
      of the California Labor Code.

                                             /s/ Earl R. Lewis
                                             -----------------------------------
                                             Employee

                                             August 9, 2000
_______________________                      -----------------------------------
Witness                                      Date

                                             THERMO ELECTRON CORPORATION

                                             By:  /s/ Seth H. Hoogasian
_______________________                      -----------------------------------
Witness                                      Vice President and General Counsel

                                             August 9, 2000
                                             -----------------------------------
                                             DateTHERMO ELECTRON CORPORATION

                             EXECUTIVE SEVERANCE AGREEMENT

     THIS  AGREEMENT  by and between  THERMO  ELECTRON  CORPORATION,  a Delaware
corporation (the "Company"),  and Brian D. Holt (the  "Executive") is made as of
January 27, 2000 (the "Effective Date").

     WHEREAS,  the Company recognizes that the uncertainty  regarding the future
employment   prospects  for  key  personnel  may  result  in  the  departure  or
distraction   of  key  personnel  to  the  detriment  of  the  Company  and  its
stockholders;

     WHEREAS, the Board of Directors of the Company (the "Board") has determined
that appropriate  steps should be taken to reinforce and encourage the continued
employment  and  dedication of the Company's key personnel  without  distraction
from such uncertainty and related events and circumstances; and

     NOW, THEREFORE,  as an inducement for and in consideration of the Executive
remaining in its employ, the Company agrees that the Executive shall receive the
severance  benefits  set forth in this  Agreement  in the event the  Executive's
employment  with the Company is  terminated  under the  circumstances  described
below.

        1.     Key Definitions.

     As used herein,  the following  terms shall have the  following  respective
meanings:

     1.1 "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  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 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 1.1; 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  Agreement  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.

     1.2 "Cause" means the Executive's  willful engagement in illegal conduct or
gross misconduct which is materially and demonstrably  injurious to the Company.
For  purposes of this  Section  1.2,  no act or failure to act by the  Executive
shall be considered  "willful"  unless it is done, or omitted to be done, in bad
faith and without  reasonable belief that the Executive's action or omission was
in the best interests of the Company.

     2. Term of Agreement. This Agreement, and all rights and obligations of the
parties  hereunder,  shall take effect upon the Effective  Date and shall expire
upon the first to occur of (a) the  expiration of the Term (as defined below) or
(b) the  fulfillment by the Company of all of its  obligations  under Sections 4
and 5.2 if the Executive's  employment with the Company  terminates prior to the
expiration  of the Term.  "Term"  shall  mean the  period  commencing  as of the
Effective Date and continuing in effect through December 31, 2002.

     3.  Not an  Employment  Contract.  The  Executive  acknowledges  that  this
Agreement  does not constitute a contract of employment or impose on the Company
any  obligation to retain the  Executive as an employee and that this  Agreement
does not prevent the Executive from terminating employment at any time.

        4.     Benefits to Executive.

               4.1    Compensation.

     (a)  Termination  Without Cause.  If the  Executive's  employment  with the
Company is terminated  by the Company  (other than for Cause) then the Executive
shall be entitled to the following benefits:

     (i) the Company  shall pay to the Executive in a lump sum in cash within 30
days after the date of termination the aggregate of the following amounts:

     (1) the sum of (A) two  times  the  Executive's  annual  base  salary as in
effect  immediately prior to the date of termination,  and (B) the amount of any
cash  compensation  previously  deferred  by the  Executive  (together  with any
accrued interest or earnings thereon) and any accrued vacation pay, in each case
to the extent not previously paid; and

     (ii) for two years after the date of termination,  or such longer period as
may be  provided  by the terms of the  appropriate  plan,  program,  practice or
policy,  the Company shall continue to provide benefits to the Executive and the
Executive's  family at least equal to those  which  would have been  provided to
them if the Executive's  employment had not been terminated,  in accordance with
the applicable  benefit plans in effect on the date of  termination  or, if more
favorable to the Executive and the Executive's  family,  in effect  generally at
any time thereafter with respect to other peer executives of the Company and its
affiliated  companies;   provided,   however,  that  if  the  Executive  becomes
reemployed with another employer and is eligible to receive a particular type of
benefits (e.g.,  health insurance benefits) from such employer on terms at least
as favorable to the Executive and the Executive's family as those being provided
by the Company,  then the Company  shall no longer be required to provide  those
particular benefits to the Executive and the Executive's family;

     (iii) to the extent not  previously  paid or  provided,  the Company  shall
timely pay or provide to the Executive any other amounts or benefits required to
be paid or provided or which the Executive is eligible to receive  following the
Executive's termination of employment under any plan, program, policy, practice,
contract or agreement of the Company and its  affiliated  companies  (such other
amounts and benefits shall be hereinafter  referred to as the "Other Benefits");
and

     (iv)  for  purposes  of  determining  eligibility  (but  not  the  time  of
commencement  of benefits) of the  Executive  for retiree  benefits to which the
Executive  is entitled,  the  Executive  shall be  considered  to have  remained
employed by the Company until two years after the date of termination.

     (b)  Termination  for Cause.  If the  Company  terminates  the  Executive's
employment  with the  Company  for  Cause,  then the  Company  shall (i) pay the
Executive,  in a lump sum in cash within 30 days after the date of  termination,
the sum of (A) the  Executive's  base salary through the date of termination and
(B) the amount of any cash compensation previously deferred by the Executive, in
each case to the extent not  previously  paid and (ii)  timely pay or provide to
the Executive the Other Benefits.

     4.2 Mitigation.  The Executive shall not be required to mitigate the amount
of any  payment or  benefits  provided  for in this  Section 4 by seeking  other
employment or otherwise.  Further, except as provided in Section 4.1(a)(ii), the
amount of any payment or benefits  provided  for in this  Section 4 shall not be
reduced by any compensation earned by the Executive as a result of employment by
another employer,  by retirement benefits,  by offset against any amount claimed
to be owed by the Executive to the Company or otherwise.

        5.     Disputes.

     5.1  Settlement of Disputes;  Arbitration.  All claims by the Executive for
benefits under this  Agreement  shall be directed to and determined by the Board
of Directors of the Company and shall be in writing.  Any denial by the Board of
Directors of a claim for benefits under this Agreement shall be delivered to the
Executive in writing and shall set forth the specific reasons for the denial and
the specific  provisions of this  Agreement  relied upon. The Board of Directors
shall  afford a  reasonable  opportunity  to the  Executive  for a review of the
decision denying a claim. Any further dispute or controversy arising under or in
connection  with this Agreement  shall be settled  exclusively by arbitration in
Boston, Massachusetts,  in accordance with the rules of the American Arbitration
Association then in effect. Judgment may be entered on the arbitrator's award in
any court having jurisdiction.

     5.2  Expenses.  The Company  agrees to pay as incurred,  to the full extent
permitted by law, all legal,  accounting  and other fees and expenses  which the
Executive may reasonably  incur as a result of any claim or contest  (regardless
of the outcome  thereof) by the Company,  the Executive or others  regarding the
validity  or  enforceability  of, or  liability  under,  any  provision  of this
Agreement or any guarantee of performance  thereof (including as a result of any
contest  by the  Executive  regarding  the  amount of any  payment  or  benefits
pursuant to this  Agreement),  plus in each case interest on any delayed payment
at the  applicable  Federal rate  provided for in Section  7872(f)(2)(A)  of the
Internal Revenue Code.

        6.     Successors.

     6.1 Successor to Company.  The Company shall require any successor (whether
direct or indirect, by purchase,  merger,  consolidation or otherwise) to all or
substantially  all of the business or assets of the Company  expressly to assume
and agree to perform this Agreement to the same extent that the Company would be
required to perform it if no such  succession  had taken place.  As used in this
Agreement,  "Company"  shall mean the Company as defined above and any successor
to its business or assets as aforesaid  which assumes and agrees to perform this
Agreement, by operation of law or otherwise.

     6.2 Successor to Executive.  This  Agreement  shall inure to the benefit of
and be  enforceable  by  the  Executive's  personal  or  legal  representatives,
executors,   administrators,   successors,  heirs,  distributees,  devisees  and
legatees. If the Executive should die while any amount would still be payable to
the Executive or the Executive's family hereunder if the Executive had continued
to live, all such amounts,  unless otherwise  provided herein,  shall be paid in
accordance  with  the  terms  of  this  Agreement  to  the  executors,  personal
representatives or administrators of the Executive's estate.

     7.  Notice.  All  notices,  instructions  and  other  communications  given
hereunder  or in  connection  herewith  shall be in  writing.  Any such  notice,
instruction or communication shall be sent either (i) by registered or certified
mail, return receipt requested, postage prepaid, or (ii) prepaid via a reputable
nationwide  overnight courier service, in each case addressed to the Company, at
81 Wyman Street, Waltham,  Massachusetts and to the Executive at the Executive's
principal  residence as currently reflected on the Company's records (or to such
other address as either the Company or the  Executive may have  furnished to the
other in  writing in  accordance  herewith).  Any such  notice,  instruction  or
communication shall be deemed to have been delivered five business days after it
is sent by registered  or certified  mail,  return  receipt  requested,  postage
prepaid,  or one  business  day  after  it is sent  via a  reputable  nationwide
overnight  courier  service.  Either party may give any notice,  instruction  or
other  communication  hereunder  using  any  other  means,  but no such  notice,
instruction or other  communication  shall be deemed to have been duly delivered
unless and until it actually is received by the party for whom it is intended.

        8.     Miscellaneous.

     8.1 Severability.  The invalidity or  unenforceability  of any provision of
this  Agreement  shall not affect the  validity or  enforceability  of any other
provision of this Agreement, which shall remain in full force and effect.

     8.2 Injunctive  Relief. The Company and the Executive agree that any breach
of this  Agreement by the Company is likely to cause the  Executive  substantial
and  irrevocable  damage  and  therefore,  in the event of any such  breach,  in
addition to such other remedies which may be available, the Executive shall have
the right to specific performance and injunctive relief.

     8.3  Governing  Law.  The  validity,   interpretation,   construction   and
performance  of this  Agreement  shall be governed by the  internal  laws of the
Commonwealth of Massachusetts, without regard to conflicts of law principles.

     8.4  Waivers.  No waiver by the  Executive at any time of any breach of, or
compliance  with, any provision of this Agreement to be performed by the Company
shall be deemed a waiver of that or any other provision at any subsequent time.

     8.5 Counterparts.  This Agreement may be executed in counterparts,  each of
which  shall be  deemed  to be an  original  but both of  which  together  shall
constitute one and the same instrument.

     8.6 Tax Withholding.  Any payments provided for hereunder shall be paid net
of any applicable tax withholding required under federal, state or local law.

     8.7 Entire Agreement. This Agreement sets forth the entire agreement of the
parties hereto in respect of the subject matter  contained herein and supersedes
all  prior  agreements,  promises,  covenants,   arrangements,   communications,
representations or warranties, whether oral or written, by any officer, employee
or representative of any party hereto in respect of the subject matter contained
herein,  and any prior agreement of the parties hereto in respect of the subject
matter contained herein is hereby  terminated and cancelled,  except as provided
in the next sentence.  Notwithstanding the foregoing sentence,  if the Executive
is party to an agreement with the Company  providing for the payment of benefits
in the event  employment is  terminated  after a Change in Control (a "Change in
Control Agreement"), such Change in Control Agreement shall not be terminated or
cance lled by this Agreement and such Change in Control  Agreement shall survive
and  remain  in  effect  in  accordance  with its own  terms.  In the  event the
Executive actually receives benefits under the Change in Control Agreement,  the
Executive shall not also be entitled to receive benefits under this Agreement.

     8.8 Amendments. This Agreement may be amended or modified only by a written
instrument executed by both the Company and the Executive.

     IN WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of
the day and year first set forth above.

                                            THERMO ELECTRON CORPORATION

By:________________________________
Anne Pol
Senior Vice President, Human Resources

EXECUTIVE:

___________________________________
                                    Brian D. Holt

HOLT EXEC SEV AGMT [2] 1/27/00
DOC 7669

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